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☆ Exclusive: As split Congress odds increase, Yellen warns of need to lift debt ceiling
▼ + stars: | 2022-11-12 | by ( David Lawder | ) www.reuters.com time to read: +4 min

Yellen told Reuters in an interview in New Delhi on Friday that cooperation is still possible with Republicans on some issues, but lifting the debt ceiling is a non-negotiable item. Some Republicans have threatened to use the next hike in the $31.4 trillion debt ceiling as leverage to force concessions from U.S. President Joe Biden, a Democrat. U.S. public debt stood at $31.2 trillion on Wednesday and without an increase, analysts anticipate a potential default crisis by the third quarter of 2023. Asked whether Democrats should pass legislation in the post-election session, while they would still retain a majority until January, regardless of the election outcome Yellen said raising the debt ceiling was urgently needed. "I think it's irresponsible not to raise the debt ceiling.

☆ Exclusive: Yellen warns of need to lift debt ceiling
▼ + stars: | 2022-11-12 | by ( David Lawder | ) www.reuters.com time to read: +4 min

Yellen told Reuters in an interview in New Delhi on Friday that cooperation is still possible with Republicans on some issues, but lifting the debt ceiling is a non-negotiable item. Some Republicans have threatened to use the next hike in the $31.4 trillion debt ceiling as leverage to force concessions from U.S. President Joe Biden, a Democrat. Asked whether Democrats should pass legislation in the post-election session, while they would still retain a majority until January, regardless of the election outcome Yellen said raising the debt ceiling was urgently needed. "I think it's irresponsible not to raise the debt ceiling. "We're certainly going to try to protect the gains we've made over the last year and a half," Yellen said.

☆ Bulgarian lawmakers give government month to devise Ukraine military aid plan
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

SOFIA, Nov 3 (Reuters) - Bulgaria should send military aid to Ukraine, the parliament decided on Thursday, giving the caretaker government one month to come up with a plan for what weapons the Black Sea country could send to support Kyiv. At present, Bulgaria is one of the few European Union countries not sending military aid to Ukraine, after the Russia-friendly Socialist party, a coalition partner in the previous government, blocked such a decision in May. It was not immediately clear what military aid could be sent or how soon it can happen. Georg Georgiev, a lawmaker from centre-right GERB party, outlined the need to support Ukraine and start giving weapons instead of only selling them. Bulgarian arms exports have more than doubled since the start of the Russian invasion of Ukraine, a recent report by the Bulgarian Industrial Association showed.

☆ Russian oil output and exports dip in October, Kommersant reports
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Oct 31 (Reuters) - Russian oil production and exports have declined slightly in October, Kommersant business daily reported on Monday, saying output is poised to fall further owing to an EU embargo expected in early December. Russian oil production has proven resilient so far in the face of Western sanctions over Ukraine, but European Union countries that have been primary consumers of Russian crude for decades will stop buying it from Dec. 5 under an embargo imposed by the bloc. Citing anonymous data, Kommersant said that Russia's October oil production has been at 1.47 million tonnes of oil per day, which equates to 10.78 million barrels per day (bpd), down from September's 10.8 million bpd reported by Russian statistics agency Rosstat last week . The newspaper also said that Russian seaborne and pipeline oil exports have declined by 2% from September to about 640,000 tonnes per day (4.7 million bpd). The newspaper said that oil output at the project has been less than half the planned volumes after it was restarted.

☆ Slovak parliament suspends voting due to suspected cyberattack
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - The Slovak parliament suspended its session on Thursday after a suspected cyberattack brought down its IT systems, parliament speaker Boris Kollar said. "We won't be voting today... (We have to) find out where is it hit, or if it is some malfunction," he said. Local media reported that the parliament session, with 75 bills on the agenda, should reconvene on Nov. 8. In neighbouring Poland, the website of the upper house of the parliament, the Senate, was down on Thursday due to an attack by hackers. Reporting by Robert Muller in Prague; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ UK financial watchdog proposes rules to stamp out 'greenwashing'
▼ + stars: | 2022-10-25 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

Trillions of dollars have flowed globally into investments touting their environmental, social and governance (ESG) credentials, but rules on what constitutes ESG are patchy. The market for UK-listed responsible investment funds grew 64% in 2021 to reach 79 billion pounds ($89.34 billion), the Financial Conduct Authority said. "Greenwashing misleads consumers and erodes trust in all ESG products," said Sacha Sadan, director of environment, social and governance at the FCA. "This places the UK at the forefront of sustainable investment internationally." It said it was stepping up checks on sustainable products and enhancing enforcement.

