Atlanti Gaz Tue, 12 Oct 2021 13:01:18 +0000 en-US hourly 1 Atlanti Gaz 32 32 $ 100 of oil doesn’t seem likely Tue, 12 Oct 2021 12:03:22 +0000

A woman was recently sentenced to four days in jail for approaching a bear to take a selfie: I guess she wasn’t at NYMEX, where bears seem to be absent these days. (Wait for laughs.) Social media is teeming with ever higher oil price predictions and the media proclaims a global energy crisis, while fears of energy-induced inflation pressurize central banks. In order not to miss the opportunity to intervene, experts like Thomas Friedman of the New York Times cite an English analyst warning that people will freeze this winter. (I guess he also predicts that people will sweat in the summer.)

Yes, natural gas prices are high in Europe and Asia, with the weather being the main culprit, which means they will almost certainly drop in the spring, if not sooner. And oil prices have climbed almost 100% since last year! When they were a little depressed for some reason that escapes me. Not to mention being -215% higher than April 20, 2020! (When the prices were negative.)

So, is the forecast of $ 100 a barrel for next year valid? Or simply the clickbait equivalent of Red Carpet Dress Fails investors! Well, yes and no. Fundamentals have, for the most part, tightened with world stocks seemingly at or below normal levels (I say apparently because there is little data for much of world oil stocks). US crude inventories have fallen sharply, but more recently due to the loss of more than 30 million barrels of production due to Hurricane Ida. About three-quarters of that was restored, and higher imports (thanks, Vlad) helped them recover. A little.

But as the figure above shows, Ida was just the icing on the OPEC + cake: the group’s planning and discipline has reduced overflowing stocks last spring to slightly below normal now. (Again, with allowances for poor data.) As a result, prices have “rallied” from around $ 40 last year to $ 80 now. But does that mean the bull market will persist?

The following figure is of crucial importance, showing that OPEC’s excess capacity is significantly higher than normal. The IEA estimates that OPEC, including the ‘+’, has 8.52 mb / d of spare capacity, although that includes 1.3 in Iran, the availability of which is questionable. Nonetheless, this means that only a few phone calls and a few valve turns are needed to restore market equilibrium or even drive inventories up again. Forecasts of $ 100 or more assume that OPEC + will make serious miscalculations or want higher prices.

While speculators gone mad could certainly send prices up to $ 100, they will only stay there if OPEC + decides to let them. Specifically, the main members – Iraq, Russia and Saudi Arabia – decide they prefer these higher prices. I seriously doubt it for several reasons. One is that Iraq and Russia almost certainly want to increase production: remember that Russia has already pressured the Saudis to increase quotas this year. Iraq is more difficult to predict: they would surely like to sell more oil but do not want to deter oil price rises.

The key then becomes Saudi Arabia. Energy Minister Salman is keenly aware of how the oil market collapsed when prices were too high in the early 1980s, and Saudi production fell by 75% as they served as a producer of support to OPEC. But OPEC as a whole has lost 50% of its market, so even if the Saudis don’t budge, they could lose significant market share in the long run.

My personal suspicion is that the recovery in US production combined with some economic weakness due to supply chain issues will lead to inventory moderation and lower prices. Otherwise, it seems likely that OPEC + will put some more oil on the market in November or at least push the market down. Prince Salman warned oil bears against complacency earlier this year. Perhaps he will do the same for the bulls.

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Worley wins refinery modernization project with Saudi Aramco Tue, 12 Oct 2021 06:16:15 +0000

Engineering services giant Worley (ASX: WOR) has been awarded a refinery modernization contract with Saudi Aramco.

The project will convert low-value refinery “tailings” into higher-value products, including gasoline, jet fuel and ultra-low sulfur diesel.

Worley will provide initial engineering design (pre-FEED), FEED and project management services for the entire project at the Ras Tanura refinery.

The services will cover upgrades to atmospheric and vacuum gas oil from the crude distillation unit, and an upgrade to atmospheric gas oil from the Khuff condensate unit.

