Danish hydrogen adds hygge to market green malaise 7 Jun 2021 Green Hydrogen Systems is planning a Copenhagen float that will value the electrolyser maker at $500 mln. Of late, pulled IPOs reflect investor scepticism about so-so renewable energy listings. The green gas’s key role in cutting EU carbon emissions may make this a comfier fit.
The Exchange: Steering Europe’s green transition 1 Jun 2021 Frans Timmermans has a key leadership role in the European Union’s quest to reduce its 2030 emissions by 55% compared to 1990 levels. Ahead of a major set of green policy updates next month, he talks to George Hay about both these and November’s COP26 conference.
Capital Calls: “Friends” reunion, SPACs in D.C. 24 May 2021 Concise views on global finance: AT&T's HBO Max is streaming a delayed 25-year reunion of the popular sitcom cast just as the company ditches its media assets; busybody U.S. Congress is taking a hands-off approach to blank-check firms.
Northern Ireland row threatens its Brexit dividend 21 May 2021 British leaders have cast doubt on border arrangements they agreed following the country’s split from the European Union. It’s a blow for the province’s plan to lure foreign firms by offering access to both Europe and Britain. Its post-Brexit boom may be over before it started.
Capital Calls: Retail sales’ wild ride 19 May 2021 Concise views on global finance: Some U.S. retailers are reporting better growth than others, but there’s still much to play for.
EU boxes smart in bout with Chinese behemoths 5 May 2021 Competition tsar Margrethe Vestager wants to stop state-sponsored foreign firms from buying European rivals. It’s a good way to protect industries while resisting mergers like Siemens-Alstom. But ensuring a level playing field isn’t enough to develop high-tech sectors like chips.
Time is biggest foe of Draghi’s big plan for Italy 26 Apr 2021 Prime Minister Mario Draghi pledged reforms, like faster legal trials, to obtain some 200 bln euros of EU funds. This complements a big budget deficit he’s running up during the Covid-19 crisis. A short tenure means he must act fast as his successors may be less keen on change.
European chips champion is puzzle for M&A bankers 21 Apr 2021 The region’s leaders fret about their collective semiconductor shortcomings. An $85 bln union of Infineon and STMicroelectronics would bring heft, plus cost savings to mollify investors. The hard part is getting France and Italy to agree a structure that preserves their pride.
Germany’s EU views will get Green jolt post-Merkel 20 Apr 2021 Armin Laschet, the ruling Christian Democrats’ pick to run for chancellor, will almost certainly have to share power with the increasingly popular pro-European Greens. Such a coalition would bode well for a sensible reform of the bloc’s fiscal rules and common debt issuance.
Ireland bank exodus presages wider EU retrenchment 16 Apr 2021 Belgium’s KBC may flog most of its $12.3 bln of local assets to Bank of Ireland. NatWest just pulled the plug on Ulster Bank. Tough regulation, large incumbents and low rates played their part. The same factors will push other European lenders to retreat from far-flung markets.
EU’s new supply-chain stick delivers fair whack 16 Apr 2021 Germany and others plan to make firms liable for human rights and environmental abuses by suppliers. The financial gains derived from outsourcing justify the legal stretch. Scandal-wary giants like Nestlé already self-police their sourcing. Hefty fines are an added incentive.
Cox: Europe really needs to get its shot together 1 Apr 2021 From Rome to Paris and beyond governments are imposing further travel and other restrictions, many for reasons that look more petty, political and punitive than sanitary. That’s energy better spent on the best way to exit the health and economic crisis: vaccinating people.
Europe’s greenwash-slayer becomes Trojan Horse 30 Mar 2021 The EU has proposed classifying natural gas as sustainable. Its taxonomy, which differentiates green assets from the rest, is likely to be watered down further. Such an imperfect guide risks leading investors astray and delaying progress towards decarbonising the economy.
Carbon markets have a Goldilocks problem 24 Mar 2021 Europe’s lowball carbon prices used to be a joke. Since the EU acted to clear a permit glut, they’ve spiked above 40 euros a tonne to a level just right to drive CO2 cuts. The challenge is to stop a political backlash if financial interlopers ramp prices too far, too quickly.
Guest view: The EU is tarnishing its green jewel 23 Mar 2021 The European Union’s Taxonomy is supposed to mean stakeholders can differentiate between sustainable investments and carbon-heavy ones. A new plan to treat gas as green is a huge mistake, argues Sandrine Dixson-Declève. It turns a potential global template into a paper tiger.
Europe’s UK vaccine threat has risky logic 23 Mar 2021 Brussels may block shipments of Covid-19 jabs to Britain amid a spat with AstraZeneca. Its ultimate threat would be to limit supplies of other remedies too, such as Pfizer’s. Even if the worst outcome is avoided, the result will be less efficient supply chains and costlier drugs.
Capital Calls: Elon Musk, AstraZeneca 15 Mar 2021 Concise views on global finance in the Covid-19 era: The electric-vehicle maker’s jocular new title of “Technoking of Tesla” tests the theory that deeds matter more than words; fears over the drugmaker’s vaccine risk further delaying the re-opening of Europe’s economy.
Capital Calls: T-Mobile US, Ulta Beauty 12 Mar 2021 Concise views on global finance in the Covid-19 era: The U.S. telecom is benefiting from its merger with SoftBank’s Sprint; the U.S. cosmetics retailer revealed a tidy succession plan, but its business still faces lingering pandemic side-effects.
Lagarde’s yen for consensus will be stress-tested 11 Mar 2021 The ECB will step up the pace of bond-buying to combat a rise in yields. Moving sooner wouldn’t have allowed President Christine Lagarde to get the governing council’s green light. Fast-moving markets may require speedier reactions than her instinct for forging unity permits.
EU chip factory fantasy puts cart before horse 26 Feb 2021 Commissioner Thierry Breton wants an advanced semiconductor plant to cut reliance on Asia. The problem is that Europe’s chip designers and carmakers are ill-equipped to use such a cutting-edge site. Getting them on side, and investing more in research, is the place to start.