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02/09/2022 ---- 09/09/2022

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09.09.2022
THEME: ECONOMY

A united and determined EU at the extraordinary meeting of energy ministers in Bruxelles

Yesterday the European Central Bank raised three key interest rates by 75 basis points each: such drastic measure was implemented to fight the high inflation across the continent, mostly due to the ongoing energy crisis. With this premise, today September 9 the energy ministers of EU countries met in Bruxelles to discuss a series of exceptional measures to curb soaring electricity bills. The focus was on five points: (1) introduction of mandatory savings during peak hours, (2) a revenue cap for new producers, (3) capturing excess profits from fossil fuel companies, (4) liquidity aids to utility businesses, (5) a price cap on Russian gas imports. The outcome of this meeting gives to the European Commission a clearer political mandate on how to proceed: there is agreement on necessity to introduce energy saving measures, guarantee liquidity to utility businesses, capping revenues for new producers, and to take a solidarity contribution from fossil fuel companies. The ministers also “expect the Commission to propose emergency and temporary intervention including the gas price cap” said Jozef Síkela - EU minster of Industry and Trade - at the press conference after the meeting. In conclusion, in his words: “When Putin started his energy war he expected to divide us and damage our democratic societies and economies. Hi will not succeed, Europe is united against his aggression”. Concrete legislative proposals on these aspects are expected by the Commission within days.

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08.09.2022
THEME: TECHNOLOGY

Nuclear fusion is moving steps towards commercial use, experts say

In a world where energy crisis and scarcity of natural fossil fuels is more and more problematic, nuclear physics may be once again what separates present and future times. Nuclear fusion promises near-limitless clean energy by mimicking the natural reactions occurring in the Sun. In the past few years several advancements moved fusion towards commercialisation, which may now be only decades away. So far, state-of-the-art magnetic fusion devices could not yet achieve a sustainable fusion performance, which requires a high temperature above 100 million kelvin and sufficient control of instabilities to ensure steady-state operation on the order of tens of seconds. A study published don September 2 in Nature by a team from Seoul National University and the Korea Institute of Fusion Energy - experimented with the reactor at the Korea Superconducting Tokamak Advanced Research (KSTAR) - reported generation of plasmas at a temperature of 100 million kelvin lasting up to 20 seconds without edge instabilities or impurity accumulation. For the first time, a fusion regime rarely subject to disruption and sustained without a sophisticated control is shown. It thus represents a promising path towards commercial fusion reactors. KSTAR is a pilot project that feeds information and technologies into the ITER project. In addition to South Korea, ITER’s 35 member states include China, India, Japan, the EU (including the UK), Russia and the United States. ITER was propelled into force when US President Ronald Reagan and Soviet leader Mikhail Gorbachev met in Geneva in 1985, granting the project with the mandate of benefitting mankind. Multiple countries subsequently joined. In 2005, the international body agreed – after strong bids from Paris and Tokyo – to build ITER in southern France. Construction is underway in Saint Paul-lez-Durance and the ITER facility is expected to come online in December 2025. Experts say that by 2035 most feasibility questions will be answered and by 2050 the commercial sector is likely to use fusion plants.

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08.09.2022
THEME: WORLD

Queen Elisabeth II died: her son Charles III is the new King.

Elisabeth was queen of the United Kingdom and 14 other Commonwealth realms from 6 February 1952 until her death on 8 September 2022 at the age of 96. Elizabeth reigned as a constitutional monarch through major political changes such as the Troubles in Northern Ireland, devolution in the United Kingdom, the decolonisation of Africa, and the United Kingdom's accession to the European Communities and withdrawal from the European Union. Elizabeth was the longest-lived and longest-reigning British monarch in history. The Crown passes now to her son and heir Charles in an extremely difficult moment for England and the world. Rest in peace Queen Elisabeth.

