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☆ $200 billion in frozen Russian assets could help rebuild Ukraine. Europe is trying to figure out how
▼ + stars: | 2023-06-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Russian assets frozen in European accounts could generate billions of dollars a year for rebuilding Ukraine. One idea put forward in the EU is to draw off the interest on income generated by Russian assets while leaving the assets themselves untouched. This approach would probably deliver about €3 billion ($3.3 billion) a year, according to Anders Ahnlid, the director general of the Swedish National Board of Trade and head of the EU working group looking into frozen Russian assets. The group said in April that cash on its balance sheet had more than doubled over the year to March to stand at €140 billion ($153 billion), boosted by payments associated with frozen Russian assets, including bonds. Euroclear routinely invests such long-term cash balances and, in the first quarter, it recorded €734 million ($802 million) in interest earned on cash balances from sanctioned Russian assets.

Persons: Anders Ahnlid, “, ” Ahnlid, ”, Euroclear, Arturs Krišjānis Kariņš, John Thys, I’m, ’, ” — James Frater Organizations: London CNN, Union, Bank, EU, Swedish National Board of Trade, CNN, European Commission, European Central Bank, ECB, Group, Latvia’s, Latvia's, European Locations: Ukraine, Brussels, Russia, EU, Belgium, AFP, Europe

☆ EU nature law on knife-edge after losing first vote
▼ + stars: | 2023-06-27 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The bill to revive ailing environments - which aims to restore nature on 20% of EU land and sea - is facing a political backlash from the European People's Party group in the EU Parliament, which has called for its rejection. In a tight vote, 44 lawmakers voted for the law and 44 against, meaning it failed to win majority support. The bill now heads to a full EU Parliament vote on July 11, where failure to win majority support would kill off the proposal. Supporters from other parliament groups said they would try to club together to find a compromise deal ahead of the full parliament vote. Despite that, EU countries agreed a position on the nature bill last week - weakening some targets and asking for more EU money to support farmers in restoring nature, but backing its overall aims.

Persons: Anne Sander, Cesar Luena, parliament's, Kate Abnett, Bart Meijer, Frank Jack Daniel, Conor Humphries Organizations: REUTERS, Union, European People's Party, European Commission, EPP, Thomson Locations: Hymettus, Athens, Greece, BRUSSELS, Brussels, Ireland, Belgium

☆ Live updates: Putin slams rebels as criminals; Zelenskyy lauds military advances 'in all directions'
▼ + stars: | 2023-06-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The eyes of the world remain on Russia after Wagner Group chief Yevgeny Prigozhin's attempted mutiny on Saturday posed what many regard as the greatest challenge yet to President Vladimir Putin's two-decade grip on power. In a televised address to the nation on Monday, Putin called the organizers of the uprising "criminals" and vowed to bring them to justice. The revolt raised questions about President Vladimir Putin's grip on power and what could be next for the country. Stateside, President Joe Biden clarified on Monday that the United States was not involved in the aborted weekend rebellion. Ukrainian President Volodymyr Zelenskyy, meanwhile, called for further support from Western leaders to repel the Russian invasion.

Persons: Yevgeny Prigozhin's, Vladimir Putin's, Putin, Prigozhin, Joe Biden, Volodymyr Zelenskyy, Zelenskyy Organizations: Wagner Group, Kremlin, NATO Locations: Russia, Belarus, United States, Ukrainian, Ukraine

☆ Pro Take: Forget the SEC, International Climate Reporting Standards Could Become the Global Baseline
▼ + stars: | 2023-06-26 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +8 min

New international sustainability reporting standards could fulfill their ambition in becoming the global baseline as the advantages of using a single standard worldwide may, for many companies, outweigh the disadvantages of being more demanding than the SEC’s coming climate reporting rules. On Monday, the International Sustainability Standards Board released its initial two reporting standards. PREVIEWDespite the strong demand for one standard, U.S. and European Union officials are each developing their own climate reporting regimes. It is now up to individual countries and jurisdictions to decide if and when they will adopt the ISSB standards. Sue Lloyd, vice chair of the International Sustainability Standards Board, at the launch of the inaugural sustainability standards.

