Hungary granted the construction contract in a direct award to Russia’s Nizhny Novgorod Engineering
International News via Reuters:
The EU’s top court said on Thursday the European Commission should not have approved Hungarian state aid for the expansion of its Paks atomic plant by a Russian company, ruling that the Commission had not checked whether the contract met EU rules.
Hungary granted the construction contract in a direct award to Russia’s Nizhny Novgorod Engineering as part of an agreement between Russia and Hungary on the peaceful use of nuclear energy.
Russia in turn provided Hungary with a state loan to finance most of the development of the new reactors, and the European Commission approved the plan in 2017.
Russian state nuclear energy firm Rosatom, which signed an agreement with Budapest to build two 1.2 gigawatt reactors at Paks, said in a statement on Wednesday that it would continue to execute the project.
“Rosatom’s primary task remains to implement the project in accordance with the highest international safety standards and in full compliance with contractual obligations,” the company said.
Neighbouring Austria lodged a complaint about the state aid involved in the deal at the EU’s General Court in 2018, but lost the case.
It then filed an appeal at the EU’s Court of Justice, which said on Thursday that Austria had been right in arguing that the Commission should have examined whether the direct award of the construction contract to the Russian company was compatible with EU procurement rules.
Reporting by Bart Meijer;Editing by Sharon Singleton, Helen Popper, Elaine Hardcastle
It’s back-to-school season … and it’s not only children in the classroom.
The Bermuda Adult Education School, which welcomes learners aged 16 and up, is encouraging adults to re-engage with their educational goals, from workshops to earning a GED.
Managing Director Arlene Brock says the school is open year-round and offers a range of programs to support students.
Director of Programming Thaao Dill adds that the number of graduates at the most recent ceremony doubled compared to previous years – a sign of growing interest.
The rise of the “Make America Healthy Again” (MAHA) movement poses a new threat for the company
International News via Reuters:
Kraft Heinz’s announcement this month that it would split was a belated acknowledgment that the Velveeta cheese and Heinz ketchup maker had missed consumers’ years-long shift away from processed foods, a trend that is now accelerating under a new push from the federal government and states including California.
But, its plan to carve itself into two companies — one focused on faster-growing sauces and condiments, one on groceries — may not be enough to revive its brands, according to former employees, consultants and Wall Street analysts.
The rise of the “Make America Healthy Again” (MAHA) movement led by U.S. Health Secretary Robert F. Kennedy Jr., who blames artificial ingredients for chronic childhood diseases like diabetes and obesity, poses a new threat for the company that makes products including Oscar Mayer hotdogs, Kraft Singles and Jell-O desserts.
Former employees said Kraft Heinz executives missed opportunities to appeal to the new demand for fewer preservatives and artificial ingredients, such as ketchup without high-fructose corn syrup and they were also unconvinced the costly and possibly risky effort to change an iconic brand would boost sales.
Kraft Heinz is focused on providing nutritious and affordable food, and has reduced its use of sugar, overhauled over 1,000 recipes and committed to removing synthetic dyes from its U.S. brands, a spokesperson said.
MAHA, GLPs, HIGH PRICES CHALLENGE FOOD COMPANIES
The MAHA Commission, a panel convened by President Donald Trump, released a report on Tuesday that called for the government to review chemical additives in packaged products and define ultra-processed foods. Adding to the pressure, legislators in California, the largest U.S. state by population, are voting on a bill that would regulate ultra-processed foods as soon as this month.
Nicholas Fereday, an independent food industry analyst, said the prospects for Kraft Heinz after a split are still bleak.
“The very fact they’re splitting up doesn’t change any of it and explain how they’re going to inject energy, excitement and clarity” into the company, he said.
But its rising competition including sauce and pasta brand Rao’s Homemade is adapting more quickly to consumer tastes, food industry experts said, snapping up market share from its top products like Kraft mac & cheese, known for its blue box featuring orange-hued macaroni.
U.S. food companies have struggled to increase sales in recent years as consumers switch to products touting natural ingredients, balk at higher prices and buy less due to new appetite-suppressing GLP-1 drugs. But, Kraft Heinz has been among the worst performers, analysts have said.
Its shares are down nearly 14% year to date, while the Dow Jones U.S. food product makers index, covering its competitors, has fallen about 6.5% in the same time period. Its organic net sales have declined for the last seven quarters, according to financial statements and investor press releases.
WOULD CANE SUGAR IN HEINZ KETCHUP GROW SALES?
