France and Spain have called for a co-ordinated European response to the surge in global energy prices to protect the cost of living of its poorest residents and the competitiveness of businesses.
The two countries demanded changes to rules governing the EU’s energy markets, as they look to protect the bloc’s ambitious plans to become net zero by 2050.
Soaring prices for gas and electricity are forcing high utility bills up even further, hurting citizens who have already been hit hard by the pandemic.
“What we see is an unprecedented spike in energy prices,” said Spanish Finance Minister Nadia Calvino.
“This is not an issue that we can tackle at national level. We need a European co-ordinated response.”
Ms Calvino said her country had prepared a paper on the options.
One possibility proposed by Ms Calvino was the creation of a strategic European gas reserve, which would help the 450 million consumers living in the 27-member economic bloc negotiate lower prices than if the same purchases were made individually.
“We have learnt through the negotiation of the vaccine supply that we are stronger when we speak with one voice,” Ms Calvino said.
Spain also wants action to stop speculation on the market for carbon dioxide emissions permits, which also helped to drive up prices, she said.
French Finance Minister Bruno le Maire said he would propose better regulation of European gas stocks and breaking the link between the price of electricity and that of gas. He said an alternative option would be to tie it to the average cost of production in every EU country.
“The European energy market has one key advantage – it secures the supply of energy everywhere in Europe. But it also has one major downside – the alignment of electricity prices with gas prices,” Mr le Maire said.
He stressed this link was inefficient and created a “dead end” for Europe’s transition towards renewable energy sources. He also said politicians should explain to voters that the fight against climate change would entail a long-term increase in energy costs.
“For years, not months, we will have to face an increased level of prices, because there is a need for more electricity and there is a link between electricity and gas,” Mr le Maire said.
“There is also the need to invest more in renewable sources and maybe nuclear plants. This means a lot of money that could be required.”
Gas prices in the EU are at a record level after the the bloc’s main gas supplier, Russia, kept a tight lid on deliveries, signalling further price pressures on European consumers heading into the winter heating season.
Eurozone inflation hit a 13-year high in September, rising at its fastest pace since 2008 as energy costs rocketed.
Almost three million EU workers cannot afford to heat their homes, according to the European Trade Union Confederation. A study last month by ETUC, which represents 45 million members, showed that 15 per cent of the EU’s working poor – or 2.7 million people – lack enough money to turn on the heating.
If energy providers are forced to compete for the finite amount of gas, prices will continue to soar, with costs “inevitably” passed down to consumers.
As a result, European governments are scrambling to find ways to limit the costs as scant natural gas reserves expose the continent to price spikes and possible shortages if the winter is particularly cold.
Natural gas is cheaper in the US, for instance, which produces its own, while Europe must rely on imports.
Some utility providers are even preparing to switch to alternative energy sources to meet demand, including carbon-rich coal, as gas supply problems continue.
Energy analysts said the crisis was caused by tight supplies of natural gas used to generate electricity, high demand and higher costs for permits to emit carbon dioxide as part of Europe’s fight against climate change.
But EU Economy Commissioner Paolo Gentiloni said the sweeping package of measures designed to tackle global warming – the European Green Deal aimed at reducing greenhouse gas emissions 55 per cent by 2030 compared with 1990 levels – “is not the problem, but it is an important part of the solution”.
Mr Gentiloni said the commission “will shortly present a toolbox of measures to mitigate the impact” of the energy price surge.
He urged countries to take only temporary and targeted measures to help those hardest hit and said these should be consistent with Europe’s aim to become a non-carbon economy.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
More on animal trafficking
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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