European executive – Europa Site http://europasite.net/ Tue, 28 Jun 2022 10:04:11 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://europasite.net/wp-content/uploads/2021/07/icon-2021-07-05T150327.373-150x150.png European executive – Europa Site http://europasite.net/ 32 32 Norway’s Statkraft sets 2030 growth target as part of EU’s ambitious green campaign https://europasite.net/norways-statkraft-sets-2030-growth-target-as-part-of-eus-ambitious-green-campaign/ Tue, 28 Jun 2022 08:37:00 +0000 https://europasite.net/norways-statkraft-sets-2030-growth-target-as-part-of-eus-ambitious-green-campaign/ OSLO, June 28 (Reuters) – Norway’s state-owned energy company Statkraft on Tuesday presented its broader renewable energy growth strategy to 2030 aimed at capitalizing on Europe’s stronger green energy ambitions and increasing electricity production up to 50%. “We have the ambition to lead the green shift in Norway and play an important role in Europe,” […]]]>

OSLO, June 28 (Reuters) – Norway’s state-owned energy company Statkraft on Tuesday presented its broader renewable energy growth strategy to 2030 aimed at capitalizing on Europe’s stronger green energy ambitions and increasing electricity production up to 50%.

“We have the ambition to lead the green shift in Norway and play an important role in Europe,” chief executive Christian Rynning-Toennesen told Reuters.

More renewables are needed to meet net zero targets, cover new energy consumption in Norway and boost European energy security, with CEO highlighting the European Union’s €210 billion REPowerEU plan to end to its dependence on Russian fossil fuels by 2027. read more

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Current high electricity prices have also increased Statkraft’s ability to invest, although Rynning-Toennesen was reluctant to name a specific annual investment target. Read more

Statkraft now forecasts 4 gigawatts (GW) of annual growth in onshore wind, solar and battery storage, against a target of 2.5 to 3 GW in 2025, the end of its previous strategic planning horizon.

“We have a good support project until 2025 and after that we are dependent on access to more projects,” said Rynning-Toennesen.

Combined with plans for major modernization of Norwegian hydropower and ambitions to build offshore wind farms in Norway and Ireland on an industrial scale, this could see Statkraft’s annual electricity production increase by up to 50% from today to reach about 100 terawatt hours (TWh) by the end of the decade, he says. Read more

As part of its plans, Statkraft will also change its corporate structure into geographic business areas for Nordic, European and international markets and add a New Energy Solutions unit covering new technologies, including hydrogen.

By 2030, Statkraft envisions a production capacity of 2 GW of hydrogen derived from renewable energy, mainly in Norway and Sweden.

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Reporting by Nora Buli; Editing by Sandra Maler

Our standards: The Thomson Reuters Trust Principles.

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Storm clouds at home put the brakes on Biden’s return to Europe https://europasite.net/storm-clouds-at-home-put-the-brakes-on-bidens-return-to-europe/ Sun, 26 Jun 2022 16:15:32 +0000 https://europasite.net/storm-clouds-at-home-put-the-brakes-on-bidens-return-to-europe/ Among the fiercest critics of the decision were some of the world leaders alongside Biden at the German castle on Sunday. British Prime Minister Boris Johnson called it “a big step backwards”, while Canadian Prime Minister Justin Trudeau said: “No government, politician or man should tell a woman what she can and cannot. can’t do […]]]>

Among the fiercest critics of the decision were some of the world leaders alongside Biden at the German castle on Sunday. British Prime Minister Boris Johnson called it “a big step backwards”, while Canadian Prime Minister Justin Trudeau said: “No government, politician or man should tell a woman what she can and cannot. can’t do with his body”.

French President Emmanuel Macron tweeted in the hours following the decision that “abortion is a fundamental right for all women”.

“I wish to express my solidarity with the women whose freedoms are undermined by the Supreme Court of the United States,” Macron wrote.

Biden strongly condemned the court’s decision and pledged to use the federal government to protect women’s ability to choose. But there was little within the purview of her executive powers to help millions of American women.

The abortion decision came just days after Biden also strongly denounced the Supreme Court’s decision that significantly weakened gun control measures. The rulings, handed down by judges appointed by Republican presidents who lost the popular vote, added to the sense of helplessness around Biden, who has suffered suffrage and climate change setbacks and seen his results polls reduced by the rise in inflation.

The difference with last year’s G-7, held on the rocky coast of England, was stark.

Twelve months ago, Biden enjoyed strong public support after overseeing the distribution of Covid relief and vaccines, and was greeted by his G-7 peers as a return to normal after four turbulent years of the former President Donald Trump. Even before Russia invaded, he pushed other leaders to demonstrate that democracies could still serve their citizens.

But a series of domestic challenges have brought Biden down, particularly inflation which has hit 40-year highs.

Although Democrats are hoping anger at the Supreme Court could boost voter enthusiasm, many in the party fear rising costs could lead to annihilation in November’s midterm elections. World leaders noted on Sunday that inflation is a global problem, exacerbated by Putin’s invasion, which has led to significant energy and food insecurity around the world.

