Business

Russia’s Gazprom feels the heat over Europe’s red-hot gas prices

Europe’s biggest gas firms say the continent’s top supplier Gazprom is fulfilling its long-term contracts yet the Russian energy giant remains at the centre of a dispute about whether it could do more to ease the price pain in a red-hot spot market. But European politicians, under pressure from consumers who face a huge jump […]

Business

Shareholders push for Australia’s banks to stop fossil fuel funding

A group of shareholders filed climate change resolutions with three of Australia’s Big Four banks on Thursday, asking them to abide by their self-declared support for net-zero emissions by 2050 and stop financing fossil fuels. The resolutions ask for a firm commitment from Westpac Banking Corp (WBC.AX), Australia and New Zealand Banking Group (ANZ.AX) and […]

Business

Russia’s Sberbank, Mail.Ru invest extra $168 mln into JV

Russia’s largest lender Sberbank (SBER.MM) and internet firm Mail.Ru (MAILRq.L) have invested an additional 12.2 billion roubles ($168.39 million) in their ride-hailing and food delivery joint venture, the companies said on Thursday. The funding is being provided in the form of equity. Total funding for the JV since its inception in December 2019 now stands […]

Business

CMC says Sept market volatility boosts trading volumes

Online trading platform CMC Markets Plc (CMCX.L) pointed to a pick-up in client activity in September on Thursday, as the China Evergrande debt crisis and inflation concerns spurred market volatility and boosted trading volumes. Stocks globally have retreated in recent weeks after months of recovery, due to concerns about property developer China Evergrande (3333.HK) and […]

Business

German industrial production slumps on supply chain disruption

German industrial output suffered its steepest drop in August since April last year, due to supply chain disruptions that are holding back growth in Europe’s biggest economy and hitting the auto sector particularly hard, official data showed on Thursday. The Federal Statistics Office said industrial output fell by 4.0% on the month after an increase […]

Business

RWE enters Greece via solar joint venture with Public Power Corp

RWE (RWEG.DE), Germany’s biggest power producer, on Thursday said it has formed a joint venture with Public Power Corporation (DEHr.AT) which will initially focus on realising solar projects worth 2 gigawatts in Greece. The 51-49 joint venture is RWE’s first move into the Greek market, the company said, adding both firms had agreed to not […]

Business

Fall in China’s $1.3 trln land sales to test local finances, economy

Sagging demand at China’s urban land auctions amid a crackdown on borrowing by private developers risks squeezing regional finances, pressuring local governments to scramble for other income sources to fund investments and support the economy. Land sales soared to a record 8.4 trillion yuan ($1.3 trillion) in 2020, the equivalent of Australia’s annual gross domestic […]