It comes after the completion of upstream concept studies by Advisian, Worley’s consulting business.

The value of Worley FEED OK with Saudi Aramco was not disclosed.

Managing Director Chris Ashton said: “We are delighted that Saudi Aramco has chosen Worley for this strategic project, which will improve the long-term sustainability of Saudi Aramco’s Ras Tanura refinery.

“We look forward to expanding our long-standing global relationship with Saudi Aramco and supporting the long-term sustainability goals of its assets, while remaining committed to creating a more sustainable world. “

Ras Tanura is located on the Gulf Coast near the port city of Jubail in Saudi Arabia.

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Indigenous activists march through Washington to demand action on climate crisis – live | US News Mon, 11 Oct 2021 18:34:31 +0000

Biden issued the first-ever presidential proclamation of Indigenous Peoples Day on Friday, giving the biggest boost to date in efforts to refocus the federal holiday celebrating Christopher Columbus towards an appreciation of Indigenous peoples.

The day will be celebrated on October 11, as well as Columbus Day, which is established by Congress. As Native Americans have campaigned for years for local and national days in recognition of the country’s indigenous peoples, Biden’s announcement seemed to surprise many.

“It was completely unexpected. Even though we’ve been talking about it and wanting it for so long, ”said Hillary Kempenich, artist and member of the Turtle Mountain Band of Chippewa. In 2019, she and other members of the tribe successfully campaigned for her hometown of Grand Forks, North Dakota, to replace Columbus Day with a Day of Recognition for Indigenous Peoples.

“I’m a little overwhelmed with joy,” Kempenich said. She was waiting Friday afternoon for her eighth-grade daughter, who grew up defying teachers’ portrayals of Columbus, to come home from school so Kempenich could share the news.

“For generations, federal policies have systematically sought to assimilate and displace Indigenous peoples and eradicate Indigenous cultures,” Biden wrote in the proclamation of Indigenous Peoples Day. “Today, we recognize the resilience and strength of Indigenous peoples and the immeasurable positive impact they have had on all aspects of American society.”

Moldova asks consumers to reduce gas consumption due to supply shortage Mon, 11 Oct 2021 09:16:10 +0000

LONDON (ICIS) – The incumbent gas operator in Moldova has asked large industrial consumers to reduce their consumption, because the gas that Russian Gazprom has contractually committed to deliver will only meet 67% of the required demand for October.

Moldovagaz has called on dual-fuel consumers to switch to oil as the country’s pro-EU government negotiates a possible increase in supplies with Gazprom.

Moldova has extended its gas supply contract by one month after its previous agreement with Gazprom expired.

In a statement posted on Facebook, Moldovagaz said it expected to receive 54 million cubic meters in October, but added that typical seasonal demand could exceed 80 million cubic meters. Moldovagaz is half-owned by Gazprom.

Currently, Moldova uses piped gas to compensate for the lack of daily supply.

According to the publication, Gazprom was unable to deliver more volumes because the contract extension was negotiated on the last day of September, which meant that the deadline for monthly capacity reservation through Ukraine had been passed.

In a statement to ICIS, Ukrainian gas transmission system operators said GAzprom only needed to reserve exit capacity to Moldova, stressing that it already had monthly entry capacity.

Gazprom has a long-term ship-or-pay contract with Ukraine to deliver gas to Central Europe but also to Moldova.

On October 1, he decided to stop the gas transit to Hungary, even though he had reserved 24.6 million m3 / day for Hungary and paid for it.

Ukrainian network operator GTSO said Gazprom already has the Hungarian entry capacity reserved and it is enough to book additional exit capacity for Moldova at low cost.

GTSO said Moldova could also take gas at the Ukrainian-Russian border, but said it depends on the delivery of volumes by Gazprom to this border point.

Gazprom did not respond to questions from CIHI at the time of publication.

A Moldovan market source said Gazprom could reserve daily capacity and deliver volumes on an as-needed basis.

Moldova has no storage capacity and is entirely dependent on Russian gas.

