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Maguire: EU policymakers to make a decision on industrial heat in the near future.
European legislators are expected to announce new policies soon on the types of heat used by industries. This could determine whether the region is able to maintain viable and competitive business or if it will suffer a "further hollowing-out" of its industrial base. Industrial heat is a critical input that all industries cannot do without. The International Energy Agency (IEA), according to its data, shows that industry accounts for 'around a quarter' of Europe’s total energy consumption. Heat applications make up?for about half?of the total power requirements in the sector. Gas-fired boilers have been used by most European industries to heat their facilities for decades. However, the price of gas has risen dramatically since the Russian invasion of Ukraine 2022, causing costs to spiral and pushing many facilities into the negative. In fact, the output of plastics, chemicals and fertilizers has fallen to historical lows in Germany, Europe's largest manufacturer and economy. High energy costs, as well as an unclear policy plan, have stifled industry and hindered economic growth. In order to provide greater regulatory clarity and to lower energy costs, European policy makers will release new measures this spring. They aim to rapidly scale up electric industrial heating technologies in order to meet the needs of businesses that do not use fossil fuels. ARE YOU UP FOR THE CHALLENGE? These steps would reduce Europe's annual fossil fuel import bill, which is several hundred billion dollars. They would also help to cut industrial emissions. It will be a fiendishly difficult task to create a set a workable measures which meet the needs for industries from Lisbon to Warsaw, particularly during a time of increasing tensions between European Union member states. The current mishmash and half-measures, while the industry is still reliant upon expensive and volatile fossil energy imports, will be considered unacceptable by the key policymakers of the region. In addition to mounting job losses across Europe, governments are also dealing with declining tax revenues that come from crippled businesses. This drains both the treasury and political clout required to set up a new course for industry. This means that EU legislators and industry advisers face intense pressure to develop a 'bold and effective roadmap' which will quickly steer European industry on a new path, based on cleaner and cheaper electricity. Final Push In preparation for the highly anticipated 2026 EU Electrification Plan, major European think tanks have weighed in on the best way to electrify industrial heating and help businesses to return to growth. Fraunhofer Institute, a specialist in applied research for the industry, contributed to a set of proposals that focused on the possibility of electrifying industrial process heat at low and medium temperatures. The report found that electric heat pumps are a cost-effective alternative to gas-fired systems in the food and beverages sector. This is true even if regional gas prices remain three times higher. Electric pumps are more efficient than gas units, so companies can use electricity to cook, pasteurise and sterilize large quantities of food. The paper and chemical industries could also accomplish many of the tasks currently performed by gas using high-end heat pumps. It is clear that significant changes will be needed to the current tax conditions to encourage businesses to make the necessary changes. Think tanks propose reducing taxes and levies for electricity while increasing taxes on gas consumption through consistent increases in carbon price. Also, there are recommendations to improve the depreciation schedules for new electric equipment so that businesses can?achieve tax breaks on their new capital expenditures related to electrification. If industries are to electrify quickly, it is important that new clean electricity generators be approved faster and new demand sources for electricity to be integrated into the electric grids more quickly. Moreover, more public-private funding options are needed to enable businesses to afford the required investments quickly. European policymakers and business leaders will face a tough challenge if they want to achieve all these goals in a short time span across many countries. Failure to provide the remaining industry in Europe with the tools necessary?to gain a competitive advantage could lead to the collapse of whole businesses, and an economic shock that would last for years. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest Follow ROI on Twitter for the latest global financial news. Follow ROI on You can find us on LinkedIn. Listen to the song Morning Bid daily podcast Spotify Or the . Subscribe to the podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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UN human rights chief warns of more Iranians facing execution for protests
Volker Turk, the U.N.'s human rights chief, called on Friday for an immediate halt to the use of the death penalty in Iran. He warned that dozens more individuals risked execution following the issuance this week of the first death sentences linked to the January mass protests. Turk, in a speech to the U.N. Human Rights Council at Geneva, said: "I'm horrified that reports have stated that at least 8 people, including 2 children, were sentenced to death for their involvement in the protests." He added that 30 more people seemed?to risk the same sentence. Sources close to the family of the man said that a revolutionary court in Tehran has issued a death sentence to an Iranian accused of "enmity towards God". If confirmed, this would be the first sentence like this to be linked to the January protests. Human rights groups claim that thousands of Iranians were killed during the crackdown against the protests. This is the worst domestic unrest since the 1979 Islamic Revolution. Donald Trump, the U.S. president warned Tehran during the unrest that he would order military action against it if they carried out executions. Turk stated: "I am extremely concerned about the potential of regional military escalation, its impact on the civilian population and I hope the voice for reason will prevail." The United States and Iran held talks in Geneva, Switzerland, on Thursday. According to mediator Oman, the two countries made progress regarding Tehran's nuclear program, but there was no breakthrough that would have prevented a possible U.S. strike amid a massive buildup of military forces. (Reporting and editing by Friederike heine, Kirsti Knolle, Emma Farge)
