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The largest EV charging network in Europe is launched by a group of charging companies.
Four of Europe's largest electric vehicle charging companies announced on Wednesday that they are teaming up to build the largest public charging networks on the continent. Spark, a new alliance between Atlante in Italy, Ionity in Germany, Fastned from the Netherlands, and Electra of France, will be formed to share their networks. There will be 11,000 charging points, and 1,700 charging stations in 25 European countries. According to the alliance, that is more than its main rival Tesla. Quentin Wilson, founder of EV lobby FairCharge and a British journalist who writes about automobiles, said that the U.S. firm still has the advantage due to its "simple interface without nonsense". Customers in Europe can now access ultra-fast charging of up to 400 kW through the Spark Alliance app. The European Auto Lobby ACEA is pushing for a quicker roll-out of charging infrastructure in order to reassure consumers who are worried about driving distances and increase demand for EVs. The announcement comes as demand for EVs is declining and the EU's emission regulations are being relaxed. According to the European Commission 3.5 million charging stations will be needed by 2030, almost three times more than the last annual installation rate. Aurelien de Meaux is the CEO of Electra and believes that quantity is not as important as quality. The members of the alliance said that matching Tesla was not their top priority, but the new network could boost competition. Tesla is interested in the fact that another large network is focused on providing quality infrastructure to EV drivers. Langezaal stated that the two networks are complementary. According to de Meaux, Tesla could be considered as a partner in the alliance. He said, "They might qualify because they provide a fast and reliable charge experience. But I think that is a question better left for tomorrow." (Additional reporting from Gilles Guillaume Editing done by Mark Potter).
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Trump administration increases beer can imports to 25% US Aluminum tariffs
On Wednesday, the Trump administration announced that it would impose a 25% duty on all beer imports. The beverage and empty aluminum aluminum cans will be added to a list containing derivative products which are subject to aluminum tariffs. In a Federal Register announcement, the Commerce Department stated that duties on beer will be collected at 12:01 am EDT Friday, April 4, starting with empty aluminum cans. The notice reversing Trump's previous aluminum tariff changes only lists the tariff code for malted beer. The notice does not mention a subordinate tariff code for beer imported in glass bottles. The Commerce Department didn't immediately answer any questions about the notice. The announcement comes just hours before Trump announces sweeping tariffs against U.S. trading partner countries, which will escalate a global war of trade and cause price increases. According to U.S. Census Bureau figures, the move would have a significant impact on beer imports which are expected to exceed $7.5 billion by 2024. Mexico dominated U.S. imports of beer last year with $6.3 billion, followed by the Netherlands, $683 million, Ireland, $192 million, and Canada, $73 million. (Reporting and editing by Anna Driver, Susand Heavey, David Lawder)
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Canada gas prices fall after removal of carbon tax
The government removed the consumer carbon tax that was in place since 2019 on Tuesday, resulting in a sharp drop of gasoline prices across Canada. Mark Carney, Canada's new Prime Minister, signed an order removing the Justin Trudeau era consumer carbon taxes on his first official day in office. He declared that the decision will help Canadians who are struggling to make ends meet. The Conservatives had been campaigning against the tax for years. GasBuddy, a fuel market tracker, reported that fuel prices in eight provinces fell by more than six cents a litre after taxation was officially ended on Tuesday. The data shows that the national average price for gasoline in Canada dropped from 155 cents to 143.6 cents on Wednesday. New Brunswick experienced the biggest decline of 15 cents a litre. British Columbia and Ontario also saw significant drops. GasBuddy analyst Patrick De Haan wrote in an email to GasBuddy on Tuesday that "the drops continue widening." According to Susan Bell, a Rystad Energy executive, the carbon price for gasoline between April 1, 2024 and March 31, 2025 was 17.6 cents per kilogram. Prices should therefore fall by this amount. The Canadian Fuels Association has said that it anticipates a reduction of 20 cents per gallon in gasoline prices. This will translate to yearly savings for consumers of over C$500. GasBuddy's data shows that gasoline prices in Quebec rose by 1.9 cents a litre on February 2, making it the only province in Canada with a carbon tax. Bell stated that lower fuel prices may encourage some Canadians not to fly to the United States, but to drive to their domestic destinations instead. She added that the trade war between Canada and the U.S. may increase Canada's unemployment, which will impact on fuel consumption. On Wednesday, Donald Trump is expected to announce reciprocal tariffs with Canada and other trading partners. The Canadian Fuels Association noted that it was difficult to predict the impact of the repeal on fuel demand. A spokesperson for the group stated that "there are too many other factors affecting demand, especially around the direction of the global economy in the context of the U.S. Tariffs of April 2," a spokesperson said. Reporting by Shariq KHan in New York Editing Bill Berkrot
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Tata Power, India plans first coal expansion in six months
