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The pan-European STOXX 600 index (.STOXX) closed 0.6% higher, tracking the global market rally. The European Central Bank will hold its policy meeting on Thursday, where it is expected to hike rates by another 25 basis points to tame stubborn inflation. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Meanwhile, German consumer prices, harmonised to compare with other European Union countries, rose by 6.3% on the year in May, data showed. Shares of Admiral (ADML.L) slid 5.1% after traders said Citi downgraded the British motor and home insurer to "sell."

Persons: Steve Sosnick, Antonio Villarroya, Richemont, Denmark's, Shreyashi Sanyal, Siddarth, Rashmi Aich, Richard Chang Organizations: Miners, Citigroup, Reserve, Interactive Brokers, Traders, European Central Bank, Santander CIB, People's Bank of China, Union, Bank of England, Denmark's Maersk, Nvidia, Citi, Thomson Locations: China, U.S, South Korea, Denmark, Swedish, Bengaluru

The pan-European STOXX 600 index (.STOXX) rose 0.3%. The rate-sensitive tech sector index (.SX8P) added 1.6%, while miners (.SXPP) jumped 1.8% to a seven-week high. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including development of new products. Shares of Admiral(ADML.L), meanwhile, slid 6.1% to the bottom of the STOXX 600 after traders said Citi cut its rating on the British motor and home insurer to "sell."

Persons: Stuart Cole, Shreyashi Sanyal, Rashmi Aich Organizations: Miners, U.S . Federal, People's Bank of China, Equiti, Traders, European Central Bank, Union, Nvidia, Citi, Thomson Locations: China, Swedish, Bengaluru

☆ Silvio Berlusconi obituary: former Italian PM brought burlesque to politics
▼ + stars: | 2023-06-12 | by ( Crispian Balmer | ) www.reuters.com time to read: +9 min

[1/3] Italy's Prime Minister Silvio Berlusconi looks on during a news conference at Chigi Palace in Rome, Italy, August 4, 2011. As with his political party, so with his business empire, Berlusconi left no single heir apparent. After Barack Obama was elected the first African-American president of the United States, Berlusconi congratulated him for being "tall, handsome, and suntanned". Berlusconi himself had no regrets about his political career, although he clearly felt he was often betrayed. "But when I come to think about it, I cannot recall the name of a single friend in politics."

Persons: Silvio Berlusconi, Tony Gentile ROME, Brash, ebullient, Berlusconi, Donald Trump, Il Cavaliere, Bettino Craxi, Vladimir Putin, Alan Friedman, Nicolas Sarkozy, BUNGA, Karima El Mahroug, Hosni Mubarak, Veronica Lario, Marta Fascina, Barack Obama, Mark Heinrich, Andrew Heavens, Angus MacSwan Organizations: REUTERS, Chi, AC Milan soccer, Forza Italia, Senate, Roman, Socialist Party, Moroccan, Union, Thomson Locations: Rome, Italy, U.S, Milan, Ukraine, United States

☆ EU to try again for renewable energy deal after nuclear row
▼ + stars: | 2023-06-10 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, June 10 (Reuters) - European Union countries will try again next week to pass a deal on new renewable energy targets, which have been stalled by concerns from France and other states that the law sidelines nuclear energy. Paris has sought changes to the law to offer more favourable treatment of nuclear energy, and said the final deal puts at a disadvantage countries like France with large shares of nuclear power. Nuclear energy is low-carbon, but not renewable. The EU law is designed to drive a rapid expansion of renewable energy sources like wind and solar. Meanwhile, states including Germany and Luxembourg - both anti-nuclear countries - plus Denmark and Ireland have urged the EU to resolve the spat quickly, warning the delay endangers investments in renewable energy.

