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Analysts say that the impact of Venezuela on CANADA-CRUDE - Western Canada Select is likely to be limited for now.
The difference between the West Texas Intermediate benchmark futures and Western Canada Select futures has widened since Tuesday, but analysts say that Canadian heavy crude will not be impacted by Venezuela's situation in the short-term. WCS for Hardisty, Alberta delivery in February settled at $13.80 per barrel below WTI benchmark, according to brokerage CalRock. This compares with $13.55 a barge on Monday. Analysts and traders assess the 'potential for further weakness,' but the capture by the U.S. of Venezuelan President Nicolas Maduro so far has had a minimal impact on the Canadian differential. A TD Cowen Report said that a 'rapid ramp up of Venezuelan oil output could significantly pressure Canadian heavy crude oil prices in the mid-term. This is unlikely. The report stated that Canada's size, rule of law and infrastructure work in its favor. If Venezuela significantly increased its production, it would give its heavy oil barrels an advantage in terms of location over Canadian heavy crude oil barrels on the U.S. Gulf Coast. ATB Capital reported that the majority of Canada's oil exports go to the U.S. Midwest. This region is less vulnerable due to its proximity to Canada and existing pipeline system. ATB Capital stated that Canadian oil prices will be more affected by OPEC+ policy in the future, Canadian egress from the west coast, Russian exports and global demand than the situation in Caracas. The global oil price fell on Tuesday, as the market weighed the expectations of an ample supply of crude this year with the uncertainty surrounding Venezuelan crude production after the U.S. captured Nicolas Maduro.
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Sources: Telecom Italia and Fastweb are looking to save money on 5G with Italy's network agreement
Three sources said that Telecom Italia and Swisscom's Italian division Fastweb were close to a deal for a network sharing agreement. This would help them cut the costs of upgrading and operating 5G infrastructure in Italy. According to Asstel, Italian telecom firms want to revamp their "business model" after losing almost a quarter of their revenue in 2010 and having their post-investment funds drop to zero. In 2010, they had 10.5 billion euro ($12 billion), but that year it was down to zero. The deal will help TIM, and its rival Fastweb, upgrade their'mobile networks' to 5G, a technology that was built from scratch, rather than based on 4G. Meanwhile, the sector is still being squeezed by fierce competition. According to a source with knowledge about the deal, TIM could save up to 300 million Euros over ten years. The project is code-named Prism internally and has not been reported previously. It covers active network components, such as antennas and base stations. The people declined to name themselves as the plans were not made public. Two sources stated that the parties aim to complete a final agreement by early march after reaching a preliminary agreement in recent weeks. Fastweb and Telecom Italia representatives declined to comment. Upgrade your network! Fastweb became Italy's leading mobile operator in 2013 after buying out Vodafone's local operations for 8 billion euros. The agreement with TIM will revive a network sharing plan that TIM,?Vodafone and INWIT agreed on but never implemented after their merger in 2019. People said that the?deal' would require each operator to upgrade the technology in specific areas, to avoid duplication of investment and manage costs. Spectrum sharing is also expected.
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Teen dies after bus strikes ultra-Orthodox demonstrators in Jerusalem
On Tuesday in Jerusalem, a mass ultra-Orthodox Jewish protest against military conscription ended tragically when a teenager was crushed to death after a driver of a bus struck the crowd. Israeli police confirmed that they have detained the driver, and are currently investigating. A video of the incident shows the bus crashing into the crowd of ultra-Orthodox protesters. ? The police were unable to contact the driver immediately while he was in custody. Magen David Adom emergency service in Israel?said that the 18-year old, who was trapped under the bus and pronounced dead at the scene. Benjamin Netanyahu has been under increased political pressure in the last year because of the 'debate about mandatory military service and those who are exempt from that. Since long, ultra-Orthodox students in seminaries have been exempted from military service. Many Israelis criticize what they perceive as an unfair burden that is carried by those who serve. Religious leaders fear that army service will weaken their ultra-Orthodox community's sense of religious identity. In the midst of increased military activity, the?issue of service in the military has become a major source of tension. Israel's military has suffered its highest death toll for decades in the past two years due to conflicts involving the Gaza Strip and other countries such as Lebanon, Syria, Yemen, and Iran. Reporting by Emily Rose, Tamar Uriel Beeri and Lisa Shumaker.
