Western Europe

Transport Minister Heidi Alexander revealed on Tuesday that the bill for Britain's high-speed rail line, HS2, could reach a staggering?103 billion pounds ($138billion). This is?the latest in a series of cost overruns for?the beleaguered project. HS2 was originally designed to increase capacity and catch up Britain with other European countries that have extensive high-speed network. The spiraling budget and delays in the project meant that successive governments had to drastically reduce the length of this new line. This put the future of the entire?project' at risk. Alexander stated on Tuesday that a new analysis shows cancelling the order now would...

A World Health Organization official stated that limited testing capacity is slowing the response to the Ebola outbreak. According to the WHO, there are at least 500 suspected Ebola cases and 130 suspected Ebola deaths. The disease has spread into Uganda. We have shipped 12 tons of supplies. Six more are expected to arrive today. Anne Ancia said that the samples included personal protective equipment (and) for frontline healthcare workers. Ancia stated that there is "great uncertainty" about the scope and scale of the Bundibugyo Ebola outbreak, and increased surveillance, testing, and contact tracing are underway. She stated that testing...

As the number of Ebola cases continues to rise, the head of the World Health Organization has expressed his deep concern. Tedros Adhanom Gebreyesus, WHO director-general, said that there have been at least 50 suspected cases of Ebola and 130 suspected deaths since the outbreak began. Later, 131 deaths were attributed to the outbreak in the eastern Democratic Republic of?Congo. According to a daily bulletin from the health authorities, there have been 516 suspect cases and 33 confirm cases in the?Congo. Two confirmed cases were also reported in the neighbouring country of?Uganda. Tedros said that the "numbers" will change, as...

Here are some company news and stories from France and Benelux that could impact the markets or individual stocks in these regions. The ADP Group Traffic for April was down to 29,1 million passengers. BANIJAY GROUP Banijay Group reported first-quarter adjusted EBITDA of 196.6 millions euros. SANOFI: French pharmaceutical company Sanofi announced on Monday that a clinical trial had shown its 'rare disease therapy' was superior to standard care for?raising the levels of a protein key in patients with genetic lung disease. SOCIETE GENERALE A French financial regulator fined Societe Generale?20 million euros for failing to provide crucial information to...

Finland said on Friday that suspected drone activity in the skies above the capital region of the country no longer posed any threat, and the situation had returned to normal. Yle, the public broadcaster, reported that earlier in response to this situation, the country's defense forces scrambled a?fighter plane and other emergency services. The danger is over. "People can?go?to work?and?school safely," Interior minister Mari Rantanen wrote in a social media post on the website X. A statement posted on the airport's website said that traffic at Helsinki Airport had also resumed after a suspension of three hours. Authorities are taking...

Italian investment fund F2i announced 'on Thursday that it will keep control of airport operator 2i Aeroporti, after state-backed investor CDP Equity signed a term sheet for a minority share. This was in response to media reports that this deal could result in a takeover. F2i stated that CDP Equity has'signed non-binding contracts for the potential purchase of an 8.9% stake in 2i Aeroporti which manages six airports, including Milan, Naples, and Turin. The deal will not change the control of the company. The Italian newspaper Il Sole 24 Ore had reported earlier Thursday that CDP Equity's acquisition of a...

Siemens announced on Thursday that it has purchased the core 'business' of Italian rail technology company MERMEC in order to strengthen its -rail portfolio and gain a market -access to Italy. In a press release, the German engineering company said that the parties had 'agreed' not to reveal the financial details of the transaction. Two people who were familiar with the transaction estimated the deal to be worth 1.2 billion euro ($1.40 billion). Michael Peter, Siemens Mobility CEO, stated in a statement that by combining MERMEC’s technical expertise and market-access with Siemens Mobility’s global?presence, and technological leadership, they are strengthening...

Helsinki, the capital of Finland, has spent billions on bicycle lanes and public transport -- and is planning to spend more -- despite mixed reactions from its residents. Around 50,000 people attended the April opening of Finland's longest 1.2 km (0.75 miles) pedestrian, bicycle and tram bridge. Others, however, are not impressed by the lack car lanes or the price of 326 million Euros ($383 millions), which included two adjacent bridges, tramway investments and billions of dollars already spent on transport infrastructure and cycling infrastructure over the last decade. Helsinki's cycling traffic team leader Oskari Kaipinmaki said that the biggest...