Persons: Sue Lloyd, ”, Brian Moynihan, Lloyd, Um, Lysanne Gray, Eelco van der Enden, Jean, Paul Servais, Benoit Doppagne, Iosco, Unilever’s Gray, Rochelle Toplensky, Amplifications Iosco Organizations: Sustainability, Task Force, Sustainable Business, European Union, International Organization of Securities Commissions, Securities, Exchange Commission, U.S, Wall Street, Bank of America, London Stock Exchange, Asian Development Bank, Unilever, Alignment, Global, Initiative, Belgian Financial Services, Markets, FSMA, Zuma Press, Accounting, Rochelle, wsj.com Corrections, Amplifications Locations: EU, Australia, Canada, Japan, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow, Monday’s, Egypt, Africa, Asia, U.S

☆ Europe has more Russian lessons to learn
▼ + stars: | 2023-06-26 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

The EU also isn’t remotely as threatening as China or even the United States, not to mention Russia. Over the same period, China’s share has risen to 18% from 7%, while the United States has stayed flat at 24%. The United States will carry most of the burden of deterring China. SECOND-BEST SOLUTIONSThe best solution to the EU’s lack of unity would be for it to use majority voting to determine foreign policy - as it already does for economic policy. But neither the EU nor its members should kid themselves that it’s in their interests to break with the United States.

Persons: Vladimir Putin, Yevgeny Prigozhin, Putin, Joe Biden’s, “, Emmanuel Macron, Donald Trump, Peter Thal Larsen, Thomas Shum Organizations: Reuters, EU, Companies, U.S, Eurostat, Reuters Graphics, Trade, European Commission, Twitter, Thomson Locations: Brussels, Ukraine, Russia, EU, China, United States, Russian, Kyiv, Germany, France, Poland, Taiwan, Lithuania, People’s Republic, U.S, Spain, Europe, Italy, Japan, United Kingdom, Canada

In Pakistan, authorities said more than 300 of its nationals died in the tragedy, but did not specify how they received the information. The Federal Investigation Agency of Pakistan in a statement Tuesday said that 88 people have officially been registered as missing by family members. Last week, Greek authorities denied claims that the boat had capsized after the coast guard attempted to tow it to shore. Migrants rest in a shelter, following a rescue operation, after their boat capsized at open sea, in Kalamata, Greece, June 14, 2023. “This is what they’re doing and it’s absolutely necessary to prevent it.”Migrants arrive at the port of Kalamata, following a rescue operation, after their boat capsized at open sea, in Kalamata, Greece, June 14, 2023.

Persons: Adriana, Saeed Anwar, Abdul Jabbar, selfie, Gibran Peshimam, Jabbar, Anwar, ” Anwar, “, ”, Tarek Aldroobi, Stelios Misinas, Raja Aqeel, Aqeel, Home Affairs Ylva Johansson, Johansson Organizations: Kashmir CNN, Federal Investigation Agency of Pakistan, Union, CNN, United Nations Migration Agency, Authorities, Reuters, Home Affairs, ”, Eurokinissi, Reuters Authorities, Human Rights Locations: Bandali, Pakistan, Kashmir, Greece, Europe, Khuiratta, Italy, Libya, East, Asia, Africa, Kalamata, Islamabad, Lahore, Gujrat, Gujranwala, Rawalpindi

☆ Heat, drought and fire: Europe's year of extremes in 2022 will not be a 'one off,' new report finds
▼ + stars: | 2023-06-19 | by ( Laura Paddison | ) edition.cnn.com time to read: +3 min

CNN —The climate crisis is taking an enormous toll on Europe, which was ravaged by extreme heat, drought, wildfires and glacier melt last year, a new analysis has concluded. The cracked ground of La Vinuela reservoir during a severe drought in La Vinuela, near Malaga, southern Spain August 8, 2022. Europe experienced the second-largest burned area on record in 2022, the report found, with Central Europe and the Mediterranean, in particular, seeing large areas scorched by fire. And oceans were unusually warm, with average sea surface temperatures in the North Atlantic the hottest on record. With the arrival of El Niño, a natural climate phenomenon with a global warming effect, many scientists are concerned 2023 could see even starker climate extremes.