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Goldman Sachs is the global leader in M&A deals with $1.48 trillion.
Goldman Sachs dominated again the league tables of global dealmaking for 2025. It took the market share and top spot in an year that was marked by high stakes political dramas and ever-larger mergers. Goldman's No. 1 ranking was boosted by the rise of $10 billion deals, which totaled $1.5 trillion last year, or more than double the previous year. According to LSEG data, Goldman ranked No. 1 in the world. The firm was involved in 38 of these deals, more than any other investment bank. Total volume of advised deals was $1.48 trillion. This was the most active period in terms of mega deals since LSEG began keeping records in 1980. Goldman's global co-head of M&A Stephan Feldgoise called 2025 "an exceptional M&A year" and told clients that the "ubiquity in capital" was driving activity, according to 2026 M&A forecasts from the investment bank. Goldman was ranked No. Goldman ranked No.1 in two areas of importance: M&A revenue and the overall value of deals it worked on. It gained market share in both. According to LSEG, it was paid $4.6billion in M&A fee revenue, followed by JPMorgan with $3.1billion, Morgan Stanley with $3billion, Citi at 2billion and Evercore $1.7billion. Goldman Sachs, JPMorgan, and Morgan Stanley occupied the first, second, and third positions, respectively, in terms of volume of transactions, followed by Bank of America, and Citi. According to LSEG, Goldman held a 44.7% market share in 2025 for announced M&As that involved Europe, Middle East, and Africa. This level was only surpassed once, in 1999. Dealmakers claim that a looser regulatory environment made previously prohibitive deals across all sectors possible. The more permissive antitrust enforcement of U.S. president Donald Trump gave industry titans confidence to team up and make the biggest deals in the rails, consumer products, media, and technology sectors. Goldman dominated the M&A market last year with $1.48 trillion worth of deals, or 32%, according to LSEG. However, Goldman was not involved in the two largest M&A transactions: Union Pacific's $88.2 Billion purchase of Norfolk Southern by the railway, nor the heated bidding battle for Warner Bros Discovery. Bank of America, Barclays and Wells Fargo and several boutique investment banks all got a piece of these two mega deals. CEOs are looking to scale operations. The desire to scale up and grow strategically is high. This has led boardrooms to become more proactive. People aren't waiting for a business to be sold to start M&A activities," Anu Ayiengar said in an interview. JPMorgan was a major advisor to Warner Bros for its sale, and also helped Kimberly-Clark in its $50.6 Billion purchase of Tylenol manufacturer Kenvue. These were the two biggest deals the bank had done this year. JPMorgan beat Goldman in the race to be the most-paid global investment firm after taking into account fees from equity and debt capital markets. The bank earned $10.1 billion, compared to $8.9 for Goldman. The dueling bids by Netflix and Paramount Skydance for Warner Bros, at $108 billion and $9 billion, respectively, plus debt, helped propel some law firms and banks to the top of the list. These included Wells Fargo and Moelis & Allen & Co as well as Latham and Watkins. Wells, the firm that advised on 10 $10 billion or more deals, such as Netflix's bid to acquire WBD, jumped eight spots from 2024 up to number one. 9. Moelis Boutique Bank, which advised Netflix as well, has jumped three rungs ahead in 2025 to be ranked No. 16. The deal was one of five worth over $5 billion each, including the sale of Essential Utilities for $20 billion. It could depend on the winner of Warner Bros' bid if they remain at their current ranking. LSEG, a data provider, says that advisors from both bidders currently get credit for the rankings. However, this will change when Warner Bros selects a winner. RedBird Capital Partners,?M. Klein & Co. is a contender in the top 25, despite not making the top 120 list last year. This is thanks to the work they did for Paramount. LSEG stated that the Warner Bros board was leaning towards rejecting Paramount’s latest offer. People familiar with board thinking previously told us. Wells would gain two spots in the rankings if Paramount rescinds their offer. Paramount's M&A team, however, would lose one, according to the data. Charles Ruck is the global chair of LSEG No. 1's corporate department. Latham & Watkins ranked No. 1 in M&A legal advice, attributed the increasing number of large transactions to "size creep." Deals are more expensive because the Nasdaq and S&P 500 both finished higher last year. Latham was involved in the Paramount deal, the $55 billion leveraged purchase of Electronic Arts video game maker and the $40 billion sale Aligned Data Centers. He said that the market was even more ready for consolidation. In an interview, he stated that "the pipeline is full." "All the macro indicators are there, correct? The interest rates are falling, making it easier for private equity firms to make deals and achieve their targets. The IPO market has not been as strong as anyone would have hoped, so M&A is the best way to exit. You've got an environment that is largely friendly to the regulatory system, which helps determine who wins and loses."
