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BRUSSELS, May 12 (Reuters) - Turkey's elections on Sunday are a key moment not just for the country itself but also for its European neighbours. Its internationally recognised government, composed of Greek Cypriots, is an EU member, while the breakaway Turkish Cypriot state is recognised only by Ankara. However, EU officials see little sign that Kilicdaroglu would change much on Cyprus. EU leaders designated Turkey as a candidate to join the bloc in 2004 but the talks ground to a halt years ago. There is already a lot of European money that has made its way to Turkey," said a European diplomat.

Analysts say what may appear as mixed messaging is the result of President Xi Jinping's renewed focus on national security, steeled by rock-bottom relations with rival superpower, the United States. A later speech in March at the National People's Congress was more pointed: China's security is being challenged by U.S. attempts to contain its rise, he said. In his October speech, he added "external security" and "international security", in what analysts say signals a new focus to counter foreign threats, namely Washington. Asked for its response to a list of questions for this story, China's foreign ministry said it was "not aware of the situation". BUSINESS JITTERSChina's security focus also risks isolating the country economically.

☆ Global gas markets rebalancing, to remain tight in 2023 - IEA
▼ + stars: | 2023-05-04 | by ( Marwa Rashad | ) www.reuters.com time to read: +2 min

LONDON, May 4 (Reuters) - Global gas markets are gradually rebalancing but are expected to remain tight in 2023 amid lower Russian pipeline gas deliveries to Europe, the International Energy Agency (IEA) said on Thursday. The European and global gas markets suffered a major supply shock in 2022 when Russia reduced its pipeline gas deliveries to the European Union by 80%, triggering a global energy crisis. Mild weather, an increase in liquefied natural gas (LNG) exports and a strong decline in gas demand helped to cushion the shock leaving Europe's storage 60% full. "The improved outlook for gas markets in 2023 is no guarantee against future volatility...global gas supply is set to remain tight in 2023, and the global balance is subject to an unusually wide range of uncertainties," the report said. In Europe, gas consumption fell by a record 16%, or 55 billion cubic meters (bcm), during the 2022/23 heating season.

☆ It’s getting ‘substantially’ harder for Europe’s businesses and homebuyers to get loans
▼ + stars: | 2023-05-02 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

In the first quarter of 2023, net demand for loans to businesses fell the most since the end of 2008, the central bank found after polling 158 banks in the region between March 22 and April 6. “From a historical perspective, the pace of net tightening in credit standards remained at the highest level since the euro area sovereign debt crisis in 2011,” the ECB said. The central bank has made clear that it won’t ease the most intense campaign of rate hikes in its history until it is certain inflation is under control. “What really matters,” she added, is that inflation recedes to the central bank’s 2% target over the medium term. “Eurozone banks are already generally tightening credit standards and terms and loan demand is decreasing,” Berenberg economist Holger Schmieding said in a note to clients.

☆ Germany has a plan to tackle a rapidly ageing workforce: recruiting robots
▼ + stars: | 2023-05-01 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

But what does enhancing the workforce through robots and digitalization actually look like? There won't be major job losses as a result of digitalization, according to Ulrich Walwei, vice director of Germany's Institute for Employment Research. Ultimately, the goal of integrating robots into the workplace is to augment human capabilities, not replace them. "Our robots can free up human workers to focus on more complex and creative work, leading to more fulfilling and engaging jobs," Pehlivan told CNBC via email. "Ultimately, the goal of integrating robots into the workplace is to augment human capabilities, not replace them," he added.

☆ Analysis: Whether Trump or Biden, some in Europe see the US as an unreliable ally
▼ + stars: | 2023-04-30 | by ( Luke Mcgee | ) edition.cnn.com time to read: +7 min

But they also knew that Biden would not be able to undo all the damage done in Donald Trump’s four years. First, if Trump could happen once, there is no reason he or someone in his mold won’t happen again. Second, Biden, Europeans believe, has continued much of Trump’s foreign policy of protectionism on trade and maximum pressure on China. I am worried we are underestimating the risk of China,” says an Eastern Europe diplomat. “Europe has lots of ties to China, but it also learned recently how fast a partner can become an adversary.