Speaking to parliament, Scholz also said Germany had freed itself from dependence on Russian gas and was working to bring energy prices down, but warned that the EU imposing a gas price cap risked back-firing. "We will not let Moscow's latest escalation go unanswered ... Scorched earth tactics will not help Russia win the war. The 27 are expected to back an alternative price benchmark for liquefied natural gas and joint gas buying. But they remain split on whether and how to cap gas prices to stem high inflation and stave off recession, after Russia cut gas flows following its invasion of Ukraine. Scholz said that a politically imposed gas price gap risked driving producers to sell their gas elsewhere, meaning the EU could receive less gas as a result.

The 27 are expected to back an alternative price benchmark for liquefied natural gas and joint gas buying, after earlier agreeing to cut consumption and introduce levies on windfall profits in the energy industry. But they remain as split as they were months ago on whether and how to cap gas prices to stem high inflation and stave off recession, after Russia cut gas flows following its invasion of Ukraine. They will also discuss emergency spending to mitigate the effects the acute energy crunch has on their economies and 450 million citizens. But given EU countries' diverse energy mix and interests, the meeting risks falling short on concrete action, with other concerns being whether a gas cap would enable Britain to buy cheaper energy or compromise stability of supplies. EU energy ministers meet again next week but another senior EU diplomat said they did not expect more detailed decisions before November.

☆ Oil steady as recession woes counter positive Chinese signals
▼ + stars: | 2022-10-17 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures were down 1 cents, or 0.01%, to $91.62 a barrel, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was down 15 cents, or 0.2%, at $85.46 after a 7.6% decline last week. Beijing will also greatly increase domestic energy supply capacity and step up risk controls in key commodities including coal, oil, gas and electricity, a senior National Energy Administration official said on Monday. "It's been another turbulent few weeks in oil markets from global growth concerns to super-sized OPEC+ output cuts and it seems they're yet to fully settle down," said Craig Erlam, senior markets analyst at OANDA. OPEC+ output cuts attracted funds back to the oil markets, with continued heavy buying of crude oil futures and options for a second straight week.

☆ Oil rises as positive Chinese signals counter recession fears
▼ + stars: | 2022-10-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Brent crude futures rose 53 cents, or 0.6%, to $92.16 a barrel by 1245 GMT, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was up 34 cents, or 0.4%, at $85.95 after a 7.6% decline last week. China will further increase reserve capacities for key commodities, another state official told a news conference in Beijing. The third-quarter GDP data, along with September activity data, is due for release on Oct. 18 at 0200 GMT. Meanwhile a strong U.S. dollar and further interest rate increases from the U.S. Federal Reserve are helping to contain price gains.

☆ Russia needs permission for its ships to probe Nord Stream ruptures - Novak
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Oct 14 (Reuters) - Russia needs permission for its vessels to conduct investigations into explosions that damaged Nord Stream pipelines in the Baltic Sea, Deputy Prime Minister Alexander Novak said on Friday. He did not specify who should grant the permission but Nord Stream AG, the operator of the older Nord Stream 1 pipeline, said last week that the owner of a survey vessel it chartered did not have the greenlight from the Norwegian foreign ministry to depart and start assessing ruptures to the pipelines. The Danish foreign ministry said on Thursday "the Russian wish to participate in the investigation of the Nord Stream leaks has been brought up through diplomatic channels in Moscow and Copenhagen". The cause of the damage to the Nord Stream pipelines remains unclear, but European Union countries have said they suspect sabotage, while Russia has called the incidents an "act of international terrorism" and blamed the West. Register now for FREE unlimited access to Reuters.com RegisterReporting by Olesya Astakhova; writing by Vladimir Soldatkin Editing by Gareth Jones and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ European power use falls, but winter targets still a stretch
▼ + stars: | 2022-10-13 | by ( Leigh Thomas | ) www.reuters.com time to read: +4 min

European countries are racing to save energy going into the winter following a collapse in Russian gas exports in response to Western sanctions. To avoid forced power outages during peak winter demand, EU energy ministers agreed at the end of September to curb electricity consumption by 10% on a voluntary basis and committed to a mandatory 5% cut during peak hours each month. With weak nuclear production as well as a dry summer limiting hydroelectric output, high power prices are weighing on power demand and likely would for some time, Morgan Stanley said. Swings in power consumption can depend on factors including unseasonably warm or cold weather and the behaviour of consumers and businesses. Power consumption data for October suggest an even bigger drop - possibly as much as 10% or more - if the trend seen in the first week is maintained through the month.