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07.09.2022
THEME: POLITICS

Turkey escalating tensions with Greece while moving steps closer to East

Greece and Turkey have come close to war three times in the last half-century mainly due to Aegean Sea islands disputes and immigration. Ankara and Athens are also now entangled in a dispute over the right to explore for hydrocarbons near Turkey’s Mediterranean coast, where Cyprus and several Greek islands are also located. In the past few few weeks president of Turkey Recep Tayyip Erdogan, who must contest elections by June next year, made several aggressive statements against the neighbouring country. He said on Monday that “Greece is not at our level, just as it is not our equal politically, economically, or militarily” in televised comments. He previously stated that Turkey may “come suddenly one night” amid a revival in accusations by his government that Greece has been illegally militarising islands near Turkey’s coastline. Greece denies the charges. “Your occupying the islands does not bind us. When the time, the hour, comes, we will do what is necessary”. This week the relationship reached a new low point as Greece’s government has written to NATO, EU, and the head of the United Nations asking them to condemn the aggressive talk by Turkey. Greece is warning the allies that current bilateral tensions could escalate into a second open conflict on European soil. In addition to this bilateral diatribe, statements have been directed also against the EU arguing it has an anti-Turkish attitude: “We know very well why the EU, which we are waiting to join, excludes us and includes countries that cannot be compared to us”. At only a few hours of the heavy statements by “Asian block” nations at the EEF, Erdogan said that “there is a West that is leading a policy based on provocation against Russia, which is not correct and will not be able to achieve any result”, adding that other countries should not underestimate Russia. His statements accompany a series of steps towards East: Turkey has not joined the Western sanctions regime against Russia and recently signed a new economic cooperation agreement with Moscow, including provisions of natural gas. Erdogan is expected to meet Putin at a regional summit in Uzbekistan next week. Chinese President Xi Jinping will also attend.

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07.09.2022
THEME: ECONOMY

A vision of a flourishing economy, based on mutual cooperation, is shared among Asian leaders at the Eastern Economic Forum in Vladivostok

It was a hot plenary session on September 7 at the Eastern Economic Forum in Vladivostok. In this session president of Russia Vladimir Putin and Chairman of the Standing Committee of the National People’s Congress of China Li Zhanshu took the floor. Putin’s plenary session lasted approximately 37 minutes becoming the longest one compared to his previous speeches at this forum. He predicts that the competitiveness of European companies will decrease since the EU administration is forbidding access to raw materials and energy at affordable prices. In his words: “The level of quality of life Europe has attained is being burned to fuel this sanctions machine in the name of the so-called Atlantic Unity” and said that it will be no coincidence if the global dominance of some EU companies is going to be replaced by American counterparts. He stated that the Russian federation is launching a number of projects to develop Russia far-East with new cities and universities, with the aim to attract corporations and highly trained people from the world. In conclusion, he stressed that as most Asian nations have rejected sanctions imposed by Western countries the logic of cooperation, of pooling of potentials and of mutual benefit with reliable partners - in particular Asian countries - will allow for a sustainable long-term development and a flourishing economy in the future. By replying questions, Putin also stated that Russia has benefited from the military operation in Ukraine through strengthening Russia’s sovereignty. He also accused the EU of “cheating” to import of grain through Turkey, grain which would be destined to developing countries. However, he also admits there is no breach of any signed contract. As a remedy, he announces negotiations to limit grain export to Western destinations in order to favour poorer countries. On gas provisions to EU, which is currently stopped, he accused Ukraine and Poland of sanctioning and shutting down pipelines and UK to sabotage all efforts to repair Nord Stream 1 by leveraging maintenance contracts signed with the British division of Siemens - the company providing the turbine that needs repair. On the price cap decided by G7 on September 2 he stated that “this decision has no future” and that the EU attempt to restrict prices will instead lead to a price increase. He rejects allegations of Russia using energy as a weapon and confirms that gas pipelines will be built to increase delivery to China. Li Zhanshu, in his intervention, said that China is interested in the vision of a strong Asian economy and reassured his country’s cooperation with Russia “across the whole spectrum”. In his words: “China believes that Russia is an important partner in international cooperation and will continue to develop cooperation in trade, finance, technology, science, education, and culture”. He also stated that China is ready to actively contribute to the development of Russia far-East. Alongside Putin and Li Zhanshu, in the plenary session short talks were given by Myanmar’s Chairman of the State Administration Council Min Aung Hlaing, Armenian Prime Minister Nikol Pashinyan, and Mongolian Prime Minister Luvsannamsrein Oyun-Erdene.