☆ Russian oil price caps have crushed Moscow's war revenue to start the year - despite widespread violations
▼ + stars: | 2023-04-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The Kyiv School of Economics found that the West's price caps have hit Russia's oil export revenue. In December, the G-7 and EU imposed a price cap of $60 a barrel on Russian crude, and in February they imposed additional price caps on a range of refined Russian fuels. To be sure, moderating global oil prices over recent months also contributed to lower export prices for Russia. In their view, that means price caps should be lowered further to ensure a "continued weakening" of Russian export earnings. The market for Russian crude has been fundamentally transformed since Vladimir Putin ordered the invasion of Ukraine.

☆ German $13 bln heat pump sale dents EU green hopes
▼ + stars: | 2023-04-26 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

For 106-year-old German heat pump maker Viessmann it looks like an odd move, given its technology is in demand and at the forefront of the energy transition race. Heat pumps may not be the most obvious sector to lead a revival in transatlantic cross-border M&A, down 31% so far this year. The European heat pump market rose by over a third last year, with a record 3 million units sold in 2022 after government support and soaring fossil fuel prices boosted uptake of the technology, according to the European Heat Pump Association. European Union policymakers are betting on heat pumps to reduce CO2 emissions and cut dependence on imported fossil fuels. Germany’s heat pump market grew 53% in 2022, Germany’s heat pump association BWP reported in January.

☆ EU ministers braced for Ukrainian frustration over ammunition plan
▼ + stars: | 2023-04-24 | by ( Andrew Gray | ) www.reuters.com time to read: +3 min

loading"The inability of the EU to implement its own decision on the joint procurement of ammunition for Ukraine is frustrating," Kuleba said on Thursday. Kuleba can make his case directly when he discusses the state of the war and Ukraine's needs by video link to a regular meeting of EU foreign ministers, taking place in Luxembourg. EU officials pushed back against Kuleba's criticism by stressing that this fast track is up and running so ammunition is already flowing to Kyiv. But the second track, worth another 1 billion euros to fund joint procurement, has yet to be finalised. EU officials and diplomats said they expected an agreement that would satisfy all sides in the coming days.

☆ EU urges others to copy its rules for cryptoassets
▼ + stars: | 2023-04-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, April 19 (Reuters) - The rest of the world should copy European Union rules for cryptoassets to create a robust global approach that protects consumers and financial stability, the EU's financial services chief said on Wednesday. The crypto sector has been rocked by the failure of crypto exchange FTX and other collapses, sending benchmark bitcoin prices tumbling, though it has begun to recover. "I hope that our rules could become a model for other countries," EU financial services commissioner Mairead McGuinness told the parliament. Crypto firms authorised in one EU state would be allowed to offer their services across all 27. McGuinness said the commission will study whether further rules are needed for decentralised finance, and for lending and borrowing in cryptoassets.

☆ Europe approves its $47 billion answer to Biden's CHIPS Act — here's everything that's in it
▼ + stars: | 2023-04-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The initiative, dubbed the European Chips Act, seeks to help the bloc compete with the U.S. and Asia on tech, and secure control over a critical bit of technology behind the world's electronics products and devices. What's in the Chips Act? The European Chips Act is a massive, 43-billion-euro ($47 billion) package of public and private investments that aims to secure its supply chains, avert shortages of semiconductors in the future, and promote investment into the industry. The Chips Act has three main aims: Building large-scale capacity and innovation. "The Chips act puts Europe in the first line of cutting-edge technologies which are essential for our green and digital transitions."

☆ EU lawmakers back ban on goods linked to deforestation
▼ + stars: | 2023-04-19 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The rules aim to eliminate deforestation from the supply chains of a range of everyday items sold in Europe. It will apply to soy, beef, palm oil, wood, cocoa, coffee, rubber, charcoal, and derived products including leather, chocolate and furniture. Indonesia and Malaysia, the world's largest palm oil exporters, have accused the EU of blocking market access for their palm oil. The EU is the world's third-largest palm oil importer. The EU Parliament approved a deal on the rules, which was agreed by EU negotiators last year.