☆ EU countries seek way out of impasse over gas price caps
▼ + stars: | 2022-10-12 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

With gas prices almost 90% higher than a year ago, most EU countries say they want a gas price cap, but disagree on its design. Those discussions "went in all directions", one EU diplomat said - referring to the numerous options being floated, including a price cap on all gas, pipeline gas, or just gas used to produce electricity. Another EU diplomat said no "unified signal" had come out of the leaders' talks. The idea has gained support among other countries, although some worry it could raise EU gas demand, since Spain's gas use increased under the measure. EU countries have already rushed through emergency energy windfall profit levies, gas storage filling obligations, and electricity demand curbs to address the surge in energy prices driven by Russia slashing gas supplies since it invaded Ukraine.

EU energy ministers meeting in Prague will attempt to provide clearer instructions on what the European Commission should propose as the bloc's next emergency energy measure. With gas prices almost 90% higher than a year ago, most EU countries say they want a gas price cap, but disagree on its design. Those discussions "went in all directions", one EU diplomat said - referring to the numerous options being floated, including a price cap on all gas, pipeline gas, or just gas used to produce electricity. Some countries, including Germany, Europe's biggest gas consumer, oppose a broad gas price cap, fearing it would leave Europe struggling to attract supplies from price-competitive global markets this winter. Norway's energy minister Terje Aasland, who joined Wednesday's meeting along with other European non-EU members, said his country "doesn't recommend" a gas price cap.

An EU official said Austria was undertaking "diplomatic outreach" to potentially interested countries. Austria, Germany, Luxembourg, Portugal and Denmark jointly called for nuclear to be excluded from the rules last November when the EU was still drafting them. Ireland and Spain had also warned Brussels against labelling investments in gas as "green". Gewessler said labelling gas, a fossil fuel, as a green energy investment had damaged the credibility of the EU rules. Environmental campaigners including Greenpeace launched separate legal challenges last month against the rules, which they said violated the EU's own climate laws.

☆ EU countries eye deal on more energy measures within weeks
▼ + stars: | 2022-10-10 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

BRUSSELS, Oct 10 (Reuters) - European Union countries will seek a November deal on more emergency measures to tackle high gas prices, officials said, although countries still disagree on what form those measures would take and whether they should cap gas prices. As Europe heads into a winter of scarce Russian gas supplies and high energy costs, EU energy ministers will meet in Prague on Wednesday to discuss their next move, having already rushed through emergency EU energy windfall profit levies, gas storage filling obligations, and electricity demand curbs. The senior EU official said that in their view countries were leaning towards the "Iberian model" of capping the price of gas used for power generation. Spain and Portugal capped the price of gas used in power generation in June, which has helped curb local power prices. The idea has gained traction among other countries, although some worry it could raise EU gas demand, since Spain's gas use increased under the measure.

☆ German inflation at highest level in over 25 years
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Full shelves with groceries are pictured in a supermarket during the spread of the coronavirus disease (COVID-19) in Berlin, Germany, March 17, 2020. REUTERS/Fabrizio BenschSummary EU-harmonized inflation at 10.9%Energy costs up 43.9% year-on-yearAnalyst: ECB must act quickly, vigorouslyBERLIN, Sept 29 (Reuters) - German inflation was at its highest in more than a quarter of a century in September, driven by high energy prices, data showed, as analysts warned that the energy crisis has yet to make itself fully felt. Consumer prices, harmonised to make them comparable with inflation data from other European Union countries (HICP), increased by 10.9% on the year, the federal statistics office said. That was the highest reading since comparable data going back to 1996. Dwindling gas supplies from Russia have pushed energy prices, and correspondingly inflation, to highs not seen in decades, with the massive loss in consumer purchasing power adding to the likelihood that a recession is on the way.

☆ EU countries head for deal on energy windfall levies, split over gas price cap
▼ + stars: | 2022-09-29 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The 27 EU member countries are negotiating measures proposed by Brussels last week to attempt to contain an energy price surge that is stoking record-high inflation across the bloc and threatening a recession. But even before those measures are approved, countries are pushing Brussels for further action - specifically, a gas price cap. Fifteen countries, including France, Italy and Poland, on Tuesday urged the EU to propose a cap on gas prices. The European Commission's response, shared with countries on Wednesday evening struck a sceptical tone - warning a wholesale gas price cap could be complex to launch, require "significant financial resources", and cause gas supply disruptions. Germany, the Netherlands and Denmark are among those opposed to a gas price cap - setting up a potential scrap among countries if the EU were to propose the measure.