Neighboring Romanian gas transmission network operator Transgaz is working on the completion of the transport infrastructure connecting Romania to the Moldovan capital Chisinau, which it was due to commission this month.

When operational, the Iasi-Ungheni-Chisinau transmission corridor could supply 1.5 billion cubic meters to Moldova, which is half of its annual consumption.

ICIS asked Transgaz when the interconnector would be commissioned. The company did not respond to the question but said the request was given a registration number and would be processed within a maximum of 30 days.

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Russia’s economy under President Putin on the charts Mon, 11 Oct 2021 05:18:54 +0000

Russian President Vladimir Putin attends a meeting with US President Joe Biden at Villa La Grange in Geneva, Switzerland, June 16, 2021.


Love him or hate him, there is no doubt that Russian President Vladimir Putin has helped keep Russia firmly on the global geopolitical stage during his tenure.

Alternating as both Prime Minister and President of Russia since late 1999, Putin has been a leading figure in the Russian economy seeking to attract foreign direct investment, stimulate a variety of industries and exploit the natural resources of the country. Russia, especially the country’s abundance of oil and gas.

Of course, it was not all easy. Russia has been hit by economic woes both on its own initiative – such as international sanctions imposed on key sectors after its annexation of Crimea to Ukraine in 2014 and its interference in the 2016 US elections – and some over which it had no control, such as the 2008 financial crash, 2014 oil crash and, more recently, the Covid-19 pandemic.

More than 20 years after Putin’s accession, Russia – a country stretching from Europe to Asia and with a population of around 144 million – faces challenges that the Kremlin will have to address soon enough.

These range from the more pressing issue of living standards and the specter of inflation that could hit Russian consumers in times of vulnerability, to longer-term issues such as Russia’s transition out of its dependent economy. energy and export oriented.

Tourists walk along Red Square in front of Saint Basil’s Cathedral in Moscow on November 6, 2020.


CNBC examined economic data from the Organization for Economic Co-operation and Development that spanned Putin’s two decades in power, looking at the country’s growth rate, GDP per capita, employment situation, and inflation. as well as household disposable income compared to its neighbors in the EU, the wider OECD (which includes 38 countries around the world) and the United States

Russia’s economic growth

Russia’s economy undoubtedly grew under Putin, although it plunged deeper than others after the 2008 financial crisis, as this graph shows.

The recession that Russia entered after the 2014-2016 oil crash (when oil prices fell from around $ 114 a barrel to $ 25 in early 2016) is also evident, as is the damage caused by the pandemic in Africa. GDP, Russia no longer being immune to blockages. , industry shutdowns and falling demand for oil than the rest of the world. However, its decline has not been as pronounced as that observed collectively in the EU or the OECD.

The Tor icebreaker (right) at the port of Sabetta on the Kara Sea coast on the Yamal Peninsula in the Arctic Circle, some 2,450 km from Moscow.

Kirill Kudryavtesev | AFP | Getty Images

This chart below shows Russia’s GDP per capita, a basic indicator of economic performance and commonly used as a general measure of average standard of living or economic well-being.


The rise in consumer prices has been a regular scarecrow for the Russian economy and inflation has been a focal point for Russia’s central bank in recent years, especially following the oil crash when the value of the Russian ruble fell against the US dollar, increasing inflationary pressures.

Currently, Russia’s inflation rate stands at 7.4%, a figure that prompted the central bank to raise interest rates by 25 basis points to 6.75% in September. The bank’s inflation target is 4%.

The central bank noted last month that while the Russian economy “returns to a balanced growth path … the contribution of persistent factors to inflation remains substantial.” In this environment, the risk balance for inflation is tilted upward, the bank said.

A hairdresser wearing a face mask and gloves combs the hair of a client on October 6, 2021 in Moscow, Russia.

Mikhail Svetlov | Getty Images News | Getty Images

Disposable household income was strongly impacted by runaway inflation during the 2014-2016 oil crisis period, but the latest available data show that Russia has recovered in this indicator, with the annual growth rate of the country. household disposable income, in 2019, at a very similar level in the United States


Russia performs well in terms of employment indicators, and in fact performs much better than its peers in the EU and the OECD, with its employment rate above the average for countries in the OECD and an unemployment rate below the OECD average.