Persons: ”, Carlo Buontempo, Jon Nazca, El, Petteri Taalas Organizations: CNN, World Meteorological Organization, Central, North Atlantic, WMO Locations: Europe, Spain, Switzerland, Italy, France, La Vinuela, Malaga, Central Europe, North

☆ EU to air ideas on guarding prized technology with eye on China
▼ + stars: | 2023-06-19 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

BRUSSELS, June 19 (Reuters) - The European Commission will unveil on Tuesday possible measures, such as screening of outbound investments and export controls, to keep prized EU technology from countries such as China and prevent it being put to military use by rivals. The European Union executive will present its Economic Security Strategy as a "communication" to EU lawmakers and countries, whose leaders are set to discuss relations with China in Brussels next week. The Commission will need to tread carefully because granting of export licences and weighing security interests are national competences that EU governments will want to retain. EU officials point out there is no clear way to do this. The EU does control exports of specified "dual-use" goods that can have military applications, but this does not cover emerging technologies.

Persons: Philip Blenkinsop, Emma Rumney Organizations: European, European Union, EU, Thomson Locations: BRUSSELS, China, Brussels, EU

☆ 10 Things in Tech: Google's WFH crackdown, mass layoffs are creating new founders, and Jack Dorsey's Apple Vision Pro worry
▼ + stars: | 2023-06-15 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Tech layoffs are fueling an influx of new founders building climate, health, and fintech startups. Microsoft CEO Satya Nadella said he liked to test AI using a poetry prompt to see if it had the "subtlety" to translate "deep meaning." Twilio's Joyce Kim said "predictive AI is going to be a core part of every tool that they use." The European parliament has voted to take steps to regulate AI technology such as ChatGPT, with its parliament backing a ban on the technology for biometric surveillance, emotion recognition, and predictive policing. Uber CEO Dara Khosrowshahi says the most common mistake he sees young people make is overplanning.

Persons: Nathan Rennolds, it's, let's, Sundar Pichai, Google's, hasn't, Simplyblock, Michael Schmidt, Robert Pankow, Jack Dorsey's, Satya Nadella, Uber, Twilio's Joyce Kim, Dara Khosrowshahi, Leigh Vogel, Elon, Kairan, Hallam Bullock Organizations: Google, Jack Dorsey's Apple, Microsoft, Summit, Getty, SpaceX, LinkedIn Locations: London, Google's, Simplyblock, Europe, New York City

[1/5] A migrant is transferred by rescue personnel, following a rescue operation, after their boat capsized at open sea, in Kalamata, Greece, June 14, 2023. Eurokinissi via REUTERSATHENS, June 14 (Reuters) - At least 59 migrants drowned early on Wednesday and more were feared missing after their overloaded boat capsized and sank off Greece in the country's deadliest shipwreck this year, the coast guard said. "We fear the number of dead will rise," said a shipping ministry official who spoke on condition of anonymity. A coast guard vessel then approached the boat, which was en route to Italy, and offered help. The large number of migrants on its outer deck "refused assistance and stated their desire to continue their voyage," the coast guard said.

Persons: Karolina Tagaris, Sharon Singleton, John Stonestreet Organizations: Eurokinissi, REUTERS, EU, Frontex, State, ERT, European Union, United Nations, Thomson Locations: Kalamata, Greece, REUTERS ATHENS, Pylos, Italy, Libyan, Tobruk, Crete, Egypt, Syria, Pakistan, East, Asia, Africa, Turkey, Spain, Malta, Cyprus

CNN —At least 79 people died after a migrant boat carrying hundreds of people sank off the Greek coast in the early hours of Wednesday, that country’s Coast Guard said, as fears mount that there could be more fatalities. Those on board said the captain left the vessel three hours after the first distress call was made and passengers were in need of food and water, accoring to Alarm Phone. A merchant vessel is said to have provided the boat with water at around 8 p.m. local time on Tuesday evening. The last time Alarm Phone was able to contact the boat was just before 1 a.m. local time on Wednesday morning. According to Alarm Phone, all that could be heard was “Hello my friend… The ship you send is…” before the call cut off.