Tata Power plans to increase the capacity of a plant located in northern India by increasing its coal power in six years, according a tender document. The clean energy sector in India is suffering from project delays and a weaker demand. Why it's important Tata Power has increased its coal power generation capacity for the first time since it acquired Prayagraj Power Generation Co Ltd in 2019. This was done through a joint-venture. The proposal comes as the Indian government targets at least 500 gigawatts of non-fossil energy capacity by 2030. CONTEXT India's renewable sector faces a number of obstacles, including a lack of demand for bids, problems with land acquisition for projects, delays in power agreements, and cancellations of projects. PPGCL, a 1,980 Megawatts (MW), coal-powered power plant located in Uttar Pradesh's northern state is owned by Tata Power associate Renascent Power. According to a tender document published by the company, PPGCL is now requesting an environmental impact assessment for the expansion of the power plant's capacity by 1,600MW. By the Numbers The cumulative capacity of India's clean power sales agreements that have not been signed has exceeded 40 GW. In 2024, the country added more than 28 GW in solar and wind power. Despite a large pipeline of renewable energy projects, fossil fuels still accounted for over two-thirds (or 63%) of the increase in total electricity generation. India plans to increase its coal-fired power by 80 GW between 2031-32, bringing the total to 220 GW. This will help meet the growing demand for domestic electricity. Tata Power has an 8.9 GW coal portfolio in six Indian States and plans to increase its clean energy capacity from 6.7 GW today, at a cost of $9 billion. Sethuraman N.R. in Bengaluru, Shounak D. Dasgupta edited the article.
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EIA: US has produced most uranium in 2018
Energy Information Administration of the United States reported on Wednesday that the U.S. produced a greater amount of uranium concentrat, which is used as fuel for nuclear reactors, during the final three months in 2024 than in any other quarter over the past six years. The EIA reported that the increase in output was due to higher uranium prices and the restart of production at White Mesa Mill, the only uranium-producing mill in the United States. Why it's important Data centers, onshored production and electrification in buildings and transportation have all contributed to the rise of electricity demand in the United States. This has renewed interest for the long-struggling country's nuclear energy industry. Two nuclear reactors are being restarted, one of which is at the old Three Mile Island plant. The federal government, in an effort to jump-start the domestic nuclear supply chain, awarded contracts to six companies for the production of uranium. By the Numbers The EIA reported that the production of concentrate in the fourth quarter last year totaled 375.401 pounds, which is higher than any of the previous three years. The EIA said that the supply was tripled from the third quarter 2024. This was due to two processing plants in Texas and Wyoming. (Reporting and editing by Laila KEARNEY; Paul Simao).
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Danish PM visits Greenland on a three-day trip amid Trump pressure
Denmark's Prime Minister landed in Greenland for talks on Wednesday with the incoming government of the semi-autonomous Danish territory. This was in response to President Donald Trump's expressed interest in controlling this vast Arctic island. Mette Frederiksen starts her three-day journey less than a month after the visit by U.S. vice president JD Vance to the territory was met with a cold reception from authorities in Denmark. She said that her goal was to strengthen Copenhagen’s ties with Greenland and stressed the importance of respecting cooperation in the face of what she called "great pressure" on Greenland. Frederiksen is expected to address the media on Wednesday. Greenland’s new Prime Minister Jens Frederik Nielsen welcomed Frederiksen’s visit, saying that Denmark remained "Greenland’s closest partner". The new coalition led by Nielsen is expected to officially take office on the 7th of April. The relationship between Greenland, Denmark and the United Kingdom has been strained since recent revelations of colonial mistreatment of Greenlanders. Denmark has been prompted to work faster to improve relations with Greenland due to Trump's desire to control the island. This is part of an international competition to gain influence in the Arctic. Nielsen said late on Monday night that Greenland will strengthen its ties to Denmark until they can fulfill their ultimate desire of becoming a sovereign country. 'RESPECTFUL' Greenland wants to have a "respectful relationship" with the United States. "Talking of annexation, and about acquiring Greenland without respecting sovereignty is not being respectful. Let's begin by showing respect to each other, and then build a strong partnership in all areas," he said. Ulrik Pram Gd, a professor at the Danish Institute for International Studies, explained that Frederiksen’s visit was primarily to signal support during a period of intense scrutiny. He said that Denmark should signal to Greenland its position as Greenland's most important friend and ally, and also to the U.S. During his visit to a U.S. military base in northern Greenland last Friday, Vance accused Denmark of not doing a good job of keeping the island safe and suggested the United States would better protect the strategically-located territory. Vance's description about Denmark was deemed "unfair" by Frederiksen who said that it is the responsibility of Greenland's people to determine their own future. Greenland is a country of 57,000 people. A majority support independence, but some are against it. They fear that their island will suffer and become vulnerable to U.S. interest. Reporting by Tom Little, Louise Breusch Rasmussen, and Stine Jacobsen, in Copenhagen; additional reporting by Terje Solsvik, in Oslo; editing by William Maclean, and Gareth Jones.