“Flexible labor market legislation, weak unemployment insurance and the ongoing economic recovery are reducing unemployment,” the OECD said in a 2018 report. Yet Russia scores relatively low on quality indicators of employment, with income quality close to the lowest of OECD countries.

Employees of the Russian factory in Mikron manufacturing microchips for electronic passports.

Alexandre Ryumin | TASS | Getty Images

It also scores below the OECD average in the main inclusion indicators, with the employment gap higher for disadvantaged groups, such as mothers with children, young or older workers, and workers. disabled or non-Russian workers, compared to OECD countries.

– CNBC’s Hadley Gamble hosts a panel with Russian President Vladimir Putin and CEOs of BP, TotalEnergies, ExxonMobil and Daimler at Russian Energy Week. Watch live at 1:00 p.m. Moscow time / 11:00 a.m. London time on Wednesday, October 13.

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EPL news 2021, buyout of Newcastle United, Saudi Arabia, what wealth, new owners, transfers, latest news Sun, 10 Oct 2021 22:25:32 +0000

Guess that’s how politicians feel?

You are told what you should be thinking, how you should be thinking, when you should think it, and whatever choice you make, for many you are 100% wrong.

Newcastle United is my football club. It’s my father, his father and his father. One step down on the family tree is an uncle who lives on the other side of The Town Moor and can hear St James’ Park when he rocks, which hasn’t happened much lately. Uncle Bill was going there every week, then Mike Ashley arrived. Joy and hope gradually stifled the natural enthusiasm. He keeps his subscription, even if every year it’s a thoughtful decision.

And now. Now what?

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(Photo by Oli SCARFF / AFP)Source: AFP


There is no equation to calculate the level of angst, apathy, utter contempt of Newcastle fans for Mike Ashley who has bathed in the financial lubricant of the Premier League for 14 years.

Yohan Kebabs, JFK (Kinnaer, not Kennedy), Dennis Wise, Nacho Gonzalez, Wonga, Sports Direct Park, Shearer’s bar, Blanking Shearer, Rafa walks, Hughton sacked, Pardew’s header, Jonas Gutierrez’s cancer and two relegations . And that only scratches the surface, beneath which lies a cave full of heartless stories that have sucked the soul of a football club in a city full of hearts that beat strongly when Newcastle United won.

It’s illogical, given the struggles and the joy the rest of life can bring, but in every city around the world there are examples where football is life. Newcastle is an extreme example.

Winning the record championship made a man happy. Has he wanted to sell for a decade? In theory only. Did he save the club? Herein lies the misconception under which Ashley operated. What if the club goes bankrupt? He could be docked at 100 points or sent to the National Northern League for days of derby against Blyth Spartans and there would still be a club and people to back him up, long after we’ve all crumbled to dust. Thank goodness this man left our club.

Klaassen takes victory for the Netherlands | 01:01


If Mike Ashley was still the owner, a third relegation was more likely than not. Steve Bruce may have been sacked, but the replacement would inherit the same issues. Change the driver, but if the car is a piece of crap, the car is a piece of crap.

Newcastle made a liar of all modern statistics last season. Expected objectives and others? Bruce-ball danced around them, Allan Saint-Maximin’s unpredictability, the bigger club-worthy prowess of Callum Wilson and Joe Willock on loan are key factors in an end-of-season push that has snatched the 12th position.

This Premier League revival has fewer poor teams, of which Newcastle is most certainly a part.

And in 24 hours, a switch operated by two Arab states compromising TV rights, everything changed. Everything about Newcastle has changed. About inevitability, about the club, about the city, about the latent wait. Suddenly by far the richest club in the world, in what is by far the richest league in the world.

66 years since a national trophy, and look over there at the last club that it happened to; Manchester City.