Alstom reported a stable full-year adjusted operating income on Wednesday as weak deliveries on'some large train contracts' offset a strong order intake, underlining the execution problems behind its recent cash cautions. The French train manufacturer reported that adjusted earnings before interest and tax were 1,17 billion euros ($1.37billion), giving a 6.1% margin, compared to 1.18 billion euro and the same margin one year earlier. In a press release, new CEO Martin Sion stated that "our priority is to improve the execution quality, including tighter daily project management, strengthened planning discipline, and improved coordination between?engineering and supply chain, as well as...

A person with knowledge of the matter said that Siemens has agreed to purchase 'Italian Rail Technology Company 'Mer Mec in a deal worth around 1 billion euro ($1.17 billion). Mer Mec is owned by Angel Holding. Its CEO Vito Pertosa heads the company. Siemens has declined to comment. The acquisition, expected to be announced this week, will strengthen Siemens Mobility's technology and software division. Mer?Mec specializes in signalling, data analytics software and track measurement systems. One of its projects was a new rail?signaling?system between Britain and France for the Channel Tunnel. Bloomberg was the first to report Siemens' interest...

EU competition'regulators' proposed Monday revamping state aid rules for smaller Airports. Citing Europe's?"decarbonisation" goals and the "energy crisis",?this is part of a ten-year old overhaul to EU air transportation regulations. The European Commission has asked interested parties to submit feedback by June 11, before it decides if the Commission will proceed with its plans or make any further changes. In a?statement,?EU Antitrust Chief Teresa Ribera stated that "today's proposal ensures public funding is directed to where it is most needed while ensuring level playing fields in the single market." According to the plan, airports that have up to 3 millions...

Britain announced on Saturday that it would be sending its warship HMS Dragon, to the Middle East to prepare for a possible multinational 'effort to protect shipping through the Strait of Hormuz once conditions permit. HMS Dragon was an air defence destroyer that was sent to Eastern Mediterranean in March shortly after the Iran War to defend Cyprus. The move to the Middle East comes after France deployed its carrier strike group in the southern Red Sea as part of a joint defensive plan to restore confidence in the trade routes. A spokesperson from the British Ministry of Defence stated...

In recent months, Ukraine has intensified its attacks on Russian energy installations as the peace talks have not produced any progress. Here is a brief summary of some of the recent attacks that followed Russian strikes against Ukrainian energy facilities and their impact. MOSCOW Sergei Sobyanin, the mayor of Moscow, said on Sunday that twelve people had been injured, mainly near the entrance to Moscow’s oil refinery. Three houses also suffered damage. He said that the "technology" at the refinery had not been damaged. Moscow's refinery is located in the Kapotnya district of the capital, in its southeastern part. It...

Three industry sources say that the Caspian Pipeline Consortium plans to export around 1.45 million barrels per day of CPC Blend crude oil in June, down from 1.8 million barrels per day expected in May, due to planned maintenance at Kazakhstan's giant Kashagan oilfield. Calculations show that June loadings will be 17% lower daily than May. This is a significant drop from the multi-month peak of May. CPC does NOT comment on operational shipment statistics. Sources claim that maintenance on the Kashagan oil field, with a capacity of 0.4 million barrels per day, will begin in early June. It may...

The risk of hantavirus spreading to the general public is very low, according to the U.S. The Centers for Disease Control and prevention has over 100 staff working on this outbreak, a government official said on Wednesday. Please know that we are here to safeguard your health. Dr. 'David Fitter', incident manager of the CDC hantavirus response said that based on the current information the risk to the general public is low. Dr. Brendan Jackson is the CDC's team leader in Nebraska. He said that the CDC was conducting public health assessments in Nebraska where 16 out of 18?passengers? from...

The European Commission proposed on Wednesday new rules to simplify train travel. They include allowing single ticket bookings throughout Europe. The proposal allows for travel between different countries in Europe and across rail lines to be booked using a single ticket. This would make it easier for passengers to compare prices while also protecting their rights as consumers if they miss a connection on'multi-leg' journeys. The aim is to help 'the EU reach its climate goals by making it easier for passengers to access more sustainable travel alternatives. The EU announced an action plan in November to increase interconnectivity between...

