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CEE MARKETS-Poland's PKN Orlen plunges, currencies continue rebound

Shares in PKN Orlen fell on Friday after Poland’s biggest refiner surprised investors with a plan to take over state utility Energa to strengthen its position in the electricity market. The offer of seven zlotys per share, which values Energa at 2.9 billion zlotys ($743.78 million), caused PKN Orlen’s shares to fall more than 10% in early trade, as investors fretted over the prospect of the company’s involvement financing a costly power-plant project. Energa plans to build a coal-fuelled power plant in Ostroleka, in northeastern Poland, at a cost of around 6 billion zlotys, but it’s struggling to …read more […]

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UPDATE 1-China-built Tesla cars recommended for subsidies – ministry

China’s industry ministry has placed Chinese-built Tesla Inc. Model 3 cars on a list of vehicles recommended to receive subsidies for new energy vehicles, a move that will help the U.S. firm’s push into the world’s biggest auto market. Two variants of Tesla Model 3 vehicles are listed on a recommendation list for China’s generous subsidies for new energy vehicles (NEV), according to a post on the website of China’s Ministry of Industry and Information Technology. The California-based electric vehicle maker, which is building cars in a $2 billion factory in Shanghai, aims to make more than 1,000 …read more […]

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China-built Tesla cars recommended for subsidies: ministry

China’s industry ministry has placed Chinese-built Tesla Inc. Model 3 cars on a list of vehicles recommended to receive subsidies for new energy vehicles, a move that will help the U.S. firm’s push into the world’s biggest auto market. Two variants of Tesla Model 3 vehicles are listed on a recommendation list for China’s generous subsidies for new energy vehicles (NEV), according to a post on the website of China’s Ministry of Industry and Information Technology. It was not immediately clear how much of a subsidy the vehicles would receive. …read more […]

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The Big Brexit Bet That Isn’t Paying Off

(Bloomberg Opinion) — For many anti-Brexit centrists in the U.K., it makes no sense that Jo Swinson’s Liberal Democrats are doing so poorly in the polls. If you’re unhappy about Britain quitting the European Union under Boris Johnson and you’re unexcited by the Labour Party’s quasi-Marxist economic experiments, then who else do you give your vote to on Dec. 12?The center has been abandoned by Johnson’s Conservatives and Jeremy Corbyn’s Labour; unfortunately, the Lib Dems have failed to fill it, not least because of their uncharacteristically radical (and undemocratic) promise to scrap Brexit altogether — without another referendum.For a time …read more […]