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British Prime Minister Starmer: The government is committed to fiscal rules and economic stability.The final values of the French, German and eurozone services PMIs for June will be released in ten minutes.July 3, strategists at State Street Investment Management said that after 18 months of frenetic gains, the upward volatility of gold prices may ease in the coming quarters. However, support factors including ETF inflows, central bank purchases and a weaker dollar are still favorable for gold prices to rise until 2026. Strategists continue to believe that there is an 80% chance that gold prices will remain flat or rise in the next 6-9 months, and in the case of a 30% bull market, gold prices could hit $4,000 an ounce. They added that a weaker dollar and the Federal Reserves likely dovish policy in the second half of the year could help gold attract more allocations from the record $7 trillion in money market mutual funds.On July 3, ASML (ASML.O) announced that it will announce its second quarter 2025 results at 07:00 CET on July 16, which is still one day earlier than TSMC. ASML executives will hold a 60-minute investor conference call at 15:00 CET on the same day.July 3, the pound rebounded after falling on Wednesday when British Prime Minister Starmer did not seem to confirm in Parliament that Chancellor of the Exchequer Reeves would stay. However, a spokesman for the British Prime Minister later said that Reeves had Starmers full support. The Labour government was forced to make major concessions on welfare reform. Nikos Chaberas, an analyst at Tradu.com, said in a report that the prospect of further tax increases or increased borrowing could disrupt the market. This loss of confidence could "cause trouble" for the pound.

EU Plans to Issue One-year Renewable Energy Licenses to Accelerate Green Shift

Charlie Brooks

May 10, 2022 09:46

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A draft paper indicates that the European Union executive aims to accelerate the bloc's green transition and reduce its dependency on Russian fuels by allowing some renewable energy projects to acquire permits within a year.


Brussels will present next week a package of steps to decrease the European Union's dependence on Russia by promoting renewable energy, conserving energy, and expanding gas imports from other countries.


The draft legislative proposal indicates that the European Commission will propose rules forcing countries to designate "go-to zones" of land or water suitable for renewable energy projects, where such projects would have minimal environmental impact.


This could be extended by three months under "exceptional circumstances."


This is in contrast to the EU's present two-year deadline for permitting such schemes, which can be extended by an additional year. According to the plan, projects outside of go-to locations would adhere to this timeframe.


However, renewable projects frequently suffer even lengthier delays due to red tape, local opposition, or concerns about safeguarding endangered species, generating concerns that the bloc may struggle to increase wind and solar energy quickly enough to fulfill climate change objectives.


According to the Hellenic Wind Energy Association, it typically takes eight years to approve wind energy projects in Greece.


"Renewable energy sources are essential to combat climate change, cut energy prices, lessen the Union's reliance on fossil fuels, and safeguard the Union's supply security," the document stated.


The approval and construction of renewable energy projects would be deemed to be in the "overriding public interest," allowing for a streamlined evaluation. The proposal said that EU people will continue to have the ability to participate in project choices.


Avoiding protected regions and bird migration routes, priority would be given to constructed areas such as rooftops, roads and railways, industrial sites, and public land surrounding them.


The general areas would be subject to an environmental review, but individual projects would no longer require one unless they had a major impact on the environment in another EU country, according to the proposal.


Smaller projects with a capacity of less than 150 kW in go-to zones would experience a six-month approval process, or nine months if there are safety or power system impact concerns.


The expedited permission rules would not apply to facilities that generate energy by burning biomass.