The West unleashed a series of punitive sanctions against Russia and made Putin a pariah on the world stage. The ban on Russian gold, officially announced on Tuesday, could amount to a fine of tens of billions of dollars on Moscow’s second-biggest export.

One of the aims will be to prevent Russia – which has dodged the impact of previous sanctions – from circumventing the new ban. White House officials suggested on Sunday that additional sanctions could be announced, but it was unclear whether they would come this week.

Much to the fury of Moscow, a decision to expand NATO to include Sweden and Finland is set to dominate the alliance summit in Madrid, which is to be held later this week. Although Turkey has registered objections to the expansion, other members of the alliance are seeking to act quickly.

But there are signs of growing tension between European allies as limits on Russian energy imports have strained economies in the region. Fearing that they could be Putin’s next target, small Baltic states near the front lines pushed for unwavering resistance, while some of Western Europe’s biggest economies began pushing Kyiv to consider a negotiated settlement.

Biden aims to push allies beyond reluctance this week amid massive Russian progress in Ukraine’s eastern Donbass region. Russia inflicted heavy casualties on Ukrainian forces and launched its first airstrikes on Kyiv in weeks on Sunday – just as world leaders began gathering about 1,100 miles away in Germany.

Biden said on Sunday that the strike was more about Russia’s “barbarism”. Later, some of the other world leaders took a lighter tone, with Johnson asking if the men should take off their jackets “to show we’re tougher than Putin.” This prompted Trudeau to joke that he should have a “shirtless horseback riding show”, a nod to an infamous old photo of the Russian leader.

In light of the escalating violence, Ukrainian President Volodymyr Zelenskyy was due to use his virtual address to the G-7 on Monday to urge the West to send more weapons to the front.

Biden has received high marks — even from some Republicans — for his handling of the war, but White House aides have resigned themselves to the reality that he likely won’t change a single vote this fall as the election seems certain to be dominated by inflation and other issues. Instead, they are acting to prevent domestic public opinion from souring in the face of war and hampering Biden’s ability to execute on his preferred approach.

Russia was not the only global rival to catch the eye of world leaders gathered under sunny skies in the Alps, but the other nation was not named.

Leaders have sought to launch a new $600 billion global infrastructure program – to replace one from a year ago that never got off the ground – intended to compete with China’s “Belt and Road” initiative to build projects in the developing world. Biden said that if democracies worked together, they would “provide better options for people around the world.”

But even then, Biden could not escape the shadow of the Supreme Court. After the program was announced, the president came down from the stage, chatting with his peers, when a reporter shouted a question not about infrastructure – but whether other leaders had followed up their public remarks by privately discussing the decision on abortion with him.

Biden ignored the inquiry and stared straight ahead.

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UEFA blocks sheriff’s organization of European Games in Transnistria https://europasite.net/uefa-blocks-sheriffs-organization-of-european-games-in-transnistria/ Sat, 25 Jun 2022 00:00:20 +0000 https://europasite.net/uefa-blocks-sheriffs-organization-of-european-games-in-transnistria/ NYON, Switzerland The fallout for football from Russia’s war with Ukraine saw UEFA blocking Sheriff Tiraspol on Friday from staging competitive European matches in his home region of Moldova. Real Madrid, Inter Milan and Shakhtar Donetsk played Champions League games last season at Transnistria’s tiny Sheriff Stadium on the border with Ukraine. But the club, […]]]>

The fallout for football from Russia’s war with Ukraine saw UEFA blocking Sheriff Tiraspol on Friday from staging competitive European matches in his home region of Moldova.

Real Madrid, Inter Milan and Shakhtar Donetsk played Champions League games last season at Transnistria’s tiny Sheriff Stadium on the border with Ukraine.

But the club, which has strong commercial and political ties with Russia, will not be able to welcome Bosnian champion Zrinjski to their home on July 13 for a second leg of the first qualifying round of the next Champions League.

“In light of the large-scale military escalation resulting from the invasion of Ukrainian territory by the Russian army, the UEFA Executive Committee today decided that no UEFA competitive matches will be played in the Transnistria region of Moldova until further notice,” the European football body said.

Tiraspol is also about 90 kilometers (55 miles) from the Ukrainian city of Odessa, which is a regular target for Russian missiles.

“The decision is based on considerations and conclusions constantly drawn by agencies specializing in international political and strategic analysis,” UEFA said.

Sheriff, who has won the Moldovan league in 20 of the last 22 seasons, could opt to play matches in the nation’s capital, Chisinau.

If Sheriff eliminates Zrinjski, the next opponent in July will be Belarusian Shakhtyor Soligorsk or Slovenian champion Maribor.

Shakhtyor plays its home matches in neutral Turkey due to a separate UEFA ruling in March that national and club teams in Russia’s military ally Belarus cannot stage matches in the European competitions.

