Hundreds of thousands of people in the mainly Russian-speaking territory of Transnistria are left facing the remaining winter months without heating or power after Ukraine halted the flow of Russian gas to several European countries on New Year’s Day.
The widely expected stoppage, which was confirmed by Russia’s state-owned energy giant Gazprom on Wednesday, marked an end to Moscow’s decades-long dominance over Europe’s energy markets.
Alongside Slovakia and Austria, Moldova was thought to be one of the countries most at risk from the cessation of Russian gas supplies.
The landlocked country in the northeastern corner of Europe’s Balkan region declared a 60-day state of emergency last month over energy security fears.
Transnistria, a separatist pro-Russian enclave in Moldova, broke away in the early 1990s after the Soviet Union collapsed, although it is still internationally recognized as part of Moldova.
The region has now been forced to close almost all industrial companies, with the exception of food producers, following Wednesday’s cut-off of Russian gas supplies.
“All industrial enterprises are idle, with the exception of those engaged in food production — that is, directly ensuring food security for Transdniestria,” Sergei Obolonik, first deputy prime minister of the region, told a local news channel on Thursday, according to Reuters.
“It is too early to judge how the situation will develop. … The problem is so extensive that if it is not resolved for a long time, we will already have irreversible changes — that is, enterprises will lose their ability to start up.”
‘A serious test’
Until Wednesday, Russian gas had reached Moldova via its neighbor of Ukraine. However, neither Moscow nor Kyiv had been willing to strike a new gas transit deal amid the ongoing war.
Russia, which has transported gas to Europe via Ukrainian pipelines since 1991, has claimed European Union countries will suffer the most from the supply shift. Moscow can still send gas via the TurkStream pipeline, which links Russia with Hungary, Serbia and Turkey.
A truck drives across a bridge over the Dniester River, heading toward the unrecognized, Russian-occupied region of Moldova’s Transnistria, also known as the Pridnestrovian Moldavian Republic on October 17, 2024 in Vadul Lui Voda, Moldova.
Pierre Crom | Getty Images News | Getty Images
The European Commission, the EU’s executive arm, said it has been working with EU member states most impacted by the end of the gas transit agreement to ensure the entire 27-nation bloc was prepared for such a scenario.
Moldova, which is not an EU member state but narrowly voted in favor of closer EU ties in a referendum last year, is now facing a significant gas shortage.
In Transnistria, the breakaway region’s leader Vadim Krasnoselsky said via Telegram on Thursday that the situation “is difficult, but social collapse is unacceptable.”
Krasnoselsky said more than 2,600 facilities in the region were currently without heat and hot water, of which over 1,500 were apartment buildings.
The building of Moldovagaz, on October 28, 2021 in Chisinau, Moldova.
Krasnoselsky said Wednesday that Transnistria’s main power plant had started using coal after the stoppage of Russian gas supplies and estimated that the enclave had enough gas reserves to last for 10 days of limited usage in its northern parts and twice as long in the south.
“In Transnistria, the year began with a serious test – an energy crisis provoked by an unfavorable combination of external factors,” Krasnoselsky said, according to a translation.
Moldova elections
Moldova Prime Minister Dorin Recean said Friday that the country faces a security crisis after the stoppage of Russian gas flows via Ukraine and accused the Kremlin of “gas blackmail.”
In a statement on the government’s website, Recean warned of an impending humanitarian crisis for the 350,000 residents of the Transnistrian region.
“By jeopardising the future of the protectorate it has backed for three decades in an effort to destabilise Moldova, Russia is revealing the inevitable outcome for all its allies – betrayal and isolation,” Recean said.
“We treat this as a security crisis aimed at enabling the return of pro-Russian forces to power in Moldova and weaponising our territory against Ukraine, with whom we share a 1,200 km border,” he added.
Moldova’s prime minister said the country had managed to secure its electricity supply in the first days of 2025, with half of the country’s energy consumption covered by domestic sources and the other half coming from imports.
A spokesperson at the Russian Embassy in London was not immediately available to comment when contacted by CNBC.
Dorin Recean, Moldova’s prime minister, speaks during the United Nations General Assembly (UNGA) in New York, US, on Friday, Sept. 27, 2024.
Bloomberg | Bloomberg | Getty Images
The country’s parliament said late last year that the stoppage of Russian gas to its Transnistrian region could generate “a humanitarian crisis” as well as “risks to the functioning and stability” of the Moldova’s energy sector.
Sandwiched between Russia and Ukraine, Moldova is scheduled to hold parliamentary elections over the coming months. The vote is poised to shape the country’s future relationship with the EU.
In early November last year, European leaders congratulated pro-Western incumbent Maia Sandu on winning a runoff vote in the country’s presidential election. The ballot was seen as a further step on the former Soviet republic’s road to integration with the bloc.
— CNBC’s Holly Ellyatt contributed to this report.
A new company called DRYFT1 is sliding its way into electric mobility on the wheels of a new hybrid product that mixes a BMX bike with a skateboard. The DRYFT Board is a hybrid board cross (HBX) that has combined the best elements of BMX and skateboarding into a one-of-a-kind all-electric product that gives riders the freedom to freestyle on roads in ways we haven’t seen before. You’ve gotta see this thing in action in the video below.
DRYFT1 is a new company with roots in Venice, California, a renowned area it credits for inspiring its dedication to motion and creativity. The company is just coming out of stealth mode and is fully funded, reiterating to Electrek that this is “not a Kickstarter.”