Persons: Paris, Bruno Le Maire, Kate Abnett, Dominique Vidalon, Frances Kerry Organizations: Union, EU, European Commission, French Finance, France, Thomson Locations: BRUSSELS, France, EU, Paris, Bulgaria, Poland, Hungary, Czech Republic, Germany, Luxembourg, Denmark, Ireland

☆ EU launches 8.1 bln euro microelectronics projects with 56 companies
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, June 8 (Reuters) - Fourteen European Union countries will grant up to 8.1 billion euros ($8.7 billion) in public support to 56 companies working together on projects in microelectronics and communication technologies, the European Commission said on Thursday. The projects concern "research and development projects covering microelectronics and communication technologies across the whole value chain from materials and tools to the chip designs and manufacturing processes," the EU executive said. ($1 = 0.9314 euros)Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Foo Yun Chee Organizations: Union, European Commission, Thomson Locations: BRUSSELS

☆ Breakthrough on stalled EU migration deal coming this week - official
▼ + stars: | 2023-06-06 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +4 min

The EU's migration chief spoke ahead of talks between home affairs ministers of the bloc's 27 member states on Thursday. "It's about having a European migration policy," EU migration commissioner, Ylva Johansson told reporters. Agreeing a joint approach has proven all but impossible for EU countries since 2015 when the sea arrivals caught them by surprise, overwhelming their reception and security capacity. Bad blood spilled over as eastern EU countries like Poland and Hungary refused to host any refugees and migrants from the mainly-Muslim Middle East and North Africa. Johansson said the tentative deal allowed for the latter, adding that it envisaged no "mandatory relocations" of people and that EU states could help differently.

Persons: Johansson, Ylva Johansson, Gabriela Baczynska, Ed Osmond Organizations: Luxembourg Deal, Oxfam, Union, EU, Thomson Locations: Luxembourg, BRUSSELS, Syria, Spain, Italy, Malta, Greece, Germany, France, Sweden, Poland, Hungary, East, North Africa, Europe

☆ Greece’s reform labours are only half complete
▼ + stars: | 2023-06-05 | by ( Hugo Dixon | ) www.reuters.com time to read: +6 min

Greece’s large current account deficit and domestic corruption undermine its attraction as an investment destination. The issue, rather, is whether Greece will be able to attract investment in the quantities needed for it to fulfil its potential. What’s more, investment is still only 14% of national income, even though this measure expanded during Mitsotakis’ first term as prime minister. Well-designed tax and benefit reforms could even reduce the country’s unemployment rate, which is currently 12%, thereby increasing its productive potential. All this would provide a buffer if Greece or the world economy is hit by further shocks in coming years.

Persons: Hercules, Mitsotakis, Bruegel, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Union, International Monetary Fund, Bank of, Reuters Graphics Reuters, Twitter, Thomson Locations: ATHENS, Greece, Mitsotakis ’, Bank of Greece, Mitsotakis

☆ EU countries weaken nature law in hunt for deal -document
▼ + stars: | 2023-06-02 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, June 2 (Reuters) - European Union countries want to water down parts of the bloc's flagship nature law by adding loopholes to dodge certain targets, as they attempt to find a deal on the contested proposal, a draft document showed. The EU's proposed law would set binding targets for countries to restore damaged natural environments. A draft negotiating document, seen by Reuters, showed countries plan to weaken proposed targets to revive drained peatlands used in agriculture, and insert a loophole so countries can avoid these targets in certain circumstances. "Ireland supports the ambition of the Nature Restoration Law and is working with colleagues across Europe to ensure appropriate flexibilities that enable implementation," the spokesperson said. EU countries and the European Parliament must both approve the nature law.

Persons: Ireland, Kate Abnett, Susan Fenton Organizations: Union, Reuters, European Commission, Restoration, Thomson Locations: BRUSSELS, France, Belgium, Ireland, peatlands, Irish, Europe

☆ Kremlin says Ukrainian NATO membership would cause problems for many years
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

President Volodymyr Zelenskiy pressed his case on Thursday for Ukraine to be part of the NATO military alliance and urged the alliance to provide security guarantees if membership were not possible for now. "Ukraine's membership in NATO, of course, is one of the main irritants and would be a potential problem for many, many years," Peskov said. NATO leaders agreed at a summit in Bucharest in 2008 that Ukraine and Georgia would one day become members of NATO. So far, however, no concrete steps or timetable has been published that would actually bring Ukraine closer to NATO. "The Russian Federation... will ensure its interests and its security," Peskov said.

