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- EU energy measures fall short of tackling high prices, warns Cypriot expert
Energy systems expert Andreas Poullikkas, former chairman of the Cyprus Energy Regulatory Authority (CERA), says EU leaders correctly identified high energy prices as a threat, but their proposed response, after the October 15-16 summit, remains inadequate. He argues Europe needs structural investment in grids, interconnections and energy storage, since temporary support may not change the underlying cost structure. Carbon allowances approached €88 per tonne in early October 2026 and stayed above €85 mid-month, feeding directly into electricity bills. He also notes the summit set no quantitative targets, funding or timetable for grid infrastructure, and that household protection under ETS2 needs to be more explicit and funded.
- We Are Facing A Global Energy Crisis , A Global Food Crisis , A European Financial Crisis , The End Of The AI Bubble And A Super El Niño All At Once
- EU Backs Greek Push to Ease Budget Rules Over Energy Crisis, Mitsotakis Says
Greek Prime Minister Kyriakos Mitsotakis said EU leaders at the summit that ended Friday backed Greece's proposal to temporarily relax budget rules, so countries with surpluses can help households and businesses through the energy crisis, and asked the European Commission to bring forward proposals quickly. At home, Greece will subsidise heating oil by 40 euro cents a liter, cutting its price from 1.95 euros to 1.55 euros, and raise heating allowances by 30%, covering nearly 1.2 million households. Pump prices will fall by 20 cents a liter for diesel and 10 cents for gasoline through Oct. 31, and fuel subsidies for fishermen will more than double. Lawmakers are set to vote Thursday on a bill barring children under 15 from social media starting Jan. 1, 2027, with platforms required to verify users' ages.
- EU Backs Greek Push to Ease Budget Rules Over Energy Crisis , Mitsotakis Says
- Russia issues stark warning: 'Europe has no other choice'
Russian Deputy Prime Minister Alexander Novak warned that Europe will struggle to fully make up for lost gas supply if it keeps cutting Russian volumes, amid instability in the Strait of Hormuz and disrupted production at a Qatari LNG facility that halted after attacks in March. He said the EU's LNG import ban, effective January 1, 2027, makes little sense while supply is tight, and that European consumers would bear the consequences. Novak estimated European gas reserves are about 10% below the average of previous years, and Reuters forecasts storage will reach only about 75–78% of capacity by November, well below the five-year average. Still, Russia supplied about 12 million tonnes of LNG to Europe in the first nine months of 2026, higher than a year earlier, as European buyers rush to purchase and stockpile before the ban. The EU has adopted a roadmap to end Russian gas imports, banning long-term LNG contracts from January 1, 2027 and phasing out pipeline gas during 2027.
- Exarchou warns of energy ... dark age , uncontrolled inflation , and shock shortages , EU interventions and subsidies needed
Aktor CEO Alexandros Exarchou warns that Europe faces an energy 'crisis' this winter, with risks of uncontrollable inflation and sudden shortages, and urges governments to act now. He calls for further electricity price subsidies and sharp cuts to gas transit tariffs, and says EU claims that gas supply is stable 'do not correspond to reality'. He criticizes the European Commission's call to curb energy demand as 'naive and foolish', while the Mediterranean LNG price stood at 27.775 dollars per MMBtu on October 15, up 173% from the same period of 2025. Exarchou argues Europe should sign longer-term LNG deals with US suppliers, which already accounted for about 60.7% of EU LNG imports in the first nine months of 2026, and notes that Aktor's Atlantic SEE joint venture has a 20-year deal for 1 million metric tons a year from 2030 but has not yet secured extra short-term volumes.
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- Bank Profits Surge
The 9-month 2026 results show many banks continued to grow profits, with some posting record quarterly earnings. VPBank's pre-tax profit reached nearly VND 30,000 billion, up nearly 47%, equal to its full-year 2025 result and about 72.4% of its 2026 plan; Q3 pre-tax profit topped VND 11,000 billion. Techcombank posted VND 28,900 billion (up 23.7%), while LPBank reported VND 10,421 billion (up nearly 9%). SSI forecasts pre-tax profit of its monitored banks to rise 19.5% in 2026 before slowing to 15.4% in 2027, pressured by narrowing net interest margins and rising credit risk provisions. It also expects system-wide credit growth of 16-17% in 2027 and 17.9% for the monitored banks.
