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Portugal general strike stalls transport, closes schools in labour reform protest
On Thursday, train services were halted across Portugal, hundreds of flights were cancelled and schools were closed. This was in protest at proposed labour reforms. The centre-right minority government claims that the changes proposed - amending over 100 articles of the labour code - are intended to increase productivity and spur economic development. Unions, however, accuse the government of putting employers' interests ahead of workers rights despite an economy that is strong and a low unemployment rate. The far-right Chega Party is expected to support the bill that has yet to be submitted to Parliament. Lisbon's streets are noticeably quieter. Some public transportation was operating due to?minimum service requirements set by the authorities. Although hospitals were open, many surgeries and appointments had to be postponed because nursing staff left. Tiago Oliviera, the secretary-general for the umbrella union CGTP told reporters on a picket line: "We will have a large general strike... We appeal to every worker to use today as a?means of rejecting the labour reform." TAP, the flag carrier, is expected to operate just a third (or about 30) of its roughly 250 daily flights from and to Portugal during this one-day event. FIRST STRIKE AFTER BAILOUT ERA The largest unions CGTP & UGT called the strike, the first since June 2013 when Portugal faced harsh austerity due to an international bailout which reduced wages and raised taxes. The labour reforms envisage easing the just-cause dismissals for small and medium businesses, and lifting limitations on outsourcing. The cap on flexible work rights for nursing mothers is another controversial measure. The government has refused to back down, insisting that the changes will increase Portuguese productivity and benefit everyone. "The government has always been one of dialogue, and it respects the right to strike. It is a government that has a reformist attitude and won't give up on being reformists and transformational," said Prime Minister Luis Montenegro on Wednesday. Some?people who went to work Thursday still said that they had no choice, even though they sympathised the strike. "I do not have a permanent contract." Joao Silva, a 32-year old stationery store employee told the reporter that he could not go on strike. "They want older people fired so that they can hire younger and obviously with lower salaries...Why do (labour change) always have be in favor of company profits?" He said. (Reporting and writing by Sergio Goncalves, editing by Charlie Devereux & Ros Russell; Andrei Khalip)
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German coalition agrees on infrastructure fast track, and scraps unpopular heating laws
Friedrich Merz, the German Chancellor said that on Thursday, the ruling coalition had agreed to a new law that would speed up infrastructure projects and scrap clean-heating laws in favor of a more comprehensive law. Merz, who took office seven months ago as the government of Germany, has promised to revitalize its sluggish, Europe's biggest economy by speeding up projects to improve infrastructure. The conservative chancellor stated that a variety of transport schemes will be classified as "of overriding public importance" under the new laws, giving them priority in planning and approval procedures. He said that all administrative procedures would be "digital-only" in order to shorten timelines. The electrification of rail lines up to 60 km (37 miles), for example, will not require an environmental impact assessment. Merz said at a press conference after the cabinet meeting on Wednesday night that "environmental protection is important, but it cannot block urgently required measures by endless procedures." Germany has long been praised for its efficient infrastructure, but it is now increasingly criticized for letting this decay because successive governments are reluctant to take on more debt. Merz's government broke with this fiscal tradition earlier this year, pushing through debt reforms that allowed it to borrow hundreds billions of euro in a fund special. Critics say that some of the fiscal firepower was used to support day-today spending. Flexibility in?Technology Choices Merz confirmed that the coalition will scrap a controversial law that mandates most new systems be run mostly on renewable energy. The measure, which was pushed through by the former centre-left government sparked a backlash among homeowners and opposition parties. It was widely perceived as having contributed to the sharp decline in support for the coalition, and ultimately its collapse. The revised Building Modernisation Act aims to reduce emissions from buildings, but will give homeowners more freedom in terms of technology and timeframes. The government intends to submit it to the parliament by spring next year. Merz and his conservative coalition partners, the Social Democrats of centre-left, are in desperate need of some victories after a series political mistakes. Since the February federal elections, support for both parties has declined. However, in national surveys, the far-right Alternative for Germany is now at the top. (Reporting and editing by Matthias Williams, Gareth Jones and Sarah Marsh)
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Snam, Italy's LNG terminal operator, tightens its grip as imports of liquefied natural gas rise.
