2024-04-11 12:31

BRUSSELS, April 11 (Reuters) - The European Parliament voted on Thursday to pass rules allowing European governments to ban Russian liquefied natural gas (LNG) imports, by preventing Russian firms from booking gas infrastructure capacity. The European Union has avoided imposing sanctions on Russian gas, which some members rely heavily on. As a workaround, the new gas policy aims to establish a legal route for governments to block Russian gas deliveries to their country though so far no major importer has indicated they will use it. The new EU gas market rules allow governments to temporarily stop Russian and Belarusian gas exporters from bidding for capacity on the infrastructure needed to deliver piped gas and LNG into Europe. Russia slashed pipeline gas deliveries to Europe following its 2022 invasion of Ukraine - shrinking what had been the main route for Russian supplies to reach Europe. But Russian LNG continues to flow into the continent, mostly through ports in Spain, Belgium and France. These countries have not confirmed they will use the new legal option. A spokesperson for Spain's energy ministry said the country supported a common EU position on banning Russian LNG, since if Spain did this alone, Russian firms could simply send their fuel to other EU ports. Belgium's energy minister has said the government is analysing the law and its conditions - which include that restricting Russian gas imports cannot disrupt flows of gas between EU countries. Belgium re-exports much of the Russian LNG it receives, to other countries. France's finance ministry did not immediately respond to a request for comment. Russian LNG deliveries to Europe increased last year to 22 bcm, up from around 16 bcm in 2021, according to EU analysis. A reinforced majority of EU countries need to approve the policy before it takes effect - a step that is expected to pass the law without changes. The EU has imposed sanctions on Russian sea-borne oil imports and coal. Sanctions need unanimous approval from EU countries. Hungary has vowed to block a Russian gas import ban. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. https://www.reuters.com/business/energy/eu-parliament-approves-legal-option-block-russian-lng-imports-2024-04-11/

2024-04-11 12:27

LONDON, April 11 (Reuters) - The euro fell to a fresh two-month low against the dollar on Thursday, while stocks inched higher, after the European Central Bank held interest rates at a record high of 4% as expected but sent a signal that it is preparing for a cut. The euro softened, leaving it down 0.15% at $1.0717, from $1.0728 previously, and at its lowest since mid-February. Europe's STOXX 600 (.STOXX) New Tab, opens new tab equities index was last down 0.36%, having traded 0.48% lower beforehand. The German 10-year bond yield , the benchmark for the bloc, was last unchanged from 2.455% before the ECB announcement, up 3 bps on the day Stronger-than-expected March U.S. inflation data on Wednesday sparked a jump in U.S. and European bond yields and stocks tumbled as investors bet the Federal Reserve would leave rates higher for longer. Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here. https://www.reuters.com/markets/europe/euro-hits-two-month-low-stocks-inch-up-after-ecb-holds-rates-2024-04-11/

2024-04-11 12:25

FRANKFURT, April 11 (Reuters) - The European Central Bank kept interest rates at record highs on Thursday but sent an even clearer signal that it may be preparing to cut them as euro zone inflation continues to fall. The central bank for the 20 countries that share the euro currency kept its deposit rate at 4.0%, where it has been since September as part of a 1-1/2-year effort to rein in prices. But, with inflation now close to the ECB's 2% target, bank lending at a standstill and the economy barely growing, the ECB dropped fresh hints about a possible cut at its next meeting. "If the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction," the ECB said. ECB policymakers, including those who typically favour higher rates, have been lining up behind a rate reduction at their June 6 meeting, provided key indicators including wage growth and underlying inflation continue to moderate. But that decision may now be complicated by uncertainty whether the Federal Reserve will be able cut its own rates in June as U.S. inflation stays stubbornly above its goal. ECB President Christine Lagarde is likely to be asked about the central bank's plans for June and the possibility of a further cut in July at her regular news conference at 1245 GMT. With Thursday's decision, the ECB also left the interest rate on its daily and weekly loans for banks at 4.75% and 4.50% respectively. Banks have barely tapped these auctions for years as they still have plenty of cash from last decade's money-printing programmes. Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here. https://www.reuters.com/markets/europe/ecb-holds-rates-record-highs-signals-upcoming-cut-2024-04-11/

