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☆ U.K. saw hottest-ever year in 2022 as Europe’s climate warms
▼ + stars: | 2023-01-05 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

LONDON — Britain had its warmest year on record in 2022, official figures showed Thursday, the latest evidence that climate change is transforming Europe’s weather. The Met Office weather agency said the provisional annual average temperature in the U.K. was 10.03 degrees Celsius (50 Fahrenheit), the highest since comparable records began in 1884. The previous record was 9.88 Celsius (49.8 Fahrenheit) set in 2014. France’s average temperature was above 14 Celsius (57.2 Fahrenheit) in 2022, making it the hottest year since weather readings began in 1900. The archipelago’s average temperature for June, July and August was 7.4 Celsius (45.3 Fahrenheit), the Norwegian Meteorological Institute said.

☆ Meet 22 women who made partner in 2022 in Europe's male-dominated VC ecosystem where men outnumber women by 6 to 1
▼ + stars: | 2023-01-04 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

We profiled 22 women to watch this year that were made partner at VC firms in 2022. Around 70% of women GPs have carried interest, a report by European Women in VC found last year. This effectively means that women GPs carry less firepower than their male counterparts, she added. We have profiled the women who climbed the ranks in Europe's male-dominated ecosystem, and were made partner in 2022. Due to the scale of Europe's VC sector, we no doubt missed out on some first-time partner promotions during 2022.

☆ Tech Spending Pressures Fuel Demand for Specialized Industry Clouds
▼ + stars: | 2022-12-20 | by ( Angus Loten | ) www.wsj.com time to read: +6 min

Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. PREVIEWMost industry clouds began to hit the market early last year, in part sparked by demand for better healthcare data systems during the Covid-19 outbreak in 2020. Though Oracle doesn’t break out revenue from industry cloud sales, its industry cloud offerings are a “multibillion-dollar business,” Mr. Sicilia said. Microsoft last year rolled out industry clouds for retail, financial services, manufacturing, sustainability and nonprofit businesses, according to Kees Hertogh, Microsoft’s general manager for global industry product marketing. A Microsoft-developed industry cloud helped Tarrytown, N.Y.-based MVP Health Care implement a system to streamline its healthcare data, according to CIO Michael Della Villa.

☆ Youth in Spain see jobs gain after years of instability
▼ + stars: | 2022-12-19 | by ( Belén Carreño | ) www.reuters.com time to read: +5 min

Youth unemployment rates that reached more than 55% in the years after the financial crisis fell to 31% in the third quarter - against an overall unemployment rate of 12.6%, according to the National Statistics Office, INE. Youth unemployment is a chronic problem in southern European countries. Greece, whose rates of youth unemployment are similar to Spain's, wants to reduce its youth unemployment rate to 18% by 2030 and is introducing subsidies for pension and health fund costs to reduce labour costs, as well as special training programmes. Previously, employers used temporary contracts as a safety net in times of crisis. Before the labour reform, the rate of temporary contracts, which in the last decade has been around 25% of all jobs, resulted in a high turnover of jobs, inflating the overall unemployment rate.

'REFUGE FOR WINTER' AND BEYONDVisitors and more permanent residents are also arriving from Germany, which was highly dependent on Russian gas before the Ukraine war and is anxious about possible winter energy shortages. Airlines will increase by 31% the number of seats available to the Canary Islands, the regional tourism office said. Airbnb, the short-term rentals firm, said searches for winter stays in southern Europe tripled between April and June. "Even before the energy crisis, we would have liked to be in Portugal because of the weather," the 28-year-old said. "But with the energy crisis, (being in Portugal) gives us more security because of the climate."

☆ ECB to begin great cash mop-up as banks repay billions in loans
▼ + stars: | 2022-11-18 | by ( Francesco Canepa | ) www.reuters.com time to read: +4 min

While this early TLTRO reimbursement is voluntary, the ECB has given banks an incentive to get rid of those loans by taking away a rate subsidy last month. Analysts expect banks to repay around half a trillion euros worth of TLTRO loans at this week's window - the first of several - which would make this the biggest drop in excess liquidity since records began in 2000. MONEY MARKETSThe other area of focus for the ECB will be money markets, in which banks lend to each other for a short time. But Marco Brancolini, a strategist at Nomura, said he did not see "much of an impact" even if banks repaid 600 billion euros. Banks had until Nov. 16 to notify the ECB about their intention to repay TLTRO loans, but the reimbursement will only take place on Nov. 23.