Persons: Volodymyr Zelenskiy, Dmitry Peskov, Peskov, Guy Faulconbridge, Gareth Jones Organizations: Ukraine, NATO, European Union, Kremlin, EU, Russian Federation, Thomson Locations: MOSCOW, United States, Ukraine, EU, Bucharest, Georgia, Europe, Russia

☆ How begpackers became some of the world’s least popular tourists
▼ + stars: | 2023-06-01 | by ( Lilit Marcus | ) edition.cnn.com time to read: +8 min

James, a comedian, is one of the posters behind the Instagram page Chaotic Hong Kong Expats. But the age of social media has catapulted the activity into public consciousness with a wave of begpacking-shaming Instagram accounts and Facebook pages. “Hong Kong is a very expensive place to live and the average (monthly) wage is 15,000 Hong Kong dollars ($1,915). Viral social media photos of begpackers in places like Malaysia, Indonesia and Hong Kong have been appearing on social media in recent months, re-igniting debate over the issue. “I think it kind of represents the growing arena of location-independent tourists blurring boundaries between leisure and work,” says Bernstein.

Persons: Ashley James, “, James, ”, ” James, Stephen Pratt, He’s, Pratt, –, begpackers, Patrick Leigh Fermor, ’ ”, ” Will Hatton, “ you’ve, ” Joshua Bernstein, Bernstein, begpack, Raphael Pangalangan, Begpacking, ” Pangalangan, ” Hatton, Hatton, it’s Organizations: Hong Kong CNN, Hong, Rosen, of Hospitality Management, University of Central, Hong Kong Polytechnic, Language Institute, Thamassat University, Michelin, European Union Locations: Hong Kong, Asia, Kong, Thailand, India, Indonesia, begpackers, University of Central Florida, Hong, Kowloon, Europe, begpacking, Bangkok, North America, Malaysia

☆ Erdogan win sends stark note on economy and votes
▼ + stars: | 2023-05-29 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

MILAN, May 29 (Reuters Breakingviews) - Tayyip Erdogan’s re-election in Turkey sends a sharp message to leaders around the world: politics is trumping sound economics. Official results released show the sitting strongman won 52% of ballots, implying citizens are deeply divided over his return to power. Erdogan’s victory will likely exacerbate multiple long-term money-matter headaches for the country’s more than 80 million people. Erdogan’s win also suggests the country will continue to pivot away from the West. Follow @LJucca on TwitterCONTEXT NEWSTurkish President Tayyip Erdogan secured a fresh five-year term in elections on May 28, beating challenger Kemal Kilicdaroglu.

☆ ECB eyes additional steps to tackle bank deposit risks
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

The ECB said it was actively working with other global supervisors to understand which lessons could be learnt. "It may be beneficial to explore how factors such as high deposit base concentration and a predominant reliance on uninsured deposits could be dealt with in the Pillar 2 framework," the ECB said. The ECB can impose additional capital and liquidity requirements if it sees fit. It would use liquidity requirements to address liquidity risks. The Pillar 2 liquidity framework focuses on liquidity risks that are not fully addressed by Pillar 1 requirements: the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR).

☆ Boeing launches data tool to chart path to net-zero emissions target
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 17 (Reuters) - Boeing Co (BA.N) said on Wednesday it is rolling out a data modeling tool aimed at helping airlines and policymakers determine the quickest, most efficient path to reducing aviation emissions to zero by 2050. Boeing unveiled a beta version of Cascade in July 2022 but it was not publicly available. The public launch of Cascade comes just days after U.S. Transportation Secretary Pete Buttigieg met with counterparts from Canada, the United Kingdom and Singapore at the Asia-Pacific Economic Cooperation forum to discuss investments in sustainable aviation fuel. On Tuesday, Reuters reported that European Union countries are set to finalize SAF targets for airports despite some pushback from airlines. “Our intent is to scale SAF and help it scale by first ... examining what has to change in an airplane to be 100% compatible with (SAF),” Raymond said.