The loser between Sheriff and Zrinjski continues to play in the third-tier Europa Conference League qualifying rounds.

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EU leaders expected to officially accept Ukraine’s EU candidacy https://europasite.net/eu-leaders-expected-to-officially-accept-ukraines-eu-candidacy/ Thu, 23 Jun 2022 06:30:33 +0000 https://europasite.net/eu-leaders-expected-to-officially-accept-ukraines-eu-candidacy/ European Commission President Ursula von der Leyen (l) speaks during a joint press conference with Volodymyr Zelenskyy, President of Ukraine. Michael Fischer | Image Alliance | Getty Images BRUSSELS — European Union leaders are expected to formally approve Ukraine’s candidate status to join the bloc on Thursday — the first formal step towards full membership. […]]]>

European Commission President Ursula von der Leyen (l) speaks during a joint press conference with Volodymyr Zelenskyy, President of Ukraine.

Michael Fischer | Image Alliance | Getty Images

BRUSSELS — European Union leaders are expected to formally approve Ukraine’s candidate status to join the bloc on Thursday — the first formal step towards full membership.

This decision has reopened a difficult and delicate debate within the EU on enlargement, as Brussels has not welcomed any new country since 2013, when Croatia joined.

This is partly the result of the bloc’s difficult political and economic environment: the shocks of the 2008 global financial crisis, its own sovereign debt crisis in 2011, and then a wave of refugees from the Syrian civil war in 2015. These events strengthened support for the populists. parties across the region, leading many member states to prioritize domestic issues over EU enlargement.

But that started to change, albeit slowly, after Russia’s unprovoked invasion of Ukraine earlier this year. A recent investigation by the European Parliament revealed that European support for EU membership at 15-year high.

German, French and Italian leaders traveled to Kyiv last week to voice their support for Ukraine’s bid to join the bloc. The European Commission, the executive arm of the EU, then declared that Ukraine and Moldova were ready to move closer to membership, provided they put in place several reforms.

But some EU countries have reservations about reopening the bloc’s doors.

Portuguese Prime Minister Antonio Costa said the EU risked creating “false expectations” with Ukraine’s bid for membership. In a interview with the Financial Timeshe added that the EU should seek to provide immediate support to Kyiv instead of opening “legal discussions”.

Joining the EU is traditionally a lengthy process, as prospective members must align their political and judicial systems with those of the bloc. Moreover, opening the door to one nation could mean opening the door to many others.

Countering Russia

A number of Western Balkan countries, located in southern and eastern Europe, have long been promised EU membership, but negotiations have yet to begin. Kosovo, for example, has been waiting four years for the visa requirement to be lifted to travel to the European Union.

The risk for the EU is that it could be perceived as giving preferential treatment to Kyiv, upsetting other parts of the continent and potentially bringing them closer to Russia.

“We must remain vigilant and give the Western Balkans the same priority as Ukraine,” Austrian ministers Alexander Schallenberg and Karoline Edtstadler said in a letter late last month. “We want and need these countries firmly rooted in our camp.”

For Kosovo, it is a question of geopolitics.

“It is also a question of the EU’s credibility, as well as the EU’s understanding that bringing the Western Balkans together as a region, embracing it and bringing it to table is also a strategic interest of the European Union itself, because, as I said earlier, the more the EU diverts its attention, the more other malicious actors will use this space, mainly Russia”, Kosovo President Vjosa Osmani-Sadriu told CNBC on Wednesday.

His comments should be taken with some caution, however, as Kosovo has a long history of conflict with Serbia, a staunch Russian ally. Kosovo declared independence from Serbia in 2008 and is recognized by 110 countries, including the United States, but not by Serbia and Russia. It has not yet become a UN member state.

EU members Greece, Cyprus and Spain are also among those who do not recognize Kosovo as a sovereign nation, making its possible EU membership highly controversial.

“Now, in light of the Russian invasion of Ukraine, there is nothing more complex and important than fighting autocratic and genocidal regimes, like the Russian regime, because the more Russia has space to expand its influence on the European continent, the more worse it will be for all of us, whether we are inside the EU or outside the Union,” said the President of Kosovo.

The subject will be debated on Thursday between European leaders. Whatever they decide and say to Ukraine, they will be closely watched in the Balkans.

Olaf Scholz, the German Chancellor, told CNBC on Thursday: “[The] the most important issue is that we all work together and that the Western Balkan states will have a good chance of becoming genuine members of the EU. They worked so hard.”

Albania and North Macedonia, which have changed their names to boost their chances of EU membership, had previously been granted candidate country status but are still awaiting the start of accession negotiations.

“It is important to know how leaders explain enlargement to their people,” Osmani-Sadriu said, adding that EU leaders must stress that the bloc’s expansion “is in the interests of peace and of the stability of the whole of the European continent”.

