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Maguire: Solar and batteries can help Central Europe reduce its dependence on fossil fuels
Central Europe, a region not known for its sunshine, is proving to be a leader in the global energy transition through clever use of local battery energy storage systems and solar parks. As part of their efforts to increase the domestic energy supply, several major Central European economies, including Austria, Hungary and Romania, have increased dramatically since 2022 the share of electricity produced by solar farms. This rapid growth in solar power has enabled steep reductions in the amount of fossil fuels used to generate electricity, with the percentage falling to new lows in the entire region in 2025. The use of grid-scale batteries, which are largely manufactured locally and are a result of policies to support local jobs, is also boosting the surge in solar power. Combining solar power and battery technology, Central Europe is able to defy the expectations that it would be a region reliant on fossil fuels and become a regional leader in energy transition. STAR POWER Austria and Hungary are the two nations in Central Europe that have been most influential in the region's solar boom and reduced reliance on fossil fuels. Both economies are expected to be heavily dependent on Russian exports of energy after the Russian invasion of Ukraine 2022 due to a lack of other options for imports. Austria, which used to rely on Russia for 90% of its gas supply, has been able to reduce its direct Russian imports dramatically since 2022 and has met most of its needs in 2025 by sourcing gas from Slovakia. While Hungary has continued to buy Russian oil and natural gas, even though the European Union has reduced Russian imports, Hungary’s electricity system has reduced its gas dependence from more than 25% before 2022 to less than 20% while increasing solar production. In fact, Austria and Hungary generate more electricity from solar farms now than fossil fuels. This is a dramatic change from only two years ago, when fossil fuels accounted for the majority of electricity. According to Ember, Austria's energy think-tank, data shows that by 2025, solar farms will generate around 17% and fossil fuel plants 10% of the electricity. This compares with a solar share of 6% and a fossil fuel share of roughly 19% in 2022. Around 33% of Hungary's electricity will be supplied by solar farms in 2025, while around 22% will come from fossil fuel plants. This compares with a solar share of 14% and a fossil fuel share of 35% in 2022. WIDER TREND In recent years, Romania, Poland and Slovakia have all increased their solar energy production while simultaneously reducing the use of fossil fuels. Solar energy is growing much faster than fossil fuels and will likely overtake fossil fuels in the next few years. Solar capacity has risen dramatically in the region since 2019. Ember data show that the cumulative solar generation capacity of Austria, Hungary and Romania, as well as Poland, has increased by 460% from 2019 to 2024. This is a jump from 8 gigawatts in 2019. This growth rate compares with a 145% increase in Europe's overall solar generation capacity during the same time period. It indicates that Central Europe has grown roughly three times faster than the European average. Charge up The rapid growth of the production and usage of battery energy systems (BESS) has been a key factor in Central Europe's solar adoption. According to local utility filings, the battery energy storage capacity in Austria, Hungary, and Romania has increased by 472% between 2022 and 2025. After large investments across Europe in upgrading the electricity grid, the BESS capacity is expected to increase over the next decade. Project filings across Central Europe suggest that energy capacity for BESS installations could increase by more than tenfold in 2030, as each major power grid increases both its solar and storage capacities. These increases in clean energy supply are likely to allow Central Europe to maintain its momentum as an important global energy transition engine. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Data shows that Ukraine is beginning to tap its gas reserves in response to a surge in Russian attacks
Data from EU gas storage sites showed that Ukraine began to withdraw gas from underground storage amid an increase in Russian attacks against its energy system. In recent weeks, Russia increased its attacks on Ukraine's power and gas systems. This forced Kyiv into finding ways to increase gas imports. Last week, the head of Ukraine's Central Bank said that recent attacks had caused the country to lose 55% of its gas production. Meanwhile, its energy minister demanded a 30% increase of gas imports. AGSI data (aggregated storage inventory) showed that Ukraine continued to pump gas into its stores despite the large-scale Russian attacks on eastern Ukraine's gas fields early in October. However, it began to withdraw gas on October 22. The largest gas storage facility in Europe, with a total capacity of more than 30 billion cubic meters, was only 28% filled by October 22. In early 2010, the government announced that Naftogaz, the state-owned energy company, was expected to have 13,2 bcm in storage by October 15, 2010. The government has not revealed the amount of storage gas at that time. The President of Ukraine, Volodymyr Zelenskiy, said in a statement this week that Ukraine could import gas worth about $2 billion this winter from Europe and the U.S. Kyiv was expecting to import 4.6 billion cubic meters of gas before the latest Russian attacks. Reporting by Pavel Polityuk Editing Mark Potter
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Tesla recalls 63,000 Cybertrucks due to lighting defects, fixes software
Tesla announced on Thursday that it was recalling 63 619 Cybertrucks due to software that could make the parking lights in front too bright. This could impair oncoming drivers’ vision. Cybertrucks manufactured between November 13, 2020 and October 11, 2025 will receive a free software update. Elon Musk's automaker, which is led by Elon Musk, said that it discovered the problem in an internal review conducted earlier this month. Photometric tests confirmed that the excessive brightness. Tesla has said that it is not aware of any crashes, injuries or deaths related to this issue. The EV manufacturer also announced on Wednesday that it would be launching a new EV. Recalled 12963 Model 3 or Model Y cars were recalled over a defect in the battery pack component that could lead to a loss of power and an increased crash risk. The U.S. National Highway Traffic Safety Administration announced earlier this month that it would open an investigation into 2,88 million Tesla cars equipped with the Full Self-Driving System after receiving more than 50 reports about traffic safety violations and a number of accidents. The company reported Record third-quarter revenue That beat Wall Street expectations on Wednesday. Its highest quarterly EV sale was driven by U.S. customers rushing to lock in an important tax credit before its expiration last month. Tesla's profit fell short of analysts' expectations due to a combination of tariffs and research costs as well as the decline in regulatory credits, which is expected to continue with recent legislation by the Trump Administration. In premarket trading, shares of the company fell 3.3%. Stocks are up almost 9% this year.