☆ Italian foreign minister threatens to cancel Paris trip over French criticism
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

ROME, May 4 (Reuters) - Italian Foreign Minister Antonio Tajani has threatened to cancel a trip to Paris on Thursday unless France clarifies comments by the French interior minister that were critical of Italy's prime minister, an official said. The French minister, Gerald Darmanin, told RMC radio earlier that Italian leader Giorgia Meloni was "unable to solve the migration problems on which she was elected" and accused her of "lying" to voters that she could end the crisis. An Italian government official, who declined to be named, said the trip would not go ahead without a "decisive and definitive" clarification from France on Darmanin's "offensive and totally unacceptable" statement. A French government source said they were trying to find a way to diplomatically reverse the comments by Darmanin, who is seen as particularly close to French President Emmanuel Macron. Reporting by Angelo Amante and Crispian Balmer in Rome and John Irish and Tassilo Hummel in Paris, editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Deal reached in principle to resume Ukraine grain transit with 5 EU countries
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRUSSELS, April 28 (Reuters) - The European Commission said on Friday it had reached a deal in principle to allow the transit of Ukrainian grain to resume through five European Union countries that had imposed restrictions. European Commission Vice President Valdis Dombrovskis tweeted that the EU executive had reached "an agreement in principle" with the five countries "to address concerns of both farmers in neighbouring EU countries and Ukraine". The deal also includes a support package worth 100 million euros ($110.25 million) for local farmers, Dombrovskis said. The five countries became transit routes for Ukrainian grain that could not be exported through the country's Black Sea ports because of Russia's February 2022 invasion. Bottlenecks then trapped millions of tons of grains in countries bordering Ukraine, forcing local farmers to compete with an influx of cheap Ukrainian imports that they said distorted prices and demand.

☆ Stubborn Germans leave EU budget reform in a fix
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, April 27 (Reuters Breakingviews) - The European Commission’s efforts to appease fiscal hardliners have not yet opened doors for a badly needed reform of the bloc’s fiscal rules. Specifically, Germany does not like a proposal to allow the Commission new flexibility to negotiate budget targets with European Union countries. Although current debt rules have never been enforced – because required cuts would be too punitive to work – Berlin likes their semblance of objectivity. But in the absence of a new system, it will have to go through the motions for 2024, and possibly beyond. Even though that’s less stringent than the current system, France already says it’s too rigid, and Italy wants more exceptions for green investment.

Traders seem more focused on the grain deal’s recent success than the risk to Ukrainian exports should Russia cease to cooperate. As of Monday, Ukraine’s 2022-23 grain exports were down about 11% from the same date last year compared with margins of 18% in late March and 27% in late February. According to USDA data, Ukrainian corn exports in 2022-23 will represent 94% of the year’s corn harvest. The inflow of cheap Ukrainian grain has driven down prices in European neighbors, angering farmers and leading some countries to propose bans on Ukrainian goods. The EU last week proposed compensation packages for farmers as well as restrictions on Ukrainian grain imports.

☆ India and China snap up Russian oil in April above 'price cap'
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +3 min

MOSCOW, April 17 (Reuters) - India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. A G7 source told Reuters on Monday the Western price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. India and China have not agreed to abide by the price cap, but the West had hoped the threat of sanctions might deter traders from helping those countries buy oil above the cap. A G7 price cap coalition official said the sytem was working.

