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Zurich identifies seven cyber risks that threaten systemic shock

Thursday, April 24, 2014
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EU Commission welcomes decision on gas pipeline: Door opener for direct link to Caspian Sea

28/06/2013 10:17 (299 Day 10:35 minutes ago)


The FINANCIAL -- The Consortium of the Shah Deniz II gas field, which holds the licence for exploiting the 16 billion cubic meters a year gas reserves, has chosen the Trans-Adriatic Pipeline (TAP) to bring the gas from the Turkish border via Greece and Albania to Italy.


With the new Trans Anatolian Pipeline (TANAP) being built in Turkey, a new gas infrastructure will directly link the Caspian Sea to Europe, a press release said.
"I welcome today's decision by the Shah Deniz II Consortium selecting the Trans-Adriatic Pipeline (TAP) as the European route of the Southern Gas Corridor. This is a shared success for Europe and a milestone in strengthening the energy security of our Union. I am confident that today's decision, which builds on the strategic Joint Declaration I signed with President Aliyev of Azerbaijan in January 2011, will provide further momentum to the full and rapid realization of the entire Southern Gas Corridor as a direct and dedicated link from the Caspian Sea to the European Union, which should be expanded over time," said José Manuel Barroso, EU Commission President.
"We have a definite commitment from Azerbaijan that gas will be directly delivered to Europe through a new dedicated gas pipeline system. Whether the system consists of two gas pipelines - TANAP and TAP - or one single pipeline as earlier projects had foreseen - does not make any difference in terms of energy security. We now have a new partner for gas, and I am confident that we will receive more gas in the future," said Günther H. Oettinger, EU Energy Commissioner.
Since the gas crisis in 2009, the European Union has looked to diversify its gas supply. One of the strategies was to open the "Southern Gas Corridor" in order to directly and physically link the EU gas market to the largest deposits of gas in the world in the Caspian Sea basin and the Middle East.
In principle, gas from the Caspian Sea could be delivered to the EU both to Baumgarten/Vienna (Nabucco West) or to Italy (TAP). Independently of the concrete route, the European Commission has always underlined that either transport option needed to further allow the supply of Caspian gas to other parts of Europe, according to EU NEIGHBOURHOOD INFO CENTRE.

The opening of the Southern Corridor along with the ongoing work promoted by the EU on building the missing interconnectors in the EU will allow for the Caspian gas to eventually reach several countries in Europe, in particular in Southeast Europe.
The International Energy Agency forecasts that EU gas demand will increase from currently 526 billion cubic meters to 622 billion cubic meters by 2030, according to EU NEIGHBOURHOOD INFO CENTRE. In the same vein, the EU's Energy Roadmap 2050 forecasts that gas imports will rise, notably due to a decline of home production. This additional demand should be covered by new, additional gas suppliers.



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“The former Yugoslav Republic of Macedonia”: presidential election and early parliamentary elections

23/04/2014 16:38 (04:14 minutes ago)

The FINANCIAL -- A 14-member delegation of the Parliamentary Assembly of the Council of Europe (PACE), led by Stefan Schennach (Austria, SOC), will travel to “the former Yugoslav Republic of Macedonia” from 25 to 28 April to observe the conduct of the presidential election (2nd round) and the early parliamentary elections, alongside observers from the OSCE’s Parliamentary Assembly and Office for Democratic Institutions and Human Rights (ODIHR), according to PACE.



Major Cloud Service Providers Slash Prices; Threaten Smaller Players’ Existence: IDC Warns

19/04/2014 13:40 (4 Day 07:12 minutes ago)

The FINANCIAL -- In the last week of March, major Cloud Service Providers (CSPs) in Asia dropped their prices for core services dramatically and IDC believes that this will make it very difficult for smaller CSPs to remain in business if they continue to rely on provision of basic, undifferentiated services, according to International Data Corporation (IDC).

Zurich identifies seven cyber risks that threaten systemic shock

23/04/2014 17:00 (03:52 minutes ago)

The FINANCIAL -- The recently published Zurich Cyber Risk Report, created in collaboration with the international think tank Atlantic Council, argues that cyber-risk management professionals need to look beyond their internal information technology safeguards to interconnected risks which can build up relating to counterparties, outsourced suppliers, supply chains, disruptive technologies, upstream infrastructure and external shocks, according to Zurich Insurance Company.


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