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Croatia is ready to supply oil to Hungary and Slovakia, says PM
Andrej Plenkovic, the Prime Minister of Croatia, said that Croatia could deliver oil to Hungary?and Slovakia through its Adria?pipeline in order to replace the disruptions caused by the Druzhba?pipeline. The two countries as well as the European Commission are?in discussions? about the plan. The only EU countries that still import?Russian crude oil are Hungary and Slovakia. On January 27, the supply via Druzhba was stopped due to damage which Ukraine blamed upon a Russian drone attack. The 'European Commission' said Wednesday that Croatia was evaluating whether it could lawfully import seaborne Russian crude to be supplied?to Hungary or?Slovakia via its Adria pipeline. This is an alternative route. Janaf, the operator of the Adria pipeline, said that on Wednesday a cargo containing non-Russian oil was being delivered to MOL Group in Hungary. Seven more are due by April. Plenkovic, a local official news agency, was quoted as saying on Thursday that Croatia is here to help ensure energy security and the smooth functioning of Hungary and Slovakia's economies. Plenkovic stated that the Adria pipeline could 'transport up to 15 mn tonnes of oil per year, which is enough to meet both Hungary and Slovakia's needs. (Reporting and editing by Susan Fenton; Angeliki Koutantou)
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UK to review military flight records following latest Epstein probe
The British Ministry of Defence has begun reviewing flight records which 'could contain information about Jeffrey Epstein. A sex offender is suspected of having landed his private plane at military bases. British police have already begun assessing whether Epstein facilitated the trafficking of women via two London airports, and one in central England using private flights. This is part of an investigation into Epstein's connections to Britain. After the files showed Epstein's private plane had also landed at Northolt and?Marham in eastern England?, police are now being asked to investigate whether the Royal Air Force bases were also used. Private jets frequently use RAF 'Northolt. But it is less common that they 'land' at RAF Marham. This is a major frontline base. The MoD spokesperson announced late Thursday that Defence Minister John Healey had ordered a review on military flight records. The spokesperson stated that "the Defence Secretary ordered a review" of all records held by the department relating to Epstein flights landing on RAF bases. This was to ensure that information pertaining to Epstein's criminal activities is uncovered and notified to the appropriate authorities. The statement added that the MoD would'support any civil police investigation', and expressed its thoughts with those who were victims of Epstein’s "vile crime". The Epstein scandal continues to rock the British establishment nearly seven years after Epstein's death. The last batch of files, released in January, led to the arrests of Andrew Mountbatten Windsor, a brother of King Charles, and Peter Mandelson, former British ambassador to America, for allegedly sharing confidential government documents.
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British Airways owner IAG exceeds profit expectations as premium demand boosts earnings
IAG, the owner of British Airways, reported on Friday a 'better-than-expected' annual profit, as it was able to benefit from lower fuel costs and resilience in its transatlantic core routes, especially for its premium services. European airlines are riding a strong premium demand across North Atlantic. This is a major?profit generator, while U.S. economy fares have softened. This trend is mirrored by the industry as affluent travelers continue to spend. Price-sensitive travellers are pulling back on their travels amid uncertainty over tariffs and changing demand signals in the United States. Lufthansa and Air France-KLM have both increased their premium product offerings to capitalize on the strong demand for premium travel. IAG announced on Thursday that it will return to its shareholders 1.5 billion euros (1.77?billion dollars) of excess cash over the next year, beginning with a 500-million euro share purchase to be completed by the end May 2026. IAG reported a operating profit?before extraordinary items of 5,02 million?euros compared to 4,97 billion euros predicted by analysts polled LSEG. This is a?3.5% increase from the?adjusted?operating profit of 4,44 billion euros last year.
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German rail operator and the union reach wage agreements, averting strike
The GDL train driver's?union and Germany's Deutsche Bahn 'have reached a wage deal' on Friday. This has prevented'strikes' that had threatened to disrupt passenger and freight transportation at a critical time for the state-owned railway operator. GDL confirmed the deal early on Friday morning, saying that details would be released later in the day. The breakthrough was also confirmed by Deutsche Bahn, after months of heated negotiations?over wages and working conditions for the?10,000 employees covered by union contracts. The GDL has a list of 40 demands. These include an increase in wages of up to 8% overall, better allowances for trainers, and enhanced pension bonuses. This agreement is a 'test' for the new CEO of Deutsche Bahn Evelyn Palla. She wants to 'give greater responsibility -to- operating units, as DB Cargo battles heavy losses and a possible?split. (Reporting and writing by Christian Kraemer; editing by Michael Perry).
