Lisa Jucca
ReutersBreakingviews
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Past articles by Lisa:
Ukraine’s spare energy can help itself and Europe – Breakingviews
The war-torn nation generates more electricity than it needs, and from carbon-neutral nuclear plants, too. But its links to the EU power grid are sketchy. Helping Ukraine bolster exports to the EU would support Kyiv’s economy while easing the bloc’s energy headache. → Read More
EU funds can ease, not end common energy pain – Breakingviews
Brussels has earmarked 300 bln euros to cut fossil fuel ties with Russia. Rising rates make cheap, repurposed Covid-rescue loans more attractive to many EU states, increasing the chance they’ll be used. But higher fuel purchases will still have to come from national budgets. → Read More
Polish mortgage holiday is bad idea with allure – Breakingviews
Warsaw wants to protect citizens from surging inflation and interest rates by offering breaks on home loan repayments. That would cost the country’s banks up to $3.6 bln. Forcing lenders to bear the effects of Russia’s war is crude and distortive, but may also win votes. → Read More
Europe may swap one energy dependency for another – Breakingviews
The bloc is ramping up investment in renewable sources to help kick its addiction to Russian oil and gas. Yet China currently controls at least 75% of the solar panel supply chain. To gain its energy freedom, Europe will also need to invest in manufacturing at home. → Read More
EU’s oil embargo is slave to volatile crude price – Breakingviews
The bloc wants to stop buying Russian exports within six months. That looks too slow to properly choke off funding for President Vladimir Putin’s war machine. Yet going any faster could make crude prices spike, exacerbating Europe’s battle against inflation. → Read More
Italy’s financial order repels attack on Generali – Breakingviews
Mediobanca-backed CEO Philippe Donnet overcame opposition from investors with 30% of the $30 bln insurer to win a third term. That preserves a key financial link with the merchant bank. Donnet now has to deliver on his growth plan. The rebel investors will keep him on his toes. → Read More
Blackstone’s Italian gambit can stay on the road – Breakingviews
Looking to deter a rival bid, the buyout group has teamed up with the Benettons to take infrastructure group Atlantia private. The 19 bln euro equity value looks steep. Yet inflation protection from concession assets and cash from an upcoming sale justifies the swoop. → Read More
Tiny Lithuania gives Germany a big gas lesson – Breakingviews
The Baltic state stopped buying Russian gas on April 1. The shutdown caps a decade of planning to break Moscow’s grip via liquefied shipments. Its greater needs and lack of import terminals worsen Germany’s pickle. But Vilnius’ roadmap can drastically reduce its travel time. → Read More
KKR red card is a Telecom Italia own goal – Breakingviews
After months of fumbling, the Italian operator hung up on the U.S. fund’s 10.8 bln euro takeover approach. Stiff opposition in Italy had dampened KKR’s interest. For CEO Pietro Labriola, revamping the hard-pressed group under intense market scrutiny will be twice as hard. → Read More
Pérez vs. Benettons will be an uphill struggle – Breakingviews
ACS, run by Spanish magnate Florentino Pérez, has sided with Brookfield and GIP to buy road group Atlantia, 33%-owned by the Italian tycoons. A takeover could cost 20 bln euros net of debt, but a looming 8 bln euro asset sale would help. Winning over the Benettons will be harder. → Read More
Gazprom sale fumble triggers canny German pounce – Breakingviews
Berlin took control of the Russian group’s key European unit after it tried to engineer a quick sale. The move stabilises critical assets like gas storage facilities and energy suppliers. It avoids the upfront cost of a nationalisation, and buys time for a longer-term fix. → Read More
Time for Europe to break energy sanctions taboo – Breakingviews
Alleged Russian atrocities against Ukrainian civilians are set to trigger a harsher EU response. Dependency on Russian oil and gas makes Germany and others reluctant to back a full energy embargo. Taxing hydrocarbon imports is a halfway-house option that still hurts Moscow. → Read More
Russian yachts stranded in choppy sanctions waters – Breakingviews
France, Italy and Britain have grabbed headlines by seizing luxury cruisers linked to sanctioned oligarchs. But proving ownership is tricky, while keeping the expensive boats afloat may require state money or navigating complex rules. Selling them will be an even rougher voyage. → Read More
Generali investors better off with devil they know – Breakingviews
A rebel billionaire is vying for control of the 190-year-old insurer, a linchpin of Italian finance. Francesco Caltagirone promises higher returns and bolder M&A than under CEO Philippe Donnet. Fuzzy targets and slowing growth should make shareholders wary of switching horses. → Read More
CVC throws Telecom Italia a tricky lifeline – Breakingviews
The buyout firm wants to buy 49% of the troubled telco’s corporate business, which it values at 6 bln euros. A deal would help CEO Pietro Labriola trim debt. But it could complicate KKR’s push to take the group private. More crossed wires is the last thing shareholders need. → Read More
Russians lose private banks’ golden goose status – Breakingviews
Spooked by sanctions, wealth managers are treating all Russian clients as suspicious. That limits the scope to offer lucrative loans or new products to customers who have $213 bln stashed in Swiss banks. Higher compliance costs will turn them from cash cows to financial baggage. → Read More
EU energy crisis is a 130 bln euro joint problem – Breakingviews
That's how much it could cost to wean the bloc off Russian gas, at a time when energy bills are already soaring. States could tax energy companies or draw unused pandemic loans to offer subsidies. Common grants look like a better option. → Read More
EU charts expensive path towards energy freedom – Breakingviews
The European Commission wants to lop over 70% off Russian gas use this year by ramping up LNG purchases, green energy and gas storage. It implies Europeans consuming less energy and paying more than feared for what they use. Pooled EU resources may be needed to cushion the blow. → Read More
West’s best cyber move is to stick to defence – Breakingviews
Malware attacks on Ukrainian banks and state agencies make better protection for governments and companies essential. Western nations may consider retaliation. Given the shortage of cyber experts and the risk of badly targeted strikes, they’d be better off focusing on defence. → Read More
Stellantis’ forward push faces winding road – Breakingviews
CEO Carlos Tavares vowed to double the carmaker’s sales to 300 bln euros by 2030. It’s a bold pledge, helped by a drive in finance and data. Yet to fix the Jeep-manufacturer’s depressed valuation, investors need proof Tavares can tackle its challenges in China and battery rides. → Read More