Two former Kraft Heinz employees, who requested anonymity because they were not authorized to speak to the press on behalf of the company, said it knew for years it was facing a seismic shift in customer preference, as offerings at natural food grocery stores like Amazon.com’s Whole Foods and Sprouts rose in popularity.
But one of the employees, a marketing executive who left the company over a year ago, said “management wanted us to prove we would grow sales by changing ingredients” and was reactive to trends rather than proactive. Kraft Heinz looked at replacing high-fructose corn syrup in Heinz ketchup with cane sugar, but “it was killed due to cost,” the former exec said.
Kraft did not comment when asked about replacing high fructose corn syrup in ketchup.
Heinz ketchup’s market share has slipped over the last four years, though it still holds more than two-thirds of the category in the United States, according to market research firm Euromonitor.
The company offers a Simply Heinz ketchup without high-fructose corn syrup for a cost of nearly 50% more than the original, and in 2019 acquired condiment maker Primal Kitchen, which also pledges to avoid artificial ingredients. The company spokesperson said that the last quarter, its Simply Heinz brand grew 17% and Primal Kitchen grew 24%.
High-fructose corn syrup has become more controversial, although medical experts say people should reduce sugar intake overall, and that there is no significant health difference between the additive and cane sugar.
A May report from the MAHA commission said significant consumption of high-fructose corn syrup may contribute to chronic diseases like obesity, citing a 2021 study by researchers from Shanghai University of Traditional Chinese Medicine linking it to non-alcoholic fatty liver disease.
In response to California’s bill on ultra-processed food, a spokesperson for the U.S. Department of Health and Human Services said Kennedy encourages states to promote healthy practices and enhance consumer transparency in food labeling.
Other U.S. states including Missouri, North Carolina and Pennsylvania have considered passing similar laws, further adding to scrutiny of Kraft Heinz’s products.
The former employees said that Kraft Heinz’s moves to remove artificial ingredients from its products did little to change consumers’ perception of them as unhealthy and processed.
Taking the dyes out of Kraft macaroni and cheese in 2016, for example, only stemmed some sales declines, a former brand manager said, and it is still seeing its market share fall, according to market research firm Numerator.
Bill Johnson, CEO of H.J. Heinz until 2013, when it was taken private by Warren Buffett’s Berkshire Hathaway and Brazil-based 3G Capital, said companies like Kraft Heinz haven’t given consumers a reason to believe their products are better than they were.
“What the big companies (like Kraft Heinz) haven’t done is innovated,” he said.
Reporting by Jessica DiNapoli; Editing by David Gaffen and Anna Driver
…but older Bermudians are more active at the polls, says political pundit
Young Bermudians may be more accepting of granting status to some non-Bermudians.
Older black Bermudians, who recall status being weaponised to augment the white vote, feel differently.
This is the take from political commentator Cordell Riley, and it means the OBA government’s attempt to launch Pathways to Status will remain a thorny issue for the party – even 9 years on.
As new leader Robert King takes the helm of the OBA, Mr Riley suggests they have an uphill battle to show they have changed from the party that governed from 2012 to 2017.
This is especially true, he says, after former Cabinet Minister Michael Fahy – who brought forward Pathways in February 2016 – returned to politics and won an historical OBA stronghold in February’s General Election.
“To put him in a safe seat [Pembroke South West], rather than have him run in a marginal seat… that’s a message that’s being sent to the voters”, Mr Riley says.
“Is that a return to the days of 2012, or are you really changing?”
In a discussion with Gary Foster Skelton, Mr Riley acknowledged that younger Bermudians may be in favour of immigration reform and some version of pathways to status.
However – just like Brexit in the UK – it comes down to who is motivated enough to make their voices heard at the polls…
VDA and the union said in a joint statement that the EU and the German government “must become more flexible on CO2 regulation.”
International News via Reuters:
Germany’s VDA car industry association and IG Metall metalworkers’ union on Thursday urged the European Union to drop plans to ban the production of CO2-emitting vehicles from 2035, joining a chorus of sector voices warning against the move.
VDA and the union said in a joint statement that the EU and the German government “must become more flexible on CO2 regulation.”
They added that the ramp-up of electric vehicle production and market growth had fallen behind initial expectations due to difficulties in the battery supply chain, slow growth of a smart charging infrastructure and other factors.
“Against this backdrop, the target for 2035 is no longer achievable without short-term corrections,” the statement said.
They said the transition to electromobility was in principle the right way for the car industry in Germany to remain competitive.
