Exclusive: COVID-19 pushes Poland to accelerate exit from ailing coal – sources

WARSAW (Reuters) – Poland, the European Union’s biggest hard coal producer, is considering closing at least three mines in coming months as the coronavirus pandemic forces it to accelerate its exit from the sector, according to sources familiar with the matter.

FILE PHOTO: General view of Wujek Coal Mine is seen during sunset in Katowice, Poland October 16, 2108. REUTERS/Kacper Pempe

Poland, the only EU member to refuse to pledge to become climate neutral by 2050, has long had a close relationship with coal, which has historically been a pillar of its economy. However the sector has often been loss-making in recent years, even as the state has sought to financially prop it up.

The closures being looked at by the government include the Wujek mine, three industry sources told Reuters, declining to be named. Wujek was the site of one of the bloodiest protests during communist rule and is

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KKR and Cinven in takeover talks with Spain’s MasMovil – sources

LONDON/BARCELONA (Reuters) – A consortium of three buyout funds including KKR (KKR.N) and Cinven is looking to launch a takeover bid for Spanish telecoms company MasMovil (MASM.MC), two sources close to the matter told Reuters.

FILE PHOTO: A balloon with the MasMovil logo is seen as the telecoms company makes its stock market debut in Madrid, Spain, July 14, 2017. REUTERS/Juan Medina

The consortium, which also includes U.S. buyout fund Providence, is putting the finishing touches to its proposal to take control of the Madrid-listed company, which has a market value of 2.4 billion euros (2.2 billion pounds), the sources said.

Providence already owns 9.16% of MasMovil, which provides fixed line, mobile and internet services to Spanish households.

If the bid goes through, Providence, KKR and Cinven will have equal shares of Spain’s fourth-largest telecoms company, the sources said.

The bid is expected to value the

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Russia has no objection to earlier OPEC+ meeting: sources

FILE PHOTO: A 3D printed oil pump jack is seen in front of the OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

MOSCOW/LONDON (Reuters) – Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting’s preparations told Reuters on Sunday.

Algeria, which currently holds the presidency of the Organization of the Petroleum Exporting Countries (OPEC), has proposed the meeting planned for June 9-10 be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait.

The lack of Russian opposition to an earlier date could indicate that it is moving closer to an agreement with OPEC’s de facto leader, Saudi Arabia, on how to extend oil production cuts for the rest of the year.

OPEC+ decided in April to

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German ministry proposes 5 billion euro car bonus scheme – sources

The skyline with its financial district is photographed during sunset in Frankfurt, Germany, April 22, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) – Germany’s Ministry of Economics has proposed a 5 billion euro (4.5 billion pounds) buyer bonus scheme as part of an impending stimulus package in an effort to boost car sales, two people close to the matter said on Sunday.

Global car sales have slumped as production lines and showrooms shut in response to the coronavirus pandemic and a business sentiment survey by the Ifo institute this month showed the German auto sector at its lowest ebb since 1991.

The heads of the co-governing Social Democrats (SPD) and Angela Merkel’s Christian Democrats (CDU) are expected to present the overall stimulus package on Tuesday, which could total up to 80 billion euros, according to one media report.

The economy ministry’s proposal is

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