Highlights and reports on the economy, central banks and politics from the Dow Jones Newswires program
The European Parliament is voting against the expansion of European emissions trading
Surprisingly, the European Parliament voted against the expansion of European Emissions Trading (ETS). The vote in Straburg was on whether the trade in CO2 certificates should be extended to the areas of transport and buildings. The European Commission presented this proposal last year as part of the EU’s climate package, with which the European Union wants to reduce CO2 emissions by 55% by 2030.
The European Parliament votes to end the operation of the internal combustion engine
The end of internal combustion engines in private cars has become more likely. The European Parliament voted in Strasbourg on Wednesday to allow only private cars and light commercial vehicles without diesel or gasoline engines from 2035. The European Commission presented this proposal last year as part of the planned climate package “Fit for 55”. The goal is to reduce emissions from these types of vehicles by 100 percent by 2035.
EU Parliament in favor of increased emissions trading in aviation
The European Parliament has voted in favor of a greater reduction in aircraft emissions. On Wednesday, a majority of MEPs voted to introduce the European Emissions Trading Scheme (ETS) on all flights departing from an airport in the EU, as well as from Iceland, Liechtenstein and Norway. Last year, the European Commission presented proposals to reduce aircraft emissions as part of the European Union’s climate package.
The government discusses the pros and cons of taxing excess profits
Despite the clear refusal by Finance Minister Christian Lindner (FDP), the federal government continues to discuss the pros and cons of an excess tax on the profits of the crisis. “In principle, there is currently no provision for taxation of profits, even on the basis of a coalition agreement of the traffic light coalition,” stressed the deputy head of the government Christiane Hoffmann at a press conference when asked about the position of Chancellor Olaf Scholz (SPD). “Nevertheless, all the relevant arguments and counter-arguments regarding the so-called excess profit tax are debated in the federal government.”
Corona’s board of experts calls for forward-looking preparations for fall
The federal government’s coronation expert council calls for “proactive preparation with short reaction times” to possible coronation scenarios from autumn, and believes measures to reduce contacts are necessary. “The remaining vaccine gaps and declining immunity over time, the ongoing viral evolution and the activity of other respiratory pathogens are likely to again put considerable pressure on the healthcare system and critical infrastructure in the fall / winter season,” the expert panel said in a new statement.
The German meteorological service expects much warmer years until 2028.
The German Weather Service (DWD) assumes that the years from 2022 to 2028 will be much warmer than the previous average. The average temperature in Germany could be “0.5 to 1.0 degrees too high,” the weather agency said in a new climate forecast in Offenbach. Consequently, the average for the period 1991 to 2020 was 9.3 degrees – and even in this case it was relatively warm.
EU authorities complain of attempts at fraudulent activities involving corona vaccines worth billions
Last year, the EU’s fight against fraud exposed fraudulent attempts involving counterfeit corona vaccine offers worth billions. As the Olaf authority pointed out in its annual report for 2021, these are alleged middlemen offers related to the sale of large quantities of vaccines. The scammers’ goal was to persuade government agencies in EU countries to make large advances and then “disappear with the money”.
Iran announces the shutdown of the International Atomic Energy Agency’s cameras
Iran has announced the shutdown of several International Atomic Energy Agency (IAEA) surveillance cameras at Iran’s nuclear facilities. The cameras were a “gesture of goodwill” but “considered it a duty” to the IAEA, the Iranian nuclear agency said Wednesday. The closure was preceded by weeks of tensions between Iran and Western countries.
Contrary to expectations, US oil stocks increased
Contrary to expectations, US crude oil inventories increased in the week ending June 3. According to the state-owned Energy Information Agency (EIA), they increased by 2.025 million barrels compared to the previous week. Meanwhile, analysts surveyed by the Dow Jones Newswires forecast a decline of 1.9 million barrels. Shares fell 5.068m barrels last week. The data published a day earlier by the private American Petroleum Institute (API) recorded an increase of 1.8 million barrels.
DJG / DJN / AFP / apo / brb
(END) Dow Jones Newswires
June 8, 2022 1:00 PM ET (5:00 PM GMT)