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06.09.2022
THEME: ENVIRONMENT

Thwaites Glacier is melting at an increasing rate: an acceleration of sea level raising is possible in the coming years

The Thwaites Glacier, located in West Antarctica, is one of the widest on Earth and is larger than the state of Florida. It has been nicknamed “doomsday glacier” because of its high rise of collapse and threat to global sea level. In the coming years, scientists say, it has the potential to rapidly retreat, amplifying concerns over the extreme sea level rise that would accompany its potential demise. At some point in the last two centuries, the base of the glacier dislodged from the seabed and retreated at a rate of 1.3 miles (2.1 kilometres) per year. In a study published on September 5 in the journal Nature Geoscience it has been reported that new seabed imagery indicates that the glacier previously retreated at double its current rate, implying that mass loss could accelerate in the near future. The Thwaites Glacier, located in West Antarctica, is one of the widest on Earth and is larger than the state of Florida. But it's just a faction of the West Antarctic ice sheet, which holds enough ice to raise sea level by up to 16 feet, according to NASA. As the climate crisis has accelerated, this region has been closely monitored because of its rapid melting and its capacity for widespread coastal destruction. In 2021, a study showed the Thwaites Ice Shelf, which helps to stabilize the glacier and hold the ice back from flowing freely into the ocean could shatter within five years. The nature is warning us: climate change is happening and the time to find solutions is running out.

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06.09.2022
THEME: POLITICS

“Asian block” nations strengthen cooperation at the Eastern Economic Forum in Vladivostok, Russia

The 7th Eastern Economic Forum EEF, scheduled to be held from September 5 to 8 in Vladivostok, is focused this year on the theme "On the Path to a Multipolar World," according to the official website of the forum. Tomorrow September 7 high officials of the most relevant Asian nations will meet at the (EEF) in bilateral meetings planned around the plenary talk of Russian president Vladimir Putin. Alongside Putin, taking part in the plenary session will be Myanmar’s Chairman of the State Administration Council Min Aung Hlaing, Armenian Prime Minister Nikol Pashinyan, Mongolian Prime Minister Luvsannamsrein Oyun-Erdene and Chairman of the Standing Committee of the National People’s Congress of China Li Zhanshu. All these nations constitute a large block - the majority of Asia - and their relationships are currently strengthening. This aggregation of interests is accelerated by the Ukraine and Taiwan unresolved issues with Western countries, particularly US. The G20 in Bali, taking place in November, will see the leaders of these nations face to face with EU and US leaders for the first time since the Ukraine war started.

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05.09.2022
THEME: POLITICS

New UK Prime Minister Liz Truss takes office in a difficult historical moment

Across the United Kingdom, businesses and households are warning that they won't make it through the winter without help from the government. That sets up enormous challenges for the incoming prime minister Truss, elected today as successor to Boris Johnson. With inflation running above 10% yearly, soaring energy bills, and the ongoing Brexit consequences the UK is arguably the most impacted European state in the coming winter. During the electoral campaign the PM has defined China a threat - while the bilateral relationship has been growing in the past decade: a course inversion that could bring further economic turmoil. On other foreign matters such as pending issues with the EU and the will to see Russia defeated in Ukraine, new PM Truss is likely to continue the doing of her predecessor. With other nations already taking significant economic measures, PM Truss - already defined as the new Iron Lady - has the possibility to write history for her country in such a complex historical moment.