☆ Europe’s Energy Risks Go Beyond Gas
▼ + stars: | 2022-11-17 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +14 min

In terawatt hours of energy per month Gas Coal 80 80 60 60 2022 40 40 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Wind Solar 60 60 40 40 2022 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Gas Coal 80 80 60 60 2022 40 40 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Wind Solar 60 60 40 40 2022 20 20 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Gas Coal 80 60 2022 40 20 Previous years since 2015 Jan. Dec. Jan. Dec.

☆ Column: A gasier Asia would emit less CO2, but may lift global power costs
▼ + stars: | 2022-11-16 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

Asia coal and gas power production & emissionsTop polluter Asia relies on coal for roughly 57% of electricity production, BP Statistical Review of World Energy data shows, so switching out coal for gas offers a potential way for power producers there to cut emissions without drastically overhauling current power supply systems. Asian power firms plan to build out natural gas pipeline infrastructureHowever, power producers across the region are planning to expand existing networks and link major consumer hubs to distant suppliers. According to a Global Energy Monitor study released in February 2022, more than 70,000 kilometres (43,000 miles) of gas pipelines are under construction globally, with more than 45,000 kilometres in Asia. Global gas markets have been drastically disrupted by Russia's invasion of Ukraine since the Global Energy Monitor study was published, and surging gas prices have clearly cooled Asia's near-term appetite for gas in some areas. However, more Asian gas supplies and use will also allow power producers to lower emissions, which for many of the attendees of the COP27 talks is of greater consequence for global energy markets.

For more than 70 days this summer, a marine heatwave cooked the waters of the western Mediterranean. "We've been witnessing marine heatwaves during the last 20 years," said Garrabou, who's also coordinator of the T-MEDNet marine monitoring network. A 2016 marine heatwave along Chile's southern coast caused huge algae blooms that wiped out fish farms and cost the aquaculture industry some $800 million, said scientist Kathryn Smith with the Marine Biological Association of the United Kingdom. As the world warms, marine heatwaves are expected to become more frequent, according to the U.N. Intergovernmental Panel on Climate Change. Though economists have yet to account fully for the impacts of marine heatwaves, recent experience has many concerned.

☆ Explainer: COP27: How climate change impacts countries around the world
▼ + stars: | 2022-11-09 | by ( Gloria Dickie | ) www.reuters.com time to read: +5 min

SHARM EL-SHEIKH, Egypt, Nov 9 (Reuters) - While delegates at the COP27 climate conference discuss the shared problem of climate change, each country will face its own challenges and threats. In February, the U.N. climate science agency released a major report on adapting to a warmer world - and detailed how that effort would differ from place to place. While some countries see glaciers melt or coastlines rise, others will contend mostly with raging wildfires and extreme heat, the report by the Intergovernmental Panel on Climate Change said. A World Bank report warned in September that climate impacts, including water scarcity and declining crop yields, could force some 216 million to migrate within their own countries by 2050. And in the Arctic, melting sea ice, warming temperatures, and thawing permafrost will push many species to the brink of extinction.

☆ U.K. Sees Record Numbers of Migrants Crossing English Channel in Small Boats
▼ + stars: | 2022-11-06 | by ( David Luhnow | Joanna Sugden | ) www.wsj.com time to read: 1 min

LONDON—Britain is grappling with a surge in migrants crossing the English Channel by boat that is overwhelming the country’s asylum system and posing a challenge for Conservative Prime Minister Rishi Sunak. Migrants from Africa have long undertaken perilous sea voyages across the Mediterranean to get to southern Europe. But such trips across the channel, which separates the U.K. from continental Europe, are relatively new and have increased rapidly.

