Germany Backstops Commodity Traders as War Drives Resource Dash
[ IAF: This is basically akin to nationalizing the entire commodities market — so long free market as we dash towards #AbsoluteZero carbon agenda! ]
Germany is offering loan guarantees to commodity trading houses to buy energy and key metals, as Russia’s invasion of Ukraine sparks a global scramble for resource security.
Trafigura Group, the world’s biggest trader of copper, has already agreed to supply German customers with non-Russian metals for the next five years, helped by $800 million in bank credit that’s ultimately guaranteed by the German government. The trading house is now discussing a similar deal for liquefied natural gas, according to people familiar with the situation, and commodity bankers are pitching more deals that would have state guarantees to other traders. [Yeah, I’m sure the bankers would love to pitch many deals with all risk pushed to sovereign! ]
- iceagefarmer
src: https://www.bloomberg.com/news/articles/2022-11-02/germany-backstops-traders-in-war-driven-dash-for-commodities?leadSource=uverify%20wall
#EnergyCrisis #EU #Germany
[ IAF: This is basically akin to nationalizing the entire commodities market — so long free market as we dash towards #AbsoluteZero carbon agenda! ]
Germany is offering loan guarantees to commodity trading houses to buy energy and key metals, as Russia’s invasion of Ukraine sparks a global scramble for resource security.
Trafigura Group, the world’s biggest trader of copper, has already agreed to supply German customers with non-Russian metals for the next five years, helped by $800 million in bank credit that’s ultimately guaranteed by the German government. The trading house is now discussing a similar deal for liquefied natural gas, according to people familiar with the situation, and commodity bankers are pitching more deals that would have state guarantees to other traders. [Yeah, I’m sure the bankers would love to pitch many deals with all risk pushed to sovereign! ]
- iceagefarmer
src: https://www.bloomberg.com/news/articles/2022-11-02/germany-backstops-traders-in-war-driven-dash-for-commodities?leadSource=uverify%20wall
#EnergyCrisis #EU #Germany
Bloomberg.com
Germany Backstops Commodity Traders as War Drives Resource Dash
Germany is offering loan guarantees to commodity trading houses to buy energy and key metals, as Russia’s invasion of Ukraine sparks a global scramble for resource security.
Spain's Largest Hydro-Power Plants To Halt Operations As Drought Worsens
#water #EnergyCrisis #eu
https://www.bnnbloomberg.ca/drought-forces-one-of-spain-s-largest-hydro-power-plants-to-halt-1.1842645
#water #EnergyCrisis #eu
https://www.bnnbloomberg.ca/drought-forces-one-of-spain-s-largest-hydro-power-plants-to-halt-1.1842645
BNN
Drought Forces One of Spain’s Largest Hydro-Power Plants to Halt
Spanish utility Endesa SA is set to shut down output at the country’s fifth-largest hydropower plant after drought-like conditions caused reservoir levels to fall below the minimum needed to keep it running.