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05.09.2022
THEME: WORLD

Chile voted on the most progressive constitution in the world: 62% rejected the proposal

On September 4 2022 Chile voted on the proposal to adopt a new constitution where social inclusion, ecology, gender parity, indigenous rights are unmovable pillars. The text contains a number of articles designed to boost science, expand environmental protection and improve the nation’s education system. These stand in stark contrast to the contents of the text enacted more than four decades ago under the military dictatorship of Augusto Pinochet. In the past years many Chileans protested economic inequalities and demanded a new constitution. In 2020 the nation voted overwhelmingly to replace the document. A democratically elected assembly, including scientists, teachers, students and Indigenous representatives, formed to draft it. It is the first time in Chile's history a constitution was drafted democratically. With protests in Chile being heavily supported by feminist movements, the draft contains several strong points on gender parity. State bodies and public companies, among other entities, would have gender parity. The state would take measures to eradicate and punish gender violence. The proposal said every person is entitled to sexual and reproductive rights, including the voluntary interruption of pregnancy - abortion in Chile is currently legal only in cases that involve rape, unviable pregnancies or when the mother's life is in danger. The constitution draft also had an entire chapter dedicated to environment, stating that "nature has rights" and that animals are "subjects of special protection." Fighting climate change would be a state duty as would be protecting biodiversity, native species and natural spaces. Wetlands and glaciers would be "excluded from any mining activity" - Chile is the world's largest producer of copper and one of the top lithium producers. Clearly impacting many strong powers (such as mining corporations) the political campaign has been intense and characterised by accusations of misinformation. Today 62% rejected the proposal. Chile remains now with the constitution written by the military dictatorship of Augusto Pinochet.

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05.09.2022
THEME: ECONOMY

Germany announces 65 billions package to curb soaring energy costs

Germany has announced a 65 billions package of measure to curb the rising energy costs due to scarce supplies after Russia’s invasion of Ukraine. German Chancellor Olaf Scholz told journalists Germany would get through the winter, adding that Russia was "no longer a reliable energy partner".He said the government would make one-off payments to pensioners, people on benefits and students. There would also be caps on energy bills. Some 9,000 energy-intensive businesses would receive tax breaks to the tune of €1.7bn. Countries across Europe are considering similar measures. EU energy ministers are due to meet on 9 September to discuss how to ease the burden of energy prices across the bloc.

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02.09.2022
THEME: WORLD

G7 leaders agree on price cap for Russian oil while Kremlin promises hard reaction

Yesterday Deputy Prime Minister Alexander Novak told reporters that Russia will suspend supplies of oil and petroleum products to states which will decide to restrict the price of oil from the country. On the same day the chairman of the board of Russia’s largest private oil company LUKoil (Ravil Maganov, 67) died after falling from a Moscow hospital window plunging from the sixth-floor window of the Central Clinical Hospital - known as the “Kremlin Clinic”. It is with these premises that today September 2 the finance ministers of G7 nations gathered in Elmau (Germany) to decide on the restrictions on Russian oil. The outcome of such meeting shows a strong resolve by EU on this matter. A joint statement has been released: “ […] We will curtail Putin’s capacity to fund his war from oil exports by banning services, such as insurance and the provision of finance, to vessels carrying Russian oil above an agreed price cap. We are united against this barbaric aggression and will do all we can to support Ukraine as they fight for sovereignty, democracy and freedom”. With this the G7 Leaders reaffirmed a shared commitment to preventing Russia from profiting from its war of aggression, to supporting stability in global energy markets and to minimising negative economic spillovers, especially on low- and middle-income countries. To deliver on this commitment, today they confirm a joint political intention to finalise and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally – the provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price (“the price cap”) determined by the broad coalition of countries adhering to and implementing the price cap. In the following days and weeks such measures will be implemented, with a reaction by Russia to be expected. A few hours later Gazprom announced the possibility of a prolonged halt of natural gas supply through a key pipeline to Germany (Nord Stream 1), citing the need for urgent maintenance work. Today the energy ministers of G20 nations had a parallel meeting in Bali to discuss energy security. The meeting was wrapped up without producing a joint statement toward a stable supply of energy. Differences between Russia and the West likely prevented their reaching an agreement.

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