Persons: Thanasis Vasilopoulos, “, ”, Panagiotis Nikas, Antonio Guterres, I’ve, …, Katernina Sakellaropoulou, ” Vasilopoulus Organizations: CNN, Coast Guard, ” Kalamata, AP Migrants, Reuters, Organization for Migration, UN, Twitter, ERT, AP, European Union, UNHCR Locations: Kalamata, “, www.argolikeseidhseis.gr, Eurokinissi, State, Tobruk, Libya, Pylos, Peloponnese, Italy, Greece, East, Asia, Africa, Europe

An internal Union Investment document seen by Reuters shows that the firm received just 30 responses to its outreach. Although consumer goods manufacturers are particularly exposed, other sectors that import goods associated with deforestation, including commodities houses and industrials companies, will also face scrutiny. Consumer goods makers are counting on technology such as satellites and artificial intelligence to help eradicate deforestation from their supply chains. Several large consumer goods companies say they are close to meeting their ambitious zero-deforestation goals. "The EU rules make deforestation a financial risk as well as an environmental risk."

Persons: Ueslei Marcelino, Henrik Pontzen, Pontzen, Janus Henderson, Jonathan Toub, haven't, Snorre Gjerde, Christophe Hansen, Magdi Batato, Kit Kat, Nestlé, David Croft, Reckitt's, Arild Skedsmo, Richa Naidu, Kate Abnett, Matt Scuffham, David Evans Organizations: REUTERS, Reuters, EU, Germany's, Investment, Unilever, ESG, Union Investment, Nestle, Pepsico, Danone, L'Oreal, KLP, Aviva, Fidelity International, Reckitt, UN Food and Agriculture Organization, Consumer, Thomson Locations: Uruara, Para State, Brazil, NBIM, Nescafe, London, Brussels

☆ Europe wants to use Russia's assets to pay for Ukraine's reconstruction — here's how it might work
▼ + stars: | 2023-06-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

European officials are looking at ways to use Russian assets to repay for the reconstruction of Ukraine. The European Union is getting closer to brokering a detailed plan on how to use frozen Russian assets to pay for the reconstruction of Ukraine, a senior official told CNBC. The EU has confirmed that there are more than 200 billion euros ($215.5 billion) and a separate 20 billion euros ($21.5 billion) in assets across the bloc that belong to the Russian central bank and to Russian private individuals, respectively. These assets were frozen by European authorities in the wake of Russia's invasion of Ukraine to sanction the Kremlin for its aggression. She added at the time that these funds should also be put toward the reconstruction efforts, once the war is over and sanctions are lifted off the frozen assets.

Persons: Sweden's Anders Ahnlid, Ahnlid, Ursula von der Leyen, von der Leyen, Jacob Kirkegaard Organizations: European, CNBC, EU, Monday, Peterson Institute for International Economics, Bank, European Commission, United Nations Locations: Ukraine, Russian, Russia, Ukrainian, Nova

☆ Airlines say ready to avoid repeat of summer travel chaos
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +2 min

Airline leaders attending IATA's annual meeting in Istanbul this week remain concerned about air traffic control disruption in Europe and the United States, however. "But as far as they are concerned, they have fulfilled their obligation to get their resources in place for this summer. Rising numbers of disputes between travellers and airlines globally have led to calls for passenger compensation. Some passenger groups have accused airlines of skirting compensation by invoking an exemption for exceptional circumstances. Airlines have reported strong bookings for this summer as air traffic returns towards pre-COVID levels.