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Board of Directors and Supervisory Boards of Deutsche EuroShop AG Recommends Shareholders Tender Shares to Offer by Oaktree and CURA https://europasite.net/board-of-directors-and-supervisory-boards-of-deutsche-euroshop-ag-recommends-shareholders-tender-shares-to-offer-by-oaktree-and-cura/ Tue, 21 Jun 2022 12:41:02 +0000 https://europasite.net/board-of-directors-and-supervisory-boards-of-deutsche-euroshop-ag-recommends-shareholders-tender-shares-to-offer-by-oaktree-and-cura/ DGAP-News: Deutsche EuroShop AG / Key word(s): Declaration/Offer Board of Directors and Supervisory Boards of Deutsche EuroShop AG Recommends Shareholders Tender Shares to Offer by Oaktree and CURA 21.06.2022 / 14:39 The issuer is solely responsible for the content of this announcement. Board of Directors and Supervisory Boards of Deutsche EuroShop AG Recommends Shareholders Tender […]]]>

DGAP-News: Deutsche EuroShop AG / Key word(s): Declaration/Offer

Board of Directors and Supervisory Boards of Deutsche EuroShop AG Recommends Shareholders Tender Shares to Offer by Oaktree and CURA

21.06.2022 / 14:39
The issuer is solely responsible for the content of this announcement.

Board of Directors and Supervisory Boards of Deutsche EuroShop AG Recommends Shareholders Tender Shares to Offer by Oaktree and CURA

  • Deutsche EuroShop’s Board of Directors and Supervisory Board consider the offer to be fair, adequate and attractive
  • Deutsche Bank and Rothschild & Co with Equity Opinions
  • The acceptance period is expected to end on July 7, 2022

Hamburg, June 2022 – The Executive Board and Supervisory Board of Deutsche EuroShop AG, Hamburg (“Company”), decided today to recommend to the shareholders of the Company to accept the voluntary tender offer (“To offer”) of Hercules BidCo GmbH, Munich (“Tenderer”). After careful analysis and examination of the information published in the Offer Document by the Offeror, the Management Board and the Supervisory Board consider the cash consideration offered by the Offeror in the amount of EUR 21.50 per share of the Company, which could be increased by the amount of the dividend to be paid for the 2021 financial year by an amount of EUR 1.00 to EUR 22.50 per share depending on the settlement-delivery date of the Offer is fair, adequate and attractive. Consequently, the Management Board and the Supervisory Board welcome and support the Offer. On the basis of the increased price of the offer, the Offer represents a premium of 44.0% compared to the XETRA closing price of the Company’s share on May 20, 2022 (EUR 15.63), the last trading day. stock market prior to the publication of the Offeror’s decision to launch the Offer, and values ​​the Company at a net worth of approximately 1.4 billion euros.

As part of their fairness opinions prepared for the Company, Deutsche Bank and Rothschild & Co also conclude that the offer price is fair, from a financial point of view, for the shareholders of Deutsche EuroShop AG.

The reasoned joint detailed declaration of the Management Board and the Supervisory Board of the Company pursuant to article 27 al. 1 of the German law on the acquisition and takeover of securities (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) is published on the Company’s website at https://www.deutsche-euroshop.com/Offre-reprise.

Deutsche EuroShop AG shareholders can still accept the offer, likely until July 7, 2022. The offer is subject to a minimum acceptance threshold of 50.0% plus one share (including certain shares already held by M Alexander Otto and entities controlled by him, including Kommanditgesellschaft CURA Vermögensverwaltung GmbH & Co.) and certain other customary conditions, including merger control approval of the acquisition by the European Commission or the competent authorities of each State. member of the European Union, as the case may be. The transaction is expected to close in the third quarter of 2022.

Deutsche EuroShop – The Shopping Center Company
Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The SDAX-listed company currently holds investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among others.

21.06.2022 Broadcast of a Corporate News, transmitted by the DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

DGAP distribution services include regulatory announcements, financial/corporate news and press releases.
Archive at www.dgap.de

]]> Airbus CEO says in discussion with Qatar Airways over A350 dispute | Aviation news https://europasite.net/airbus-ceo-says-in-discussion-with-qatar-airways-over-a350-dispute-aviation-news/ Sun, 19 Jun 2022 17:30:04 +0000 https://europasite.net/airbus-ceo-says-in-discussion-with-qatar-airways-over-a350-dispute-aviation-news/ The two sides are embroiled in a legal battle over the airworthiness of Europe’s newest long-haul plane. Airbus is in talks with Qatar Airways to try to resolve a bitter legal and safety dispute over the A350 jetliner, according to the aircraft manufacturer’s chief executive. “There is progress in the way we communicate; we work […]]]>

The two sides are embroiled in a legal battle over the airworthiness of Europe’s newest long-haul plane.

Airbus is in talks with Qatar Airways to try to resolve a bitter legal and safety dispute over the A350 jetliner, according to the aircraft manufacturer’s chief executive.

“There is progress in the way we communicate; we work with each other,” Guillaume Faury told Reuters news agency on the sidelines of an airlines meeting in Doha on Sunday.

