Europe’s Landmark Test of Banks’ Resilience to Climate Risk Is Softer Than Expected

Europe’s landmark test of banks’ resilience to global warming was far softer than many lenders had expected, according to people familiar with the matter. Even the toughest hypothetical scenarios in the European Central Bank’s climate stress test didn’t result in losses that would make a meaningful dent in capital buffers, said officials at six big … Read more

Asian demand, rising costs squeeze Europe’s LNG import plan By Reuters

© Reuters. FILE PHOTO: Model of LNG tanker is seen in front of the EU flag in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration By Marwa Rashad LONDON (Reuters) -Europe’s plan to get through a winter of difficult Russian gas supply with significant imports of liquefied (LNG) is at risk, with U.S. supply curtailed … Read more

Europe’s Aviation Recovery Remains ‘Uneven and Difficult’

The recovery of air connectivity around Europe continues to be “uneven and difficult,” despite a strong rebound in passenger numbers this year. Airports association ACI Europe said the return to pre-Covid levels of connectivity was being held back by some continuing Covid-19 travel restrictions, as well as the impact of the war in Ukraine and … Read more

Europe’s summer of discontent reveals travel sector labor crisis

Breadcrumb Trail Links PMN Business Author of the article: Reuters Toby Sterling and Caroline Pailliez and Tim Hepher Publishing date: Jun 19, 2022  •  44 minutes ago  •  5 minute read  •  Join the conversation Article content AMSTERDAM/PARIS/DOHA — After 21 years as a service agent at Air France, Karim Djeffal left his job during the … Read more

Russia Steps Up Energy Wars With Gas Cuts to Europe’s Top Buyers

(Bloomberg) — Russia stepped up the use of energy as a weapon by further cutting natural gas shipments via its biggest pipeline to Europe, prompting Germany to accuse the Kremlin of trying to drive up prices. Most Read from Bloomberg Gazprom PJSC is curbing gas supplies via its Nord Stream pipeline to Germany by 60%, … Read more

France invites Indian cos after it tops EY survey as Europe’s most attractive investment destination

France is inviting Indian companies for investments after it topped for the third year in a row an EY survey on most attractive investment destinations in Europe. French Envoy to India Emmanuel Lenain said President Emmanuel Macron leads the most pro-business regime in France which has brought labour reforms, reduced corporate tax and provided for … Read more

Europe’s unity ‘crumbling’ on Russia sanctions, Germany warns

Europe’s unity on sanctions against Russia is “starting to crumble”, Germany’s economy minister has warned as diplomats highlight continued divisions over a package of sanctions set to be discussed by member states on Monday. Robert Habeck spoke as EU ambassadors meeting in Brussels on Sunday failed to agree on the bloc’s latest package of sanctions … Read more

Reliance on Russian energy helps drive Europe’s uneven inflation surge

For many Europeans, the nearer they are to Russia, the faster their cost of living is rising. The extent of a country’s dependence on Russia for its energy needs is a key factor, but not the only one, deciding how fast inflation has risen since Moscow’s full invasion of Ukraine in February sent fossil fuel … Read more

Cold War Relic Threatens Europe’s Plans to Ditch Russian Oil

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Stefan Nicola and Rachel Graham Article content (Bloomberg) — Berlin risks running out of fuel unless German officials can find a way to keep a Cold War relic from falling victim to geopolitics. A refinery on the Polish border, which supplies the bulk of the … Read more

Natural Disasters, Ukraine War Weigh on Q1 Results of Europe’s Major Reinsurers

Three out of four of the major European reinsurers reported their profits were negatively affected as a result of elevated natural catastrophe claims and a first round of claims reserves from the Russia-Ukraine war, according to Fitch Ratings in a report. Swiss Re, Hannover Re and SCOR all reported combined ratios close to or above … Read more