Despite announcing profits of $25 billion yesterday, shares in the oil giant fell by over 4% after it reported a 24% drop in quarterly profits for the last quarter of 2008. Like the other oil majors, the company was hit by the falling oil price. Oil industry analysts said that the company’s profits were “well … Read More
European Union
EU’s Answer to Gas Crisis “Not Credible”
OK – hands up. I admit it. Yesterday I may have been too hasty to blame the European row on Russian and Putin, when there is increasing evidence that the Ukrainians are to partly to blame too. You could argue that the other countries in Europe are also to blame. Despite these annual spats between … Read More
Putin’s Power Games Cause Severe Gas Shortages
As much of Europe shivers under unusually low temperatures, it is not only the temperatures that are plummeting. The annual spat over gas supplies and price between Russia and Ukraine has worsened overnight with four countries now reporting a complete halt in supplies. The government in Kiev has said that Gazprom, the Russian state gas … Read More
EU Credibility on Line over Climate Deal
Good old Europe. Just when you hoped that European leaders would finally pull together and show leadership at Poznan to force through a deal, they just end up doing what they do best. Squabbling. So much so that the EU in-fighting has undermined the climate talks in Poznan. There is no doubt that the Poznan … Read More
The Climate Sceptic About to Lead the EU
In January 2009, much of the world’s attention will focus on the shift of power from President Bush to Barack Obama. But the US is not the only place where there will be a significant power shift. The presidency of the EU also moves that month from France to the Czech Republic. So why does … Read More
EU: Keep the Temperature Rise Well Below 2 Degrees
Global temperature rises should be kept well below the European Union’s target of 2 degrees Celsius to avoid costly damage to people and their lifestyles, according to a new European Parliament report. European consumers must be given better information about the “carbon footprint” of goods they buy, including products imported from outside the 27-nation bloc, … Read More
Iraq Tells EU “We are Open for Business”
The Iraqi Prime Minister Nouri al-Maliki told the European Union yesterday that his nation is “open for business”. Al-Maliki said that in return for opening its vast oil and gas reserves to investors, Iraq wants EU know-how to rebuild its tattered institutions and industrial base.
UK Watchdog Warns About Carbon Trading
The fast-growing market in carbon dioxide emissions poses risks that could threaten other commodities markets, the British Financial Services Authority has warned. The watchdog said problems including investors being sold unsuitable products, confusion over the regulation of emissions traders, and insufficient official data created risks to both the fledgling global emissions markets and to related … Read More
EU Told to Prepare for Climate and Resource Conflict
European governments have been told to plan for an era of conflict over energy resources, with global warming likely to trigger a dangerous contest between Russia and the west for the mineral riches of the Arctic. A report from the EU’s top two foreign policy officials for a summit in Brussels this week warns that … Read More
EU: Climate Change Poses “Security Risk”
Climate change poses “serious security risks” and fighting it should be part of “preventive security policy”, according to the European Union’s top diplomats. The warning is contained in a paper prepared for an EU summit this month by Javier Solana, the bloc’s foreign policy chief, and Benita Ferrero-Waldner, external relations commissioner. It says that increased … Read More