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The EU has slapped 10 rounds of sanctions on Russia since it invaded Ukraine in February 2022, but hundreds of millions of euros worth of trade with Russia's nuclear energy industry has not been directly affected. All EU countries must agree for the bloc to impose sanctions and Budapest - where Rosatom is to expand the Paks nuclear power plant - has vowed to oppose any curbs on the Russian nuclear energy industry. It was not clear when the EU would impose any new sanctions on Russia. EU nuclear agency Euratom said Russia provided a fifth of the uranium used by EU utilities in 2021, the latest data available, as well as a fourth of conversion and a third of enrichment services. “The future dependence on Russia in the nuclear fuel cycle depends on investment in the ‘global West’,” Euratom told Reuters.

☆ Fact Check-‘15-minute city’ is an urban planning concept that promotes easy access to essential amenities
▼ + stars: | 2023-03-30 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

A “15-minute city” is an urban planning model that envisions an environment where people can access amenities within a 15-minute walk, bike ride, or public transport journey from their homes. However, multiple experts who spoke to Reuters said the urban planning idea has been widely misinterpreted online. WHAT IS A 15-MINUTE CITY? Versions of a 15-minute city have been implemented in Paris and Melbourne, while other areas like Ottawa (here) and Scotland (bit.ly/3Hil13x) (page 61) have proposals in place. The 15-minute city is an urban planning concept that envisions a living environment with easily accessible essentials.

Economists who obsess about tightly calibrating the quantity of money in the system balk at QE as a tool. Two weeks of turmoil in mid-sized U.S. banks follow just nine months in which the Fed had been winding down its outsize balance sheet that peaked near $9 trillion during the pandemic. "Illiquidity episodes may force central banks to slow the process of reserve withdrawal. Reuters GraphicsILLIQUIDTY EPISODESThis could become a trap that prevents normalisation of the balance sheet longer term, they said. Better-measured and more forward-looking liquidity regulations, incentives for longer-duration deposits during QE bouts and rethinking stress tests were all options, they wrote.

☆ Explainer: Europe gets ready to revamp its electricity market
▼ + stars: | 2023-02-27 | by ( Kate Abnett | ) www.reuters.com time to read: +6 min

STOCKHOLM, Feb 27 (Reuters) - European Union energy ministers meet on Monday to debate upcoming power market reforms. Currently, power prices in Europe are set by the running cost of the plant that supplies the final chunk of power needed to meet overall demand. Often, that is a gas plant, so gas price spikes can send electricity prices soaring. They say Europe's existing power market is functioning well, and has fostered years of lower power prices, supported renewable energy and helped avoid energy shortages. The Commission initially pitched the reform as a chance to "decouple" gas and power prices in Europe, suggesting a redesign of the current system of setting power prices.

☆ Putin, secure in power, sets stage for long and draining war
▼ + stars: | 2023-02-15 | by ( Guy Faulconbridge | ) www.reuters.com time to read: +7 min

One senior Russian source with knowledge of decision-making said Putin's hopes of burnishing his reputation had been dashed. "Ahead, it will be even more difficult and more costly for both Ukraine and Russia," said the source, who spoke on condition of anonymity. For all the geopolitical shock waves Putin has caused, he still has no serious rival for power, according to five senior Russian sources close to decision-making. The source said Russia was at a disadvantage in both military technology and motivation, but that the war would still continue "for a very long time". "The president believes he can win in Ukraine," said one senior Russian source.

☆ ICE to open London gas hub, creating route around EU price cap
▼ + stars: | 2023-01-27 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

ICE hosts trading on the TTF gas hub in Amsterdam and had previously warned it could move the market outside of the EU because of the bloc's looming price cap on gas derivatives. ICE said it would continue to operate the TTF market on its Amsterdam exchange - the most liquid gas futures market in Europe, which sets the region's benchmark gas price - but alongside this, it was preparing to launch another market for TTF futures and options in London on Feb. 20. The London market would not be subject to the 27-country bloc's gas price cap, since Britain is no longer an EU member. EU countries agreed on the gas price cap last year, to attempt to avoid a repeat of the record-high price spikes experienced in 2022 as Russian gas deliveries to Europe dwindled. Analysts have said the EU cap now appears less likely to be triggered, but that price spikes cannot be ruled out.

As Africa struggles with economic headwinds caused by the COVID-19 pandemic, the war in Ukraine and, notably, Washington's own monetary policy, Africans are asking for proof the United States will stay the course this time. African countries have become collateral victims of this year's rate hikes by the U.S. Federal Reserve, aimed at curbing inflation at home. African countries are also finding it harder to access capital markets to meet their fiscal needs and refinance maturing debt. The United States, meanwhile, has largely failed to offer viable alternatives to cheap Chinese credit, officials said. One senior U.S. Treasury official said the United States had long been engaged in Africa, funding anti-HIV work and working on other health issues.

☆ Australia limits alcohol sales in Alice Springs amid crime wave
▼ + stars: | 2023-01-24 | by ( Lewis Jackson | ) www.reuters.com time to read: +3 min

The new rules in the town of Alice Springs, 2,000 km northwest of Sydney, and the surrounding region, mean that the sale of takeaway alcohol will be restricted on Sunday, Monday and Tuesday and sales will be reduced on other days. A fifth of the citizens of Alice Springs are Indigenous. Community leaders across Australia have long identified alcohol abuse as a huge factor behind violence and health problems. Prime Minister Anthony Albanese, who met politicians, police and community leaders in Alice Springs earlier on Tuesday, said the steps on alcohol had to be seen in a broader context. Domestic violence, assaults and property damage in Alice Springs rose between 43% and 60% in the 12 months to November 2022, according to the latest crime statistics from the territory government.