Persons: Willie Walsh, they've, Walsh, Eurocontrol, Tim Hepher, Joanna Plucinska, Aditi Shah, David Holmes Organizations: Airlines, International Air Transport Association, Sunday, Airline, Reuters, European, Thomson Locations: ISTANBUL, Istanbul, Europe, United States, North America, Canada, U.S, European Union, Ukraine

☆ Using frozen Russian money for Kyiv is barmy
▼ + stars: | 2023-05-25 | by ( ) www.reuters.com time to read: +2 min

European officials are still discussing options to use the proceeds of Russia’s frozen funds to help Ukraine. Yet funnelling the money to the war-torn country, which looks justifiable on moral grounds, would set a bad precedent. Euroclear, the Belgium-based settlement house, is sitting on some 180 billion euros of Russian central bank reserves – part of the 280 billion euros Ukraine’s allies froze last year after Russia’s invasion. The clearing firm also holds another 17 billion euros from sanctioned Russian individuals. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Americans flocked to Portugal for cheaper, more peaceful lives, but newcomers also brought crowds and drove up the cost of living
▼ + stars: | 2023-05-24 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +10 min

Americans have been moving to Portugal for years, and the pandemic accelerated the trend further. The Bagbys are part of a wave of Americans who have moved to Portugal, a country roughly the size of Indiana. "It's a very reasonable cost of living," Zaretsky told Insider. Zaretsky paid 600,000 euros for the house in Portugal after selling her Austin, Texas, home for $676,000. Portugal has a strong tourism economy, and its shoulder season draws large crowds, making the petite coastal country feel tight.

☆ The West’s oil war against Russia is starting to lose momentum
▼ + stars: | 2023-05-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

"Russia's export revenue in April was down substantially year-on-year, mainly due to the impact of the EU import ban and lower oil prices. Russia's oil revenue recovery expected to continueAt the start of the year, data showed Russia's revenue from fossil fuel exports had collapsed in December. It appeared to underscore the effectiveness of policymakers targeting Russia's oil revenues and sparked calls for even tougher measures to help Kyiv prevail. CREA's latest findings, however, show that Russia's oil tax revenues rose 6% month on month in April due to the increase of export revenues in March. It means that after bottoming out at the start of 2023, Russia's oil tax revenues have since recovered due to increased sales.

Persons: Vladimir Putin's, Lauri Myllyvirta, CREA, Myllyvirta, Vladimir Putin, Vyacheslav Lebedev, Mikhail Klimentyev, Isaac Levi Organizations: Europa Press, Getty, Centre for Research, Energy, Clean, European Union, Seven, Clean Air Energy, Coalition, CNBC, Kremlin, Afp Locations: Ceuta, Spain, Russia, Ukraine, Finnish, Moscow, Hiroshima, Japan, U.S, EU

☆ EU will go easy on Indian resale of Russian fuel
▼ + stars: | 2023-05-23 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Yet, the risk of an energy inflation resurgence makes a European Union ban on Russian oil reselling a tough call. The war in Ukraine has offered India an opportunity to boost purchases of discounted Russian oil. European imports of oil derivatives jumped to 200,000 barrels per day after the EU banned Russian crude products imports on Feb. 5 from 154,000 barrels previously, according to Kpler data. And New Delhi argues oil products substantially transformed in a third country cannot be subject to EU sanctions. loadingTo avoid an open clash with India, the EU could try to target European companies buying Russian-origin refined oil.

☆ European officials are quietly preparing for the possibility Biden loses the next election
▼ + stars: | 2023-05-22 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

U.S. President Joe Biden (R) meets with President of European Commission Ursula von der Leyen (L) in the White House. This became ever more clear with Russia's invasion of Ukraine, with European leaders welcoming the financial and military support from the largest economy in the world. But it's possible that the current agreement, and working practices, will all come to an end if there's a new president in the White House. The European Commission, the executive arm of the EU, was not immediately available for comment when contacted by CNBC. Ron DeSantis, who is expected to launch his bid for the 2024 presidential campaign later this month, has said he believes the U.S. shouldn't get further involved in the Ukraine war.