☆ Volkswagen calls for delay in implementation of new EU emissions standards to 2026
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, April 13 (Reuters) - Volkswagen (VOWG_p.DE) called on Thursday for the implementation of new EU emissions standards to be pushed to at least autumn of 2026, slightly over a year later than planned, with the aim of all new cars meeting the standards by autumn 2027. Still, the Commission argues the measures are needed as soon as possible to cut harmful emissions while combustion engine cars remain on the road. Other aspects of the regulation like limitations on the tiny particulates from braking and tyre wear should be delayed, Volkswagen said, without providing a date. "Several years of lead time are needed," the statement said, pointing to a lack of suppliers or industrialised production of tyres meeting the new requirements. Reporting by Victoria Waldersee, Editing by Friederike Heine and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine's Zelenskiy heads to Poland to deepen ties with key Western ally
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kacper PempelKYIV, April 5 (Reuters) - Ukrainian President Volodymyr Zelenskiy is expected shortly in neighbouring Poland, a close ally that has played a big role in galvanising Western military and political support for Kyiv against Russia's full-scale invasion. Poland has taken in more than a million Ukrainian refugees over the past 13 months of war. The NATO member has also played an important role in persuading other Western powers to supply battle tanks and other weaponry to Ukraine. Ukrainian Defence Minister Oleksii Reznikov said on Tuesday that Kyiv was grateful to Poland for clearing the way for deliveries of MiG fighter jets. "During talks with President Zelenskiy, we will certainly discuss Ukrainian grain and various agricultural products, because we want any trade with Ukraine not to destabilise our market," Morawiecki said.

☆ German exports rise significantly more than expected in February
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 4 (Reuters) - German exports rose significantly more than expected in February due to strong demand from the United States and China, posting their biggest increase in 10 months, data showed on Tuesday. Exports increased by 4.0% on the previous month, the federal statistics office said. A Reuters poll had predicted a month-on-month rise in exports of 1.6%. In February, exports to European Union countries rose 2.0% on the previous month, while exports to the U.S. and China increased by 9.4% and 10.2% respectively compared with January. Despite the increase, export demand still lacks momentum, Klaus Wohlrabe, head of surveys at Ifo, said.

☆ German inflation eases less than expected in March
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

German consumer prices, harmonised to compare with other European Union countries, rose by a more-than-anticipated 7.8% on the year in March, preliminary data from the federal statistics office showed on Thursday. Analysts had expected harmonised data to increase by 0.8% on the previous month and grow by 7.5% on an annual basis. According to non-harmonised standards, German consumer prices rose 7.4% on the year in March and 0.8% on the month. This follows an inflation rate of 8.7% in February and January. The decline in the inflation rate was entirely driven by a slowdown in energy prices, which rose only 3.5% compared with March 2022, when energy prices soared following Russia's invasion of Ukraine.

☆ EU countries approve 2035 phaseout of CO2-emitting cars
▼ + stars: | 2023-03-29 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

The approval from EU countries' energy ministers means Europe's main climate policy for cars can now enter into force - after weeks of delay caused by last-minute opposition from Germany. The EU law will require all new cars sold to have zero CO2 emissions from 2035, and 55% lower CO2 emissions from 2030, versus 2021 levels. The EU policy had been expected to make it impossible to sell combustion engine cars in the EU from 2035. "The direction of travel is clear: in 2035, new cars and vans must have zero emissions," EU climate policy chief Frans Timmermans said. Germany's late intervention, after EU countries and lawmakers had already agreed the 2035 phaseout last year, irked some EU diplomats, and stoked concerns that governments may try to block other carefully-negotiated deals on climate policies.

☆ EU countries poised to approve 2035 phaseout of CO2-emitting cars
▼ + stars: | 2023-03-28 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

Most countries are likely to back the law on Tuesday, EU officials said, which would allow it to enter into force. The EU law will require all new cars sold to have zero CO2 emissions from 2035, and 55% lower CO2 emissions from 2030, versus 2021 levels. The policy had been expected to make it impossible to sell combustion engine cars in the EU from 2035. Transport accounts for nearly a quarter of EU emissions. Other carmakers including Volkswagen, Mercedes-Benz and Ford are betting on battery-electric vehicles to decarbonise, and had urged EU countries not to row back the 2035 phase-out.

The EU has progressively tightened limits since "Euro 1" in 1992. The Commission's proposal widens real-driving emissions (RDE) testing and adds continuous testing of emissions via an on-board monitoring system. Euro 7 would take effect in mid-2025 for cars and in mid-2027 for trucks and buses. The European Commission estimates Euro 7 could add up to 150 euros to car prices and 2,600 euros for trucks and buses. A Commission spokesperson declined to comment on executives' statements, but said Euro 7's real-driving emissions tests were important because of "scandals in the past about cheating devices".

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