Çarşamba, 7 Aralık 2022
Çarşamba, Aralık 7, 2022
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🇺🇳 Climate penance

Loss and damage fund established on last day of COP27, Sunak visits Ukraine to offer major UK air defense package, France and Germany to coordinate energy price relief

Ukraine Presidency

Good morning. Today is Monday, November 21st.

Well, money can't buy happiness, as they might say; but it sure does buy the right to host a World Cup. Speaking of rights, which Qatar offers a limited amount of in terms of human, women, LGBT+ and migrant workers, we will surely continue to hear more uncomfortable questions about them —and perhaps even more on corruption and bribery— during this period, even as Ecuador beats the Gulf country 2-0 in tournament's opener.

  • Today's playlist, as one might guess, is anthems and top hits from the world's second most popular sports event after the Summer Olympics.

—Atilla, with Özlem and Can


Markets Recap

Year-to-date price changes. Prices at markets close.

• This week is about consumer confidence in the eurozone and global PMI flashes, with FOMC minutes and ECB monetary policy accounts splashed while retailers hoping for a strong Black Friday performance.

  • Monday
    Ukraine President Zelenskiy to speak at NATO Parliamentary Assembly’s annual session; Germany PPI; China loan prime rates.
  • Tuesday
    The OECD to release its latest Economic Outlook; Eurozone consumer confidence.
  • Wednesday
    Chancellor Olaf Scholz to address the Bundestag on Germany’s 2023 budget; US FOMC Minutes; Global manufacturing and services PMI flashes; EIA crude oil inventory report.
  • Thursday
    EU energy ministers to hold an emergency meeting in Brussels; ECB to publish accounts of its October policy meeting; US markets closed for Thanksgiving; Germany Ifo business climate; Sweden interest rate decision.
  • Friday
    US markets close early; Germany GDP, GfK consumer confidence; France consumer confidence; Spain, Sweden PPI; Japan Tokyo CPI.

French and German governments will coordinate to provide relief to companies struggling with high power prices, French finance minister Bruno Le Maire said on Saturday, and added that Europe must “act as a bloc” to respond to US energy policies. Le Maire will meet his German counterpart Christian Lindner in Paris on Monday. 

  • What it means: France has criticized Washington’s Inflation Reduction Act, which has triggered concerns over the impact of billions of dollars in subsidies that could put European companies at a competitive disadvantage.

German grid operators are trying to draw up agreements with major industrial consumers to curb electricity demand this winter in case gas is diverted to meet household heating needs during a cold snap. The plan would enable organized power cuts, known as brownouts, in certain regions, allowing firms to plan in advance.

Italy's new right-wing government is set to announce on Monday a budget for next year that includes €30 billion in new spending on curbing the impact of record-high energy prices while postponing some of its election promises such as tax cuts and increased pensions. "We won't be able to do everything, all at once. Past attempts to do that have ended in disaster," Industry Minister Adolfo Urso said on Sunday.

PM Meloni

via Reuters

  • A step back: PM Giorgia Meloni has already said that roughly two-thirds of the additional spending power would be used to help companies and households survive rising gas and electricity bills. This comes on top of some €75 billion spent in 2022 to tackle surging energy prices.

British consumer confidence inched up slightly in November as the UK reeled back from a market meltdown triggered by former PM Liz Truss’s fiscal plan, market research firm GfK said on Friday. GfK's monthly consumer confidence index rose to -44 from -47 in October, having struck an all-time low of -49 in September.


BP has all but halted fuel production after a serious incident at its Rotterdam refinery, Europe’s second-biggest oil-processing plant, according to the Dutch union CNV. BP had been carrying out planned work at the refinery since September but has failed to return a key unit to operation as it had planned earlier this month, according to Bloomberg sources.

Ana Botin, CEO of Santander, criticized windfall taxes on banks as European governments consider raiding lenders that are benefiting from rising interest rates. Santander, the eurozone’s third-largest bank, would be one of the hardest hit under proposals by Spain’s left-wing coalition to raise €3 billion from banks to cushion the impact of surging energy prices.

Ana Botin

via FT

  • Zoom in: Figures from the Spanish Banking Association showed that if banks were forced to pay €3 billion in taxes, it would reduce their lending capacity by €50 billion. The ECB has also criticized Spain’s proposed windfall tax, saying it could damage bank capital positions, disrupt monetary policy, and be difficult to enforce.