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MercadoLibre will sell Casas Bahia products in Brazil under a new partnership
The companies announced on Thursday that MercadoLibre, an e-commerce company, will begin selling the products of Brazilian retailer Casas Bahia on its platform starting in November as part of a long-term partnership. Executives from both companies said that the move would increase MercadoLibre’s share of its Brazilian main market in segments like electronics and household appliances - Casas Bahia’s core business - by boosting sales for the retailer. Companies did not provide financial information or sales projections. Uruguay-headquartered MercadoLibre operates an e-commerce platform for third-parties to sell their products, and has a secondary business where it directly sells to consumers, while Casas Bahia is the opposite. Fernando Yunes, MercadoLibre Brazil's ecommerce head said: "I see a lot of synergy with this move." "Casas Bahia is a leader and has a large scale in the home appliances, electronic and furniture industries." The executives stated that Casas Bahia would manage the majority of shipping logistics due to its superior expertise in handling large items such as televisions and refrigerators. MercadoLibre has been able to achieve a high market value in Latin America thanks to its e-commerce platform, but it is struggling with home appliances and electronics. Yunes stated that MercadoLibre has a market share of about a quarter in Brazil for large appliances such as refrigerators and ovens. Casas Bahia is a retailer in Brazil with over 1,000 stores and a history of more than 70 years. The partnership could boost sales as the company seeks to finish a debt restructuring and operational restructuring that began in 2023. Renato Frankin, Chief Executive Officer of Casas Bahia, said: "It is a partnership which marks our entry into an area that has grown significantly and will continue to grow in the future." He was referring to online platforms that sell products from third parties. In recent months, players in Brazil's ecommerce segment such as MercadoLibre and Sea's Shopee, have tightened up the competition by expanding their free shipping policies and implementing consistent promotional actions. Last year, Brazilian retailer Magazine Luiza launched a partnership with Chinese ecommerce platform AliExpress to allow the two companies sell their products on the other's platform. (Reporting and editing by Stephen Coates; Andre Romani)
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Official: Nine injured in Russian drone attack against Kyiv
A senior official said that a Russian drone attack overnight on Kyiv injured nine people and damaged several buildings in the Ukrainian capital. Tymur Tkachenko is the head of Kyiv’s military administration. He said that 10 locations in the city had been damaged, and two apartment buildings were directly hit. He posted photos online showing a car on its side, and buildings with broken windows. In the latest Russian attack, the capital was hit for the second night in a row. Ukrainian officials claim that the previous strikes were aimed at power infrastructure in a campaign to disrupt Ukraine's energy system just as winter is approaching. The latest attack was not clearly defined. Officials said that at least seven people, including six in Kyiv, were killed by attacks in Ukraine on Wednesday. The attacks also caused power failures. Ukraine's military reported that Russia launched 130 drones during its latest attacks, since Moscow began their full-scale invasion of February 2022. 92 of them were shot down. The Russian Defence Ministry announced that it had attacked Ukrainian energy infrastructure as a response to Ukrainian attacks against Russian civilian targets. Moscow claims that Ukrainian energy infrastructure is a legitimate target for military purposes. Both sides deny targeting civilians. Ukraine has also launched drone attacks against Russia. In the latest of these attacks, Russian officials reported that an energy facility located in Nizhny Novgorod suffered minor damages and an unidentified company was set on fire in the Ryazan area.