Snam, an Italian gas transport company, announced on Thursday that it would buy 48.2% of the terminal for liquefied gas off the coast of Livorno in Tuscany, thereby strengthening its grip on the key infrastructure needed to import the super-chilled fuel. Snam stated that the addition of LNG to Italy's energy supply has been a key tool in diversifying its supplies. In the first nine-month period, LNG imports into Italy? rose by nearly 40% in comparison to the same period of last year. In a press release, Snam CEO Agostino Scornajenchi stated that "this transaction is... critical?in strengthening Snam’s leadership in LNG business.?This today plays a strategic role in guaranteeing Italy’s energy security." It is one of five LNG hubs in Italy. Snam, in addition to OLT and OLT, holds controlling or joint-controlling stakes of all regulated LNG terminals in Italy. It also announced earlier this year that it would establish a new LNG Hub on the Sardinian island. According to the?deal announced on Thursday, Snam (state-controlled) will pay Igneo 126 million euros ($147 million), to purchase 48% of OLT and increase its shareholding to 97.3%. The transaction should be completed in the first half 2026, subject to regulatory approvals.
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Vietnam asks factories to reduce output as Hanoi chokes with smog
Hanoi's industrial plants are under pressure from authorities to reduce their operation after a week of hazardous and heavy smog in the city. The Ministry of Health in Vietnam urged earlier this week that power, steel and chemical plant outputs should be reduced when the air-quality index is above 200. The air quality index measures the amount of dangerous small particles, known as PM2.5, in the atmosphere. AirVisual's app, which offers independent information on global?air quality, says that the AQI reached 243 at midday Thursday. Hanoi is now ranked fourth?on a list of most polluted cities. According to the app's data, the city topped the list a number of times this week. It also held the top spot in January. Hanoi, the Southeast Asian nation, which is a manufacturing hub that is rapidly urbanising, has suffered from severe air pollution since years. Pham Thu Giang (30), a Hanoi resident, said: "My eyes itch, and the smog blanket always blocks my vision." "I wear a mask every day." Air pollution in the city is primarily caused by transportation, industrial production and construction activities, as well as burning garbage and agricultural residue. Le Thanh Thuy told the local media that gasoline-powered motorbikes were widely used in Hanoi. They are a major source of air pollution. From mid-2026, the city will ban gasoline-powered motorbikes within certain downtown areas. The ban will then be gradually expanded to include fossil-fuel powered cars. Luong Van Toi, 75 years old, said that the current air quality in Hanoi is very dangerous. "I am very tired." If Hanoi's AQI was converted to actual PM2.5 levels, this week's pollution could be up to 50 times higher than the WHO recommended 5-microgram/cu m limit. (Reporting and writing by Thinh Vu, Editing by David Stanway).
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Entain, the owner of Ladbrokes, says that CFO Rob Wood will step down and IDS's Snape will take his place.
Entain, a British gambling company, announced on Thursday that Rob Wood will retire from his roles as Finance?Chief and Deputy?CEO next year after serving the firm for 13 years. Snape is expected to be replaced by Michael Snape, an executive with International Distribution Services (IDS). Snape, who is currently the?group?CFO of IDS, led its recent de-listing, and sale to billionaire Daniel Kretinsky. He has over 20 years of finance leadership experience with large international retailers like?Walgreens Boots Alliance?, Tesco? and Waitrose?. The change in leadership comes just a few weeks after the company revealed a 200 million pound ($267.28million) loss after UK increased taxes on online gambling and sports betting. This put the entire industry under pressure. Wood was appointed deputy CFO in 2018, and took on the role permanently the next year, after Paul Bowtell, the former finance chief announced that he would be stepping down. Entain which owns Ladbrokes, Coral and Partypoker, said that year-to-date trading continues to be in accordance with market expectations, of 1.14 billion pound for FY25.