Even after days of reading about managerial availability, or watching that simulated FIFA video of a team of Ronaldo, Messi, Mbappe and, most importantly, Kante, or hearing the story that there are 13 000 agents worldwide and 10,000 of them would have been in contact with the club by now, the possibilities are unfathomable.

The trap, however, is far from negligible.

Some dressed as Thawbs and celebrated in front of the statue of Sir Bobby Robson. Some got completely drunk, #cans, and all that.

Some, like me, have thought deeply, with #cans of course because 14 years of frustration is worth having #cans for.

Everyone; you, me, the neighbor, australia of the ruling family of saudi arabia, has a past. And now when it comes to football their shadow is mine. A CIA report on the murder of a journalist is a factor. Lots of tips from all points of view online too. And yet I always come back to a question. How is it my fault?

(Photo by Oli SCARFF / AFP)Source: AFP


Protesting against this takeover is like protesting against a sunrise.

The private ownership of a world famous league, its obscene wealth multiplying with the seasons, will attract the biggest checkbooks. These meetings in the early 1990s about changing the way England’s Premier League operate are the footballing equivalent of geologists digging in sand for oil in the 1930s.

This Newcastle United transaction, decided by so few, affects a lot. From my point of view, steeped in cognitive bias, there is a lot of hope.

Hope the owners treat the city well. They will invest millions to bring in a new manager and new players, but the most telling appointments will be those that bring world-class football. The right CEO, the right football manager, the right scouts listening to the right agents who represent the right players to rebuild a club, not just build a team. It took three seasons for Manchester City to win a title after the resumption. I would take a delay three times that if that meant an air of durability was rising above all else.

The mismatch between local football in Tyneside and what goes on inside this oddly shaped stadium every other weekend is yawning. Fix it. Start treating everyone in the club well, after the last guy took out the canteen staff pensions to pay player bonuses. These are the stories that bounce in a city, which we talk about in pubs and bridge clubs, far from being a title.

England roars over poor Andorra | 01:17

Investing in football comes with a spotlight. This shadow which is now my shadow? He’s rightly more exposed than he was last week.

Investing in Newcastle is different from investing in Saudi Arabia in Facebook, Uber, and Boeing. I would like to think that fans of a football club who are not known to hold back their feelings will react differently to Mark Zuckerberg if the CIA were to start filing reports again.

From watching your team run aimlessly at the wolves to an increased interest in geopolitics and CIA reporting.

Far, it’s been a week.

As casual as it sounds, I just want to watch my team play some great football and no matter where it leads, so be it.

It could take us to Wembley Way, and an explosion of joy has been brewing for decades, like when Manchester City beat Stoke to win the 2011 FA Cup final.

My father turned 82 on Friday and woke up to the news. His brother, Uncle Bill, is a few years older. My son is 16 and a number ten with black and white stripes hangs on his bedroom wall.

The deep thinking of the past few days leads to a possibility: All four of them seated at a Cup final, the older two talking about how much their father loved Jackie Milburn, and why Newcastle, whatever the situation, will be a part of us. .

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Like it or not, with Nord Stream 2, Putin has his foot on the gas Europe so badly needs | Energy industry Sun, 10 Oct 2021 09:04:00 +0000

ANear years of debate in Germany and beyond, Russian state-backed energy giant Gazprom confirmed last month that it had completed construction of Nord Stream 2, a 760-mile pipeline with the potential to send 55 billion cubic meters of gas under the Baltic Sea to Germany. every year.

Russia is already Europe’s largest gas supplier, but once in service, Nord Stream 2 would provide a significant boost to the 170 billion cubic meters annually that keep the lights on across the continent.

Never hesitating to seize an opportunity in the event of a crisis, Russian Deputy Prime Minister Alexander Novak suggested last week that early approval by German regulators for Nord Stream 2, which is currently expected to take months, could be the response to the soaring gas prices that are troubling European governments. .

The move chilled markets and follows intense pressure from Europe and the International Energy Agency, the world’s energy watchdog, to increase supplies.