☆ German annual inflation rate at 10% in September - Business Insider, citing govt sources
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Sept 29 (Reuters) - German consumer prices rose by 10% year-on-year in September, Business Insider reported on Thursday, citing government sources. The report did not specify whether the rate had been harmonised to make it comparable with inflation data from other European Union countries. Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Europe has nearly half a million telecom towers and most of them have battery backups that last around 30 minutes to run the mobile antennas. Swedish telecom regulator PTS is working with telecom operators and other government agencies to find solutions, it said. The telecom operators are also working with national governments to check if plans are in place to maintain critical services. Deutsche Telekom (DTEGn.DE) will use mobile emergency power systems which mainly rely on diesel in the event of prolonged power failures, it said. France has about 62,000 mobile towers, and the industry will not be able to equip all antennas with new batteries, the FFT's president Liza Bellulo said.

☆ EU countries at odds over possible gas price cap
▼ + stars: | 2022-09-28 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

BRUSSELS, Sept 28 (Reuters) - European Union countries were at odds on Wednesday over whether to cap gas prices in the bloc, with France, Belgium and 13 other states stepping up their call for the move opposed by Germany and others. Eyes were on the EU executive European Commission, which was expected to present an analysis on the feasibility of the bloc capping gas prices during a meeting of diplomats from the 27 EU member states on Wednesday. But with Germany, the Netherlands and Denmark among those arguing that a gas price cap would harm efforts to contain Europe's energy crunch, there were doubts as to whether any potential proposal could win sufficient support to become law. "It's highly questionable whether gas price caps are the right measure," an official from one EU country said, adding that saving energy should be countries' priority. Russia's two Nord Stream pipelines, built to carry gas to Europe, were damaged this week, with EU suspecting sabotage as leaks spewed greenhouse gas emissions into the Baltic Sea.

☆ Ukraine urges EU to cap Russian oil price now under new sanctions
▼ + stars: | 2022-09-28 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +2 min

EU countries need unanimity to impose sanctions and Hungary - where Prime Minister Viktor Orban cultivates close ties with Russian President Vladimir Putin - has been their loudest critic inside the bloc, which is split on the oil price cap. While the EU already agreed to stop importing Russian oil starting later this year, Ustenko said the "blood money" would keep on flowing to Moscow unless European companies are banned from insuring seaborne shipments. He hoped Hungary would eventually change tack, and that the shipping EU countries Greece, Malta and Cyprus would also be on board with further measures hitting Russian oil revenues. The EU was spurred into action after Putin announced partial military mobilisation last week for his war in Ukraine and issued a nuclear threat to the West. Register now for FREE unlimited access to Reuters.com RegisterReporting by Gabriela Baczynska; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Russians trying to avoid getting conscripted to fight in Ukraine appeared to be trying to cross the border into Georgia, Kazakhstan and even remote Mongolia, satellite imagery suggested Monday. Russian border guards didn’t appear to be trying to stop them. The Russians are fleeing to Georgia, Mongolia, Kazakhstan and other countries because they don't require visas. Logvin said he waited 34 hours at the border before he was allowed to enter Georgia. According to Maxar, this satellite image appears to show a traffic jam near the Russian border with Georgia on Sunday.

☆ EU countries eye delay to levy on fossil fuel windfall profits - document
▼ + stars: | 2022-09-27 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The 27 EU member countries are negotiating measures proposed by Brussels last week to attempt to pull down sky-high energy costs - including bloc-wide windfall profit levies on energy firms. The latest compromise proposal for EU countries' negotiations, seen by Reuters, would let countries impose the EU's planned fossil fuel levy on firms' earnings from 2022, from both 2022 and 2023, or just from 2023 if they choose. States like Greece and Italy that already have a windfall profit tax on fossil fuel firms would be able to keep those schemes, if they are deemed "equivalent" to the EU levy. Countries could also impose a levy of above 33% of fossil fuel firms' excess profits in a fiscal year - the proposed EU rate - if they choose, the draft said. EU energy ministers would then approve the agreement at a meeting on Friday.

☆ Ireland aims to ease cost of living squeeze with 'two budgets in one'
▼ + stars: | 2022-09-26 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterIt also promised a one-off package including grants for companies and cash for households to pay energy bills. That will come in at around 3 billion euros, according to two sources briefed on the negotiations which are nearing a conclusion. In May, the European Commission forecast that Denmark would be the only country in the EU to deliver a surplus this year with Sweden, Ireland and Luxembourg joining them in 2023. Ireland would still be taking in less money that it spends without the corporate tax haul mostly generated from its large multinational sector. ($1 = 1.0350 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Padraic Halpin; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

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