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Gold rises amid tariff news, but stocks make little progress
U.S. stocks were little changed on Wednesday, while European shares fell. Gold was sought after as investors awaited the details of U.S. president Donald Trump's plans for tariffs and feared an intensifying trade war. Investors focused on Wednesday on the reciprocal levies that the White House will announce following the close of the U.S. Stock Market, on what Trump called America's 'Liberation Day. Trump is expected add new tariffs to the already existing levies on autos, aluminium and steel, as well as increased duties on all Chinese goods. This has rattled markets, with fears growing that a full-blown global trade war may trigger a sharp economic slowdown. The head of the European Central Bank, Christine Lagarde, said that on Wednesday, the tariffs would be detrimental to the entire world. This will depend on the extent, duration and success of the negotiations. Stock futures were barely affected by the recent survey on U.S. private-sector employment, which showed that 155,000 more workers than expected had been added to payrolls. The Labour Department reported on Tuesday that U.S. jobs were down in February. We're all eagerly awaiting the final tariff policy. Don Calcagni is the chief investment officer of Mercer Advisors, based in Denver. Tariffs are already priced in. How final will this tariff policy be when President Trump speaks today at 4PM? It will fuel volatility if it sounds as if there is room for the policy to be changed again. "The market is currently looking for certainty, and it's up to President Trump if he can deliver." The Dow ended a little lower, while Wall Street's benchmark S&P 500 index and Nasdaq both finished Tuesday's choppy trading session with gains. The Dow Jones Industrial Average rose by 68.25, or 0.16 percent, at 11:01 am on Wednesday. Meanwhile, the S&P500 rose by 6.05, or 0.11 percent, to 5,639.12, and the Nasdaq Composite gained 6.81, or 0.04 percent, to 17,457.40. The MSCI index of global stocks rose by 0.21 points or 0.02% to 832.32. The pan-European STOXX 600 fell by 0.67%. On Wednesday, the U.S. Dollar fell against major currencies such as the yen, euro and sterling as traders awaited details on tariffs, which could disrupt global trade and cause financial market turmoil. The dollar index fell by 0.38%, to 103.80, measuring the greenback in relation to a basket including the yen, the euro and other currencies. The euro rose 0.55% to $1.0852, while the sterling grew 0.34% to $1.2962. The dollar gained 0.08% against the Japanese yen to 149.72. The yield on the benchmark 10-year U.S. notes increased 0.7 basis points, to 4.165% from 4.156%, late on Tuesday. The 30-year bond rate fell 0.1 basis point to 4.5136%, from 4.515% on Tuesday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Fed), rose by 2.6 basis points, to 3.889% from 3.863% at late Tuesday. Gold, which is a popular safe-haven during times of economic and political turmoil, has climbed to a new intraday record. Gold prices have risen by 19% this year. This is on top of a 27% increase in 2024, which was the best performance ever since 2010. Gold spot rose by 0.49% on Wednesday to $3,125.85 per ounce. U.S. Gold Futures increased 0.59% to an ounce of $3,137.30. Oil prices on energy markets were mixed, after U.S. statistics showed that crude oil inventories in the United States had been unexpectedly large. U.S. crude oil rose by 0.14%, to $71.30 per barrel. Brent dropped to $74.45 a barrel on Monday, a 0.05% decline. (Ankur Banerjee contributed additional reporting from Singapore; editing by Shri Navaratnam and Tomasz Janowski)
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The largest EV charging network in Europe is launched by a group of EV charging companies.
