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Amid the Russia-Ukraine war and all the ruckus about Russian energy imports, the West is emerging as a champion in doublespeak. Even as it wished for India to not buy Russian oil at a discount, the West has vacillated on the issue of buying Russian energy itself, leading to an increase in imports. The European Union is in a particularly hypocritical position, divided by Russia’s ‘blackmailing’ tactics. Not only is it far from weaning off Russian energy imports, but the EU is also on its way to complying with Russia’s ruble payment condition. If media headlines are anything to go by, if at one moment the EU is imposing sanctions on Russian gas imports so as to not bankroll Russia’s invasion of Ukraine, in the next moment, it is scrambling to circumvent the same sanctions and bankroll Russia’s invasion of Ukraine. Indeed, the bloc is divided over how far its boycott of Russian gas can go and Putin’s “pay in ruble” curveball did the rest of the damage. But after hoodwinking EU countries … [Read more...] about Putin is Winning the Energy War as Europe’s Paradoxical Drama on Russian Gas Imports Rages on

Luxury automobile makers like Lamborghini, Mercedes Benz, and BMW, are all seeing strong demand for their models in the premium end, despite the COVID-related disruptions, largely due to a shift in customer profile to younger, first-generation entrepreneurs, who believe in the ‘you only live once’ philosophy. Varun Kalyanasundaram, a 33-year-old director at Chennai-based Polimer Media, bought his first luxury car nearly 10 years ago “because of the sheer driving pleasure, technology and most importantly comfort.” Mr. Kalyanasundaram currently owns a BMW X7, Mercedes Benz S class, Mercedes Benz GLS, an Audi E-tron, and is now eyeing the Mercedes Benz Maybach GLS. “I drive by myself. I don’t have a chauffeur. I like long drives and the pleasure of driving is most important. The technology should be included, but I need comfort. That is it.,” he says. Sharad Agarwal, Head, Lamborghini India, says there has been a shift in the customer profile over the years. “We are seeing younger, … [Read more...] about Younger clientele driving luxury car sales in India

BRUSSELS (AP) — The European Union’s executive arm moved Wednesday to jump-start plans for the 27-nation bloc to abandon Russian energy amid the Kremlin’s war in Ukraine, proposing a nearly 300 billion-euro ($315 billion) package that includes more efficient use of fuels and faster rollout of renewable power. The European Commission’s investment initiative is meant to help the 27 EU countries start weaning themselves off Russian fossil fuels this year. The goal is to deprive Russia, the EU’s main supplier of oil, natural gas and coal, of tens of billions in revenue and strengthen EU climate policies. “We are taking our ambition to yet another level to make sure that we become independent from Russian fossil fuels as quickly as possible,” European Commission President Ursula von der Leyen said in Brussels when announcing the package, dubbed REPowerEU. With no end in sight to Russia’s war in Ukraine and European energy security shaken, the EU is rushing to align its geopolitical … [Read more...] about EU rushes out $300 billion roadmap to ditch Russian energy

This is a carousel. Use Next and Previous buttons to navigate 5 COPENHAGEN, Denmark (AP) — Four European Union countries plan to build North Sea wind farms capable of producing at least 150 gigawatts of energy by 2050 to help cut carbon emissions that cause climate change, Danish media reported Wednesday. Under the plan, wind turbines would be raised off the coasts of Belgium, the Netherlands, Germany and Denmark, daily Danish newspaper Jyllands-Posten said. The project would mean a tenfold increase in the EU's current offshore wind capacity. “The North Sea can do a lot," Danish Prime Minister Frederiksen told the newspaper, adding the close cooperation between the four EU nations "must start now.” European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz, Dutch Prime Minister Mark Rutte and Belgian Prime Minister Alexander De Croo are scheduled to attend a North Sea Summit on Wednesday in Esbjerg, 260 … [Read more...] about Reports: 4 European nations to build North Sea wind farms

BRUSSELS — The world economy is heading into a potentially grim period as rising costs, shortages of food and other commodities and Russia’s continuing invasion of Ukraine threaten to slow economic growth and bring about a painful global slump. Two years after the coronavirus pandemic emerged and left much of the globe in a state of paralysis, policymakers are grappling with ongoing challenges, including clogged supply chains , lockdowns in China and the prospect of an energy crisis as nations wean themselves off Russian oil and gas . Those colliding forces have some economists starting to worry about a global recession as different corners of the world find their economies battered by events. Finding ways to avoid a slowdown while continuing to exert pressure on Russia for its war in Ukraine will be the primary focus of finance ministers from the Group of 7 nations who are convening in Bonn, Germany, this week. At a news conference on Wednesday, Treasury Secretary Janet L. … [Read more...] about Economic Headwinds Mount as Leaders Weigh Costs of Confronting Russia

This article was featured in One Story to Read Today, a newsletter in which our editors recommend a single must-read from The Atlantic , Monday through Friday. Sign up for it here. “T hink of this as a travel piece,” she might have written. “Imagine it in Sunset magazine: ‘Five Great California Stops Along the Joan Didion Trail.’ ” Or think of this as what it really is: a road trip of magical thinking. I had known that Didion’s Parkinson’s was advancing; seven or eight months earlier, someone had told me that she was vanishing; someone else had told me that for the past two years, she hadn’t been able to speak. I didn’t want her to die. My sense of myself is in many ways wrapped up in the 40 essays in Slouching Towards Bethlehem and The White Album . I don’t know how many times I’ve read Democracy . “Call me the author,” she writes in that novel. “Let the reader be introduced to Joan Didion.” There are people who admire Joan Didion, and people who … [Read more...] about Joan Didion’s Magic Trick