In reality, Nord Stream 2 cannot be the answer to the crisis in the short term. At best, Gazprom conceded that it would likely only operate at 10% of its capacity in the remaining months of this year. If Gazprom really wanted to cool the markets, it could reserve additional capacity for gas supply via pipelines passing through Poland and Ukraine.

Indeed, there are signs that Russia has increased supply over the past two days, and once Gazprom hits the November deadline to be fully supplied for this winter’s domestic demand, even more. gas should be available to Europeans.

Nord Stream 2’s argument highlights the dilemma Europe faces as it grapples with how to clean up its energy supplies.

Europe is setting itself ambitious goals in the name of the climate emergency, in particular by increasing the share of renewable energies in the EU to 40%. This is where the money is invested.

But as Europe closes its coal mines and readies its wind turbines, there will be a difficult transition period. Germany made this situation even more difficult with its decision to phase out nuclear power after the Fukushima disaster in 2011, leaving it to rely on fossil fuels to help bridge the gap to a fuel-fueled future. renewable energies.

Opponents of Nord Stream 2, including the White House, argue that it is part of the Kremlin’s geopolitical strategy. Although apparently a private sector project, it is clearly under the control of Vladimir Putin. The United States argues that regulatory approval will only strengthen Europe’s dependence on Russia and undermine Ukraine, a key Western ally, by rendering its pipelines redundant.

Maybe Putin will try to play politics with gas. But the Kremlin has been reluctant to do so in the past, seeking instead to be a reliable partner. And Russia has one key interest above all, and that is to sell as much gas as possible as quickly as possible.

Putin’s turnaround last week had this economic reality in mind: if he likes to be a nuisance to his neighbors, it is not in his interest to speed up the switch to renewables in Europe. The countdown to fossil fuels is ticking and Russia would undermine its finances by accelerating the decarbonization of Europe.

As for Ukraine, there is plenty of evidence that transit fees paid by Europeans for gas from its old pipelines have ended up in the pockets of some less than famous figures. And these are old pipelines, prone to leaks and explosions. Nord Stream 2 would be a cheaper and more efficient source of supply. Europe has every interest in helping Ukraine rebuild its economy, but today’s broken model is not necessarily what needs to be preserved.

Some further argue that the growing liquefied natural gas (LNG) market makes pipelines and Nord Stream 2 less relevant. LNG can be shipped all over the world. The developments of the past few days offer a pause for reflection.

Most of the LNG is locked away in long-term contracts, the majority of which is destined for Asia. As China emerged from the global pandemic, it was insatiable to buy the unreserved stock. Brazil worsened the deficit by turning to LNG to generate electricity normally generated by hydroelectric dams.

Putin is not a man with whom Europe wants to do business. But the global energy crisis has given him and his favorite project a powerful negotiating position – a position that could force Europe’s hand.

BA may regret his lack of generosity

Two of the UK’s largest airlines, British Airways and Ryanair, were tried by the Markets and Competition Authority for not breaking the law by refusing to reimburse customers who were prevented by the rules from Covid to take the flights they had booked. But the airlines were far from justified: Only a lack of legal clarity and an uncertain legal battle prompted the CMA to drop its investigation, and it unequivocally stated that the passengers had unfairly lost.

Some may see this as a demonstration of the toothlessness of a CMA, but neither the government nor the airlines come out of the chapter healthy. BA had called the CMA’s investigation – at a time when it was hampered by travel bans and layoffs – “unbelievable”. Ryanair argued more optimistically that it provided the flights and followed the law.

The carriers had offered their most generous terms and conditions to date, reimbursing millions of canceled flights and allowing a free rebooking. Their own schedules were disrupted in the short term by the sudden change in government travel rules. Any fine would have paled next to the billions of airlines lost during the pandemic.

Wider consumer behavior also complicates the picture. Essential international travel was allowed – and those who had to fly accepted the hardships of quarantine. As UK city hotels could attest after a summer of late cancellations, many vacationers viewed flexible Covid policies as a risk-free back-up plan.

Many, however, will have been unfairly stung in situations that have escaped insurance policies. For low cost Ryanair, expectations are low. BA, as aggrieved as he is, should be concerned that customers will perceive that he has failed to meet a fairer standard. In the long run, more generous competitors may reap the rewards.