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New York Times Business News - February 27, 2019
These are the 'top stories' on the New York Times 'business?pages. These stories have not been?verified? and we cannot vouch for the accuracy of these reports. Netflix withdraws its $83 Billion bid for Warner Bros. Discovery has cleared the way for Paramount Skydance to make an $111 billion bid?to take control of Hollywood giant Warner Bros. Jack Dorsey, CEO of Twitter, says that new AI tools will make smaller teams more effective. This is one of the biggest AI-driven job cuts in tech history. FedEx has announced that it will refund any tariffs ordered by a court to its customers. This comes as companies rush to claim billions of dollars collected under Trump’s now invalidated import duties. Investors bet on the next generation of industrial automation as Revel,?a startup that builds modern software to?control hardware such as rocket engines?raises 150 million dollars at a valuation of $1 billion. (Compiled by Bengaluru Newsroom)
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Maguire: EU policymakers to make or break decision on industrial heat
European legislators are expected to announce new policies soon on the types of heat used in industry. This could determine whether the region is able to maintain viable and competitive business or if it will suffer a further thinning out of its industrial base. Industrial heat is a vital input for all types of production, including chemical plants, steel mills. food processors, electronics, and car assembly lines. The International Energy Agency (IEA), according to its data, shows that industry accounts for approximately a quarter of Europe's total consumption. Heat applications make up around half the total?industry -power requirements. Gas-fired boilers have been used by most European industries to heat their facilities for decades. However, the price of gas has risen dramatically since the Russian invasion of Ukraine 2022, causing costs to spiral and pushing many facilities into debt. In fact, the output of plastics, chemicals and fertilizers has fallen to historical lows in Germany, Europe's largest manufacturer and economy. High energy costs, as well as an unclear policy plan, have stifled industry and hindered economic growth. In an effort to reduce energy costs and provide more regulatory certainty, European policymakers will release new measures in the spring that aim to rapidly scale up electric industrial heating technologies to meet the needs of businesses who do not use fossil fuels. ARE YOU UP FOR THE CHALLENGE? These steps would reduce Europe's annual fossil fuel import bill, which is several hundred billion dollars. They would also help to cut industrial emissions. It will be a difficult task to create a set that is both workable and meets the needs of all industries, from Lisbon to Warsaw. This is especially true during a time of increasing tensions between EU member states. This?said', key policymakers will find it totally unacceptable to continue with the current muddle of half-measures while the industry is still reliant upon expensive and volatile fossil energy imports. In addition to the mounting losses of jobs, governments in Europe also have to deal with declining tax revenues from crippled businesses. This drains both treasury funds and political clout required to set up a new, workable course for industries. This means that EU legislators and industry advisors are under a lot of pressure to create a roadmap that is both bold and effective, and can quickly steer European industry on a new path underpinned by cleaner and cheaper electricity. Final Push Several major European think tanks have weighed in on the best way to electrify industrial heating and assist businesses to return to growth. Fraunhofer Institute, a specialist in applied research for the industry, contributed to a set of proposals that focused on the possibility of electrifying industrial process heat at low and medium temperatures. The report found that electric heat pumps are able to reduce operating costs by 20% in the food and beverages sector compared to traditional gas-fired heating systems, even when electricity costs remain three times higher. Electric pumps are more efficient than gas units, so companies can use electricity to cook, pasteurise and sterilize large quantities of food. The paper and chemical industries are also able to?accomplish many key tasks currently powered by gas using high-end heat pumps. It is important to note that significant changes will be required in the current taxation system to encourage businesses to make the necessary changes. Think tanks propose reducing taxes and levies for electricity while increasing taxes on gas consumption through a consistent increase in carbon prices. The recommendations also include a more favorable depreciation schedule for new electric equipment so that companies can benefit from?tax incentives on new capital expenditures related to electrification. If industries are to electrify quickly, it will be important that new clean electricity generators and new electricity demand sources can be integrated into electric grids faster. Moreover, more public-private funding options are needed to enable businesses to afford the required investments quickly. European policymakers and business leaders will face a challenge of the greatest magnitude if they are to achieve all these goals in a short time span across many countries. Failure to provide the remaining industry in Europe with the tools necessary to regain its competitive edge may result in the failure of entire companies and a lasting economic shock across the region. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest Follow ROI on Twitter for the latest global financial news. Follow ROI on You can find us on LinkedIn. Listen to the song Morning Bid daily podcast Spotify Or the . Subscribe to the podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
Bucharest reports that Ukraine has shot down a drone near the border with Romania
The Romanian defence ministry reported that Ukraine shot down a drone near the border of 'Romania, during a Russian assault on Ukrainian port infrastructure early on Friday.
In a press release, the ministry stated that fighter jets were scrambled to monitor the attack. The drone was brought down just '100 metres (110 yards), from the Romanian village of Chilia Veche which is located across the Danube River from Ukraine.
Romania is a member state of both the European Union (EU) and NATO. It shares a land border with Ukraine that stretches 650 km (400 miles). Drones?have repeatedly breached Romania's airspace, and drone fragments have fallen onto its territory since Russia began to attack Ukrainian ports across the Danube in its war with Ukraine.
The defence ministry reported that Romania also scrambled fighter planes on Thursday after a drone invaded its airspace as part of a Russian attack near the border on Ukrainian infrastructure. It said that a drone had also entered Romania's airspace earlier this week.
Romania has a law in place that allows it to shoot drones down during peacetime, if people or property are in danger. However, it hasn't used it yet. (Reporting and editing by Sharon Singleton, Timothy Heritage and Luiza Ilie)
(source: Reuters)