BmoreNews.com
  • Latest News
  • Black Wall Street
  • Business
  • Stocks
  • Politics
  • Videos
  • Login
  • Register
  BREAKING
People Over Politics Hosted By The Cannabis Councilman Ft. J Guzzone May 29, 2023
Black #Blockchain Brunch : @EBCrypto + Family Cash Machine x D.E.B.T. May 28, 2023
Black USA #Crypto News : Regulatory Woes & AI Developments May 28, 2023
Learn How To Do Business With The State of Maryland May 26, 2023
Como esta? Spanish at AGOGE Project on Belair Rd. May 26, 2023
Girls can do anything! AGOGE Project on Belair Rd. May 26, 2023
This week on BMORENews.com 5.26.23 May 27, 2023
USBE Magazine celebrates: White House announces intention to nominate General Charles C. Q. Brown to Joint Chiefs of Staff May 26, 2023
Howard University Welcomes Dana McPherson as Assistant Vice President of Marketing and Communications May 26, 2023
The Black Business Round Table: Allyssa Victory ESQ., Marcus Flowers Mission Democracy 5.25.23 May 26, 2023
Next
Prev
No Result
View All Result
Subscribe
Live
  • Home
  • News
  • Politics
  • Business
  • Editorial/Op-Ed
  • The Glover Report
  • Black Wall Street
  • Video
  • Polls
  • Questions
  • Forum
Live
No Result
View All Result
BmoreNews.com
Live
Home Business

Uniper runs through its credit and says it needs more money to survive.

Doni Glover by Doni Glover
July 18, 2022
in Business
0 0
A A
0
ADVERTISEMENT

One of Germany’s largest energy providers, Uniper, has used up a 2 billion-euro credit line from the German state-owned investment bank and has applied for more money, it said Monday, increasing the pressure on Berlin to bail out the company.

Uniper, which is also Germany’s largest importer of Russian gas, has racked up daily losses of tens of million of euros since Russia cut gas flows to Germany last month, forcing it to buy gas from other sources at much higher prices. The company has been forced to begin drawing down its own natural gas reserves that were set aside for winter, and has informed customers that gas prices may rise, steps it described as “emergency measures.”

Flows of natural gas through Nord Stream 1, the main pipeline connecting Germany and Russia, have stopped for annual maintenance. The routine shutdown has raised concerns that President Vladimir V. Putin of Russia will keep the pipeline closed to punish Germany and the rest of Europe for their opposition to the war in Ukraine.

Other pipelines, running through Poland and Ukraine, are not being used as alternative links to send gas as they were in past years during the temporary shutdown, Germany’s pipeline regulator said.

Uniper, based in Düsseldorf, functions as a kind of middleman between Gazprom, the Russian state-owned gas giant, and German factories and municipalities, and it has been forced to make up for shortfalls of Russian fuel through alternative supplies at much higher prices. The company secured the initial line of credit from KfW, Germany’s state-owned investment bank, this year as gas prices rose around Russia’s invasion of Ukraine.

The Russia-Ukraine War and the Global Economy


Card 1 of 7

A far-reaching conflict. Russia’s invasion on Ukraine has had a ripple effect across the globe, adding to the stock market’s woes. The conflict has caused​​ dizzying spikes in gas prices and product shortages, and has pushed Europe to reconsider its reliance on Russian energy sources.

Russia’s economy faces slowdown. Though pro-Ukraine countries continue to adopt sanctions against the Kremlin in response to its aggression, the Russian economy has avoided a crippling collapse for now thanks to capital controls and interest rate increases. But Russia’s central bank chief warned that the country is likely to face a steep economic downturn as its inventory of imported goods and parts runs low.

Trade barriers go up. The invasion of Ukraine has also unleashed a wave of protectionism as governments, desperate to secure goods for their citizens amid shortages and rising prices, erect new barriers to stop exports. But the restrictions are making the products more expensive and even harder to come by.

Prices of essential metals soar. The price of palladium, used in automotive exhaust systems and mobile phones, has been soaring amid fears that Russia, the world’s largest exporter of the metal, could be cut off from global markets. The price of nickel, another key Russian export, has also been rising.

In a statement, Uniper said the credit had been used up in “response to the ongoing supply disruptions of Russian gas and the related developments on the energy markets and exchanges.” The company did not say how much more credit it was seeking.

Uniper made an “urgent request” this month for more state help after the German Parliament passed legislation aimed at making it easier for the government to bail out companies deemed essential to keeping homes warm and industries running.

Talks between Uniper and the government have been complicated by the fact that the company’s largest stakeholder is a Finnish firm, Fortum, that itself is majority owned by the state of Finland. That has led Berlin to turn to Helsinki for added support for the company. Talks between the two countries are continuing.

In the weeks before Nord Stream flows halted entirely last Monday, Gazprom had already reduced gas shipments by up to 60 percent, blaming the absence of a turbine that had been sent to Canada for repairs and could not be returned because of economic sanctions against shipping technology to Russia. The German regulator disputed Gazprom’s argument, saying it could not determine how the missing part could cause such a cut to flows.

Last week, Berlin urged Canadian officials to return the turbine to Germany, saying it could then deliver the machine to Russia, preventing Canada from breaking its own sanctions against Moscow. Russian media reported over the weekend that the turbine had been flown to Germany.

