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French Power at Record Discount to Germany on Cheap Nuclear

French Power at Record Discount to Germany on Cheap Nuclear

Bloomberg28-01-2025

French year-ahead power prices traded at a record discount to those in Germany, underlining France's strong nuclear generation and its neighbor's continued reliance on gas.
French power futures for 2026 are about 27% cheaper than the equivalent contract in Germany, according to data from European Energy Exchange. Nuclear power output in France reached its highest level since 2019 this month, pushing down futures to a three-year low.

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David Ornstein Confirms Liverpool Striker Move is ‘Possible' After Recent Contact
David Ornstein Confirms Liverpool Striker Move is ‘Possible' After Recent Contact

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David Ornstein Confirms Liverpool Striker Move is ‘Possible' After Recent Contact

Liverpool's Forward Focus: Nunez Exit Opens Door for Ekitike After Record-Breaking Wirtz Deal Liverpool's summer window has exploded into life, with business being conducted swiftly and decisively under Arne Slot. Florian Wirtz's arrival, confirmed late Tuesday, will not only obliterate the club's own transfer record but also set new benchmarks across English and German football. At a projected cost of over £115m, it surpasses the Moises Caicedo fee to Chelsea and signals a shift in how the Reds intend to compete. Advertisement As reported by The Athletic's David Ornstein, Wirtz's signing is not the end of Liverpool's spree. 'There is, meanwhile, a possible departure from Merseyside in the form of Darwin Nunez,' Ornstein noted, confirming contact from Al-Hilal for the Uruguayan. While the player is reportedly more inclined to remain in Europe, the financial pull from Saudi Arabia remains a factor. With Wirtz secured and Milos Kerkez close to completing a switch, Liverpool's net summer spend could soon exceed £195m. Yet, there is still desire for a new number nine – and Hugo Ekitike has emerged as the primary target. Ekitike Move Contingent on Outgoings Eintracht Frankfurt's €100m asking price for Ekitike has cooled Chelsea's interest, leaving Liverpool well-positioned – but only if two players depart. As per Sky Germany's Florian Plettenberg, Liverpool must sell two of Diogo Jota, Federico Chiesa or Darwin Nunez before advancing negotiations for the French forward. Photo: IMAGO The strongest indication of an imminent exit centres on Nunez, who has struggled to consistently justify his £85m price tag since joining from Benfica. Al-Hilal's recent inquiry represents a serious push to bring the Uruguayan to the Saudi Pro League, having previously missed out on Mohamed Salah, Bruno Fernandes and Victor Osimhen. Advertisement 'Liverpool rejected a proposal worth €70m from Al Nassr in January, and that sets a minimum bar if an exit is to materialise,' Ornstein wrote. That valuation remains the benchmark if the Reds are to part ways with the 24-year-old. Elliott and Gakpo Future Questions Wirtz's arrival also places questions around the futures of other attackers, particularly Harvey Elliott. The 22-year-old made his stance clear: 'I don't really want to be wasting years of my career because it's a short career.' With Wolves and Newcastle reportedly interested, Elliott's departure would ease squad congestion and raise additional funds. Meanwhile, Cody Gakpo has publicly rejected links to Bayern Munich, while Alisson Becker has reaffirmed his commitment to Anfield, though he has started exploring his next steps, according to reports. Photo: IMAGO Slot's Tactical Evolution Demands Precision Slot's system hinges on high-intensity pressing and fluid attacking movement – a style tailor-made for someone like Wirtz. The German's numbers last season were staggering: 45 appearances, 16 goals and 15 assists. It's a clear statement of intent from Liverpool and an evolution from the more chaotic attacking presence of Nunez. Advertisement Wirtz also represents the most expensive German footballer ever, Bayer Leverkusen's record sale, and the Bundesliga's highest transfer fee to date. It is a transformative deal both on and off the pitch. Our View – Anfield Index Analysis There's a strange inevitability to Darwin Nunez's likely departure. His raw energy and unpredictability created moments of brilliance, but not the consistency a title-winning side demands. With Arne Slot at the helm and Liverpool now reigning champions again, the standards have shifted. Every decision must be calculated, and emotion cannot drive the future. Florian Wirtz is the opposite type of forward – intelligent, composed and ruthlessly efficient. He feels like a player designed for Slot's tactics. His arrival is exciting, but fans will rightly wonder if Liverpool will regret letting Nunez go just as he might have reached his peak. Advertisement The Ekitike interest is intriguing. He's younger, mouldable and potentially a better long-term fit. But can he adapt quickly enough to the Premier League, and will he thrive in the pressure cooker of Anfield? That remains a gamble. Harvey Elliott's frustration is understandable, and while it would hurt to lose a homegrown star, this is a ruthless business now. Wirtz's signing shows Liverpool's hand – trophies are the priority. And if the money from Saudi helps complete that vision, fans may just get behind it, however conflicted they feel.