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Brunei enables China-made jets to boost COMAC
Brunei is the latest country that allows its airlines to use Chinese-made planes, according to new regulations published by Brunei’s aviation regulator on Thursday. This comes as a major boost to Shanghai-based COMAC. Brunei may be a small country, but Beijing is watching closely each aircraft made in China that is exported abroad. Beijing is looking for international acceptance as the aerospace industry struggles to meet the demand for new planes at a time where it is also caught up in the global trade conflict. State-owned COMAC wants to compete with dominant planemakers Airbus and Boeing, but it lacks key certifications by Western regulators. The company also hasn't secured an order outside China from a major airline. Beijing, to show that its planes were in use, has placed C909s on airlines in Cambodia, Laos and Vietnam. GallopAir is a Brunei based start-up carrier that has ordered C909s and has Chinese investment backing. It ordered 15 C909s in 2023 and 15 narrow-body C919s, COMAC's newer, larger model. This was the first C919 purchase by a non Chinese airline. The Department of Civil Aviation in Brunei (DCA), previously, would only accept planes with design certifications from U.S. regulators or those of Canada, Europe, and Brazil. This included aircraft manufactured by Boeing, Airbus, and Embraer. The amendment published by the aviation body on Thursday added the Civil Aviation Authority of China, a regulator to its list. Documents from the Civil Aviation Authority of Vietnam show that in April Vietnam added CAAC on its list of approved aviation regulatory bodies. COMAC CEO Cham Chi stated that the company has not yet delivered any aircraft to GallopAir. It is also unclear when it will make its first delivery. In 2016, the C909 jet engine-powered aircraft, with up to 90 seats was China's very first commercially produced plane. COMAC launched the C919 in order to compete with the Airbus A320neo, Boeing 737 MAX and other popular narrow-body aircraft. Currently, the C919 is only used by Chinese Airlines. According to filings by the three airlines who fly this model, COMAC is behind schedule in delivering its C919 narrow-body commercial plane. (Reporting and editing by Thomas Derpinghaus, Tomaszjanowski and Lisa Barrington)
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Britain and Vietnam upgrade their ties after Communist leader visits London
According to an official who has direct knowledge, the British government is planning to improve diplomatic relations with Vietnam in the coming week when Prime Minister Keir starmer meets with To Lam of the Communist Party. The official, who spoke on condition of anonymity said that the relationship would be upgraded to the highest level of strategic partnership in Vietnam, which is comparable with those between Vietnam and China, Russia, United States, and the former colonial power France. The schedule prepared by Vietnamese authorities indicates that Starmer will meet Lam on Downing Street Wednesday for an exchange of cooperation documents and a joint announcement on the upgrade. The plans for a meeting will be confirmed once the King Charles' visit is confirmed. The Vietnamese foreign ministry has not responded to a comment request. Starmer's Office declined to comment. Since Lam became the party chief in 2013, he has played a major role in shaping Vietnam's foreign policy, a task previously handled by the prime minister and president. The schedule does NOT identify the agreements of cooperation to be signed. The agenda indicated that Lam would visit Oxford University for the signing on Thursday of agreements on education and health. In order to move beyond the current level, a strategic comprehensive partnership usually involves more frequent meetings, and closer ties in areas of shared interest. According to a second person who had direct knowledge, commercial agreements in the aviation industry were also expected. Both sources requested anonymity because they were not authorized to speak to media. Lam is currently in Europe. He has visited Finland, Bulgaria and other countries. Reporting by Phuong ngiyen in Hanoi and Francesco Guarascio, London; Additional reporting by Kate Holton; Editing Clarence Fernandez
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Former White House aide who speaks Mandarin named Boeing China President
Boeing named Landon Loomis as its new president for Boeing China on Thursday. The company believes that Loomis, a fluent Mandarin speaker who was formerly a White House advisor, can stabilize the China market at a time when the U.S. is threatening to cut off the export of parts to Chinese airlines. Loomis will continue to hold his title as Boeing Vice President of Global Policy, and run the day-to-day operation, strategy, and high-level government relationships from the Beijing office. Boeing is increasingly being used as a bargaining tool in the current trade war between Washington and Beijing. China temporarily stopped accepting new Boeing planes in this year, before quietly restarting deliveries. U.S. president Donald Trump warned this month that spare part exports may be next. Brendan Nelson said that Landon was the perfect leader for Boeing China. His deep industry and government expertise, coupled with his years of living in and working in China will further strengthen our partnerships and presence. Boeing wants to sell up to 500 planes to Chinese airlines. This deal could be a major boost for the struggling planemaker, but it depends on Washington and Beijing's ability to resolve their trade dispute. Airbus opened its second A320neo production line in Tianjin on Wednesday. Boeing is fighting to maintain its market share. (Reporting from Sophie Yu in Beijing and Jamie Freed, in Sydney; editing by Kate Mayberry).
DSV, a freight company, trims its outlook and flags the persistent market uncertainty
Danish freight company DSV posted slightly higher profits than expected for the third quarter, but cut its outlook for the full year. The company cited a significant impact of foreign exchange rates and softening demand in an uncertain market.
Since U.S. president Donald Trump imposed new tariffs earlier this year, European shipping and logistic firms have been under pressure because of falling freight rates and weaker demands.
DSV now expects operating profit for 2025 to be between 19.5 and 20.5 billion Danish crowns (3.05 billion-$3.20billion), down from the previous range of 19.5 to 21.5 billion crowns.
Michael Ebbe, Chief Financial Officer of the company, said that "demand is softening and the market has become more challenging".
He said: "But it's mainly that we also have some foreign currency rate impact. This is a significant headwind, that we have."
DSV stated in a press release that it will continue to monitor the activity levels within its organization and adjust its capacity and cost base as needed.
The largest logistics company in the world posted an operating profit of 5.43 billion Danish crowns for the third quarter, slightly higher than what 17 analysts had predicted.
(source: Reuters)