E.ON, Europe's largest network operator, reported a 2% increase in 'core profit' in the first quarter. This was partly due to its industrial customers in Germany, its home market. The shares of the Frankfurt-listed company rose 1.5% at the start of trading. Jefferies analysts attributed the rise to the higher retail energy prices that began the year. The company reported that the adjusted core profit for the period of January to March was $3.87 billion. It also confirmed its outlook?for the year. The company said that investments in the period fell to 1.4 billion euros, down from 1.5 billion euros...

E.ON, Europe's largest network operator, reported a 2% increase in core profits in the first quarter, it announced?on Wednesday. This was partly due to its industrial customers in Germany, its home market. The company confirmed that the adjusted core profit for the period of January to March was $3.87 billion. It also confirmed its outlook for this year. The company said that investments in the period dropped to 1.4 billion euros, down from 1.5 billion the previous year. It cited a 'cold winter in Germany which caused delays in upgrading the network infrastructure. Finance chief Nadia Jakobi stated: "We are...

German utility E.ON will soon become Britain's biggest energy supplier after it announced on Monday that it would buy rival Ovo Energy at an undisclosed price. According to the data of?regulator Ofgem, the deal will?create one of the UK’s largest energy suppliers. The?two companies are already the third and fourth biggest providers. The acquisition adds 4 million OVO subscribers to E.ON’s 5.6 million existing customers in the United Kingdom. According to the German company, this is an important growth market. Marc Spieker is E.ON’s Chief Operating Officer for Commercial Operations. He said, "The planned purchase of OVO will strengthen our...

At a meeting at the Kremlin, Vladimir Putin told Robert Fico, Slovakia's Prime Minister on Saturday that Russia would do all it could to meet Slovakia’s energy needs. Slovakia is one of the few European countries that still buys?Russian oil and gas. The Druzhba Pipeline, built by the Soviets, is used to transport Russian oil into Slovakia. TurkStream is used to deliver natural gas from Russia. Fico arrived at Moscow for the celebrations to mark 'the Soviet Union’s victory over Nazi Germany during World War Two. In comments broadcast by?national television, Putin said that he would do "everything" to meet...

Ebba busch, the Energy Minister of Sweden, said that plans to build a new power cable for Denmark will be put on hold. She also stated that Sweden disagreed with the proposal made by the European Commission on how the revenues generated from electricity congestion fees should be used. Sweden has threatened to limit electricity exports this year to its neighbours until the European Commission resolves their disagreements over the use national funds to fund EU energy projects. Sweden expects to charge Denmark, Finland, and Germany 130 billion Swedish crowns (14.11 billion dollars) for the excess power it exports from...

?Russia's vast Kirishinefteorgsintez (Kirishi) oil ?refinery halted processing on Tuesday following Ukrainian ?drone attacks ?which damaged ?the ?plant's units and caused a fire, two industry sources said. Surgutneftegaz which controls the refinery did not respond immediately to a comment request. Sources who requested anonymity because of the sensitive nature of the situation said that three of four crude distillation unit (CDU) at the refinery had been damaged by the drone attack. Sources said that it is difficult to estimate the time needed for the repairs of damaged units. They added that secondary units also suffered damage. Alexander Drozdenko, the region...

Lazard, an investment bank, has hired former Western Midstream Partners Chief Executive Michael Ure to be a senior advisor in the group's energy, infrastructure, and power. Ure, who is based in Houston, has been in management and executive roles for more than 20 years, according to the statement. He worked at Occidental Petroleum as senior vice president of business development and Shell. He was most notable as the head of Western Midstream. Ure was named CEO of Western Midstream in August '2019. He guided the company as Occidental acquired Anadarko Petroleum, giving it control over Western Midstream. Ure remained in...

A senior official revealed that the Africa Finance Corporation, the lead developer of the U.S.-backed Lobito mineral transport corridor, is in discussions with at least 10 African and foreign financiers including Citigroup to raise $3-5 billion for this project. The AFC has begun preparing for the construction of a key transport project, which will combine existing and new railway lines to link copper and cobalt mining areas with?Angola’s Atlantic port of Lobito. The project is a part of Washington’s effort to curb Chinese influence and secure access to strategic metals, minerals, and coal in Africa. AFC is currently in discussions...