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Total Workers Call for Wider French Strike After Refinery Halted

A labor union representing Total SA workers has called for a France-wide strike July 2 at refineries, oil depots and crude import terminals to protest a plan to stop processing the fuel at the La Mede plant in southern France. The La Mede refinery near Marseille has been idled since June 11 due to a strike by about 15 workers led by the CGT union, which called for the additional disruptions Thursday, according to a spokesman for Total. Talks with all unions on the plan for the site continue, he said. In calling for a wider strike, the CGT wants to protest the planned “death” of crude refining at La Mede, it said in a statement Monday. The union also called for blockades of Total service stations around the country every Thursday during the summer months. Total plans to convert the unprofitable plant to produce biofuels as well as […]

Posted On : Published By : Tom Whipple
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With Loan Deadline Looming, Europe Offers Greece a Last-Minute Deal

BRUSSELS — Seeking to calm a whirlwind of uncertainty that has battered global markets, opened deep fissures in European unity and threatened to push Greece out of the eurozone, European leaders insisted on Monday that a deal was still possible to settle Greece ’s spiraling debt crisis . But they gave no indication that this could happen before Athens runs out of cash to pay loans due on Tuesday. With only a day left before Greece’s current bailout package expires and the deadline arrives for a loan repayment of about $1.8 billion, alarm that it might miss the payment and eventually crash out of the group of 19 countries that use the euro prompted a flurry of statements from Brussels and major European leaders. They mixed reassurance and rebukes directed at Greece’s left-wing government with grave warnings that Europe’s future was at stake. Chancellor Angela Merkel of Germany, Europe’s […]

Posted On : Published By : Tom Whipple
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No vote means isolation, Europe warns Greeks

Newspaper + Premium online Premium online Full FT.com subscription Standard online Full news & archive Registration 3 articles per month Price Monthly Annual £76.00 £13.50 per week (52 weeks in total) £42.00 £7.35 per week (52 weeks in total) £30.00 £5.35 per week (52 weeks in total) Free FT Alphaville plus selected FT blogs FT Alphaville and more Unlimited access to Alphaville, the FT’s popular finance blog, plus many other FT blogs featuring comment and analysis from top columnists Gavyn Davies on macroeconomics, economic policy making & financial markets The Westminster blog covering the UK’s political scene Dispatches from FT experts in San Francisco, London & Taipei on Tech blog The World blog on international affairs yes yes yes yes Unlimited FT.com article access Unlimited FT.com article access Enjoy full access to FT.com’s award-winning news, comment and analysis. With over 500 journalists reporting from over 50 countries, read our […]

Posted On : Published By : Tom Whipple
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European Leaders Insist Greek Deal Is Still Possible

BRUSSELS — Seeking to calm a whirlwind of uncertainty that has battered global markets, opened deep fissures in European unity and threatened to push Greece out of the eurozone, European leaders insisted on Monday that a deal was still possible to settle Greece’s spiraling debt crisis . But they gave no indication that this could happen before Athens runs out of cash to pay loans due on Tuesday. With only a day left before its current bailout package expires and the deadline arrives for a loan repayment of about $1.8 billion, alarm that Greece might miss the payment and eventually crash out of the group of 19 countries that use the euro prompted a flurry of statements from Brussels and major European leaders. They mixed reassurance and rebukes directed at Greece’s left-wing government with grave warnings that Europe’s future was at stake. Chancellor Angela Merkel of Germany, Europe’s dominant […]

Posted On : Published By : Tom Whipple
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UK fracking boom hits northern setback

Newspaper + Premium online Premium online Full FT.com subscription Standard online Full news & archive Registration 3 articles per month Price Monthly Annual £76.00 £13.50 per week (52 weeks in total) £42.00 £7.35 per week (52 weeks in total) £30.00 £5.35 per week (52 weeks in total) Free FT Alphaville plus selected FT blogs FT Alphaville and more Unlimited access to Alphaville, the FT’s popular finance blog, plus many other FT blogs featuring comment and analysis from top columnists Gavyn Davies on macroeconomics, economic policy making & financial markets The Westminster blog covering the UK’s political scene Dispatches from FT experts in San Francisco, London & Taipei on Tech blog The World blog on international affairs yes yes yes yes Unlimited FT.com article access Unlimited FT.com article access Enjoy full access to FT.com’s award-winning news, comment and analysis. With over 500 journalists reporting from over 50 countries, read our […]