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Goldman Sachs is the global leader in M&A deals with $1.48 trillion.
Goldman Sachs dominated again the league tables of global dealmaking for 2025. It took the market share and top spot in an year marked by high-stakes politics and ever bigger mergers. Goldman Sachs' No. 1 ranking was aided by the rise of $10 billion deals, which amounted to $1.5 trillion in total last year, a more than two-fold increase from the previous year. According to LSEG data, Goldman ranked No. 1 in the world. The firm was involved in 38 of these deals, more than any other bank. Its total volume of advised deals was $1.48 trillion. This was the most mega-deals ever recorded by LSEG since 1980. Goldman's global co-head of M&A Stephan Feldgoise called 2025 "an exceptional M&A year" and told clients that the "ubiquity in capital" was driving activity, according to 2026 M&A forecasts from the investment bank. Goldman was ranked No. Goldman ranked No.1 in two areas of importance: M&A revenue and the overall value of deals it worked on. It gained market share in both. According to LSEG, it was paid $4.6billion in M&A fee revenue, followed by JPMorgan with $3.1billion, Morgan Stanley with $3billion, Citi with $2billion, and Evercore $1.7billion. Goldman, JPMorgan, and Morgan Stanley ranked first, second, and third in terms of the volume of transactions, followed by Bank of America, and Citi. Goldman had a 44.7% market share in 2025 for announced M&As that involved Europe, Middle East, and Africa. This level was only ever exceeded once, in 1999. The technology sector accounted for the majority of deals last year. However, dealmakers claim that a looser regulatory environment has made previously prohibitive deals across all sectors possible. The more permissive antitrust enforcement of U.S. president Donald Trump gave industry titans confidence to work together on the biggest deals in railways, consumer goods, media, and technology. Goldman dominated the M&A market last year with $1.48 trillion worth of deals, or 32%, according to LSEG. However, Goldman was not involved in the two largest M&A deals of the year, the $88.2 Billion purchase by Union Pacific of Norfolk Southern and the intense bidding war between Warner Bros Discovery and Warner Bros. Bank of America, Wells Fargo, Barclays and Bank of America also had a piece of these two mega deals. CEOs are looking to scale their operations. The desire to scale and grow strategically is strong, and this has prompted boardrooms and executive suites to become more proactive. People?do not wait for a company's sale before they start M&A activities," Anu Ayiengar said in an interview. JPMorgan was a major advisor to Warner Bros for its sale, and also helped Kimberly-Clark in its $50.6 Billion purchase of Tylenol manufacturer Kenvue. These were the two biggest deals the bank had done this year. JPMorgan beat Goldman in the race to be the most-paid global investment firm after factoring in fees for equity and debt capital markets. The bank earned $10.1 billion, compared to $8.9 million from Goldman. Paramount Skydance and Netflix’s dueling offers for Warner Bros, at $108 billion and $9 billion, respectively, included debt, catapulted some banks, boutiques and legal firms to the top of the M&A list, including Wells Fargo and Moelis and Allen & Co. Also, Latham and Watkins, a law firm, ranked highly. Wells, which advised on 10 $10 billion+ deals, including Netflix’s bid for WBD (and other similar deals), jumped eight spots from 2024 to the No. 1 spot. 9. Moelis Boutique Bank, which advised Netflix as well, has jumped three rungs ahead in 2025 to be ranked No. 16. The deal was one of five worth over $5 billion each, including the sale of Essential Utilities for $20 billion. It could depend on the winner of Warner Bros' bid if they maintain their current ranking. LSEG, a data provider, says that advisors from both bidders currently get credit for the rankings. However, this will change when Warner Bros selects a winner. RedBird Capital Partners, M. Klein and Co., who didn't even make the top 120 in 2014, are now contenders for the top 25 thanks to the work they did for Paramount. LSEG stated that the Warner Bros board was leaning towards rejecting 'Paramount's latest proposal, according to people familiar with its thinking. Wells would gain two spots in the rankings if Paramount withdraws their offer. Paramount's M&A department would lose one, according to the data. Charles Ruck is the global chair of LSEG’s No. 1 corporate department. Latham & Watkins ranked No. 1 in M&A legal advice, attributed the increasing number of large transactions to "size creep." Deals became more expensive in 2014 because the Nasdaq and S&P 500 both rose by 20.36 percent. Latham was involved in the Paramount deal, the $55 billion leveraged purchase of Electronic Arts video game maker and the $40 billion sale Aligned Data Centers. He said that the market was even more ready for consolidation. In an interview, he stated that "the pipeline is full." "All the macro indicators are there, correct? The interest rates are falling, making it easier for private equity firms to make deals and achieve their targets. The IPO market has not been as strong as anyone would have hoped, so M&A is the way to go for exits. You've got an environment that is largely friendly to the regulatory system, which helps determine who wins and loses."