The European mobile towers market is "pretty much closed" as companies struggle to finance new deals due to surging inflation while the availability of assets declines, according to the chief executive of Cellnex. "M&A activity is over. Material, inorganic growth, for the next 24 months is over," chief executive Tobías Martínez Gimeno said in reference to the overall market.


Negotiators from nearly 200 countries agreed for the first time to help pay for the damage that global warming is causing in poor countries, as the COP27 climate talks came to an end on Sunday. The deal established a fund for what is called “loss and damage” while a long overnight final meeting remained short of addressing any other issues, including the main cause of disasters, fossil fuels.

Flood in Pakistan

via CNN

The Russian-controlled Zaporizhzhia nuclear plant in Ukraine was shelled on Saturday evening and Sunday, suffering more than a dozen blasts. Moscow and Kyiv traded blame for the attack on Europe’s biggest nuclear power plant, as the International Atomic Energy Agency urged the offenders to stop, warning, “You’re playing with fire!” The IAEA reported some damage to the buildings and equipment but nothing critical to nuclear safety so far.

Zaporizhzhia nuclear plant

via Reuters

  • On a related note: British PM Rishi Sunak met Ukrainian President Volodymyr Zelenskiy during his first visit to Kyiv and promised to provide air defense equipment worth £50 million (€57.4mn) to help against Russian strikes on critical infrastructure. Zelenskiy said almost 50% of Ukraine’s energy infrastructure has been damaged so far in the war.

Turkey launched air strikes against Kurdish militia groups in Iraq and northern Syria in retaliation for a bombing that targeted civilians in Istanbul last week. The Defense Ministry said the strikes aimed to “eliminate the threat of terrorist attacks emanating from those areas.” Turkey blames the separatist Kurdish group PKK and its affiliate PYD for the bomb attack that killed six people and injured over 80.

Istiklal Avenue in Istanbul after the attack

via Bloomberg

  • On a related note: Finnish Foreign Minister Pekka Haavisto said the attack in Istanbul will strengthen Turkey’s concern over Kurdish terrorism, which might have negative effects on Finland’s and Sweden’s entry to NATO. To approve their bid, Turkey stipulates that the two Nordic countries deport those it deems terrorists.

Qatar opened the World Cup on Sunday with a ceremony that stressed the inclusivity of Bedouin tradition. The country’s ruler Sheikh Tamim made a short speech with the same theme and sat between the Saudi and Egyptian leaders, who boycotted the energy-rich country until 2021. No leaders from Western countries attended the ceremony in Qatar, which has been criticized over its treatment of migrant laborers and the LGBTQ community.


Former US President Donald Trump said he will not return to Twitter after Elon Musk tweeted a poll in which 51% voted to reinstate his account that was suspended in early 2021. "The people have spoken. Trump will be reinstated," Musk tweeted, while Trump said he would stick with his social media platform Truth Social instead of going back to Twitter, which he said suffers from bots and fake accounts.

Trump's suspended account

via Reuters

Elizabeth Holmes, the former CEO and founder of blood-testing startup Theranos, has been sentenced to 135 months in prison and three years of supervised release, a year after she was found guilty of four counts of fraud. Holmes had raised $945 million with the false claims that her company developed technology that allows tests with only a few drops of blood.


via Engadget

The General Conference on Weights and Measures in Paris voted to end the practice of occasionally adding one second to official clocks, by 2035. Leap second was introduced in 1972 to overcome differences between atomic time and observed solar time, but the practice has caused tech companies difficulties for decades as it can confuse servers.


via Engadget

  • The backstory: Russia voted against the proposal as it has done so before because its global positioning system GLONASS incorporates the adjustment while the GPS, operated by the US, does not. Experts said the decision may force Russia to launch new satellites.

Crypto exchange FTX, which filed for US bankruptcy on Nov. 11, said it owes $3.1 billion (€3bn) to its top 50 creditors, with $1.45 billion of that owed to the top 10 creditors. The company said it is preparing for the sale or reorganization of some of its businesses.


🏭 Energy: France is losing its race to fix the reactors Europe needs

♻️ Success or COP-out: How do this year’s climate talks rate?

💬 Culture: Why do some words sound similar in completely unrelated languages?

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