Midday European briefing: equities are stabilizing -2-

The Copenhagen-based bank posted a quarterly net profit of 1.7 billion Danish kroner ($233.6 million), up from SEK 2.68 billion last year, but in line with company forecasts.


Spain and Portugal push back on EU plan to cut gas consumption

Spain and Portugal have pushed back against a European Union plan that would force countries to cut their natural gas consumption by 15% in an emergency, saying the overall proposal fails to take into account differences between European countries .

The opposition could pose problems for the European Commission, the bloc’s executive body, which this week presented a plan to help Europe weather a winter without sufficient supplies of Russian gas. The proposal called on all EU countries to reduce their gas consumption by 15% from August. He suggested that such cuts could be made mandatory in an emergency.


Russian titanium maker removed from sanctions list

The European Union has blocked a proposal to sanction Russian metals company VSMPO-Avisma PJSC at the last minute, EU diplomats have said, after France and other member states opposed the move for fear of a possible Russian retaliatory ban on titanium exports to the bloc.

The company is a key titanium supplier for Airbus SE, the world’s largest commercial aircraft manufacturer. Airbus, headquartered in France, employs a large workforce across Europe. He publicly called on the EU to refrain from banning Russian sales of titanium.


HSBC’s China Securities Arm staff create communist unit

Workers at the Chinese securities subsidiary of HSBC Holdings PLC have formed a unit that represents the Communist Party, in the latest case where the party has established a presence at a foreign company.

Just three employees formed a party branch at HSBC Qianhai Securities, a Shenzhen-based investment bank owned by HSBC, people familiar with the matter said. London-based HSBC owns 90% of the company after increasing its stake this spring.



Inflation in Japan shows the first signs of a peak

TOKYO-Inflation in Japan is showing tentative signs of a peak as global oil prices stabilize and consumers resist price hikes.

Overall prices in Japan rose 2.4% in June from a year earlier, the government said on Friday, down slightly from the 2.5% year-on-year rise. the other recorded in April and May. Month-over-month, prices rose 0.1% in June from May, a smaller rise than May’s 0.2% increase from April.


California holds firm against truck protests at Port of Oakland

California Governor Gavin Newsom opposes protesters who shut down most operations at the Port of Oakland this week, saying truckers ‘should be focused on supporting this transition’ to a new law on the jobs, even as shippers warned the standoff was hurting their businesses.

Mr. Newsom’s administration indicated on Thursday that it would not comply with protesters’ demands to suspend implementation of the state’s new law, known as AB5, which will make it more difficult for tens of thousands of independent truckers to operate in the state.


Turkey, UN officials say deal reached with Russia and Ukraine on grain exports

ISTANBUL-Russia, Ukraine and UN officials plan to sign an agreement on Friday to resume Ukrainian grain exports via the Black Sea, Turkish and UN officials said in an announcement that raised hopes of freeing food supplies trapped by the Russian invasion. .

UN Secretary-General António Guterres landed in Istanbul on Thursday evening, a UN official said, adding that the parties involved had reached an agreement, but warned that last-minute problems could still arise before the signing of the agreement, expected on Friday.


Supreme Court rules against Biden administration’s immigration enforcement guidelines

WASHINGTON — The Supreme Court has denied an emergency request by the Biden administration to restore its immigration enforcement guidelines after a lower court in Texas temporarily blocked them.

In a 5-4 decision with Judge Amy Coney Barrett joining Judges Sonia Sotomayor, Elena Kagan and Ketanji Brown Jackson in the minority, the court ruled the administration could not use the guidelines at this time and agreed to hear a case on their legality in December.


Sri Lankan security forces clear main protest camp in Colombo

COLOMBO, Sri Lankan and Sri Lankan security forces raided the main anti-government protest camp in Colombo in the early hours of Friday, dismantling tents and evicting activists from the grounds of the president’s office, a day after the delivery of oath of President Ranil Wickremesinghe.

Army and police entered the camp around 1:30 a.m. local time and forced people out of the presidential secretariat, which thousands of protesters had occupied earlier this month, according to protesters and a soldier who said participated in the operation. Protest organizers had earlier announced that the few dozen people who remained planned to leave the building on Friday afternoon, after Mr Wickremesinghe was due to be sworn in as a new prime minister.


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(END) Dow Jones Newswire

July 22, 2022 06:03 ET (10:03 GMT)

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