☆ How Ana Botín can defeat the Santander sceptics
▼ + stars: | 2022-12-21 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Dec 21 (Reuters Breakingviews) - Investors aren’t buying what Ana Botín is selling. That’s striking because analysts expect Santander to earn a respectable 11% return on tangible equity (ROTE) over the next 12 months. One way to express the dissonance between those numbers is to infer the return investors require to hold the bank’s shares. To shed that discount, Botín must prove Santander is the best owner of its component bits. The group generated an annualised return on tangible equity of almost 14% in the first nine months of 2022.

☆ Germany, Netherlands set out red lines on EU gas price cap
▼ + stars: | 2022-12-08 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The group, which also includes Austria, Denmark, Estonia and Luxembourg, laid out their red lines on the proposed EU-wide gas price cap, which countries are aiming to approve at a Dec. 13 meeting of energy ministers in Brussels. Belgium, Italy, Poland and Greece are among the countries who say a price cap is needed to shield their economies from high gas costs. They want a far lower price limit than the one proposed by the Commission. Germany and the other cap sceptics also demanded stronger safeguards in case the price cap caused unintended consequences - which gas market participants have warned could be severe. They proposed "red light criteria" that would trigger an automatic suspension of the price cap in an emergency, for example if Europe's gas demand jumps.

REUTERS/Richard Carson/File PhotoLONDON, Nov 23 (Reuters) - You can sometimes buck the market - for a time at least. Even mention government or central bank intervention in financial markets to many professionals and you elicit a tirade on such futility against forces beyond control. Against that, this year was marked by three very different examples of direct financial market intervention that appear to have succeeded in their narrow and targetted goals at least - despite many doubts whether they would or even could work. And it was at least in some part due to the SPR intervention, even if that was aided by central bank tightening and slowing world demand. All three examples of market intervention had their own dynamics and drivers.

BRUSSELS, Nov 22 (Reuters) - The European Commission proposed introducing a gas price cap for one year from Jan.1, 2023, according to draft legislation seen by Reuters that has so far left the actual ceiling level blank. The idea to cap prices has divided EU countries for many months. The Commission's latest proposal will be debated by energy ministers from the bloc's 27 member countries on Thursday. An EU official said the Commission would propose a price higher than backers of the cap want. Divided as ever, EU countries are unlikely to agree on these crucial details of a cap this week, said the sources.

And for financial markets it begs the question as to whether the extent of the monetary or fiscal tightening currently assumed will ever actually happen. The OBR reckons UK consumer price inflation has now peaked and will back off to a full-year rate of 7.4% next year. But assuming standing market forecasts for energy prices and BoE rates, it then sees inflation fall below zero for eight quarters from the middle of 2024. The BoE also expects headline inflation to plummet into 2024 - and its 'fan chart' of the range of possible outcomes also has an outside chance of deflation then too. Delaying spending cuts until after an election won't help much in that regard if indeed they're seen necessary at all.

☆ India, U.S. are natural allies - Yellen
▼ + stars: | 2022-11-11 | by ( David Lawder | ) www.reuters.com time to read: +2 min

[1/2] U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan ErnstNOIDA, India, Nov 11 (Reuters) - The United States and India are natural allies that can show the rest of the world that democracies can deliver for their citizens, despite volatility and war, U.S. Treasury Secretary Janet Yellen said on Friday. Yellen, in a speech highlighting the Biden administration's desire to deepen economic ties with India, said that both the global economy and the democratic idea were at inflection points. "The U.S. and India are 'natural allies,' in the words of a former Indian prime minister," Yellen said, adding that both countries waged similar fights for independence to attain freedom and dignity." The United States was working to strengthen India's "friend-shoring" role as a trusted, reliable supplier.

☆ Don’t dump on U.S. coal plan. Make it better!
▼ + stars: | 2022-11-11 | by ( Hugo Dixon | ) www.reuters.com time to read: +4 min

SHARM EL-SHEIKH, Egypt, Nov 11 (Reuters Breakingviews) - Sceptics fear an American plan to use voluntary carbon markets to accelerate the energy transition in poor countries could amount to greenwashing. Many critics think rich countries should just fork out the cash themselves to close coal plants – or tax fossil fuel companies to get the money. This “jurisdictional” approach is designed to prevent new coal plants springing up where old ones have been closed. Why not hitch itself to the high standards already being developed by the Voluntary Carbon Markets Integrity Initiative? Another concern is that the ETA is planning to use cash not just to close coal plants but also to ramp up renewable energy.

LISBON, Nov 2 (Reuters) - Plans by central banks to launch digital currencies are not a threat to other cryptocurrencies as they would validate blockchain technology and build trust among sceptics, the CEO of the world's largest crypto exchange, Binance, said on Wednesday. Most major central banks, including the U.S. Federal Reserve, the Bank of England and the European Central Bank, are studying the potential launch of a digital version of their currencies, dubbed CBDC. read more"Is it (CBDC) a threat to Binance or other crypto-currencies? He said the blockchain technology behind cryptocurrencies should be available for CBDC and adopted by governments. Still, he said, recently cryptocurrency has been highly correlated with the stock market, with both assets correcting sharply as central banks hike interest rates to control record inflation.

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