Reporting by Ludwig Burger and Ilona Wissenbach, Editing by Miranda Murray
Josh Frias died following a collision with a motor car on Parsons Lane, Devonshire
Police today made a fresh appeal for information about a fatal road collision.
Josh Frias, 16, lost his life after a crash that occurred round 6:30 p.m. on Thursday, July 17, this year on Parson’s Lane, Devonshire, in the vicinity of Watlington Waterworks.
The collision involved an auxiliary cycle and a motorcar.
In a release today, police said: “We are particularly interested in hearing from anyone who may have been traveling along Parson’s Lane just prior to or, around the time of the collision.”
Anyone with information should contact Police Constable Kevin Medeiros on 717-2402 or call the BPS on 295-0011.
The ECB left rates unchanged on Thursday and maintained an upbeat view on growth and inflation, dampening expectations for any further cut in borrowing costs
International News via Reuters:
European Central Bank policymakers see their December meeting as the most realistic time frame to debate whether an another interest rate cut is needed to buffer the euro zone economy from the impact of U.S. tariffs, three sources told Reuters.
The ECB left rates unchanged on Thursday and maintained an upbeat view on growth and inflation, dampening expectations for any further cut in borrowing costs.
But sources on the ECB’s Governing Council said the debate on a rate cut was not over just yet, although policymakers probably won’t have enough information by their next meeting in October 29 to make a proper assessment.
This meant that the December 18 meeting was seen as the more likely date to discuss a reduction in borrowing costs, also in light of incoming inflation and growth data and the next batch of projections.
An ECB spokesperson declined to comment.
Reporting By Francesco Canepa, Balazs Koranyi and Frank Siebelt
EU Commission President Ursula von der Leyen said on Wednesday the EU was considering a faster phase-out of Russian fossil fuels as part of new sanctions against Moscow
International News via Reuters:
The EU is sticking to its deadline to phase out Russian oil and gas imports by 2028, EU Energy Commissioner Dan Jorgensen said on Thursday after a meeting with U.S. Energy Secretary Chris Wright.
The EU is negotiating legal proposals to completely phase out imports of Russian oil and gas by January 1, 2028, with a ban on short-term contracts kicking in from next year, but it also faces pressure from the United States to end Russian energy imports sooner.
EU Commission President Ursula von der Leyen said on Wednesday the EU was considering a faster phase-out of Russian fossil fuels as part of new sanctions against Moscow.
EU officials were in Washington earlier this week to discuss sanctions, but Jorgensen said that sanctions were not discussed during his meeting with Wright in Brussels on Thursday.
Jorgensen’s focus was making sure EU countries and lawmakers approve the 2028 phase out as soon as possible, he said.
“This is a very, very ambitious plan,” he said.
“If there are any other things that we can do, at the same time, that will also put pressure on Russia, I am of course very happy to do that,” he said.
The 2028 phase-out plan would fix the EU’s Russian energy ban into law. In contrast, sanctions require re-approval from EU countries every six months.
The EU could agree its 2028 phase-out and, on top of this, pass sanctions to ban Russian energy imports sooner.
Von der Leyen did not specify on Wednesday how the EU would use sanctions to phase out Russian energy sooner. Brussels is currently drafting a 19th package of sanctions against Russia, which EU diplomats said could be proposed as soon as Friday, but may be delayed into next week.
U.S. President Donald Trump, seeking to end the war in Ukraine, told European leaders last week to stop buying oil from Russia, a White House official said.
Jorgensen declined to comment on whether Wright had asked the EU to quit Russian gas and oil faster.
“Our goal is to deploy American energy exports to our allies around the world… That point, I think, hits home in Europe,” Wright told reporters after the meeting in Brussels.
“We’re driving to move that to zero, and the biggest filler of that hole has been energy exports from the United States. We want to continue to do that, and end all Russian energy imports into the EU.”
Jorgensen said they had agreed Europe needs to move as fast as possible to do this and had discussed “several ways in which we can make this happen as fast as possible”.
The EU’s proposed phase out by 2028 is designed “to happen in a way that doesn’t lead to increase in prices, and future supply problems”, Jorgensen said – adding that this would require Europe to buy more U.S. liquefied natural gas.
Reporting by Kate Abnett, Writing by Mathias de Rozario, Editing by Susan Fenton
The government did not provide details of what human oversight there might be for Diella, or address risks that someone could manipulate the artificial intelligence bot
International News via Reuters:
A new minister in Albania charged to handle public procurement will be impervious to bribes, threats, or attempts to curry favour. That is because Diella, as she is called, is an AI-generated bot.
