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EMEA Morning Briefing: Hopes Over Inflation, -2-

With Russia choking off natural gas supplies that feed furnaces and electricity generating plants, European Union members and Kyiv have accelerated plans to fully link up Ukraine's electricity grid. The project represents a remarkable turnaround from the early days of the war, when Ukraine braced for widespread blackouts as Russia attacked the country's infrastructure.

   
 
 

Global Tax Deal Faces Roadblocks From Hungary, Congress

U.S. and European officials are trying to inject fresh momentum into a global drive for a minimum corporate tax rate, but they are finding it difficult to navigate around a series of roadblocks, namely Democrats' narrow margins in Congress and consequential objections from Hungary.

Nearly 140 countries agreed last year to impose a 15% minimum tax on large companies, paving the way for the most significant overhaul of international tax rules in a century. Getting to that point took years of negotiations that often seemed close to collapse. Now, eight months later, there has been little progress on changing national laws to implement the tax.

   
 
 

Europe's Search for Natural Gas Runs Up Against Climate Goals

Europe's scramble to replace Russian natural gas has set in motion plans for new gas production and infrastructure world-wide that critics say risk throwing the world off track in meeting the Paris accord's climate targets.

In the wake of Russia's invasion of Ukraine, Europe is moving quickly to set up new import terminals for liquefied natural gas from elsewhere. U.S. producers are expanding their export facilities as Europe's thirst for gas adds to already-strong Asian demand. Such infrastructure can take years to build and is usually predicated on lifespans lasting decades. European utilities, meanwhile, are negotiating long-term supply deals with gas exporters in the U.S., the Middle East and Africa.

   
 
 

Iran Nuclear Talks to Resume Soon, EU Foreign-Policy Chief Says

Negotiations on restoring the 2015 Iranian nuclear deal will resume again in the coming days, the European Union's foreign-policy chief, Josep Borrell, said Saturday during a trip to Tehran, although the prospects of reaching a deal remained far from certain.

The negotiations have been stuck for the past 3 1/2 months, with a deal blocked by a dispute over the scope of lifting U.S. sanctions on Iran. The talks are aimed at agreeing on the steps needed for Iran and the U.S. to come back into compliance with the 2015 agreement, which removed most international sanctions on Iran in exchange for tight but temporary restrictions on Iran's nuclear program.

   
 
 

Write to paul.larkins@dowjones.com

   
 
 

Expected Major Events for Monday

05:00/FIN: May PPI

06:00/NOR: May Retail Sales

07:00/SPN: May PPI

08:30/UK: Mar CANCELLED: Card Spending statistics

09:00/MLT: May PPI

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This article is a text version of a Wall Street Journal newsletter published earlier today.

 

(END) Dow Jones Newswires

June 27, 2022 00:33 ET (04:33 GMT)

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