Government Regulation

September 9, 2022

German Support

“Wide Rescue Umbrella”: Germany Plans To Support Companies As Energy Crisis Worsens

by Tyler DurdenFriday, Sep 09, 2022 – 05:45 AM

Natural gas and electricity prices have become so expensive in Germany that the economic engine of Europe is shutting down and at risk of a ‘Lehman-style’ collapse. To mitigate energy cost burdens, the German government unveiled a new proposal to increase a pandemic-era rescue fund to save small and medium size companies that could face a wave of bankruptcies amid the worsening energy crisis. 

On Thursday, Bloomberg quoted German Economy Minister Robert Habeck as saying new financial aid for businesses to cover energy costs could soon be made possible. 

We will open a wide rescue umbrella,” Habeck told lawmakers in Berlin. “We will open it widely so that small and medium enterprises can come under it,” he said. 

Habeck’s comments come after German Chancellor Olaf Scholz’s coalition agreed on a 65 billion euro program to support millions of struggling households with soaring power bills. 

A participant at a parliamentary committee late Wednesday said Habeck was willing to use an existing pandemic-era aid program to support companies — about 20% of the 5 billion euros has already been spent. 

Habeck said at the closed-door meeting that drawing funds from the Covid program could spark constitutional debt limit issues, according to the participant, who asked not to be named. 

In his speech to lawmakers, Habeck said the energy crisis could persist well beyond this winter, adding financial support for businesses will be temporary as Germany and the EU work to reform energy supply chains away from Russia. 

“We are looking at the electricity market design,” said Habeck. “If this doesn’t work immediately and solidly, then we also consider the option of a windfall levy and give this back to the citizens.”

Besides Germany, UK Prime Minister Liz Truss also laid out a plan to support households and businesses amid energy hyperinflation as Russia’s energy giant shuttered the Nord Stream 1 pipeline to Europe last week. 

European politicians are maneuvering ahead of a pivot meeting Friday, where they will discuss plans to reduce energy costs, consumption, possible price caps on energy products, and even suspension of power derivatives trading — as the bloc races against time to thwart what could be a ‘Minsky’ moment as we reported European energy trading risks grinding to a halt unless governments extend liquidity to cover margin calls of at least $1.5 trillion

https://www.zerohedge.com/political/wide-rescue-umbrella-germany-plans-support-companies-energy-crisis-worsens

August 29, 2022

Congresswoman Scanlon Visits Everchem for a 20th Anniversary Celebration

Pennsylvania Congresswoman Mary Gay Scanlon visited Everchem to help celebrate their 20th anniversary and discuss the issues of the day . . .

August 29, 2022

Congresswoman Scanlon Visits Everchem for a 20th Anniversary Celebration

Pennsylvania Congresswoman Mary Gay Scanlon visited Everchem to help celebrate their 20th anniversary and discuss the issues of the day . . .

July 18, 2022

More On Carpenter/Recticel

CMA opens phase 2 investigation

Occasional information, Brussels, 18/07/2022 — 09:58 CET, 18.07.2022

As of this morning, the UK Competition and Markets Authority (the “CMA”) has published its decision that the remedy undertakings offered by Carpenter cannot be accepted by the CMA under the Enterprise Act 2002 and that it will refer the case to Phase 2 (the CMA’s publication can be found here.

This means that the CMA will investigate in more detail what impact the intended transaction will have on competition, and what remedy undertakings could be committed to by the parties in order to allow for clearance of the transaction.

Recticel is currently analyzing the impact of the CMA’s decision together with Carpenter and will provide an update about any further development in due time.

https://www.recticel.com/cma-opens-phase-2-investigation.html

July 18, 2022

More On Carpenter/Recticel

CMA opens phase 2 investigation

Occasional information, Brussels, 18/07/2022 — 09:58 CET, 18.07.2022

As of this morning, the UK Competition and Markets Authority (the “CMA”) has published its decision that the remedy undertakings offered by Carpenter cannot be accepted by the CMA under the Enterprise Act 2002 and that it will refer the case to Phase 2 (the CMA’s publication can be found here.

This means that the CMA will investigate in more detail what impact the intended transaction will have on competition, and what remedy undertakings could be committed to by the parties in order to allow for clearance of the transaction.

Recticel is currently analyzing the impact of the CMA’s decision together with Carpenter and will provide an update about any further development in due time.

https://www.recticel.com/cma-opens-phase-2-investigation.html