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Pilots of Air Transat Canada have signed a five-year contract
The 'Air -Line Pilots Association', which represents the 725 pilots of Air Transat, reported that the majority of the airline's pilots approved a five-year contract. According to the union, approximately 90 percent of Air Transat's pilots have approved the contract. It reportedly increases flexibility in pay and schedules. Early December, the two sides reached a deal that narrowly avoided a strike by the pilots. "While it was unfortunate that this level of pressure had to be applied, our unity was what ultimately produced results," said Captain Bradley Small, Chair of the?ALPA Air Transat Master Executive Council. The new agreement has a backdate of May 1, 2025 and expires on April 30, 2030. According to its website, the carrier's primary focus is on international holiday travel to destinations such as Europe, South America, Africa, and the Caribbean. (Reporting from Seattle by Dan Catchpole; editing by Nia Williams).
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Shipping data shows that Chevron continues shipping Venezuelan oil but has put the loading on hold to accommodate Chinese buyers.
Shipping data revealed that Venezuela only loaded crude?for U.S. Chevron on February 2, while the state-run PDVSA halted operations to?load?cargoes destined for its principal customers in China for a fifth consecutive day. U.S. Forces captured President Nicolas Maduro and brought him to New York for drug charges. Delcy Rodriguez, the interim president of the Venezuelan government is now in charge. The U.S. says it will supervise the administration. Last month, the United States placed a blockade against sanctioned oil tanks sailing into Venezuelan waters and out of them. This halted all exports except those that were destined for Chevron. Chevron, the only U.S. oil major operating in Venezuela under a U.S. licence, is exempt from the sanctions imposed by Washington against Venezuela's petroleum industry to "choke off" revenue that funded Maduro’s government. Ship monitoring data revealed that on Tuesday, Chevron's chartered vessels were the only ones to load crude oil for export in Venezuela's Jose and Bajo Grande port. According to PDVSA documents, other ships were either loading to move oil to and from domestic ports or to store "crude" because the onshore storage facilities were almost completely full. According to data and documents, the last crude cargo loaded at Jose for an Asian client finished loading on 1 January. PDVSA may be forced to increase production cuts if it does not export more because the storage tanks are full. FLOWING Chevron resumed Monday exports of Venezuelan crude oil to the U.S., after a four day pause. The company also called its workers in other countries back to their?Venezuelan office as flights into the country resumed. In recent weeks, the U.S. company has become the sole firm exporting Venezuelan crude oil. In early January, at least 12 vessels that were under sanctions and had loaded in December but had been stuck due to the embargo in Venezuelan waters left. These vessels carried around 12,000,000 barrels of crude oil and fuel. The vessels' destination was not known, even though they were originally loaded for Chinese customers. Transponders were turned off on the ships, so they left in "dark mode." The ships appeared to have broken the U.S. blockade. The U.S. Government has not made any comments on the ships or if it authorized their departure. PDVSA did not respond to a comment request. Chevron stated this week that it continues to operate in "full compliance with all applicable laws and regulations." According to data from ships and eyewitnesses, even after the dozen vessels had sailed away, many of them were still anchored in Venezuelan waters near oil ports, either waiting to be loaded or already fully loaded.