Chargeurs Updates ESG Efforts to Halve Carbon Footprint
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Chargeurs Updates ESG Efforts to Halve Carbon Footprint

Chargeurs PCC has dropped an updated ESG strategy. The French interlining firm shared plans to cut carbon dioxide emissions by 46 percent by 2030, as the nucleus of the plan centers around reducing the company's carbon footprint. More from Sourcing Journal EXCLUSIVE: Arvind, Fashion for Good's 'Near-Carbon-Neutral' Factory Initiative Seeks to Break Industry Paralysis Shein's Climate Ambitions Have Been Validated. Now What? Material World: Celebrate Biological Diversity Day With Carp Couture 'As a global company operating across five continents, we feel the responsibility to lead the transition to a more sustainable future,' said Gianluca Tanzi, chairman and CEO of Chargeurs PCC. 'Our mission is to act as pioneers and game changers, playing a leading role in the transformation of the textile industry.' The holistic effort includes designing with circularity, protecting biodiversity and enhancing social corporate governance through 'stringent supply chain oversight.' Chargeurs said this strategy is based on measurable data and integrated actions throughout the value chain. 'We want to continue innovating, providing our customers with solutions that merge excellence and awareness,' Tanzi said. 'This is why we are pursuing a series of real and concrete commitments that will impact not only within our company but also throughout our supply chain—addressing environmental concerns, product innovation and social responsibility.' Those concrete steps include operations already underway at the historic Lainière de Picardie plant in Péronne. Hot water replaced steam systems, and other advanced machinery has been installed, leading to an 11 percent emissions reduction in 2024 alone. In parallel, Chargeurs said, the company has engaged its suppliers to map emissions since December 2024. In pursuit of strengthening its supply chain transparency, 80 percent of its suppliers will have undergone SMETA audits by 2024, with plans in place to extend assessments across the remaining chain. Beyond modernizing infrastructure, Chargeurs is advancing sustainable product innovation, too, in pursuit of reduced energy consumption. Launched in 2023, Chargeurs' Zero-Water Dyeing is a range of interlinings characterized by low water consumption in the dyeing process. Available in 19 colors and made in France, the range can save up to 2,600 liters of water per 1,000 linear meters, according to the company's annual report. This range is part of Chargeurs' Sustainable 360 flagship collection, which uses lower-impact materials. Developed in 2019 and primarily designed using recycled yarn, the range expanded its material composition to cover a broader range of environmentally conscious inputs. Outside of the Zero-Water Dyeing range, this spans recycled, GRS-certified polyester, BCI and GOTS cotton, hemp, Ecovero responsibly-sourced viscose and bio-sourced polyamides, primarily from SMETA audited suppliers. The idea is to reduce microplastic dispersion, reduce water use and mitigate chemical treatments. Since 2021, the company's research and development efforts have focused on reducing chemical substances in formulations, seeing Chargeurs adopt stricter than-industry-average standards, even eliminating certain components when warranted. In 2024, the business line entered close partnerships with leading brands on the joint development of products aligned with their CSR requirements. Chargeurs' R&D laboratory in France has played a central role in providing solutions, developing an internal blacklist of unsustainable components; this voluntary measure clocked 60 percent of products and 90 percent of substances as compliant. Aware of the growing expectations of stakeholders and the group's dependence on raw materials like cotton and wood, biodiversity preservation is another pillar of Chargeurs' green path. To that end, Chargeurs' Lainière de Picardie factory maintains 75 percent of its grounds as a protected natural habitat. Last year, the group launched a reforestation initiative in Brazil, partnering with WeForest to plant 1,500 trees. The company also took part in COP16 Biodiversity in Cali, Colombia, and has entered other international 'ecosystem restoration collaborations' as well. A 'cornerstone' of Chargeurs' sustainability strategy is its staunch commitment to the 'Local for Local' model: an approach reflecting the company's long-term vision of responsible, regionally rooted growth.