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Kazakhstan reduces oil production for 2026 due to maintenance
Kazakhstan announced on Thursday it would be reducing its '2026 oil production plan due to maintenance expected at major 'oilfields. The Kremlin and Kazakhstan have condemned the attack on CPC's facilities in the last month. "Obviously, there will be three large-scale repairs - plans will be adjusted," Energy minister Yerlan AKkenzhenov stated about Kazakhstan's plans to produce oil in 2026. He also said that plans for this year remain unchanged. Kazakhstan is home to three major oil fields, Tengiz Karachaganak, and Kashagan. These are operated by major international oil companies. CPC, which includes Russian, Kazakh, and U.S. shareholders and accounts for 1% global crude supply, had to cut exports after a critical part of its loading equipment - a SPM - was damaged during the attack. CPC accounts for 80% of the?Kazakh exports. Kazakhstan had to abandon its oil industry. Divert Some oil is sent to China and other destinations. The minister said that maintenance of the single point mooring terminal (SPM-3), which is now inactive, will be completed by 15 December. However, shipments through the CPC have been expected to decline this year from 72 million metric tons. He also stated that the SPM-2, hit by the attack on November 29, was severely damaged. Only SPM-1 currently operates. As a result of repeated drone attacks on Russia's refineries and export infrastructure, the options for rerouting oil out of landlocked Kazakhstan have been limited. (Reporting and writing by Tamara Vaal; editing by Guy Faulconbridge).
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Maguire: US coal binge allows Asia to leapfrog the West on clean energy push
In 2025, major Asian economies such as China, India and Japan, and Vietnam, had cleaned up their energy generation systems more than the United States or Europe. This would lead to a divergence of momentum in the East-West energy transition in 2026. According to data from the energy think tank "Ember", the United States is the only major market that has increased the carbon intensity of its power generation in comparison to the previous year. The main driver behind the increase in carbon intensity in the U.S. is a 13% increase in coal fired power generation. This has pushed U.S. emissions from fossil fuels to a three-year-high. The CO2 emissions of European power companies have increased this year in comparison to 2024. China, India and Japan have also seen a decline year-to date. As winter approaches in the Northern Hemisphere we can expect a higher generation of fossil fuels in Asia, Europe, and North America over the next few months. This will increase the carbon intensity in all major power systems. The U.S. will likely continue to lead the pack when it comes to carbon emissions, as the power companies in the U.S. opt to increase output of coal plants over cleaner natural gas plants due to a sharp rise in natural gas prices in the U.S. CARBON INTENSE GLIDE PATHS Over the last five years, all major power systems have significantly reduced their carbon intensity (or the amount of CO2 released per kilowatt-hour (KWh) produced of electricity). Only China has been able to consistently reduce its intensity every year since 2019. This is largely due to the world's leading deployment of clean energy sources, which have allowed utilities worldwide to reduce their fossil fuel dependence. Ember data show that from January to October 2025, China’s carbon intensity in power production averaged 562 g/KWh, down from nearly 670 g/KWh (in 2019). Other major power systems also have seen at least an annual increase in carbon intensity. This is due to a combination of increasing power demand, patchy supplies of clean energy and policy changes. Only the U.S. system, however, has seen a?increase so far in the year 2025. An average of 383.3 grams CO2 per KWh was emitted from January to October, as opposed to 381.2 grams in the same period in 2024. The average carbon intensity in Europe has decreased by?2% this year compared to 2024. India (down 5%), Japan(down?3%), and Vietnam (down 20%) have also seen reductions. COAL-HEAVY GROWTH Asian economies are still far more dependent on coal than major power grids in Europe and North America. As of this year, India has generated approximately 70% of its power from coal. China is at 55% coal, Vietnam is at 48% coal and Japan is around 27% coal. The U.S. coal power plant share is approximately 16%. In comparison, Europe generated less than 13% its electricity this year from coal-fired plants. The U.S., however, is the only country to have seen a sharp increase in the share of coal in the total generation mix this year. This is why U.S. carbon intensities are out of sync with other regions. In 2024, the coal