The configuration of the global benchmark Brent crude futures market and some physical markets in Europe and Africa indicates a tightening supply, partly due to concerns about shipping delays in the Red Sea caused by missile and drone attacks. These disruptions, the most significant since the COVID-19 pandemic, along with increasing Chinese demand, have intensified…
European lithium-ion battery developer and manufacturer, Northvolt, has successfully secured a substantial non-recourse project financing package of US$5 billion (€4.6 billion) from various EU and Nordic institutions. The funding, inclusive of a refinancing component from a previous US$1.6 billion package obtained last year, is earmarked for the expansion of cathode and cell production (Northvolt Ett)…
Britain has committed 20,000 military personnel for participation in a significant NATO exercise in the first half of this year, alongside warships and fighter jets, according to an announcement by the defense ministry on Monday. This deployment involves 16,000 troops from the British army, stationed in Eastern Europe from February to June, along with an…
In the final quarter of 2023, Europe experienced a significant shift in its energy landscape as wind power surpassed coal in electricity generation for the first time, marking a crucial milestone in the regional transition towards cleaner energy sources. According to data from the think tank Ember, European power producers achieved a record-breaking 193 terawatt…
Coinbase has disclosed its intention to acquire a Cyprus-based company with the aim of providing cryptocurrency-linked derivatives within the European Union (EU). The announcement, made on January 5 via the company’s blog, outlined the strategic move to secure a Markets in Financial Instruments Directive (MiFID) license from the non-disclosed company. MiFID is the regulatory framework…
A substantial quantity of Pfizer’s Paxlovid, a crucial antiviral drug for Covid-19, has gone unused and expired in Europe, resulting in significant financial losses for purchasers. Stringent restrictions on the eligibility for receiving the medication have led to millions of doses being wasted, in stark contrast to the drug’s accessibility in the United States. In…
Europe’s largest parking app operator, EasyPark Group, has voluntarily reported a security breach to information regulators in both the EU and the UK. The incident involved unauthorized access by hackers, resulting in the theft of customer information. EasyPark Group, which owns brands like RingGo and ParkMobile, disclosed that the compromised data included customer names, phone…
The European Central Bank (ECB) maintained its current interest rates during its recent meeting, marking the second consecutive session without changes. Simultaneously, the bank revised its growth projections downward and unveiled strategies to expedite the reduction of its balance sheet. In response to a notable decline in euro zone inflation, the expectation was widespread that…
On December 8, a preliminary agreement was reached in Europe regarding significant European Union regulations concerning the utilization of artificial intelligence (AI), encompassing the governmental deployment of AI in biometric surveillance and the regulation of AI systems like ChatGPT. This political understanding marks a significant step, positioning the EU to potentially be the first major…
European banks are poised to enter the upcoming year with only a slightly reduced capital buffer, indicating their ability to sustain recent dividend distributions despite regulatory directives for increased reserves. According to calculations by Bloomberg, the top 10 banks that have disclosed their regulatory-mandated capital needs for the next year currently maintain an excess of…