☆ The EU's divided approach on China might be coming to an end — and the U.S. is unlikely to be happy about it
▼ + stars: | 2023-04-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Chinese President Xi Jinping met with European Commission President Ursula von der Leyen in early April. Xinhua News Agency | Xinhua News Agency | Getty ImagesEuropean Union officials on Tuesday called for a new and joint approach toward China, following French President Emmanuel Macron's controversial comments on Taiwan earlier this month. This has resulted in a divided approach toward China. watch nowShe contended that the relationship with China "is too important for us not to define our own European strategy and principles." For Europe, the intention is to reduce and avoid risks, rather than a complete disengagement from China.

☆ Rome foot-dragging can help EU kick bad aid habits
▼ + stars: | 2023-04-18 | by ( Rebecca Christie | ) www.reuters.com time to read: +7 min

Italian Prime Minister Giorgia Meloni is trying to pry out 19 billion euros in EU pandemic aid. Economic conditions have changed a lot since it launched its 800 billion euro pandemic recovery plan in 2020. With 191.5 billion euros requested in grants and loans, it is in line to receive more EU pandemic aid money than any of its peers, and 67 billion euros has already changed hands. EU member states approved public borrowing of about 800 billion euros to fund the aid programme. Total commitments come to only about 508 billion euros, according to a dataset maintained by the Brussels-based Bruegel think tank.

Speaking at a lunch with Romanian President Klaus Iohannis, Lula said a group of neutral nations must come together to help broker peace between Russia and Ukraine. A White House spokesman accused Lula of "parroting Russian and Chinese propaganda without looking at the facts." Lula has pitched himself as a peace broker to end the war, which began when Russia invaded the neighboring country in February 2022. The European Union has also rejected Lula's suggestion that both Ukraine and Russia are to blame for the war. Among Western nations so far, only French President Emmanuel Macron has welcomed Lula's peace initiative.

☆ EPA proposes new tailpipe rules that could push EVs to make up two-thirds of new car sales in US by 2032
▼ + stars: | 2023-04-12 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

The agency anticipates the new rules would mean EVs could also make up nearly half of all new medium-duty vehicles, like delivery trucks, by model year 2032. One expert told CNN the Biden administration’s proposal is a pivotal moment for the US auto industry and consumers. Six in 10 respondents said they believe EVs help the environment “only a little” or “not at all,” Gallup reported. “Folks who purchase electric vehicles will see a cost savings over the lifespan of the vehicle, because they’re not having to buy gas, having to pay for maintenance,” Regan said. That means much of the US car industry will already be transitioning ahead of the proposed federal rules.

☆ European stocks are off to a strong start this year. How U.S. investors can capitalize on it
▼ + stars: | 2023-04-06 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

With Eu r opean stocks off to a strong start this year, investors across the pond may want to get some exposure to that market and capitalize on the trend. .STOXX YTD mountain Strong start to European stocks Despite this outperformance, the European index is also far cheaper than the S & P 500, trading at a forward multiple of 13, while the U.S. benchmark is trading at a forward price-to-earnings ratio of about 18. Tech stocks make up a smaller portion of the European stock index – less than 8% in the Stoxx 600 compared to roughly 30% in the S & P 500. Separately, Goldman Sachs' Peytavin identified autos, real estate, insurance and construction and materials as among the worst sectors for European stock pickers. "They are macro sectors, stocks, all moving together driven by the macro rather than stock idiosyncrasies, and offer a narrow performance spread," Peytavin wrote.

