Share price of Pioneer Natural Resources has dropped 30 percent and Continental Resources is down almost 40 percent. Both companies increased production during the second quarter. Pioneer produced 197,000 barrels of oil equivalent per day (boepd) in April-June, up from 194,000 in January-March, while Continental reported output of 227,000 boepd, up from 207,000. Source Reuters
Dutch airline KLM is cutting another 800 to 1 thousand jobs. The aviation sector is not recovering and it is increasingly difficult to make ends meet, the Dutch airline announced on Thursday.
KLM is cutting 500 full-time jobs among the cabin crew, 100 jobs among pilots, and 200 to 400 jobs among the ground crew. This comes on top of the 5 thousand job cuts the airline announced last year with its reorganization plans to get through the coronavirus pandemic. Source NLTimes
Fraport Greece reported a 71.4% annual decline in passenger traffic last year at the 14 regional airports it operates in Greece. The total number of passengers who used the airports of Thessaloniki, Corfu, Hania, Cephalonia, Zakynthos, Aktio, Kavala, Rhodes, Kos, Samos, Mytilene, Mykonos, Santorini and Skiathos reached 8,611,780, of which 5,994,180 were on international flights – a year-on-year decline of 74.2%. Source Ekathimerini
Russian oil drilling giant Gazprom Neft opened a crypto mining farm running on associated gas energy unlocking the power of Russia’s oil and gas resources for the needs of bitcoin (BTC) mining, reports Yahoo Finance. The venue for cryptocurrency mining is on one of the company’s oil drilling sites in the Khanty-Mansi Autonomous Okrug in Siberia. It is using the associated gas from Gazprom Neft’s oil field as an energy source and has its own power plant to transform this gas into electricity. Source Realnoevremya
Gefira tracks the global players in Europe, the USA, Russia and China and anticipates the consequences of their policies
Gefira No. 9 is now available at a discount. 160 euros for 10 issues a year plus access to our archives.
Europe's geopolitical situation resembles that of 1913.
The enlargement of the European Union to the east, Germany's Ostpolitik, economic power and its reluctance to align its policy with France's and Italy's make the break-up of the Union unavoidable. While Germany is gaining a status of a financial superstar, German society is starting to disintegrate.
Nobody dares to ask, but the ECB board is bracing itself for the upcoming break-up of the euro. The Gefira team explains why France or Italy will leave the euro and we investigate how the ECB is preparing for the looming euro collapse.