Posted On : Published By : Tom Whipple
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4 more cities sign Global Clean Bus Declaration raising total to >40K ultra-low emission buses by 2020; London to trial BYD electric double-decker

« Wireless charging company Evatran gains $1.6M strategic investment from China Tier 1 supplier | Main | Tire-integrated triboelectric generator harvests electricity from rolling tire friction; est. up to +10% fuel econ » Four additional cities—Amsterdam, Lima, Catalonia (Barcelona) and Rome— signed up to the Global Clean Bus Declaration at the 1 st global Clean Bus Summit in London. The Global Clean Bus Declaration , developed by the Mayor of London Boris Johnson in partnership with the C40 Cities Climate Leadership Group , launched in Buenos Aires in March 2015 with 20 original signatories. Bus manufacturers including BYD, Volvo, Wright Bus, Optare, Mercedes, Evo Bus, and Alexander Dennis attended the London summit and committed to supporting cities in delivering fleets of new ultra-low emission buses. The World Bank and Green Investment Bank have also signed up to this commitment. Cities of the Low Emission Vehicles Network collectively forged an […]

Posted On : Published By : Tom Whipple
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Greek worries push oil below $62 to three-week low

LONDON Oil fell more than $1 to below $62 per barrel on Monday, its lowest in three weeks, as Greece shut its banks and imposed capital controls, causing investors to flee from riskier assets and darkening the demand outlook. The European Central Bank froze funding support to Greece’s banks after bailout talks between the government and foreign creditors broke down at the weekend, leaving Athens with little choice but to shut the system to keep lenders from collapsing. Brent crude LCOc1 was down $1.36 at $61.90 a barrel by 0828 GMT. It fell to its lowest since June 5. U.S. crude CLc1 was down $1.25 at $58.38 a barrel, its lowest since June 9. Further weakness is likely as the situation in Greece will not be resolved until a referendum at the weekend on whether to accept conditions for a bailout, analysts said. "This may be the time when […]

Posted On : Published By : Tom Whipple
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Oil-Market Bettors Take Money Off Table

The coming summer driving season could raise demand for oil. Oil traders have been running for the exits. Money managers moved out of bets on U.S. crude prices over the past two months as the volatility in the commodity’s price has plummeted. That has taken some of the wind out of a six-month spell that started during last year’s oil-price slide. Oil’s skyrocketing volatility roiled markets around the globe and investors jumped into bets to try to take advantage of the sharp moves. Now, oil has steadied at about $60 a barrel. Traders are debating what the next move will be as they await clearer signs on how often drivers are going to hit the road and whether producers are able to keep flooding the market with supply. The Greek debt crisis and the threat of rising interest rates also loom large, adding uncertainty to the global economy that […]

Posted On : Published By : Tom Whipple
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Oil Speculators Least Bullish in 10 Weeks as Iran Talks Resume

Hedge funds are the least bullish on crude in 10 weeks as talks resumed on a nuclear accord with Iran that could lift sanctions and swell supply. Money managers trimmed their net-long wagers on West Texas Intermediate by 1.3 percent in the week ended June 23, U.S. Commodity Futures Trading Commission data show. Shorts rose 8.9 percent while long positions increased 0.7 percent. U.S. Secretary of State John Kerry and Iranian Foreign Minister Mohammad Javad Zarif met June 27 in Vienna. Iran says it could double oil exports from 1 million barrels a day within six months if sanctions are lifted. An agreement would come as the Organization of Petroleum Exporting Countries pumps the most in almost three years and U.S. production approaches a record. “Any agreement is going to have some easing of sanctions, allowing the immediate sale of some level of crude into a market that’s already […]

Posted On : Published By : Tom Whipple