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Black Sea CPC terminal resumes oil loadings sources say
By Robert Harvey LONDON - On Monday, January 6, the Caspian Pipeline Consortium terminal, near the Russian Black Sea Port of Novorossiysk, resumed loading crude oil after several days?of weather-related interruptions that also delayed maintenance?work.?Two industry sources said on Tuesday. The poor weather conditions and Ukrainian attacks against infrastructure caused a drop in Kazakhstan's oil production and exports. About 80% of Kazakhstan’s crude oil exports are handled by the CPC Terminal. One of the sources claimed that crude oil loadings began again from the 'one single point docking' (SPM-1), in the afternoon of 5 January. CPC Terminal stopped oil exports due to bad weather on December 29, 2018. The?sources stated that CPC Terminal is now expected to finish maintenance on the third (SPM-3)?mooring by mid-January. This was pushed back from December's end. The maintenance on SPM-3 started in mid-November, but bad weather has caused delays. CPC Terminal didn't immediately respond to our request for comment. Tuesday is a holiday in Russia. SPM-2 is not in operation due to a drone attack by Ukraine on November 29, CPC normally loads from two dockings with the third mooring kept as backup. According to Kpler's data, the tanker Atlantic M loaded about 700 000 barrels of crude from the terminal on January 5. Three traders said this week that the talks on trading CPC Blend crude had stalled due to?the loading delay. CPC will export approximately 1.65 million barrels of this grade per day in January.
Leasing design behind Europe's EV drive at danger of breakdown
Low resale values for electrical vehicles have pushed the leasing firms that drive Europe's. automobile market to double rates over the last 3 years and some. are threatening to quit business altogether if regulators. force them to go electric too fast, industry executives say.
The dive in rates for electrical vehicle rents comes as cuts in. aids for brand-new EVs in key markets such as Germany are hitting. sales and risks stalling Europe's electrical shift, just when. Brussels wants to step on the accelerator, the executives say.
If we were pressed really, really hard, that everything has to. be electrical too soon ... my shareholders will state 'we do not want. to take the risk' and we 'd run out the market, stated Tim. Albertsen, CEO of Ayvens, one of Europe's largest vehicle. leasing firms. Let's be honest, without us, who will take the. risk?
Ayvens, which is bulk owned by French bank Societe. Generale, has a fleet of 3.4 million vehicles, of which. about 10% are EVs.
Leasing business play a critical function in Europe as 60% of. new cars and trucks of all fuel types are rented, according to computations. by environmental group Transport & & Environment based on information. from market research firm Dataforce.
When it comes to EVs, the percentage is estimated to be as. high as 80%.
According to data provided to Reuters by Dataforce, in the. 16 European markets where it can identify fleet registrations -. consisting of Germany, Britain, France and Spain - 60% of new EVs go. to corporate fleets and industrial purchasers. Professionals state those. buyers almost exclusively utilize leases and about half of the. remaining sales to private purchasers are likewise leases.
In markets with no EV subsidies for private purchasers, the. dominance of corporates is even more pronounced. In Britain and. Belgium, for instance, individuals represented just 23% and 8%. of brand-new EV purchases respectively in 2023, Dataforce stated.
The price of a lease is created to represent the. depreciation of a lorry over the normal three-year lease. duration, based on approximated resale prices, or residual worths.
But if pre-owned costs end up being lower than. expected when the lease ends, renting firms take a monetary. hit when they get the lorry back.
For numerous factors - from Tesla's price cuts to. concerns about charging facilities and battery life to the. increase of more budget-friendly Chinese EVs - pre-owned electrical cars and truck. rates have actually been sliding in Europe because striking a peak in. October 2022.
According to figures offered to Reuters by information company. Autovista, resale worths for EVs in Germany in early July were. 24% below pre-pandemic levels and 30% lower in Britain.
That's in stark contrast to pre-owned gas designs, which. remained about 15% more costly in both markets.
People have become more accepting of utilized EVs, however they've. got to be cheap, stated Gary Cambridge, a partner at secondhand vehicle. dealership Cambridge Motors in London. If they're costly, people. do not want them.
RATES MORE THAN DOUBLE
Leasing business approached decreased to provide. specific details about any losses on EV agreements from the depression. in recurring values. Indications of the electric pain have actually appeared in. disclosures by some rental business.