☆ Analysis: Top central bankers fear breaking economy if they raise rates too fast
▼ + stars: | 2022-10-28 | by ( Francesco Canepa | ) www.reuters.com time to read: +4 min

STUBBORNLY HIGHBut stubbornly high inflation is making central bankers' job incredibly tricky. While there is nothing central bankers can do about present inflation rates, the mere optics of runaway prices made a "pivot" more difficult to justify. This requires an extraordinary balancing act by central bankers: persuading the market that they are serious about bringing down inflation without choking the economy. "The Fed needs to open a path towards smaller interest rate hikes without sounding too dovish," Christian Scherrmann, U.S. economist at DWS, said. The change of tone was minimal but it was enough for investors to start pricing in smaller hikes further down the road.

☆ Factbox: Europe's alternatives if Russia shuts off gas supply
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +7 min

Germany halted certification of the new Nord Stream 2 gas pipeline from Russia because of the Ukraine war so it never went into operation. Germany, Europe's biggest consumer of Russian gas, can import gas from Britain, Denmark, Norway and the Netherlands via pipelines. Southern Europe can receive Azeri gas via the Trans Adriatic Pipeline to Italy and the Trans-Anatolian Natural Gas Pipeline (TANAP) through Turkey. Liquefied natural gas (LNG) imports to Europe have increased from producers such as the United States, Qatar and other countries. OTHER OPTIONS TO COPE WITH A GAS SUPPLY CRUNCH?

☆ European countries are shelling out huge sums to deal with the energy crunch. Economists fear it could spark a new financial crisis.
▼ + stars: | 2022-10-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

A new debt crisis could be looming as European countries throw huge sums of money at the energy crisis. Already, the energy crisis is estimated to have cost Europe around 700 billion euros. Combined with a high debt load, that spells trouble, Boskin says, because debt itself is also inflationary. Additional spending and debt from the energy crisis could result in more stress being exerted on the financial system. "I think a debt crisis could very likely ensue given the vast amounts that [are] being spent as a percentage of GDP.

The ECB, which bought 5 trillion euros of bonds ($4.9 trillion) over the past decade to lift low inflation, now finds itself battling record high inflation at 10%. "This consideration also makes the practical implementation of ECB QT significantly harder," BofA said. That would reduce its balance sheet by a "manageable" 155 billion euros in 2023 and 300 billion euros in 2024, ING reckons. An eventual wind-down of PEPP holdings could add to balance sheet reductions in 2025 worth a total 388 billion euros, ING said. AllianceBernstein portfolio manager Nick Sanders said he was "sceptical" how the ECB could achieve QT with those protections in place.

Los Angeles mayoral candidate Rick Caruso insisted he's not white, but really Italian — and thus "Latin" — during an awkward debate moment Tuesday in the nation's second-largest city. Los Angeles mayoral candidate Rick Caruso speaks at Emerson College Los Angeles on Oct. 7, 2022. The mayoral hopeful said he's, for decades, led efforts to bring more education opportunities and healthcare to Black and Latino communities in Los Angeles. "I connect with the Latino community but quite frankly my job as mayor is to connect with every community — the Latino community, the Black community, the Asian community, right? Caruso' "Latin" identity comment drew a harsh reaction, ranging from scorn to mockery.

☆ Factbox: From property to bonds, four financial flashpoints for the euro zone
▼ + stars: | 2022-10-12 | by ( Francesco Canepa | ) www.reuters.com time to read: +6 min

Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/IllustrationFRANKFURT, Oct 12 (Reuters) - While a financial storm gathers nearby, the euro zone has so far been comparatively unscathed. Register now for FREE unlimited access to Reuters.com RegisterHere's a look at four possible flashpoints that are keeping investors and regulators awake at night: property prices, bank loans, government bonds and "shadow banks". REAL TROUBLEThe euro zone enjoyed a real-estate boom until last year, with home prices rising by some 40% since 2015 and commercial real estate prices up 26%. gross debt-to-income ratio for selected euro zone countriesSPREAD TOO THINThe rise in interest rates has raised fresh questions about one of the world's most indebted borrowers: Italy.