☆ Meta slapped with record $1.3 billion EU data privacy fine over transfer of Facebook data to US
▼ + stars: | 2023-05-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

The European Data Protection Board announced the fine in a statement Monday, saying it followed an inquiry into Facebook (FB) by the Irish Data Protection Commission, the chief regulator overseeing Meta’s operations in Europe. The fine is the largest ever levied under Europe’s signature data privacy law, known as the General Data Protection Regulation, or GDPR. Meta has also been ordered to cease the processing of personal data of European users in the United States within six months. Meta’s infringement is “very serious since it concerns transfers that are systematic, repetitive and continuous,” said Andrea Jelinek, chair of the European Data Protection Board. EU and US policymakers were on a “clear path” to resolving this conflict under a new transatlantic Data Privacy Framework.

☆ EU Parliament delays renewable energy vote after late backlash
▼ + stars: | 2023-05-22 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, May 22 (Reuters) - The European Parliament has delayed a planned vote to approve new EU renewable energy targets, after France and other countries lodged last-minute opposition to the law last week, according to an internal email seen by Reuters. The vote in the Parliament's energy committee had been due to take place on Tuesday. The European Union is attempting to finalise a key pillar of its climate agenda - a law containing a binding goal for the EU to get 42.5% of its energy from renewable sources by 2030. Parliament had been due to hold a first vote on Tuesday, followed by a final vote in July. The EU Parliament and EU countries' approval of the law was supposed to be a formality, after negotiators from both sides agreed what was supposed to be a final deal earlier this year.

But Michelin, Continental and Pirelli (PIRC.MI) told Reuters they are pursuing alternatives to 6PPD, with Michelin and Continental adding collective industry action may be necessary to find solutions. Continental said its dandelion tyres were developed to find a sustainable form of natural rubber, and addressing 6PPD was a separate focus. The worst-performing rival tyres Michelin has tested so far emit around 8 kg per year. Michelin and Continental said they are already focused on making their tyres more durable - Michelin cut its tyre emissions 5% between 2015 and 2020, Roget said. "The advent of the EV is the time to make this change," to improve tyres," Enso's Erlendsson said.

BRUSSELS, May 17 (Reuters) - European Union foreign policy chief Josep Borrell has proposed adding 3.5 billion euros ($3.85 billion) to a fund used to finance military aid for Ukraine, EU sources said on Wednesday. It originally had a budget of 5 billion euros, meant to last until 2027. That ceiling has already been raised once, by 2 billion euros, last December. The fund allows EU countries that supply weapons and ammunition to Ukraine to claim back a portion of the cost. It was conceived for any conflict that the European Union could deal with."

☆ Ukraine rebuilding would be small wager for Europe
▼ + stars: | 2023-05-16 | by ( Pierre Briancon | ) www.reuters.com time to read: +6 min

The irony is that effort had started when Russian President Vladimir Putin annexed Crimea in 2014, thus ensuring that Ukraine would firmly aspire to belong to Europe. The war inflicted severe damage on Ukraine, with GDP down 30% last year according to the International Monetary Fund. Rebuilding Ukraine will require help, expertise and guidance – and a lot of time and money. And the United States, Japan and multilateral organisations such as the IMF will continue to flank Europe in its efforts to rebuild Ukraine. Nevertheless, it is in Europe’s interest to play a major part in Ukraine’s reconstruction before the country is accepted as a formal candidate member of the EU.

Speaking to reporters in Rome after meetings with his Italian counterpart and Italy’s prime minister, Zelensky said Ukrainian forces were “preparing very seriously.”“There will definitely be very serious steps. Earlier, Zelensky met with Pope Francis, who has been outspoken in his support for an end to the war in Ukraine. Vatican News/APZelensky said last week that his country still needs “a bit more time” before it launches the counteroffensive, in order to allow some more of the promised Western military aid to arrive in country. Russian attacksAs Zelensky toured Europe, Russia’s assault on Ukraine continued. In western Ukraine, at least 21 people were injured following Russian strikes on the city of Khmelnytskyi in the early hours of Saturday, Ukrainian authorities said.

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