Four of Europe's largest electric vehicle charging companies announced on Wednesday that they are teaming up to build the largest public charging networks on the continent. Spark, a new alliance between Atlante in Italy, Ionity in Germany, Fastned from the Netherlands, and Electra of France, will be formed to share their networks. There will be 11,000 charging points, and 1,700 charging stations in 25 European countries. Customers in Europe can now access ultra-fast charging of up to 400 kW through the Spark Alliance app. The European Auto Lobby ACEA is pushing for a quicker roll-out of charging infrastructure in order to reassure consumers who are worried about driving distances and increase demand for EVs. The announcement comes as demand for EVs is declining and the EU's emission regulations are being relaxed. According to the European Commission 3.5 million charging stations will be needed by 2030. To reach this target, it would take around 410,000 public chargers per year (or almost 8,000 per week) to install the same number of charging points as currently installed. Fastned CEO, Michiel Langezaal, said in an interview that "we benefit as a sector from the predictability provided by the European Commission". (Additional reporting and editing by Gilles Guillaume)
Gold and stocks rise to record levels as investors wait for Trump tariff clarity
The global stock market rose on Tuesday, following Wall Street’s overnight gains. Gold reached a record high and Treasury yields dropped as markets waited for details about U.S. president Donald Trump’s reciprocal tariffs.
The Japanese yen and Swiss franc held steady as demand for traditional safe-haven assets increased.
The risk-sensitive Australian Dollar also rebounded, after the Reserve Bank of Australia kept interest rates unchanged, as expected, while warning of a "pronounced" uncertainty in the global economy.
Investors anxiously await April 2, the day Trump has called "Liberation Day", where he promises to reveal a massive tariff plan.
The Office of the U.S. Trade Representative published its annual report on Foreign Trade Barriers on Monday. It contained scores of policies and regulations of other countries that it considers as trade barriers.
It was not clear how Trump's tariff reciprocity plans would be affected by the 397-page document.
The Washington Post reported Tuesday that
White House Assistants
A proposal was drafted to impose tariffs on imports into the United States of about 20%.
The European stock market recovered from a day of profit-taking. This was especially true for assets that were highly susceptible to U.S. Tariffs. The benchmark index rose by 5.1% during the first quarter of this year and was up by 0.9% at midday. Pharma and technology stocks led the rally.
"We still do not know the countries that will be affected by the tariffs and at what rate. The administration may not yet have a final plan in place," said Jim Reid, a strategist at Deutsche Bank.
Uncertainty has reached a high level. In the last few days, volatility measures for stock, bonds and currencies have increased sharply, reflecting the difficulty of trading in the unknown.
S&P 500 futures fell 0.1% on Monday but the S&P 500 rose 0.55%, ending a losing streak of three days.
Tony Sycamore is an analyst with IG. He said: "It's possible that a large portion of the rebound last night in key Wall Street indices could be attributed to month-end or quarter-end rebalancing, as well short-covering ahead of Trump Liberation Day. There's considerable uncertainty as to what will happen next."
The U.S. stock markets are priced to reflect a slower growth rate and lower earnings. They are not priced for recession. If the U.S. enters a recession, U.S. stocks could easily drop another 10%."
Gold reached a new record for the fourth consecutive session. It now stands at $3,148.88 an ounce.
Kyle Rodda is a senior financial market analyst at Capital.com. He said that, in addition to the general risk aversion of investors, they are increasing their allocations to gold, as the Trump administration’s trade policy threatens the dollar’s special reserve status.
The fundamentals of gold remain strong.
DOLLAR UNDER SUBSTRESS
As prices rose on Tuesday, yields on 10-year benchmark notes fell by nearly 8 basis points, to 4.169%.
The dollar fell 0.4%, and the yen strengthened.
The dollar has been under pressure for the past nine years due to investor caution. Its performance in the first quarter of this year against a basket currency was its worst in nearly a decade.
The Aussie fell from its day-highs and traded flat for the day, at $0.625. The RBA kept rates at 4.1% after cutting them by a quarter-point in February, for the first cut in four years.
In its statement, the RBA noted that "Geopolitical uncertainty is also pronounced", adding that U.S. Tariffs have an impact on global confidence.
Matt Simpson, senior analyst at City Index, said that the RBA's announcement suggests it is inching toward its next cut but not in a hurry to announce one.
Bitcoin grew 2% to $84,218.
The oil prices rose, continuing Monday's 2% rise. Brent crude was 0.5% higher at $75.13 per barrel while U.S. Crude rose 0.5% to 71.84.
Trump threatened to impose secondary tariffs against Iran and Russian crude oil at the weekend. He warned Iran that he would bomb the country if it did not reach an agreement with Washington on its nuclear program. Kevin Buckland, Himani Sarkar and Kim Coghill edited the article.
(source: Reuters)