Prime Minister Edi Rama, who is about to begin his fourth term, said on Thursday that Diella, which means “sun” in Albanian, will manage and award all public tenders in which the government contracts private companies for various projects.
“Diella is the first cabinet member who isn’t physically present, but is virtually created by AI,” Rama said during a speech unveiling his new cabinet. She will help make Albania “a country where public tenders are 100% free of corruption.”
The awarding of such contracts has long been a source of corruption scandals in Albania, a Balkan country that experts say is a hub for gangs seeking to launder their money from trafficking drugs and weapons across the world, and where graft has reached the corridors of power.
That image has complicated Albania’s accession to the European Union, which Rama wants to achieve by 2030 but which political analysts say is ambitious.
The government did not provide details of what human oversight there might be for Diella, or address risks that someone could manipulate the artificial intelligence bot.
Diella originally launched early this year as an AI-powered virtual assistant on the e-Albania platform, helping citizens and businesses obtain state documents. Dressed in traditional Albanian attire, she provides assistance through voice commands and issues documents with electronic stamps, reducing bureaucratic delays.
Not everyone is convinced. One Facebook user said: “Even Diella will be corrupted in Albania.” Another said: “Stealing will continue and Diella will be blamed.”
The new parliament, elected in May, is scheduled to convene on Friday, though it remains unclear if the government will be voted on the same day.
Reporting by Florion Goga, writing by Fatos BytyciEditing by Rod Nickel
These so-called digital asset treasury companies sell shares or issue debt to raise cash for buying crypto held on their balance sheets
International News via Reuters:
Companies that accumulate and hoard bitcoin and other cryptocurrencies have suffered sharp drops in their share prices as the crypto mania that has gripped investors for much of the year recedes.
These so-called digital asset treasury companies sell shares or issue debt to raise cash for buying crypto held on their balance sheets. Investors have been snapping up their shares, encouraged by bitcoin’s record highs this year as U.S. President Donald Trump embraces the sector.
At least 61 publicly listed companies that are not primarily engaged in digital assets have adopted bitcoin treasury strategies, Reuters reported in June.
Shares in Michael Saylor’s Strategy, the best known of these bitcoin buyers, have fallen from $457 in July to as low as $328 this week. That is the lowest since April and cuts their gains this year to 13%.
Japanese bitcoin treasury company Metaplanet this week hit its weakest since May. The shares are down more than 60% from their June peak but remain up 105% so far this year.
Small companies that have transformed the fortunes of their shares – and their stock-owning executives – simply by announcing a sudden shift in strategy to bitcoin-buying have also taken a hit.
The scale of the reversal is “entirely unsurprising,” said Kaiko analyst Adam McCarthy.
“These are all essentially volatility plays as they are leveraged exposure … so if bitcoin is down 3%, they’re down a multiple of that, sometimes four or five times as much,” he said.
“For retail users it’s a shock a lot of the time, so it probably compounds the downturn when some sell out of fear.”
When these shares tank, the companies’ market value can be less than the crypto holdings on their balance sheets.
Digital asset treasury companies also often rely on capital market access to fund their crypto buying, which can “dry up when sentiment cools,” said Lale Akoner, global market analyst at eToro.
“Beyond their bitcoin exposure, most (companies) have only modest fundamentals, so their valuations don’t have much of a cushion.”
Shares of Smarter Web Company soared after the UK-based website designer announced a bitcoin-buying strategy in April. The stock is down more than 70% since June.
Shares in Alt5 Sigma, which has been buying tokens in Trump’s World Liberty Financial crypto venture, have tumbled more than 61% from their June high reached before the company announced a $1.5 billion deal with the venture.
Bitcoin-hoarding has spread to other cryptocurrencies, too, with more companies buying up ether and lesser-known digital currencies.
“Until retail users realise that these firms aren’t buying into crypto, rather they’re selling a crypto narrative to pump their equity value, this circle will persist,” Kaiko’s McCarthy said.
Shares of Peter Thiel-backed BitMine and gaming media network GameSquare rocketed this year after they announced plans to buy ether. Both have slumped by about 67% since July.
Crypto exchange Gemini is set to debut on the Nasdaq on Friday. The exchange, backed by Cameron Tyler Winklevoss, raised the proposed price range for its U.S. initial public offering and is targeting a market valuation of up to $3.08 billion.
Reporting by Tommy Reggiori Wilkes, Elizabeth Howcroft and Hannah Lang; Editing by David Goodman and Richard Chang
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