- World's Largest Gold Fund Dumps Over 10 Tonnes of Gold as Prices Slide
SPDR Gold Trust, the world's largest gold fund, continued net selling of nearly 12 tonnes of gold in the 22/10 session, bringing total sales over 2 sessions to nearly 15 tonnes and cutting its holdings to about 1,046 tonnes. Spot gold fell more than 2.8% to around USD 4,025 per ounce at the close of 22/10, and briefly dipped below USD 4,000 per ounce in the morning session of 23/10. Tensions in the Middle East pushed crude oil prices higher, raising concerns about inflation and further Fed tightening, and gold has still not attracted sustained safe-haven demand even as US Treasury yields fell. US September CPI rose 0.6% month on month and 3.7% year on year, while PPI rose 1.3% and 6.3%. Markets price about an 84% chance the Fed holds rates steady at its 27-28/10 meeting and a 16% chance of a 25 basis-point increase; September PCE data due on 29/10 is the next key factor to watch.
- Gold Prices Continue to Fall
On the morning of 23/10, domestic gold prices kept falling, with SJC bar prices varying by seller and the premium over world gold widening. Công ty TNHH Vàng bạc đá quý Sài Gòn listed SJC bars at VND 139-142 million per tael (buy-sell), down VND 300,000; Phú Quý was at VND 138-141.8 million, down VND 500,000; and Mi Hồng at VND 140-141.5 million, down VND 800,000. Gold rings also fell by varying amounts, with DOJI at VND 138-142 million and Phú Quý at VND 138-141 million per tael. World gold dropped USD 129 to around USD 3,992 per ounce, equal to about VND 125.3 million per tael, leaving SJC bars about VND 16.7 million per tael above the world price. The State Bank's central rate was set at 25,627 VND/USD, down 5 dong, while Vietcombank quoted 25,660-26,040 VND/USD (buy-sell).
- Company Linked to Billionaire Pham Nhat Vuong Announces Major Good News
VEFAC (ticker VEF), a Vingroup subsidiary, posted Q3 net revenue of nearly VND 77 billion, up 67% year on year, but a gross loss of about VND 27 billion as cost of sales from its exhibition business exceeded revenue. Q3 profit rose mainly thanks to a gross gain of about VND 65 billion from transferring some schools in a project to a partner, while financial income reached over VND 388 billion, mostly from loan and investment income. For the first nine months of 2026, after-tax profit was nearly VND 865 billion, down about 94% from VND 15,418 billion in the same period of 2025, as the prior year included large gains from transferring part of the Vinhomes Global Gate project. As of 30/9/2026, total assets stood at over VND 31,905 billion, up 36% from the start of the year, while total liabilities exceeded VND 24,364 billion, with short-term customer advances rising from VND 411 billion to over VND 8,373 billion.
- Lotte and Phat Dat Officially Break Ground on VND 60,000 Billion Mega Project in Thu Thiem 'Golden Land'
A joint venture between Lotte Group (South Korea) and Phát Đạt (HoSE: PDR) officially broke ground on 23/10 on Lotte Eco Smart City Thu Thiem in the Thu Thiem New Urban Area, HCMC, with total investment of about VND 60,000 billion. The project covers nearly 7.5 ha and will combine Grade A offices, retail, services, accommodation and housing, adjoining the central plaza and central lake of Thu Thiem. Phát Đạt holds 35% of Lotte Properties HCMC, the project developer, and will develop the housing blocks along with two towers (2-1 and 2-3) with about 219,722 m2 of floor area, while Lotte handles block 2-5. Lotte Properties HCMC paid VND 17,569 billion in land-use fees on 31/7/2026, and Phát Đạt completed its VND 7,666 billion payment to take its 35% stake. MB is funding all of Phát Đạt's capital contribution, while VietinBank and BIDV also support the project.
- International Business : Global stocks nosedive as Meta dents AI optimism
Global stocks retreated as tech earnings failed to ease concerns about the AI outlook, with MSCI's All-World index set for its largest daily fall in two weeks, down 0.4 per cent. Meta beat third-quarter revenue expectations, but its plan to issue non-voting stock revived worries about its mounting capital commitments, and a New Mexico judge ordered it to pay a $25 billion penalty in a data privacy case. Brent crude rose nearly 3% to $112 a barrel, near a five-month high, after more Houthi attacks in Saudi Arabia raised supply risks. Investors moved into government bonds, pushing the US 10-year yield down to 5.05%, below France's for the first time in 13 years, while French yields have climbed above 5% amid concerns over social unrest and debt. The France-Germany 10-year spread reached 177.7 basis points, its widest since 2011, while gold fell 1.8% to $4,070 an ounce.
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