Business

Canada orders three Chinese firms to exit lithium mining

Canada ordered three Chinese companies on Wednesday to divest their investments in Canadian critical minerals, citing national security. China in response accused Ottawa of using national security as a pretext and said the divestment order broke international commerce and market rules. As countries compete to shore up reserves of materials needed for a transition to […]

Business

Ukraine trusts Musk’s Starlink but looking for other providers too

Ukraine trusts Elon Musk to continue providing internet access through his SpaceX rocket company’s Starlink satellite system despite a wobble last month, but is also seeking additional providers, one of its deputy prime ministers said on Thursday. Mykhailo Fedorov, in Portugal for Europe’s largest tech conference, the Lisbon Web Summit, said Ukraine had discussed Starlink […]

Business

BMW sees pressure in Europe as inflation hits buyers

BMW (BMWG.DE) expects strong sales growth in the fourth quarter, but warned rising inflation and interest rates would start to weigh on European demand in particular in the coming months. The German premium automaker beat forecasts with a rise in third quarter profit, as higher car prices offset a dip in sales volumes caused by […]

Business

EU seeks better alignment with global sustainability rules

The European Union sought on Thursday to reassure international companies it would seek to align its sustainability disclosure rules with a global initiative, after warnings from regulators over fragmenting capital markets. The EU is finalising mandatory environment, social and governance (ESG) disclosures for about 50,000 companies across the bloc to help stop ‘greenwashing’ or exaggerated […]

Business

IEA says Europe must act now to avoid winter 2023 gas shortages

Europe needs to act now to avoid a natural gas shortage next year given the loss of Russian supply and expectations Chinese demand will increase, the International Energy Agency (IEA) said on Thursday. The European Union has succeeded in filling storages to 95% ahead of this winter, 5% or 5 bcm above their 5-year average, […]

Business

‘Massive scars’: Germany’s Uniper posts record 40 bln euro net loss

Soon-to-be-nationalised gas importer Uniper (UN01.DE) reported a record 40 billion euro ($39.3 billion) net loss in the first nine months of this year, the biggest in German corporate history, after Russia stopped its supplies. The loss further highlights how Russia’s decision to sever a decade-long supply relationship with Europe, most notably Germany, is impacting the […]