“I think we share the view that a settlement would be a better way to go, but until you have a deal, you don’t have a deal.”

There was no immediate comment from Qatar Airways.

The two sides are at odds over the airworthiness of Europe’s newest long-haul jet after damage to its protective outer skin revealed gaps in lightning protection and prompted Qatari authorities to ground more than 20 planes .

Airbus, backed by European regulators, has acknowledged flaws in the quality of several airlines’ jets, but denies the problems pose a safety risk, due to back-up systems.

Qatar Airways, backed by its own national regulator, which ordered the planes to be taken out of service, insists the safety impact cannot be properly understood until Airbus provides further analysis.

In an unprecedented legal battle in London, Qatar Airways is suing Airbus for more than $1 billion in damages, with the value of the carrier’s claim rising by $4 million a day.

“We are in a difficult situation, but we at Airbus are really ready to find a way out,” Faury said.

” We talked [and] the line of communication has never been broken between us and Qatar Airways. I’m not saying it’s easy… but we talk to each other and we continue to support Qatar Airways in its operations.

No direct talks so far

Qatar Airways chief executive Akbar Al Baker told reporters last month he hoped the dispute could be “resolved out of court”, while remaining harshly critical of jet erosion, which has also affected some other carriers.

So far, industry sources say there is no sign of a settlement and a UK judge last month debated whether the dispute could be resolved outside of court anytime soon given the wide gap between the parties.

Faury and Al Baker are both attending the June 19-21 annual meeting of the International Air Transport Association in Doha, but delegates said there were no signs of direct talks so far. .

Industry sources say the rift is particularly difficult to bridge after it widened in January when Airbus terminated a separate contract with Qatar Airways for its smaller A321neos.

Qatar Airways said the decision to punish the airline for the A350 by canceling a separate deal sets a worrying precedent in the market, but Airbus said it was enforcing its contractual rights.

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European Commission backs Ukraine’s bid to join the bloc https://europasite.net/european-commission-backs-ukraines-bid-to-join-the-bloc/ Fri, 17 Jun 2022 18:00:00 +0000 https://europasite.net/european-commission-backs-ukraines-bid-to-join-the-bloc/ Speaking in Brussels, European Commission President Ursula von der Leyen said the Commission recommended “granting Ukraine candidate status. This is of course subject to the country carrying out a number of further reforms”. “In the Commission’s view, Ukraine has clearly demonstrated the country’s aspiration and determination to uphold European values ​​and standards.” Von der Leyen […]]]>

Speaking in Brussels, European Commission President Ursula von der Leyen said the Commission recommended “granting Ukraine candidate status. This is of course subject to the country carrying out a number of further reforms”.

“In the Commission’s view, Ukraine has clearly demonstrated the country’s aspiration and determination to uphold European values ​​and standards.”

Von der Leyen concluded his statement by saying: “We all know that Ukrainians are ready to die for the European perspective. We want them to live the European dream with us.

The Commission also recommended candidate status for Ukraine’s neighbor Moldova, but not for Georgia, until it meets other conditions. Leaders of the 27 EU member states will meet next week for a summit to discuss his advice.

Even if member states agree that Ukraine should be a candidate nation – which is far from certain – the process of joining the EU is complicated and takes, on average, just under five years, according to think tank, The UK in a changing Europe.

During a joint press conference in Kyiv on Thursday with the EU’s three main political leaders, German Chancellor Olaf Scholz, French President Emmanuel Macron and Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelensky said the he Russian attack on his country was tantamount to an attack on the whole of Europe.

He added that the best way to demonstrate “our common and strong position” is to support Ukraine’s integration into the EU, adding that its status as a candidate for EU membership “can historically amplify the freedom in Europe and become one of the main European decisions of the first third of the 21st century.”

Zelensky said that Ukraine was ready to work towards becoming a full member of the EU: “We understand that the path to the European Union is really a path and it is not a stage. But this path must begin, and we are ready to work so that our state is transformed into a full member of the European Union and the Ukrainians have already won the right to embark on this path.”

Macron later said that the possible awarding of EU candidate status to Ukraine was the result of the Russian invasion. He was speaking in an interview with CNN affiliate BFMTV on Friday aboard a train leaving Ukraine.

“Ukraine should not normally be a candidate,” he said after his visit to Kyiv. “We do it because of the war and because we think it’s good.

“It’s a sign of hope, it’s a message for Ukraine to say that it is part of the European family,” he said.

While Macron said most of Western Europe supported the plan, “we have countries that are more reluctant,” he said.

The French leader added that the question of Ukraine’s candidacy for the EU will be decided at the European Council summit next Thursday and Friday.

“There is a long way to join the EU”, he added.

Ukrainian Prime Minister Denys Shmyhal expressed his gratitude for the EC’s decision. “Thanks to @vonderleyen for this decision!” he said via Twitter. “This will speed up the process of full [Ukrainian] integration into the [European] internal market and effectively support #Ukraine’s recovery according to EU standards.”