☆ France’s Macron starts tough talks with China’s Xi Jinping on state visit
▼ + stars: | 2023-04-06 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Two of Europe's heaviest weights in politics are holding talks with China's President Xi Jinping at a time when the EU-Sino relationship is at a serious crossroads. With President Xi Jinping, we will also talk about our businesses, the climate and biodiversity, and food security," French President Emmanuel Macron said on Twitter, moments before meeting the Chinese leader. This is particularly relevant when EU economic growth is vulnerable to the ongoing war in Ukraine. Spain's Prime Minister Pedro Sanchez met China's President Xi Jinping last week. Europe's top foreign affairs diplomat, Josep Borrell, is also heading to China next week.

The most immediate part of the plan earmarked 1 billion euros ($1.09 billion) to refund EU countries for sending urgently needed artillery shells from stockpiles to Ukraine. In announcing the package, EU foreign policy chief Josep Borrell said the munitions would come from "European industry and from Norway". Draft legislation agreed by ambassadors from EU countries, seen by Reuters, used the same formulation. Diplomats and officials expressed confidence that EU countries would finalise a deal after the Easter break. European financing must serve to buy European," the official said.

☆ New EU debt rules have way to avoid past mistakes
▼ + stars: | 2023-04-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

BRUSSELS, April 4 (Reuters Breakingviews) - The European Union’s new set of fiscal rules need to answer two simple questions: will they help the bloc’s economy grow? The fiscal rules are at the crossroads of the EU’s monetary union and budgetary sovereignty. Past rounds of budget rules have carried the threat of top-level sanctions but the enforcers could not follow through. EU countries need to encourage scale-up financing and allow more cross-border cooperation. New rules need to put the future ahead of philosophy to have a chance to work.

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.

The EU's current 2030 target is for a 32% renewable energy share. The EU got 22% of its energy from renewable sources in 2021, but the level varied significantly between countries. Sweden leads the 27 EU countries with its 63% renewable energy share, while in Luxembourg, Malta, the Netherlands and Ireland, renewable sources make up less than 13% of total energy use. EU countries will have to raise to 29% the share of renewables in energy used by the transport sector. The deal must be approved by the EU Parliament and EU countries to become law, normally a formality.

☆ Factbox: EU keeps on doing business with Russia despite sanctions
▼ + stars: | 2023-03-29 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

Here is a list of areas where the EU keeps on doing business with Russia. TRADE FLOWSIn 2021, Russia was the EU's fifth-largest trading partner with goods exchange worth 258 billion euros, according to the EU executive European Commission. Since the invasion in 2022, the value of EU imports from Russia fell by a half to around 10 billion euros last December. Gas is not covered by EU sanctions, but Moscow slashed pipeline deliveries to Europe since the invasion. The EU imported 2.1 billion euros worth of nickel in 2021, up to 3.2 billion euros last year, according to Eurostat.

☆ EU agrees on retaliation to counter economic coercion
▼ + stars: | 2023-03-28 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

Representatives of the European Parliament and the Council, the grouping of EU countries, reached a provisional deal on the anti-coercion instrument (ACI) early on Tuesday. EU members have accused the administration of former U.S. President Donald Trump and China of using trade as a political tool. Under the ACI, EU governments would vote on whether a third country's economic measure amounted to coercion. If dialogue failed, the bloc could impose restrictions, such as higher import tariffs or limited access to EU public tenders. Some EU countries had been sceptical about the measure over concerns it could be protectionist and spark trade wars.

☆ Zelenskiy to IAEA: Russia holds nuclear plant hostage
▼ + stars: | 2023-03-27 | by ( Dan Peleschuk | ) www.reuters.com time to read: +6 min

The president met Rafael Grossi, director general of the International Atomic Energy Agency, on Monday at the Dnipro hydroelectric power station - northeast of the Zaporizhzhia plant. Russian officials say they want to connect the Zaporizhzhia plant to the Russian grid. Russia said last month the construction of protective structures for key facilities at the Zaporizhzhia plant were nearing completion. "Holding a nuclear power station hostage for more than a year - this is surely the worst thing that has ever happened in the history of European or worldwide nuclear power," Zelenskiy said. Last week, the Ukrainian military warned that Avdiivka, a smaller town 90 km (55 miles) farther south, could become a "second Bakhmut" as Russia turns its attention there.

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