☆ Markets now see more risk in the UK's 5-year bonds than those for the most heavily indebted eurozone members
▼ + stars: | 2022-09-26 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Yields on the five-year gilt soared more than 51 basis points on Monday to 4.579% amid fallout from the UK government's tax plan. Yields on five-year Greek and Italian bonds were 3.978% and 4.079%, respectively. That indicates markets see more risk in the UK's medium-term debt than those of the eurozone's most heavily indebted members. The yield on five-year bonds soared more than 51 basis points on Monday to 4.579%, overtaking the likes of Greece and Italy. That indicates markets see more risk in the UK's medium-term gilt than in equivalent bonds for the most heavily indebted eurozone countries.

☆ See Europe's less-crowded destinations as Americans flood the hot spots
▼ + stars: | 2022-08-18 | by ( Terry Ward | ) edition.cnn.com time to read: +15 min

North Jutland, DenmarkSouthern Europe swells with crowds during summer, and it can also get hot to the point of extremely uncomfortable in July and August. Temperatures in Seville and other spots in southern Spain recently exceeded the 110˚ Fahrenheit mark (43.3 Celsius). MontenegroLeave Croatia’s jam-packed Dubrovnik to the hordes of “Game of Thrones” hangers-on and make for less-trampled spots in neighboring Montenegro instead. It’s just 40 minutes from the popular beaches of Taormina, which are flooded with “White Lotus” fans this summer. There are beaches all around the peninsula, but if you only hit two, Mylopotamos and Fakistra on the Aegean side are the can’t-miss spots.

Persons: ”, Tania Swasbrook, Swasbrook, it’s, Jack Ezon, he’s, “, ” Ezon, you’ve, Mads Østergaard, Moritz, St, Du, Marianne Fabre, Lanvin, Vin de Bonté, ” Fabre, Arlindo Serrão, Serrão, ” Serrão, Dolev Azaria, Azaria, Portonovi, Spain Spain’s Costa, Spain Spain’s Costa de la Luz, Manni Coe of, TOMA, ” Coe, El Rompido, Italy Lipari, Diego Fiore, Dario Ferrante, Absolute, Ferrante, ” Ferrante, Andreas Heide, Barba, Alan Mandic, ” Mandic, Andria Mitsakos, Mitsakos Organizations: CNN, Allianz Partners, Vgari, CNN Travel, Croatia, Michelin, Tri, Villa, –, SAS, France International, gravitate, Cannes, Lodging, Le, Adobe, Alentejo ‘, “, New, UNESCO, Costa de la, Spain Spain’s Costa de la, del Sol, Albanian Locations: Europe, Tuscany, Slovenia, Croatia, Kotor, Montenegro, Italy, France, Pantelleria, Paros, Spain, Portugal, North Jutland, Denmark Southern Europe, Seville, Denmark, Cold Hawaii, ”, Jutland, Aalborg, Denmark’s, “, Newark, United States, Moritz, Switzerland, St, Engadin, Badrutt’s, Swiss, Nice, Montpellier, l’Espiguette, L’Oyat Plage, Alentejo, Lisbon, Algarve, Comporta, Dubrovnik, “ Montenegro, New York City, Como, Costa de, Costa de la Luz, Spain Spain’s Costa de, Barcelona, del, Manni Coe of Andalusia, Tarifa, El, Cadiz, Huelva, Mazagón, Aeolian, Sicily, Amalfi, Caribbean, Salina, Filicudi, Mount Etna, It’s, Taormina, Senja, Norway, Svalbard, Lofoten, Northern Norway, Zadar, Split, Hvar, Silba, Pelion, Greece, Mykonos, Albania, Ksamil . Albania's, Balkan

Similar numbers fled in Greece as a blaze fuelled by gale-force winds raged in mountains north of Athens. ABOVE 40CIn Spain, where emergency crews were fighting fires in five regions, national weather service AEMET also forecast higher temperatures. REUTERS/Stelios MisinasTreasury Minister Simon Clarke said Tuesday's "remarkable, unprecedented" record served as "a reminder ... of the importance of tackling climate change." British engineers raced on Wednesday to fix train tracks that buckled in the heat after firefighters worked through the night to damp down wildfires. In southern Europe, far larger wildfires continued to rage.

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