Russian President Vladimir Putin said Friday that Russia has “nothing against” Ukraine’s EU membership.

“The EU is not a military-political bloc, unlike NATO, so we have always said and I have always said that our position here is consistent, understandable, we have nothing against it,” said Putin during a panel discussion after his speech at the St. Petersburg International Economic Forum.

“It is the sovereign decision of any country whether or not to join economic associations, and it is up to that economic association whether or not to accept new states as members. let the EU countries decide for themselves, whether for the benefit or detriment of Ukraine is also their business,” Putin said.

What happens next?

Ukraine will now strive to meet the Copenhagen criteria, an opaque trio of requirements that the EU must meet that an applicant state has met in order to enter into proper membership negotiations. They focus on whether or not this country has a functioning free market economy, whether the country’s institutions are fit to uphold European values ​​such as human rights and the interpretation of the state of law by the EU and whether the country has a functioning and inclusive democracy.

There are also real concerns that Ukraine is far from meeting the Copenhagen criteria anytime soon. According to Transparency International’s 2021 Corruption Perceptions Index, Ukraine is 122nd on its list of 180 countries. For comparison, Russia is in 136th place.

Once the country is deemed to have met these criteria, it can enter the EU’s 35 negotiating chapters, the last three of which revisit certain areas of the Copenhagen criteria.

Then, when the leaders of the EU member states have agreed, it must then be ratified in the European Parliament and by the legislative branches of government in each member state.

Ukraine formally applied for EU membership on February 28, just four days after Russia began its invasion. Zelensky said at the time that the bloc needed to “urgently admit Ukraine using a new procedure…our goal is to be with all Europeans and to be equal to them. I’m sure we We deserve it. I’m sure it’s possible.”

Before the start of the war, Zelensky had declared that Ukraine also wanted to join NATO. However, in the months that followed, he cooled the idea after it emerged the alliance was unwilling to admit Kyiv anytime soon.

“I asked them personally to say directly that we are going to accept you into NATO in a year or two or five, just say it directly and clearly, or just say no,” Zelensky said. “And the response was very clear, you’re not going to be a NATO member, but publicly the doors will remain open,” he said.

CNN’s Joseph Ataman, Camille Knight, Anna Chernova and Niamh Kennedy contributed to this report.

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Energy leaders urge short-term transition solutions amid supply shortages https://europasite.net/energy-leaders-urge-short-term-transition-solutions-amid-supply-shortages/ Wed, 15 Jun 2022 20:27:00 +0000 https://europasite.net/energy-leaders-urge-short-term-transition-solutions-amid-supply-shortages/ NEW YORK, June 15 (Reuters) – At a Reuters conference on Wednesday, energy officials called for short-term solutions such as efficiency and conservation during the current fuel supply crisis , saying companies must scramble to meet 2030 climate targets. Global oil and gas supplies have tightened and fuel prices have skyrocketed since Russia invaded Ukraine. […]]]>

NEW YORK, June 15 (Reuters) – At a Reuters conference on Wednesday, energy officials called for short-term solutions such as efficiency and conservation during the current fuel supply crisis , saying companies must scramble to meet 2030 climate targets.

Global oil and gas supplies have tightened and fuel prices have skyrocketed since Russia invaded Ukraine. The industry has focused on meeting current energy demands, including increasing coal production for electricity generation, which would increase greenhouse gas emissions.

Enel (ENEI.MI) chief executive Francesco Starace said the fallout from Russia’s Feb. 24 invasion forced Europe to seek natural gas from other sources, but the focus on the increased supply of fossil fuels in the region was only temporary.

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“It’s just a survival tool to get out of this period of inflation,” Starace said at the Reuters Global Energy Transition 2022 conference in New York.

In the longer term, the Ukraine crisis will help spur Europe’s transition away from fossil fuels by demonstrating the danger of unreliable foreign supply. The Italian utility has decided to seek a buyer for its assets in Russia, Starace said.

“The real trend, following the crisis in Ukraine, is that we will see an acceleration in the renewable energy space,” he said, noting that European countries can harness wind and solar energy at the national level and abroad.

Global CO2 emissions hit historic highs in 2021, according to the International Energy Agency, as economies rebounded from the depths of the coronavirus pandemic and coal-fired generation increased. This will continue unless countries like the United States help some countries switch to natural gas.

“Right now, in India and China alone, there is a plan to build nearly 600 coal-fired power plants. They will operate for three or four decades; they will devastate the atmosphere’s carbon budget,” said Ralph Izzo, CEO of the US utility Public Service Enterprise Group. (PSEG), on the sidelines of the conference. “We can help mitigate that by switching them from coal to natural gas.”

The industry is not doing enough to reduce carbon emissions for the current decade, instead favoring solutions for after 2030, said Guillaume Le Gouic, senior vice president of electrical systems at Schneider Electric.

