energy
BP reported first-quarter earnings that fell short of market expectations, primarily due to weakened oil and gas prices impacting its profit margin. The British energy giant maintained the share buyback plan of $3.5 billion in the first half of the year, with $1.75 billion completed in May of 2024. Furthermore, it announced a dividend payout of 7.27 cents per share. Following the report, BP's share price declined by more than 1.3% on the London Stock Exchange. Profit declines, cash flow shrinks, debt risesIn contrast to rival Shell's robust results, BP's earnings fell short of market expectati...
Euronews (English)
With EU leaders sharpening their focus on global competition after a five-year political cycle marked by the European Green Deal, clean tech companies are warning the EU must do something to match the multi-billion-dollar support US competitors enjoy under the Biden administration’s Inflation Reduction Act – not to mention state-supported mass production in low-wage China. Following the momentum of the Antwerp Declaration, where industry leaders enjoyed the support of EU Council presidency holder Belgium in a call for less regulation and a renewed focus on industrial competitiveness, Bill Gate...
Euronews (English)
Gazprom, the Russian energy giant majority owned by the Kremlin has recently revealed the worst loss in more than 20 years, of 629 billion roubles (€6.38 billion) in 2023. This was much worse than the 447 billion roubles loss expected by the market, according to the Interfax news agency. It was also sharply at odds with the 1.2 trillion roubles profit seen in 2022. Furthermore, the company clocked in a sales net loss of 364 billion roubles in 2023, also a disappointment from the 1.9 trillion roubles profit seen in the previous year. Total revenue also dropped to 8.5 trillion roubles in 2023, a...
Euronews (English)
The legislation adopted this week by the Parliament, already provisionally agreed in back-room talks with member state officials, now awaits the final rubber stamp from the EU Council before entering into force. Right to repairLawmakers approved on Tuesday (April 23) strengthening the right to repair of household products such as washing machines, vacuum cleaners, and smartphones. The law, backed by 584 votes against 3, seeks to reduce waste and bolster the repair sector. German lawmaker René Repasi (S&D): “The new legislation extends legal guarantees by 12 months when opting for repair, gives...
Euronews (English)
European environmental legislation has become a divisive issue in recent months, with a serious of angry protests by farmers only the most visible sign of a backlash against the European Green Deal, the flagship policy agenda of the European Commission under president Ursula von der Leyen. There are signs of a widening division not only between Greens and other parties, but also in the traditional centre ground, with the two largest groups in the European Parliament – the centre-right European People’s Party and the Socialists & Democrats – taking opposing positions on a number of key files, n...
Euronews (English)
The Netherlands has officially stopped drilling at the Europe's largest gas field in Groningen, marking the occasion with a symbolic ceremony on Friday. The occasion took place at the same spot where the deposit was reportedly discovered in 1959. Since the early 1960s, the field has been a major contributor to the country's economy and it still has huge reserves of gas. But over the years it has become clear the drilling has caused a spike in seismic activity. The problem became acute in the 2010s. In 2012, Groningen was hit with a 3.6 magnitude earthquake: the strongest in the history of the ...
Euronews (English)
Imports of Russian liquified natural gas (LNG) remain a source of energy security for the EU and should only be reduced in “gradual steps” to avoid disruptions in supply, an EU watchdog warned. The advice was published in a report today (April 19) by ACER, the EU agency for the cooperation of energy regulators, offering analysis on European LNG market developments, which noted that the EU imported 18 billion cubic metres (bcm) of Russian LNG in 2023 via the Yamal pipeline, mostly through long-term supply agreements signed before 2022. The report flagged that increasing EU reliance on Russian L...
Euronews (English)
The 2023-2024 financial and tax year has just ended, with several businesses and investors still recovering from the flurry of wrapping up pending year-end tasks, using up individual savings accounts (ISA) allowances and more. However, now that the dust is settling, it may be a good time for businesses to decide on new and more efficient ways to spend in the new tax year. This involves making increased provisions for unexpected expenses, reducing the duplication of job roles and functions, as well as leveraging the use of business tools, such as invoicing, payroll, financial management and mor...
Euronews (English)
Europe needs its own industrial strategy to face up to aggressive support from the US, EU leaders are set to be told on Thursday (18 April) in a report by former Italian premier Enrico Letta, a recent draft of which was seen by Euronews. EU countries could be forced to contribute to fund pan-European initiatives as the bloc faces up to sluggish growth, in a move that may provoke fears of a global subsidy war. “The EU must step up its efforts to develop a competitive industrial strategy capable of counteracting instruments recently adopted by other global powers, such as the US Inflation Reduct...
Euronews (English)
EU lawmakers rejected the inclusion of a life-cycle assessment methodology to account for greenhouse gas (GHG) emissions in the transport sector during a plenary session in Brussels. So-called CountEmissionsEU, the accounting of GHG emissions of transport services law tabled by the European Commission in July 2023, aims to provide a single harmonised approach to tally emissions arising from vehicle manufacturing, maintenance, and disposal. A so-called 'life-cycle' approach to assessment of electric vehicles, for example, would account for the impact from raw material extraction to manufacturin...
Euronews (English)
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