2024-04-11 12:22

Woods unable to finish round as darkness halts play Tournament favourite Scheffler enjoys bogey-free round McIlroy launches latest Grand Slam bid with opening 71 2016 Masters champion Willett sits three shots off lead AUGUSTA, Georgia, April 11 (Reuters) - LIV Golf's Bryson DeChambeau used a sizzling burst of late birdies to muscle into a one-shot lead over Scottie Scheffler on Thursday as Spaniard Jon Rahm's Masters title defence got off to a shaky start. After a storm delayed the start of the year's first major by 2-1/2 hours, 2020 U.S. Open champion DeChambeau thrived in the softened but windy conditions and mixed eight birdies with one bogey for a seven-under-par 65. Due to the late start, there were 27 golfers who had yet to finish their opening rounds before play was suspended due to darkness, including Masters debutant Nicolai Hojgaard of Denmark who was two shots back of DeChambeau with three holes to play. DeChambeau, who raised eyebrows in 2020 when he said the par-72 Augusta National layout for him played more like a par-67, enjoyed a fast start as he opened with three consecutive birdie putts, none longer than six feet. The only blemish on DeChambeau's card came at the par-four ninth where he three-putted from 70 feet but he went on to scorch the back nine with five birdies over a hot six-hole stretch that he capped with a 31-foot birdie putt at the 17th. "I have a level of respect for this golf course that's a little bit different than a couple years ago, and clearly today was a great test of golf, and I was able to conquer a very difficult golf course," said DeChambeau, who is one of 13 LIV Golf players in the field. "Regarding the 67 comment, you know, you mess up. I'm not a perfect person. Everybody messes up. You learn from your mistakes, and that was definitely one." World number one and pre-tournament favourite Scheffler, playing in a high-profile group with Grand Slam-seeking Rory McIlroy and Olympic champion Xander Schauffele, also rode a late birdie blitz to card a bogey-free six-under-par 66. Scheffler, the 2022 Masters champion, was two under through 11 holes but caught fire with four birdies over his next five to pull within a shot of DeChambeau. "I did a good job of staying patient today," said Scheffler. "We kept the golf course in front of us. And, I mean, I executed some really nice up-and-downs to keep the round going." McIlroy, who missed the cut in last year's Masters and is making his 10th attempt at completing a career Grand Slam of golf's four majors, opened with a 71 while world number five Schauffele carded a 72. COMPLETELY UNEXPECTED Sitting in the clubhouse alone in third place was 2016 Masters champion Danny Willett, who is making his first start since undergoing shoulder surgery in September and only decided on Sunday that he would play this week. The 36-year-old Englishman reached the turn at three under but two bogeys over his next five holes knocked him out of contention until he birdied three of the final four holes. "I think I might take the next six months off," Willett joked after his opening 68. "No, it's completely unexpected. Sometimes that happens, whatever. You make a couple of birdies and your mind starts thinking, all right, I can do it." LIV Golf's Rahm, bidding to become the fourth golfer to successfully defend his Masters crown, launched his title defence with a one-over-par 73. Rahm reached the turn riding high after two consecutive birdies moved him to two under but he endured a shaky back nine that included four bogeys. "It's a difficult golf course. That's all I can say," said Rahm. "It's not easy. You're not really having the luxury out there of being able to miss shots, especially tee shots. Unfortunately, on that back nine I missed a few too many shots." The delayed start to the first round means the day's late starters, including five-times champion Tiger Woods, 2023 runner-up Brooks Koepka and former winner Dustin Johnson, are unlikely to finish their first rounds on Thursday. Woods, who is seeking a Masters tournament record 24th consecutive made cut but was one under par through 13 holes. The 15-times major champion, playing in only his second tournament of 2024 due to nagging injuries, will return early on Friday to complete his opening round and will then have a short turnaround before the second round. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/sports/golf/masters-start-delayed-amid-augusta-storms-2024-04-11/

2024-04-11 12:03

MOSCOW, April 11 (Reuters) - The Russian defence ministry said on Thursday it hit fuel and energy complex facilities in Ukraine with a "massive" retaliatory strike using high-precision, long-range weapons from air and sea as well as drones overnight. The strikes were in response to Ukrainian efforts to damage Russia's oil and gas industry and energy facilities, the ministry said. "As a result, the work of Ukrainian military industry enterprises was disrupted, the transfer of reserves to combat areas was thwarted, and the supply of fuel to the squads and military units of the Armed Forces of Ukraine was hampered," it said. According to Ukrainian officials, Russian missiles and drones destroyed a large electricity plant near Kyiv and hit power facilities in several regions on Thursday, ramping up pressure on the embattled energy system. Ukrainian drone attacks have reduced Russian primary oil refining capacity by some 14% as of the end of March according to Reuters calculations. Russia says the drone attacks amount to terrorism. Ukraine says its drone attacks on Russia are justified because it is fighting for survival and has suffered damage to its infrastructure from Russian airstrikes. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/europe/russia-says-it-inflicts-massive-retaliatory-strike-energy-sites-ukraine-2024-04-11/

2024-04-11 11:58

MILAN, April 11 (Reuters) - Italian rescuers have found the body of one of four workers who were still missing following Tuesday's underground explosion at a hydroelectric plant near Bologna, the fire brigade said, bringing the death toll from the accident to at least four. Three corpses were found shortly after the fire and explosion rocked the plant owned by Enel Green Power, part of Enel Group (ENEI.MI) New Tab, opens new tab, on the shores of the artificial Lake Suviana. "The (fourth) body has been found by divers at level -9. The last three missing people have not yet been located," a fire brigade spokesperson said on Thursday, as divers continued to search in very difficult conditions. The deaths compounded already widespread concerns expressed by trade unions about workplace safety in Italy, after a series of fatal accidents in factories and building sites. Enel staff are striking for eight hours over the issue on Thursday, while workers in other sectors are holding a previously planned four-hour stoppage across the country. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/europe/rescuers-recover-fourth-body-italian-hydroelectric-plant-blast-2024-04-11/