In the mining industry, some expect supply shortages in the late 2020s as late adopters of low-carbon solutions rush to execute renewable projects, said Keith Russell, director from the consulting firm Partners In Performance. Too many projects are left for later, Russell said.

Companies have to tolerate some risk and failure when investing in renewables because not every project will make it to market, said Allyson Anderson Book, vice president for energy transition at Baker Hughes (BKR.O) .

“All is not going to win,” she said.

Some near-term opportunities include using hydrogen to power heavy-duty trucks and using renewables to produce hydrogen, said Neil Navin, vice president of clean energy innovations at Southern California Gas (SoCalGas).

“There are a lot of things we need to do now that could have short-term impacts, but we need to look at those short-term opportunities while planning for the change that will require long-term investments in infrastructure,” Navin said. . on the sidelines of the conference. “We have to do both.”

A number of leaders have also recommended carbon pricing in the United States to encourage greener solutions.

“I am not happy with the pace at which we are decarbonizing electricity supply,” said PSEG’s Izzo. “We need congressional action to put a price on carbon or pass the tax credits associated with renewables and nuclear power.”

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Reporting by Stephanie Kelly, Scott DiSavino, David Gaffen and Richard Valdmanis Editing by David Gregorio and Marguerita Choy

Our standards: The Thomson Reuters Trust Principles.

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Fitch lowers GDP forecast https://europasite.net/fitch-lowers-gdp-forecast/ Mon, 13 Jun 2022 20:54:08 +0000 https://europasite.net/fitch-lowers-gdp-forecast/ Among other things, Fitch said China’s tough approach to Covid-19 is adding to global supply chain pressures, and disruptions to energy and food supplies from the fallout from the Russian-Ukrainian war “have a faster than expected impact on European inflation”. .” Inflationary pressures are also building in the booming services sector, he said, “particularly in […]]]>

Among other things, Fitch said China’s tough approach to Covid-19 is adding to global supply chain pressures, and disruptions to energy and food supplies from the fallout from the Russian-Ukrainian war “have a faster than expected impact on European inflation”. .”

Inflationary pressures are also building in the booming services sector, he said, “particularly in the United States and the United Kingdom, where tight labor markets are driving nominal wage growth.”

Fitch’s biggest revision is to its forecast for China, where it has cut its expectations by more than a percentage point: it now expects 3.7% growth in China this year, down from 4.8 % previously.

“The Shanghai lockdown will cause China’s GDP to fall in sequential quarterly terms in [the second quarter of 2022] and with the ‘zero momentum’ Covid-19 policy still in place, we don’t see a quick rebound,” he said in a report.

The rating agency’s growth forecast for the United States was also cut by 0.6 percentage point to 2.9%, and its forecast for the euro zone was cut by 0.4 percentage point to 2.6%.

“In the eurozone, inflation will weigh on real consumer incomes, and German industry is being hit by supply chain disruptions and China’s slowdown,” Fitch said.

In the United States, the economy has near-term momentum, Fitch said, “with consumer spending supported by strong job and nominal wage growth.”

However, he sees growth slowing in mid-2023 to “barely positive rates in quarterly terms on more aggressive monetary tightening.”

For 2023, Fitch sees US growth falling to just 1.5% – and slipping to 1.3% in 2024.

“Historical experience indicates a significant risk of recession in the United States following abrupt monetary tightening,” he said.

Fitch now expects the US Federal Reserve Board to raise interest rates to 3.0% by the fourth quarter of this year and 3.5% by the first quarter of 2023, which would take rates above the Fed’s estimates of the neutral rate at a “restrictive” level. “Political stance.

“The inflation challenges have become so pronounced that central banks are being forced to respond, abandoning earlier forecasts,” Brian Coulton, chief economist at Fitch, said in a statement. “The risk of inflation taking root as wage-price dynamics develop and price expectations rise is too great to ignore.”

The Bank of England is now expected to raise rates to 2% by the fourth quarter of this year and to 2.5% by the first quarter of 2023. The European Central Bank is now expected to raise rates by 100 basis points this year and an additional 50 basis points in 2023. .

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Ukraine still claims to control the Sievierodonetsk factory which houses hundreds of people https://europasite.net/ukraine-still-claims-to-control-the-sievierodonetsk-factory-which-houses-hundreds-of-people/ Sun, 12 Jun 2022 05:35:00 +0000 https://europasite.net/ukraine-still-claims-to-control-the-sievierodonetsk-factory-which-houses-hundreds-of-people/ Russia targets Sievierodonetsk in the east Bombing causes fire at chemical plant, governor says Ukraine urges West to quickly deliver more heavy weapons Kyiv, June 12 (Reuters) – Fierce fighting raged in Sievierodonetsk, but the region’s governor said Ukraine still controlled an industrial zone and a chemical plant in the east of the city where […]]]>
  • Russia targets Sievierodonetsk in the east
  • Bombing causes fire at chemical plant, governor says
  • Ukraine urges West to quickly deliver more heavy weapons

Kyiv, June 12 (Reuters) – Fierce fighting raged in Sievierodonetsk, but the region’s governor said Ukraine still controlled an industrial zone and a chemical plant in the east of the city where hundreds of civilians take shelter from the incessant Russian bombardments.