share in the U.S. will be 14.6%. This means that the coal-based electricity supply to utilities has increased by 11% compared with the previous year. Ember data show that coal plants were the main source of growth in electricity supply in the U.S. during this year. They accounted for 73% of total electricity increases from January to October. The share of coal in the growth in supply has been much lower in all other major markets. This includes India, where the extra coal-fired production accounted for less than half the increase in overall electricity supplies. Tracking Trends into 2026 The roughly 50% increase in natural gas prices this year in the U.S. has led to a significant increase in coal-fired electricity generation. Utilities are under pressure to maintain energy prices at a reasonable level for consumers. The price of natural gas is expected to stay the same through winter, thanks to a record demand from LNG exporters who are competing with utilities to get gas on?the U.S. market. The outlook for continued strength in gas prices could keep coal-fired production levels high in the U.S. well into 2026 and ensure that the U.S. carbon intensity trend continues to climb. China and Europe have been suffering from economic hardships that have impacted the overall industrial activity. This has lowered demand for power in factories, chemical and steel plants, and other large consumers. The carbon intensity of these markets will increase if economic activity improves in China or Europe. The growth of the Chinese economy will boost economies throughout Asia. This could lead to a significant increase in carbon intensity for the power sector in Asia by 2026. The U.S. will continue to be the leader in carbon intensity for 2025. This is a direct contradiction of the global trend towards cleaner energy networks. 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 information. 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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New York Times Business News - December 11,
These are the most popular stories from the business pages of the New York Times. The New York Times has not verified the accuracy of these stories. The U.S. House of Representatives has approved a $900 Billion Defense Policy Bill that codifies much of President Donald 'Trump's agenda for national security. However, it also seeks to 'curb Trumps move to withdraw from Europe. Jennifer Homendy warned that a "provision" in the new defense legislation would increase the risk of mid-air collisions around the Washington area airport, where a fatal crash killed 67 in January. - President Donald Trump announced on Wednesday that the U.S. had seized an oil tanker sanctioned by Venezuela off its coast. This move sent oil prices soaring and escalated tensions in Washington and Caracas. On Wednesday, the?Trump Administration launched a website that allows people to apply for a "goldcard," a visa expedited by the federal government. The card will be given to those who pay at minimum $1 million. (Compiled by Bengaluru Newsroom)
IEA: Russia's oil export revenue has dropped to its lowest level since the Ukraine invasion
The 'International Energy Agency' said that Russia's revenue from crude oil and refined product exports fell again in November due to lower export volume and weaker prices, reaching their lowest level since the 2022 invasion of Ukraine.
The Russian energy industry, which is vital to the country's economy, is being put under pressure by an increase in drone attacks on oil refineries.
Washington increased its pressure against the Kremlin by introducing sanctions in October, targeting Russia's two largest oil companies, Rosneft & Lukoil.
The IEA, based in Paris, said that Russia's revenue from crude oil and fuel sales dropped to $10.97bn in November. This is a drop of $3.59bn from the same period a year earlier.
The report said that the total Russian oil and fuel exports fell by approximately 400,000 barrels a day, to 6,9 million bpd. This was due to buyers assessing the risks and implications of more stringent sanctions.
Urals prices plummeted by $8.2 to $43.52 a barrel. Export revenues fell to their lowest level since the February 20, 2022 invasion.
The decline in November was attributed to recent Ukrainian attacks against dark fleet vessels and facilities.
The IEA said that Russian oil production fell last month from 9.24 million bpd to 9.03 millions bpd.
The output was about?500,000 bpd less than the November quota for Russia set by the Organization of Petroleum Exporting countries?and their allies. This group is known as OPEC+.
The IEA said that Kazakhstan's crude supply increased by 120,000 bpd between October and last month to reach 1.81 million bpd, which is 330,000 bpd more than the OPEC+ quota. (Reporting and Editing by Joe Bavier).
(source: Reuters)