Author: Philippos Kormopoulos

Bulgaria has officially joined a significant declaration aimed at tripling the global share of nuclear power. This pivotal move highlights the nation’s commitment to embracing nuclear energy as a crucial component in achieving carbon neutrality. The declaration, emphasizing the pivotal role of nuclear power in limiting Earth’s surface temperature increase to 1.5°C, is set to be formally launched at COP 28 in Dubai on December 2, 2023. Notably, it brings together nations to pledge their commitment to operating nuclear power plants responsibly, adhering to the highest standards of safety, sustainability, security, and non-proliferation. Participating countries have committed to undertaking national-level…

London (05/11 – 44.44) Benjamin Wey, a Chinese-American financier, founder of Fintech Holdings and a history of legal trouble, is suing Sri Lanka for $250 million. Wey claims that he was assured by Sri Lanka’s central bank governor that the country would repay a $250 million bond. However, Sri Lanka defaulted on the bond in April 2022. Wey is seeking to collect the full amount of the bond, plus interest. He has filed a lawsuit in the US District Court for the Southern District of New York. The lawsuit is a major setback for Sri Lanka, which is already facing a severe…

Orlen Deutschland GmbH has received positive reception from German citizens. With 606 petrol stations in operation, the company ranks sixth among the largest German petrol station operators, covering six percent of the market. A comprehensive rebranding is currently in progress with the goal of operating around 100 locations in the country by early 2024. Similarly, an ambitious brand strategy is currently being pursued with the slogan “Moving More Together” with the goal of co-branding Orlen and star in the medium to long term. The strength of the brand in the German market was confirmed by a survey conducted in Germany…

Germany and Italy are set to collaborate on the construction of a hydrogen pipeline stretching from North Africa to southern Germany. German Chancellor Olaf Scholz and Italian Prime Minister Giorgia Meloni formalized this partnership through the signing of an Action Plan for Strategic Cooperation, reinforcing energy ties between the two nations. The plan outlines the intention to progress the construction of new gas and hydrogen pipelines connecting Germany and Italy via Austria or Switzerland, with a specific focus on the South-Central Corridor linking southern Germany and Italy to North Africa. This corridor aims to enhance cross-border infrastructure and enable the…

Jakarta, Surakarta, Berlin (7/12 – 11) Amid a generally declining period for Germany’s national football team, the 2023 FIFA U-17 World Cup in Indonesia has been a shining light for them. Germany is one of the most successful national teams ever in international competition. They have won four World Cups (1954, 1974, 1990, 2014), three European Championships (1972, 1980, 1996), and a Confederations Cup (2017). Nevertheless, in recent years, Germany is suffering a horrid fate. In 2018, Germany suffered their first-ever first-round exit from the World Cup, since 1938. Germany became the fifth defending champions to be eliminated in the…

Germany has provided Ukraine’s state grid operator Ukrenergo with 300 million euros ($328.4 million) for the repair and modernization of the energy grid, German Ambassador to Ukraine Martin Jaeger said on Nov. 27. Ukrenergo is also “among the main beneficiaries of our 200 million euro ($219 million) contribution to the Ukraine Energy Support Fund,” Jaeger said. “Together, we keep the lights on.” The Ukraine Energy Support Fund was set up in April 2022 to enable international donors to support Ukraine’s energy sector, which is frequently targeted by Russian attacks. Jaeger also met with Energy Minister Herman Halushchenko on Nov. 27,…

The European Union and the Republic of Tajikistan held their tenth annual Cooperation Committee meeting on 27 November in Brussels. The meeting took place in an open and constructive atmosphere, reflecting the continued strengthening of relations between the EU and Tajikistan. The Cooperation Committee reviewed the state of play of bilateral relations and addressed political and socio-economic developments, water, environment, energy, trade and investment cooperation, as well as regional and international issues. Both sides exchanged views on the ongoing negotiations for an Enhanced Partnership and Cooperation Agreement (EPCA), which were launched earlier this year, and Tajikistan’s application for the EU’s Generalised Scheme of Preference Plus (GSP+)…

The Republic of Korea (South Korea) is actively considering financing options with leading commercial banks to facilitate the export of approximately 30 trillion won ($23 billion) worth of weapons to Poland. Officials revealed on Monday that negotiations with major financial institutions are underway to address hurdles faced by local defense firms seeking to secure additional contracts with Poland. Last year, South Korean companies achieved a milestone with major defense deals totaling 17 trillion won, marking the country’s largest-ever arms deal. The agreement included the supply of K2 tanks, K9 self-propelled howitzers, FA-50 light attack aircraft, and Chunmoo multiple rocket launchers…

Rome (16/11 – 57) Sri Lanka is mired in a deep political and economic crisis and the country’s then President Rajapaksa has flown out of the country, days after a huge crowd of protesters stormed his residence in July 2022. Protesters for months have demanded the resignation of President Gotabaya Rajapaksa, whose government has been blamed for chronic mismanagement of the country’s finances. The island nation of 22 million people has suffered months of lengthy blackouts, acute food and fuel shortages, and galloping inflation in its most painful downturn on record. Here is how the crisis unfolded: April 1: State of emergency Rajapaksa declares a temporary state of emergency, giving security forces sweeping powers to arrest and…

Move would target oil and gas infrastructure as well as coal mining The proposal to cut off the biggest foreign source of public finance for fossil fuels is expected to spark heated negotiations at the OECD’s Paris headquarters. The move builds on a commitment by some OECD countries to align public finance institutions with Paris agreement goals to limit global warming to well below 2C and ideally 1.5C above preindustrial levels. But the effort to end subsidies for foreign projects will draw attention to the prevalence of domestic subsidies for oil and gas industries, even as a global deal to…