German economy minister defends plans to build gas-fired power plants
With coal being phased out to meet climate protection targets, and due to price of carbon dioxide (CO2), secure energy capacity is need, Reiche argued in Berlin. "We urgently need a gas supply, even over a longer period."
The minister, who took office last week, dismissed accusations of lobbying and advocated measures to store and re-use carbon dioxide (CO2) emissions, known as carbon capture and storage (CCS) and carbon capture and utilization (CCU).
"When I now hear and read that the gas lobby is at work here, I would like to immediately tell the critics that we must simultaneously enable the capture of CO2, meaning CCS and CCU," she added.
"If we need secured capacity and want to pursue climate protection at the same time, we must deal with the CO2 produced, and we will do so by capturing, transporting and storing it."
Chancellor Friedrich Merz's new government has faced criticism for its plans on energy policy.
The administration - made up of Merz's Christian Democrats, the Bavaria-only Christian Social Union and the centre-left Social Democrats - agreed in its coalition deal to build new gas-fired power plants with a total capacity of up to 20 gigawatts.
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The Hill
19 minutes ago
- The Hill
NATO scrambles jets after Russian strikes near Romania
Two German fighter jets were dispatched to Romania's border with Ukraine on Tuesday in response to Russian attacks in the region. Moscow targeted Ukrainian ports on the Danube River, according to Romania's Ministry of National Defense. However, no intrusions from Russian forces were detected during the German mission. 'The close cooperation with Allies throughout the enhanced Air Policing Missions strengthens Romania's defense capability and contributes to NATO's deterrence and defense posture on the eastern flank,' Romania's Ministry of National Defense said in a Wednesday statement. Despite these escalations, Russia's foreign ministry spokesperson Maria Zakharova on Monday warned NATO leaders against deploying troops in Ukraine. Earlier this month, Russia hit civilian infrastructure in Ukraine's Ismail region near Romania. Defense officials deployed two Romanian F-16 fighter jets in response to the assault's close proximity. In recent weeks, NATO leaders have increased pressure on the Kremlin as its war with Ukraine continues past its three-year mark. European leaders met with President Trump at the White House this week alongside Ukrainian President Volodymyr Zelensky in an attempt to solidify peace in the region. Last week, Trump also met with Russian President Vladimir Putin in Alaska to discuss an end to the conflict. But Moscow has continued its attacks on its neighbor. On Monday, Putin ordered a major overnight attack on Ukraine's energy infrastructure followed by a Wednesday drone strike on Okhtyrka, which injured 14 people including a family with young children. Both offensives also caused widespread fires. 'In total, more than 60 drones and a ballistic missile were used,' Zelensky wrote in a Wednesday post on social media, with accompanying footage of the damage. 'All of these are demonstrative strikes that only confirm the need to put pressure on Moscow, the need to impose new sanctions and tariffs until diplomacy is fully effective,' he added. Trump has refrained from sanctioning Russian trading partners but has remained adamant about ending the war.
Yahoo
an hour ago
- Yahoo
N26 co-founder Valentin Stalf to step down
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. N26 co-founder Valentin Stalf will step down as co-CEO and move to a role on the German digital bank's supervisory board after a transition period, the company announced Tuesday. That leaves Stalf's fellow co-founder, Max Tayenthal, as N26's sole CEO for the moment, though the digital bank's chair, Marcus Mosen, may be appointed interim co-CEO soon, the Financial Times reported last week. The executive shuffle comes as German financial watchdog BaFin last month proposed issuing a formal warning to two members of the bank's management board and appointing a special monitor after finding new risk management weaknesses, according to the Financial Times. The potential development arises little more than a year after BaFin lifted a cap it had put on N26's growth. The nearly three-year cap cost the digital bank billions in lost valuation, including a shutdown of its U.S. operations in 2021. Stalf's shift comes amid reports that he and Tayenthal may waive special voting rights that give them veto power over certain decisions. Stalf and Tayenthal together hold a roughly 20% stake in the company. U.K.-based fintech Wise, similarly, last month held its own referendum on investors who hold so-called 'golden share' supervoting powers. Stalf, in a statement Tuesday, called his move 'a forward-looking decision to continue to best utilize my many years of experience and knowledge to strengthen N26.' 'I will actively and passionately contribute to N26's long-term leadership and strategic direction and will remain one of the largest N26 shareholders,' he said. 'The new role also offers me the opportunity to devote more time to my family office and other entrepreneurial pursuits.' Stalf told the Financial Times he had been thinking about leaving the company's management 'for some time' and expedited the transition after rumors of his potential departure last week. He added he expects to join the supervisory board after roughly six months. Stalf further said he expected two more executives to join the management board 'over the coming six to 12 months' but declined to detail potential future management changes. A person familiar with discussions at N26 told the Financial Times that Tayenthal was likely to step down from his role at a later stage. The digital bank, however, said Tayenthal 'remains fully committed to his role.' Mosen, for his part, called Stalf 'a pioneer in mobile banking.' 'I have tremendous respect for his entrepreneurial vision and achievements,' Mosen said in a Tuesday release. 'Together with Max, he has turned N26 into an industry frontrunner and market-leading digital bank known across Europe. I look forward to continuing our cooperation." N26 broke even last summer, it said, adding it delivered 40% revenue growth in its past financial year and annual revenues now exceeding €500 million. The digital bank is preparing to introduce products for families, including a child's account, card and investment functionality; a new premium subscription with exclusive partners; and an all-new app design focused on holistic wealth management, it said. On the risk management front, the company's pending chief risk officer, Jochen Klöpper, is set to start in December. Recommended Reading Goldman's global banking and markets co-chief to leave bank Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Vox
2 hours ago
- Vox
Want your company's merger approved? Pay a MAGA influencer.