Dave, there is a little problem to save Christmas

He managed to pull the UK’s biggest supermarket out of a hole, and now the government is hoping Dave Lewis can save Christmas. As supply chain czar, the former Tesco boss has been tasked with solving a crisis caused in large part by staff shortages. It started with truck drivers, but now retailers are struggling to recruit warehouse workers, especially those with special skills like forklifts.

After Brexit, many people who came from Europe for seasonal work can find better and more lucrative jobs elsewhere. Meanwhile, the government’s slow and ill-conceived “action” to solve the problem is pushing the industry to come up with creative solutions.

Tesco last week credited its rail freight investment with helping it weather the worst of the supply chain crisis: it plans to increase the number of containers it transports by train by 65,000 per year to 90,000 at Christmas.

The supermarket isn’t the only one trying out new ideas. Last week, John Lewis was the latest company to open a driving academy, with the goal of getting 90 more people behind the wheel of a truck each year.

On a completely different path, Ikea has announced plans to shift production of some furniture from the Far East to Turkey – reducing the distance at which goods will have to be shipped. And Ocado last week invested £ 10million in autonomous vehicle startup Wayve, and will test four vans in London over the next few months (backed by human operators).

Such ideas are, for now, an alternative to a battle for workers that has led to wage increases and big bonuses for certain groups of once underpaid and underrated employees.

In the longer term, however, truck driving in the UK needs to be made much more attractive. When even simple perks like washing facilities and restrooms fall far short of standards, it’s no surprise that sought-after drivers choose to move elsewhere. Lewis could do worse than look in the bathroom.

]]> Oil prices raise FTSE as US jobs report disappoints Sat, 09 Oct 2021 17:13:02 +0000 London’s highest index was raised on Friday by its oil majors and mining giants as it ignored disappointing US employment figures.

The FTSE 100 had added 0.3% to its value at the end of the day, despite a US non-farm workforce well below expectations.

He finished in 17.51 ​​points at 7,095.55.

Figures from Washington showed 194,000 jobs were created last month, below the half-million that analysts had predicted.

“Overall, however, given the above, the markets appear to have taken it reasonably well, holding their ground and avoiding a significant decline so far this afternoon,” the analyst said. IG Chris Beauchamp.

The rise in the price of oil, which hit a new three-year high on Friday, was enough to help the FTSE emerge from any gloom.

The price of Brent crude had risen about 1.6% to US $ 83.23 a barrel as markets prepared to close across Europe.

It boosted BP and Shell shares, up 2.5% and 2.2% respectively.

“Part of the hesitation in the markets is also due to the continued rise in oil, which, far from slowing down, seems to be accelerating now that Opec + has chosen to keep production stable for the time being,” said Beauchamp.

“The global economy, facing serious bottlenecks leading to inflation in a multitude of sectors, is ill-equipped for another supercharged oil price hike, and this could well be the big risk for the fall. . ”

In the United States, the S&P 500 and the Dow Jones were both trading rather flat as markets closed in London. The European cousins ​​of the FTSE were in the red, the Dax losing 0.3% and the Cac 40 falling 0.6%.

The British pound was stable against the dollar, trading at 1.3632, and against the euro at 1.1782.

In London, Royal Mail announced Friday morning that it had acquired Canadian logistics company Rosenau Transport, which it will add to the company’s 27 depots in the country.

The £ 211million deal will see Royal Mail’s subsidiary General Logistics Systems, which operates on the west coast of the United States, connect to operations north of the border.

Royal Mail shares closed 0.7% lower.

Despite attempts to call the summer “exceptional” and an August when sales were 50% higher than before the pandemic, Hollywood Bowl stocks did not strike.

The company closed just 0.4%, despite gaining 5.3% earlier today.

The biggest risers of the FTSE 100 were BP, up 8.75p to 353.55p, Shell A, up 36.2p to 1,708.6p, Shell B, up 34.8p to 1,714.6p , Standard Chartered, up 8.8p to 480.8p, and Rolls-Royce, up 2.48p to 143.7p.

