Tausi Insider

The downturn in manufacturing activity across the euro zone eased in November, according to a survey which suggests while the bloc’s factories still face a harsh winter it may not be as bad as initially feared. S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) rose to 47.1 from October’s 46.4, but was below a preliminary reading of 47.3 and under the 50 mark separating growth from contraction. An index measuring output, which feeds into a composite PMI due on Monday and seen as a good guide to economic health, rose to 46.0 from 43.8, marking its sixth month of sub-50 readings. “The PMI signals some welcome moderation in the intensity of the euro zone manufacturing downturn in November, which will support hopes that the region many not be facing a winter downturn as severe as previously anticipated by many,” said Chris Williamson, chief business economist at S&P Global. Suggesting there won’t be a quick revival in the industry new orders fell sharply and a chun...

French energy giant TotalEnergies said Friday that it will walk away from its stake in Russian natural gas producer Novatek and take a $3.7 billion loss. TotalEnergies, which has come under criticism for pursuing some of its projects in Russia amid the war in Ukraine, said Western sanctions prevent it from selling its 19.4% stake to the Russian company. It said it was withdrawing its representatives from the Novatek board, who have been abstaining from voting because of sanctions, with “immediate effect.” As a result, TotalEnergies will no longer account for its ownership interest in Novatek, which will lead it “to record an impairment of approximately $3.7 billion in the accounts for the 4th quarter of 2022,” the French company said in a statement. In line with its “principles of conduct” published on March 22, TotalEnergies “has gradually started to withdraw from its Russian assets while ensuring that it continues to supply gas to Europe.” It comes amid an energy crisis in Europe p...

German Chancellor Olaf Scholz, center, listens at an event during the opening of the LNG terminal in Wilhelmshaven, Germany, Dec. 17, 2022. Michael Sohn/The Associated Press Chancellor Olaf Scholz on Saturday inaugurated Germany’s first liquefied natural gas terminal, declaring that the speed with which it was put into service is a signal that Europe’s biggest economy will remain strong. The top three officials in the government – Scholz, Economy Minister Robert Habeck and Finance Minister Christian Lindner – attended the inauguration in the North Sea port of Wilhelmshaven in a sign of the importance that Germany attaches to several new LNG terminals that it is scrambling to build following Russia’s invasion of Ukraine. The terminals are part of a drive to prevent an energy crunch that also includes temporarily reactivating old oil- and coal-fired power stations and extending the life of Germany’s last three nuclear power plants, which were supposed to be switched off at the end of t...

Germany has enough gas to get through the current winter season without the risk of a supply emergency, the head of the country’s network regulator told weekly Bild am Sonntag, adding the focus was now on the 2023-24 period. “I don’t expect something to go wrong this winter,” Klaus Mueller was quoted as saying, adding Germany’s gas storage facilities would likely be more than 50-per-cent full once the winter season ends. Currently, levels stand at 90.97 per cent. “We are now focusing on the next winter.” Mr. Mueller said gas prices, which soared during 2022 but have recently come down again, had reached a “plateau” level that would persist for the next one to two years. But he added that three risk factors might bring prices back up: colder temperatures in the upcoming winter season, higher gas demand in China and the vulnerability of gas infrastructure, referring to the sabotage of the Nord Stream pipeline. https://www.tausiinsider.com/germanys-energy-regulator-says-winter-gas-...

Most people want to hibernate during the chilly winter months — not Minnesotans. The inhabitants of one of the coldest corners of the U.S. embrace the subzero temperatures. They even have a festival to celebrate it. The Great Northern festival will return to the Twin Cities from January 25 through February 3, 2023, featuring immersive outdoor activities, such as the U.S. Pond Hockey Championships, ice fishing, and something called The Great Northern Sauna Village. For those interested in thoughtful discussion on climate change, the festival will host a climate series, including a panel series with music legend Brian Eno. Eric Dayton, the co-founder of The Great Northern and CEO of Askov Finlayson , which fittingly makes winter parkas and vests, says the inspiration for the festival partly came from growing up in Minnesota, hearing people in the east and west coast disparage his hometown. "My friends thought we were something out of a Garrison Keillor book or the mo...

German Chancellor Olaf Scholz, center, listens at an event during the opening of the LNG terminal in Wilhelmshaven, Germany, Dec. 17, 2022. Michael Sohn/The Associated Press Chancellor Olaf Scholz on Saturday inaugurated Germany’s first liquefied natural gas terminal, declaring that the speed with which it was put into service is a signal that Europe’s biggest economy will remain strong. The top three officials in the government – Scholz, Economy Minister Robert Habeck and Finance Minister Christian Lindner – attended the inauguration in the North Sea port of Wilhelmshaven in a sign of the importance that Germany attaches to several new LNG terminals that it is scrambling to build following Russia’s invasion of Ukraine. The terminals are part of a drive to prevent an energy crunch that also includes temporarily reactivating old oil- and coal-fired power stations and extending the life of Germany’s last three nuclear power plants, which were supposed to be switched off at the end of t...

German Chancellor Olaf Scholz, center, listens at an event during the opening of the LNG terminal in Wilhelmshaven, Germany, Dec. 17, 2022. Michael Sohn/The Associated Press Chancellor Olaf Scholz on Saturday inaugurated Germany’s first liquefied natural gas terminal, declaring that the speed with which it was put into service is a signal that Europe’s biggest economy will remain strong. The top three officials in the government – Scholz, Economy Minister Robert Habeck and Finance Minister Christian Lindner – attended the inauguration in the North Sea port of Wilhelmshaven in a sign of the importance that Germany attaches to several new LNG terminals that it is scrambling to build following Russia’s invasion of Ukraine. The terminals are part of a drive to prevent an energy crunch that also includes temporarily reactivating old oil- and coal-fired power stations and extending the life of Germany’s last three nuclear power plants, which were supposed to be switched off at the end of t...