is a senior politics correspondent at Vox, covering the White House, elections, and political scandals and investigations. He's worked at Vox since the site's launch in 2014, and before that, he worked as a research assistant at the New Yorker's Washington, DC, bureau. Attorney General Pam Bondi delivers remarks as President Donald Trump looks on during a press conference in the James S. Brady Press Briefing Room of the White House August 11, 2025, in Washington, DC.A former Trump Justice Department appointee blasted some of his ex-colleagues in a speech Monday, saying they 'perverted justice and acted inconsistent with the rule of law' — and he named names. Roger Alford was a top appointee in the DOJ's antitrust division in both President Donald Trump's first and second terms. He and his boss, DOJ antitrust division chief Gail Slater, are associated with a faction on the right that wants tougher antitrust enforcement. They take a more skeptical view of mergers in sectors where only a few major companies are competing. But Alford was fired last month. And now, he's gone public about what happened, outlining what he said amounted to a 'pay-to-play' scandal, where companies paid well-connected outside MAGA influencers to try to get mergers approved, and certain top DOJ officials played ball. 'For 30 pieces of silver, MAGA-in-Name-Only lobbyists are influencing their allies within the DOJ and risking President Trump's populist conservative agenda,' Alford said. 'Their goal is to line their own pockets by working for any corporation that will pay top dollar to settle antitrust cases on the cheap.' 'Perverted justice and acted inconsistent with the rule of law' Though Alford didn't have anything negative to say about Trump or Attorney General Pam Bondi, he pointed the finger at two officials in particular: Bondi's chief of staff, Chad Mizelle, and Associate Attorney General nominee Stan Woodward. Mizelle 'makes key decisions depending on whether the request or information comes from a MAGA friend,' Alford said. He continued: 'Aware of this injustice, companies are hiring lawyers and influence peddlers to bolster their MAGA credentials and pervert traditional law enforcement.' The background to this is that back in January, shortly after Trump was sworn in, the DOJ's antitrust team sued to block IT company Hewlett Packard Enterprise from buying a rival, Juniper Networks. But in June, DOJ suddenly backed off, agreeing to a settlement that let the deal proceed with minor concessions. This, Alford clearly believes, was because Hewlett Packard hired two outside MAGA figures to grease the wheels for them: Mike Davis (a conservative legal activist) and Arthur Schwartz (a longtime ally of Donald Trump Jr.). 'Mike Davis and Arthur Schwartz have made a Faustian bargain of trading on relationships with powerful people to reportedly earn million-dollar success fees by helping corporations undermine Trump's antitrust agenda, hurt working class Americans, break the rules, and then try to cover it up,' Alford said in his speech. Alford didn't go into all the details about what happened, but Semafor has reported that Mizelle overruled Slater and Alford to push through the Hewlett Packard settlement — and Alford was fired soon afterward. (The drama spilled out into public, and even Laura Loomer got involved, as the antimonopoly advocate Matt Stoller has chronicled.) Urging a judge reviewing the merger to dig into the matter more, Alford's speech continued: 'It is my opinion that in the HPE/Juniper merger scandal, Chad Mizelle, and Stanley Woodward perverted justice and acted inconsistent with the rule of law. I am not given to hyperbole, and I do not say that lightly.' A DOJ spokesperson pushed back in a statement: 'Roger Alford is the James Comey of antitrust — pursuing blind self-promotion and ego, while ignoring reality. He was fired from the Department, and all should treat his comments for what they are — the delusional musings of a disgruntled ex.' What this is really all about Over the past decade, a new antitrust movement skeptical of Big Tech and big corporations generally has gained some traction on both the left and right. Biden's FTC chair, Lina Khan, became the face of this movement for Democrats, and certain up-and-coming Republicans seeking a populist brand, such as JD Vance, professed admiration for her. Most Republicans, though, loathed Khan, sympathizing with complaints from business leaders that she was overly scrutinizing mergers, and took the GOP's traditional pro-corporate line. When Trump won his second term, though, he nominated a Vance staffer, Gail Slater, as his DOJ antitrust chief. Antitrust reformers like Stoller liked Slater and took her appointment as an encouraging sign that 'Trump wants to take on big tech.' In practice, though, Trump's administration has been most defined by its weaponization of government for shakedown tactics. Trump likes deals, and he likes getting companies (or universities) to cough up money. He likes it when people ask him for favors, and he likes asking for things from them in return. He was never truly committed to an ideological agenda of tough antitrust enforcement. And he's fine with Big Tech, so long as Big Tech gives him what he wants. Slater and Alford apparently didn't get the memo and thought they'd have a free hand to enforce the law as they felt appropriate. But this earned them enemies inside and outside the administration, CBS News reported last month. There were deals to be had — and money to be made. In his speech, Alford referred to 'people inside and outside government' who 'consider law enforcement not as binding rules but an opportunity to leverage power and extract concessions.' But though Alford put the blame on those two DOJ officials, his description seems to fit Trump's approach to governance quite well. We don't know whether Trump himself got involved in the Hewlett Packard matter. But, as the saying goes, the Cossacks work for the Czar.