Siemens Energy, which makes the part, on Monday called the German government intervention an “important first step for the delivery of the turbine,” but said in a statement that the logistics and approval process for the transfer of the part were continuing.

“Our goal is to transport the turbine to its place of operation as quickly as possible,” the company said, without elaborating on the part’s location.

The maintenance on Nord Stream 1 is scheduled to be completed by Thursday, although experts have said flows could take a day or two longer to return.

In the meantime on Monday, Gazprom hailed its success in sending gas to another market: China. “July 17 saw a new all-time high for the daily volume of Russian gas supplies to China,” the company said on Twitter.



Source: NY Times

Buy JNews
ADVERTISEMENT
ADVERTISEMENT

RELATED TOPICS

MWMCA’s Wayne Frazier and Colleagues on Next Doni Glover Show, May 8, 9 am EST

Apply Today for DPW’s Small Business Development (SBD) Training Program

Come to Grand Opening of ARAMIDEs Closet, 13499 Baltimore Avenue, Laurel

ShareTweetShareShareSend
Doni Glover

Doni Glover

A journalist since 1994, he also founded DMGlobal Marketing & Public Relations. Glover has an extensive list of clients including corporations, non-profits, government agencies, politics, business owners, PR firms, and attorneys.

Related Articles

Women 2 Watch Summit
Business

Women 2 Watch Summit, May 5th: Register now at Metawomenofcolor.com 

by Staff Reporter
April 29, 2023
0
17

Don't miss out on the Women to Watch Summit on...

Read more
Procurement Opportunities with Dept. of Commerce, MD Stadium Authority
Business

Procurement Opportunities with Dept. of Commerce, MD Stadium Authority: Thurs., May 18, 2023, 5:30-7:30 pm

by Staff Reporter
April 29, 2023
0
16

(OXON HILL - April 28, 2023) - Calling all business...

Read more
"Meet the Primes" is an annual event by the City of Baltimore's DPW to help small MBE and WBE businesses to win contracts.
Business

DPW’s “Meet the Primes” Accented Need for Unbundling Contracts

by Staff Reporter
April 27, 2023
0
187

(BALTIMORE - April 26, 2023) - Let Robert Harrington tell...

Read more
Highlights from BEA’s inaugural Solutions Summit
Business

Highlights from BEA’s inaugural Solutions Summit

by Staff Reporter
April 25, 2023
0
23

(WASHINGTON, DC - April 25, 2023) - Our inaugural BEA...

Read more
Reid CDC
Business

Small Business Summit with Senator Cardin, April 21st

by Staff Reporter
April 19, 2023
0
7

Brought to you by Reid CDC Reid CDC was birthed...

Read more
Meet Prime Companies Who Are Seeking Minority and Women Owned Firms Like Your Company to Work on Upcoming Projects - Register to Attend 5/12/23
Business

Meet Prime Companies Who Are Seeking Minority and Women Owned Firms Like Your Company to Work on Upcoming Projects – Register to Attend 5/12/23

by Staff Reporter
April 10, 2023
0
77

Meet Over 80 Top Companies Reserve Your Space Now No...

Read more
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

BMORENEWS: Alison Velez Lane Stands Up for Parkview Rec. Ctr., 6.11.12

July 24, 2022
0

Troy Rawlings Show | Meet The Sultry Songtress | Jovan

July 19, 2022
0
Mario Bonds

Mario Bonds … on the next Emmy-nominated Doni Glover Show (STEMCITYUSA.COM)

April 13, 2023
49
ADVERTISEMENT

Popular Stories

  • Damon Hughes, Black Business Champion

    Guest Editorial: Damon Hughes Tribute

    0 shares
    Share 0 Tweet 0
  • Power Couple Marc Clarke & Allison Seymour to be Recognized at Black Wall Street DMV, Feb. 3rd

    0 shares
    Share 0 Tweet 0
  • HBO’s “The Wire” Actor Richard Burton to receive BMORENews Lifetime Achievement Award

    0 shares
    Share 0 Tweet 0
  • BMORENews.com EXCLUSIVE: Former State Sen. Nathaniel J. McFadden, Part 1 of 2

    0 shares
    Share 0 Tweet 0
  • A Real Westside Story: The Men of Matthew Henson #29 Still Connected After Half a Century

    0 shares
    Share 0 Tweet 0
BmoreNews.com

BmoreNews.com is an online news outlet based in Baltimore, MD established in 2002. Yes, this is our 20th Anniversary year. We primarily cover news and developments from an African American/Black perspective.

LEARN MORE »

Recent Posts

  • People Over Politics Hosted By The Cannabis Councilman Ft. J Guzzone
  • Black #Blockchain Brunch : @EBCrypto + Family Cash Machine x D.E.B.T.
  • Black USA #Crypto News : Regulatory Woes & AI Developments

Sections

  • Black Wall Street
  • Business
  • Editorial/Op-Ed
  • News
  • Politics
  • The Glover Report
  • Uncategorized
  • Video

Newsletter

The most important world news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • About
  • Privacy Policy
  • Terms of use
  • Advertise
  • Press Release
  • Contact

© 2022 BmoreNews.com - Created by Sawah Dev.

No Result
View All Result
  • Latest News
  • Black Wall Street
  • Business
  • Stocks
  • Politics
  • Videos

© 2022 BmoreNews.com - Created by Sawah Dev.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In