A Russian-backed separatist group claimed on Saturday that 300 to 400 Ukrainian fighters were also trapped at the Azot plant.

Governor Serhiy Gaidai earlier acknowledged that Russian forces now controlled most of the small town in Luhansk province, and said the Russian shelling of the factory had sparked a large fire after an oil leak. It was unclear whether the fire was still burning on Sunday. Read more

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In neighboring Donetsk province to the west, Russian media reported that a huge cloud of smoke could be seen after an explosion in the town of Avdiivka, which is home to another chemical plant. Read more

Sievierodonetsk has become the epicenter of the battle in eastern Ukraine for control of the industrialized Donbass region, made up of Luhansk and Donetsk provinces. Weeks of fighting have pulverized parts of the city and have been among the bloodiest since Moscow began its invasion on February 24.

After being forced to scale back its initial campaign goals, including withdrawing troops that threatened Kyiv, Moscow turned to expanding control in the Donbass, where pro-Russian separatists hold a swath of territory since 2014.

Putin calls the invasion a “special military operation” to disarm and “denazify” Ukraine. Kyiv and its allies call it an unprovoked war of aggression to capture territory.

Ukraine said some 800 people were hiding in bomb shelters under the Azot plant, including employees and townspeople.

“No one can say if there have been casualties and how many there have been in the past 24 hours in Sievierodonetsk, where intense fighting continues,” Gaidai said on the Telegram messaging app on Sunday.

“Yes, people are constantly in shelters, but the Russians are firing on residential areas for hours on end, using high-caliber artillery,” he said. “Everyone wants to evacuate now, probably, but so far there is no such possibility,”

In Lysychansk – Sievierodonetsk’s twin town across the Donets River – a woman was killed in Russian shelling while four houses and a shopping center were destroyed.

South and southwest of Sievierodonetsk, Russian forces were firing mortars and artillery around a number of settlements, according to a daily update from the Ukrainian General Staff.

But he said Ukrainian forces had repelled Russian attempts to advance towards some communities.

Reuters could not independently verify reports from the battlefield.

RESILIENT UKRAINE, NEEDS SUPPORT

Ill-equipped Ukraine appealed to the West for faster deliveries of heavy weapons, including missile systems, to turn the tide of the war.

Ukrainian forces have proven more resilient than expected, but the American Institute for the Study of War says that by using the last of their stockpiles of Soviet-era weapons and ammunition, they will need constant Western support.

Pavlo Kyrylenko, the governor of Donetsk, said two civilians were killed in Russian shelling on Saturday and at least 10 injured.

In the northeastern city of Kharkiv, some students returned to their destroyed school to hold a ball, dance and pose for photos in the ruins.

German Chancellor Olaf Scholz, French President Emmanuel Macron and Italian Prime Minister Mario Draghi will visit Kyiv ahead of a Group of Seven summit in late June, German newspaper Bild am Sonntag reported, citing French and Ukrainian government sources. Read more

None of the three have been to Kyiv since the Russian invasion. Macron has sought to maintain a dialogue with Russian President Vladimir Putin, a stance that some Eastern European and Baltic countries see as undermining efforts to push him into negotiations.

European Commission President Ursula von der Leyen said the European Union executive’s opinion on Ukraine’s application for EU membership would be ready in the coming week. Read more

The 27 EU governments would have to agree to grant candidate status to Ukraine, after which there would be in-depth discussions on the reforms needed before the country could be considered for membership.

Volodymyr Trush, governor of the Ternopil region in western Ukraine, said on Saturday evening that there had been a Russian airstrike in the area of ​​the city of Chortkiv. Russian planes had not attacked the area since early April. The mayor of Chortkiv urged all residents to stay in shelters.

Russian authorities have started distributing Russian passports in two occupied Ukrainian cities – Kherson and Melitopol, Russian news agencies reported. It is not known how many were distributed.

Speaking at an Asian security conference in Singapore, Chinese Defense Minister Wei Fenghe urged all parties to continue peace talks.

“China is committed to promoting peace talks. China supports the talks between Russia and Ukraine. We also hope that the United States and NATO will hold talks with Russia to create the conditions for a quick ceasefire,” Wei said.

China has refused to call Russia’s action an invasion and says sanctions won’t solve the problem.

In response to a question, Wei said that China has never provided material support to Russia. However, the data shows that he has increased his purchases of Russian oil.

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Reporting by Natalia Zinets and Max Hunder; Additional reports by Reuters offices; Written by Kim Coghill, Edmund Blair, Frances Kerry and David Brunnstrom; Editing by Jonathan Oatis and William Mallard

Our standards: The Thomson Reuters Trust Principles.

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