Hertz has actually reported writedowns of about $150 million. for the approximately 20,000 EVs it has been selling at greatly. decreased rates while Sixt stated lower recurring worths. for EVs cut its 2023 revenues by 40 million euros ($ 44 million).
Bart Beckers, deputy CEO at Arval, the leasing business owned. by French bank BNP Paribas, said losses from low EV. resale values were currently restricted in number, given EVs are. just a small portion of their overall portfolio.
However the amounts are not irrelevant, he told Reuters. Like other leaders in the market ... (Arval) has been required. already to increase rates due to the fact that of lower residual worths.
Like Ayvens, EVs just make up about 10% of Arval's fleet of. 1.7 million lorries.
Some car manufacturers have actually supplied money payment to leasing. business for dropping EV worths, market executives say. Reuters reported in May that Tesla has actually used discount rates and. other ways to alleviate losses to renting companies, including. Ayvens, though CEO Albertsen declined to state what they were.
However the executives say leasing business still bear the danger. for EV resale worths, which is why costs have actually climbed.
Leasing companies approached declined to give. specifics about price increases for EVs as the subject is delicate.
In Germany, Europe's biggest car market, information supplied to. Reuters by German think-tank CAR Center Automotive Research study program. that EV leases have jumped in the last 3 years.
In August 2021, a lease for a 45,000 euro EV expense 284 euros. per month, well listed below the 473 euros for a comparable. fossil-fuel model. Now, the cost for the EV has more than. doubled to 621 euros while the fossil-fuel automobile has fallen to 468. euros.
German EV sales fell 16.4% in the very first half of 2024 after. the government quickly axed subsidies for customers in December. and that decrease has struck the total EU trend.
Sales of fully electrical cars in the EU rose to 14.6% of. new car sales in 2023 from 6.1% in 2020 but that slipped to. 14.4% in the very first half as EV sales increased a warm 1.3%.
COMPULSORY SALES TARGETS?
Albertsen at Ayvens stated the business was now renting EVs for. longer than combustion-engine automobiles to decrease resale dangers.
It has also started to lease EVs out once or twice more at. a more affordable rate and keep them in its portfolio longer,. perhaps as much as 8 years, he said.
Such is the issue about possible losses, RVI Group, a. company based in Stamford, Connecticut that provides insurance coverage. guaranteeing a specific residual value for an asset, opened an. workplace in Europe last year to field protection inquiries.
Wei Fan, RVI's executive vice president for guest. vehicles, said he 'd seen more requests from Europe in the past. 3 years - all from leasing business and banks - than in the. previous 14 years worldwide.
He stated he expected EV rate volatility to continue for the. next five to ten years as the electrification procedure plays out.
Leasing firms state they are worried, however, that an. European Commission assessment on how to speed up EV adoption. by business fleets could lead to mandatory EV sales targets,. as this would increase the resale risks they currently deal with.
The bigger the share of EVs in their portfolios ends up being,. the larger this problem is going to be, said Richard Knubben,. director general of Leaseurope, an umbrella body in Brussels. that lobbies on behalf of cars and truck leasing and rental groups.
The European Commission's Greening corporate fleets open. public consultation, which included looking at possible measures. to accelerate EV adoption, ended on July 8.
Brussels-based Transportation & & Environment( T&E) desires the. Commission to mandate that Europe's big corporate fleets and. renting business go 100% electric by 2030.
Stef Cornelis, T&E's electrical fleets programme director,. said forcing fleets to amaze would result in more secondhand cars. for consumers and accelerate the EV shift.
A Commission spokesperson stated the assessment was implied to. identify substantive market imperfections that call for action however. was not geared at evaluating support for any type of initiative.
The bad performance of Green and centrist parties in. European elections in June has actually raised concerns about the fate. of the EU's 2035 restriction on fossil-fuel vehicles, so it is uncertain. whether the Commission would promote a 100% required.
However renting companies are taking the danger seriously.
Leaseurope said an EV required would considerably harm. renting companies and Arval's Beckers states that, at a minimum,. it would need to raise future lease rates even more.
Put simply, costs would go up, he said. That would. dissuade business fleets from continuing to lease.. ($ 1 = 0.9154 euros)
(source: Reuters)