Reeves's choices will make Britain poorer
Reeves's choices will make Britain poorer

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Reeves's choices will make Britain poorer

The French statesman Pierre Mendes-France once said that to govern is to choose, and it was a maxim repeated often by the Chancellor in her spending statement to the Commons today. 'I have made my choices. In place of chaos, I choose stability. In place of decline, I choose investment. In place of retreat, I choose national renewal. These are my choices. These are this Government's choices. These are the British people's choices.' This might have sounded like a nice rhetorical flourish – an ironic echo of Mrs Thatcher quoting Francis of Assisi in 1979 – but what does it tell us about the Government's priorities? It is to continue spending money we do not earn and do not have because Labour is unwilling to take the difficult decisions necessary to reform the areas that cost the most to sustain, namely welfare and the NHS. The Treasury ostensibly spent months conducting what is called a zero-based spending review, testing budgets against whether they meet the Government's objectives and priorities. But who decides what they should be? An increase in defence spending has been forced on Labour and will be paid for from raiding the overseas aid budget. In a rare moment of candour the Chancellor admitted the 2.6 per cent of GDP would include spending on intelligence, not just the military. But Nato has asked for core spending of 3.5 per cent plus an additional 1.5 per cent for associated budgets. Labour will be nowhere near the requirement. That is their choice. Another priority is to allocate an extra £30 billion to 'our NHS' on top of the £22 billion already handed over when Labour took office last year. But where are the commensurate reforms that will ensure this is not wasted as so much money has been before? Wes Streeting has yet to unveil his masterplan for the NHS so we don't know; but history tells us to expect little in the way of change. Indeed, a renewed commitment to the nationalised ethos of the NHS, first set out in 1948, was cheered by MPs. That has ensured another decade of decline. Surely, with debt so high, the whole point of examining eye-watering levels of government spending is to try to bring it down, not tinker at the edges of departmental budgets while the overall amount balloons. But that is what we are seeing. The only savings she announced involved the closure of some public buildings, cutting back office costs and other 'efficiencies'. How often have we heard this before? Ms Reeves, who claims to have inherited a broken economy, has within the space of 12 months apparently so transformed its fortunes that she is able to splurge. She still believes that growth will provide the revenues even though her policies are inimical to economic expansion. Figures this week show the number of people in jobs has slumped at the fastest rate since 2014 directly as a result of the Chancellor's increase in employer National Insurance which took effect in the spring. How has that helped boost the economy? Ms Reeves made much of giving the go-ahead to extra investment in national infrastructure, such as roads, regional airports and local transport, which is undoubtedly needed, even though day to day spending will fall. All her hopes for growth rest on kick-starting major projects, including a swathe of social housebuilding schemes underpinned by a £39 billion investment over 10 years and reforms to planning laws to limit the scope for objections. But the industry says a serious shortage of skilled workers makes such promises impossible to fulfil. Moreover, will 'affordable housing' be filled by illegal immigrants ejected from hotels? The biggest issue is how to rein in spending on programmes that are spiralling out of control. Reforms of personal independence payments (PIPs) are in the pipeline but will they really go ahead? Labour Left-winger Richard Burgon said during Prime Minister's Questions that party backbenchers will not support the £5 billion cuts in a vote expected later this month. Scores of Labour MPs have signalled opposition and while Sir Keir Starmer stuck to his guns, this week's U-turn on the winter fuel allowance shows how he can buckle under pressure. The biggest problem facing the country is unsustainable debt, now around 100 per cent of GDP and record levels of taxation. Just paying the interest costs more than the defence budget and yet borrowing continues to grow. Nothing the Chancellor announced will reduce debt and everyone knows that she will have to raise taxes in the autumn or risk a market backlash. She keeps saying this is all being done to help 'working people' but they seem not to include the people who pay most tax, many of whom are already leaving the country. Net emigration among higher earners has reached its highest level since the financial crash. Like Labour chancellors of yore, she is spending money she does not have and will need to take more from wealth creators to fund it. Another French statesman, Jean-Baptiste Colbert, once said: 'The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing.' The Chancellor has made her choice – not to pluck the goose that lays the golden egg, but to kill it. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.

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