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Honda expects to incur expenses of up to 2.5 trillion yen due to a reassessment of its electric vehicle strategy, joining the ranks of global brands severely impacted by setbacks in their electric vehicle transition. The company announced on Thursday that it will cancel plans to develop and launch three electric vehicle models in the North American market. Honda projects a loss of between 270 billion and 570 billion yen for the fiscal year ending in March. Just last month, Honda warned of surging expenses related to its electric vehicle business, and its latest outlook aligns it with some of the industry giants. Stlandis stated that the company will incur more than 22 billion euros in expenses, primarily due to the shift in its electric vehicle strategy; Ford also announced losses of $19.5 billion from its business restructuring.In light of the unusual market volatility, Total Energy is taking steps to protect consumers at its French gas stations.Honda Motor Co. has cancelled the launch and development of certain electric vehicle models in the North American market.On March 12, RBC Capital Markets stated in a report that it expects the European Central Bank (ECB) to be very cautious at next weeks meeting, discussing multiple scenarios and clearly indicating that all options are open to the ECB. The institution stated, "We maintain our forecast of no rate hikes this year, but we are prepared to adjust these views if the situation in the Middle East becomes clearer and more assessable." According to data from the London Stock Exchange Group, the money market is currently pricing in a 40 basis point rate hike in 2026, with a full rate hike expected in July.On March 12th, Liu Jizhong, a National Peoples Congress (NPC) deputy and chief designer of the Tianwen-3 mission, stated during the Two Sessions that my countrys deep space exploration is progressing according to plan. Last year, Tianwen-2 was successfully launched, embarking on its "star-chasing" journey. It has already traveled approximately 700 million kilometers and will arrive at asteroid 2016HO3 this year to begin its accompanying exploration. This year, the plan is to launch Change-7, primarily to conduct in-situ scientific and resource exploration at the lunar south pole, forming a comprehensive lunar south pole orbiting, landing, roving, and flyby exploration system.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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