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Sunday, July 17, 2022

Speaking at the Aurora Spring Conference in Oxford Thursday, Shell CEO Ben van Beurden warned Europe may need to ration energy supplies in response to declining natural gas supplies from Russia.

He told attendants of the energy conference: “It will be a really tough winter in Europe”, and warned the entire continent faces a “significant” rise in energy prices. He went on to say that in the worst case, Europe would need to ration its energy.

Some countries, including Bulgaria, Denmark, Finland, the Netherlands and Poland have already had their gas deliveries from Russia suspended for their refusal to pay in roubles, and there are concerns the Nord Stream 1 pipeline to Germany may not reopen following maintenance work that started this week.

Last month, Germany moved to the ‘alarm’ stage of an emergency plan to deal with gas shortages. Italy has also reported shortages: local energy giant Eni received only half of the gas it requested from its Russian supplier Gazprom last month. Moody’s have warned that both countries would be forced to ration gas supplies if the Nord Stream 1 pipeline does not reopen as scheduled on July 21.

Europe’s natural gas stocks are currently 62.6% full; the European Commission have mandated they should reach at least 80% capacity by November 1. There are warnings achieving this target will be difficult if disruption to the flow of Russian gas continues, including from European Union sanctions imposed over the invasion of Ukraine.

Thursday, November 10, 2005

A suicide bomber detonated himself in a crowded Baghdad restaurant Thursday morning at approximately 9:30 local time (0630 GMT). 35 were reportedly killed and 25 wounded in the blast. Responsibility for the attack was claimed by Al-Qaeda in Iraq.

The restaurant was frequented by US-backed Iraqi security forces, often the target of Sunni Arab rebels and Islamist Al-Qaeda groups. A police officer said that at least four Iraqi police patrols were in the restaurant at the time of the bombing.

The bombing was one of the biggest attacks in Baghdad in recent months. A statement on an Islamist website used by Al-Qaeda said that the attack was a part of an Al-Qaeda campaign to counter recent raids by US and Iraqi forces on suspected militant strongholds near the Syrian border.

The attack came just a day after the bombing of hotels in Amman, Jordan, attacks also claimed by Al-Qaeda.

Friday, September 14, 2007

British bank Northern Rock received emergency loans from the Bank of England yesterday, as it felt the effects of the financial crisis originating in the U.S. subprime mortgage market. Queues formed outside branches as many customers sought to withdraw their savings, and shares fell heavily.

Northern Rock, based in Newcastle, is one of the UK’s largest mortgage lenders, with total assets and loans of £113 billion. Pressure has grown on the bank as other institutions have become less willing to buy mortgage debt, following the American subprime crisis.

The support from the central bank was authorised by the Government and the Financial Services Authority, following assurances that the problems were temporary and the bank remained solvent. Some current mortgages are being used as collateral. The lending is an “unlimited” facility, at an interest rate higher than the base rate. Chancellor of the Exchequer Alistair Darling, speaking on Radio 4’s Today programme, encouraged customers to carry on as normal, stating that “Northern Rock will be able to carry on its business”.

Northern Rock chief executive Adam Applegarth also called for calm, but customers were seen queuing outside branches across the country to withdraw money. It is reported that the company website also crashed under the demand.

Shares in the bank fell 31.5% on Friday, down almost 60% from their highest value this year. Applegarth admitted that profits would be hit, but stated that the bank would adapt to the changes. Shares in other lenders also fell, with Paragon being the most extreme, dropping almost 17%. The FTSE 100 closed down 1.17% (74 points) following a recovery in the afternoon.

The last time the Bank of England acted as “lender of last resort” in this way was in 1973, after the collapse of Cedar Holdings.

Thursday, September 25, 2008

The FBI is investigating 26 firms and 1,400 individuals involved in the US financial crisis for fraud and “sub-prime lending practices”. Freddie Mac, Lehman Brothers, Fannie Mae and AIG are among the firms being scrutinized after recently receiving federal bailouts.

Investigators, who are cooperating with the IRS, Postal Office, and other federal offices to complete their investigation, are concerned that major corporations may have also forced or bribed ratings agencies to favor them.

The probe, which is in early stages, began eight months ago when the FBI began taking a close look at the mortgage industry and widespread irresponsible loaning practices. At least one corporation has been raided, but so far no evidence of fraud has been found.

The FBI has questioned executives of each of the firms closely, and arrested two in June. An anonymous source told The Times that the firms had been ordered to “hold all papers and e-mails under lock and key” as the FBI scours the finances of each firm.

Many of the companies and individuals being investigated are at the center of the nationwide financial crisis and controversial bailout plans, and have been widely blamed for the country’s financial crisis. The investigation has come at a time when the eyes of many in the US and around the world are turned towards the financial markets, as Congress and politicians scramble to fix the crisis while the election date looms closer.

Officials told CNN that it would be a long time before the investigations were finished, adding a warning: “Don’t expect indictments tomorrow or next week or next month”.

Friday, February 9, 2007

The leading political parties in the Netherlands have agreed on a work program, part of an effort to form a coalition government after the splintered verdict of the elections held in November 2006. The parties have yet to agree on who gets the top jobs in government.

The main parties of the left, the Labour Party (PvdA) and Socialist Party (SP) won 58 seats in the 150 strong Tweede Kamer, the lower house of parliament, while the more splintered right wing parties led by the Christian Democrats (CDA) and ChristianUnion (CU) won 47 but with probable support from the 9 members of the Party for Freedom (PVV).

The parties announced their plans on Wednesday reaching a deal on the main issue of the election campaign, Mortgage Interest Relief, which split the SP from the other coalition partners. Mortgage Interest Relief, which is a significant factor in most people’s finances, with a marginal rate of 52%, had been threatened by the SP manifesto, but the compromise deal announced by the parties left Mortgage Interest Relief unchanged in return for a continuation of the tight legal restrictions on rent increases that had been threatened by the previous government.

In another key concession, the CDA reversed the hard line asylum policy that it introduced with its previous coalition partners, the VVD, and introduced an amnesty of all illegal immigrants who arrived in the country before 2001.

The publication of the government agenda (the “Coalitieakkoord”) outlines policies in a number of main areas:

• Retirement: the CDA conceded changes to retirement benefit to introduce taxation on retirees with pensions over EUR 18,000 from 2011.
• Work: the government will allocate EUR 700 million to facilitate unemployed and disabled people finding jobs.
• Education: more money will be made available for schools in poorer areas or schools with substantial immigrant populations but, in return, the government will force everyone under 27 to either be in education or have a job. Those in high school education will be forced to gain a diploma before leaving high school and take a three-month “social internship” before leaving school.
• Health: the CDA has compromised on Health too in reversing the 2003 policy of excluding dental care from basic health insurance and more money will be made available for staffing of health care outlets. The CDA’s stated policy of cutting budgets in a new government will be restricted to cost savings from elimination of waste and red tape.

Following the nomination of Balkenende as formateur of the new government the haggling of cabinet and government jobs will be the last element in sealing the deal. Balkenende will continue as Prime Minister for the CDA with Wouter Bos (leader of the PvdA) likely to become Finance Minister and CU leader André Rouvoet becoming Youth Minister.