Aveva, down 117p to 3,478p, United Utilities, down 40p to 1,770.5p, Spirax-Sarco, down 235p to 14,500p, Smurfit Kappa, down 53p to 3,804p, and Rightmove, in drop from 9p to 670.4p.

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Prime Minister Imran Khan likely to visit Saudi Arabia at Crown Prince ‘invitation’ Sat, 09 Oct 2021 15:55:52 +0000

ISLAMABAD: Prime Minister Imran Khan will likely visit Saudi Arabia at the invitation of Saudi Crown Prince Muhammed bin Salman to attend the Green Initiative Middle East conference, ARY NEWS reported.

According to sources familiar with the development, Saudi Ambassador to Pakistan Nawaf Bin Said Al-Maliki extended an invitation from Crown Prince Muhammed bin Salman to Imran Khan.

The prime minister is likely to attend the Green Initiative Middle East conference scheduled for October 23-25.

In a recent conversation between Imran Khan and Muhammed bin Salman, the Prime Minister recalled the two historic initiatives announced by the Crown Prince to combat the adverse effects of climate change and environmental degradation and thanked him for inviting him to participate in the launching ceremony of the Middle East Green Initiative (MGI), scheduled for Riyadh in October this year.

In March 2021, Saudi Crown Prince Mohammed bin Salman called on the leaders of Qatar, Kuwait, Bahrain, Iraq and Sudan to discuss a massive regional tree-planting project.

“The Middle East Green Initiative aims, in partnership with countries in the region, to plant 50 billion trees as the largest reforestation program in the world,” SPA said.

The crown prince on Saturday unveiled the ambitious campaign that sees Saudi Arabia plant 10 billion trees over the next decades and work with other Arab states to plant an additional 40 billion trees to reduce carbon emissions and fight pollution and land degradation.

SPA added that the initiative also aims “to improve the efficiency of oil production and increase the contribution of renewable energies, in addition to multiple efforts to preserve the marine and coastal environment, and increase the percentage of natural reserves”.

The Saudi Green Initiative is part of Prince’s Vision 2030 plan to reduce his dependence on oil revenues and improve quality of life.

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Putin’s announcement on increasing gas deliveries to the EU gesture of cooperation: Expert Sat, 09 Oct 2021 08:30:00 +0000

09 Oct 2021 2:00 PM STI

Moscow [Russia], October 9 (ANI / Sputnik): Russian President Vladimir Putin’s statement that energy giant Gazprom could increase Europe’s gas supply is a move to promote international energy cooperation for the benefit of all, Paul Adam Isbell, professor of political economy of climate change at Spanish IE University, told Sputnik on Friday.
Earlier in the week, Putin held a meeting on the state of the European energy market. The Russian president noted that Gazprom has always fulfilled its contractual obligations and assured international partners that it will continue to do so, while also considering the option of increasing supplies.
“Putin’s announcement should be seen as a genuine gesture of international energy cooperation and should be welcomed by all, whether or not one feels he was selfish. Cooperative gestures like this are almost always selfish, but they also serve the interests of many others, ”Isbell said.

The expert further compared Russia and Saudi Arabia, which have increased their oil production to lower global oil prices and ease economic pressure on its Western partners.
“Like Saudi Arabia, Russia is too often accused of being too ready to use energy as a weapon. A lucid examination, however, reveals that in both cases, fossil fuels are seen more as long-term business propositions than as geopolitical potential. weapons – which tend not to work or even backfire, ”Isbell noted.
Europe must perceive Russia as a necessary partner given decarbonization trends and pressing issues related to climate change, added the expert. As a result, Europe should strike a deal with all producers of carbonaceous fuels, including Russia, to mitigate environmental risks, Isbell concluded.
Czech bank Trinity chief economist Lukas Kovanda on Thursday also said Putin’s statement could have a stabilizing impact on the energy market and prevent gas prices from continuing to grow. (ANI / Sputnik)

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