DRYFT1 describes its company ethos in one word: “freedom.” Recreational riders in Southern California have already taken to land and sea with surfboards, bikes, and skateboards, many of which have gone electric.
However, DRYFT1 has created a new one-of-a-kind product that allows riders to paint their local pavement in a new way. Today, the company introduced its flagship product, the DRYFT Board, an electric bike and skateboard hybrid that looks like it brings a new level of fun and expression to an already creative mobility segment.
The design of the DRYFT Board may raise some eyebrows at first glance, but once you see what an experienced rider can do on it, you’re probably going to want to take on for a spin yourself.
DRYFT1 launches a unique electric bike/skateboard combo
Per DRYFT1, its new “board” is all about the slide. The BMX bike/skateboard hybrid has been equipped with an electric motor that replicates the indescribable glide of a drift and has opened up access to that feeling to anyone, anywhere. DRYFT1 described the goal of its product:
Taking the coveted feeling that was once limited to those in these worlds of action sports, pushing their limits of speed and friction, and bringing that sought-after movement to the slide to anyone.
With the heart of an e-bike and the soul of a flat-track motorcycle, the DRYFT Board arrives in a category all its own (just don’t call it an e-scooter). Its skateboard deck is comprised of bamboo, fiberglass, and carbon fiber to deliver durability and resilience through slides and other sleek maneuvers on the road.
It is powered by a 500W front hub motor that can propel the board up to 20 mph, and the bike/skateboard hybrid’s battery can deliver 17 to 20 miles of all-electric range. Those are important stats for commuting, especially in a straight line, but that’s not what the DRYFT Board was designed for.
The electric skateboard/bike hybrid features a custom-engineered independent suspension truck system made from aluminum alloy, complete with 51mm springs to enable controlled sliding, carving, and drifting. Those maneuvers stem from the board’s center caster wheel, which is supported by proprietary polyurethane edge wheels for grip and drift performance.
Riders can choose between two ride modes: “Slide Mode” for smooth sliding on the pavement, and “Carve Mode,” which locks the center wheel for smooth cruising. While sliding, carving, or just cruising, riders can control the speed and acceleration of the electric skateboard/bike combo with a right thumb throttle on the handlebars.
Other features include a front hydraulic disc brake and high-quality grip tape on the rear deck. DRYFT1 also designed the board to disassemble into two components for easier transport and storage. The DRYFT Board electric bike and skateboard hybrid debuts in two colors – “Dryft Blue” and “Asphalt Black.”
The Dryft Board is available for purchase at Dryftboard.com beginning today and is priced at $3,500.
As previously mentioned, it’s impossible to truly grasp the capabilities of this unique new form of electric mobility without seeing it in action, so we recommend checking out DRYFT1’s launch video below.
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The bulls returned to Wall Street on Friday after a brief hiatus. In the week ahead, investors from all camps will focus on a series of labor market reports for clues on where the U.S. economy and stock market may go from here. The S & P 500 , Nasdaq Composite and Dow Jones Industrial Average are coming off a volatile, holiday-shortened trading week. Despite a big and broad rally in Friday’s session, the major stock benchmarks all posted weekly losses. The S & P 500 and Nasdaq both lost 0.5%, while the 30-stock Dow dropped 0.6%. The S & P 500 and Nasdaq entered Friday on five-session losing streaks. The Dow had been on a four-day skid. The market was closed Wednesday for New Year’s Day. Sure, it’s now 2025, but “the same stocks that are good are still good,” Jim Cramer said on Friday’s Morning Meeting. He noted that the winners circle in 2024 once again included semiconductor companies such as Club holding Nvidia , our No. 1 portfolio performer last year. The artificial intelligence chip king also was among our top-performing stocks last week, with a 5.7% gain that trailed only oil-and-gas producer Coterra Energy and solar firm Nextracker , which both rose roughly 6.5%. We booked a nearly 1,000% profit when we trimmed some Nvidia shares on Thursday. 1. Nvidia CEO Jensen Huang’s keynote address at the annual CES conference in Las Vegas, set to begin at 9:30 p.m. ET on Monday , is one of the biggest events on the corporate calendar in the week ahead. “The scuttlebutt on the speech is that you’ve seen none of it,” Jim said. “A lot of emphasis, by the way, on total cost of ownership and the return that you get by buying his chips. I think that’s going to change the discussion” and quiet concerns about custom AI processors encroaching on Nvidia’s turf, he added. 2. The employment picture will command the spotlight on the economic front, starting Tuesday morning with the Job Openings and Labor Turnover Survey for November. The closely watched reading, known as JOLTS, measures the tightness or slack in the labor market. Economists expect 7.7 million job openings in November, according to Dow Jones. That would be in line with the prior month. 3. The main jobs event of the week is Friday morning’s nonfarm payroll report for December. The consensus forecast is that the U.S. added 155,000 jobs in the final month of 2024 and the unemployment rate held steady at 4.2%, according to estimates compiled by Dow Jones. In November, nonfarm payrolls expanded by a better-than-expected 227,000 , while the unemployment rate matched forecasts. 4. Before Friday’s official government report, payroll processing firm ADP will release its look at private-sector job creation in the U.S. on Wednesday morning. The ADP report is expected to show that 130,000 jobs were added in December, per Dow Jones. Initial jobless claims also will be released Wednesday, a day earlier than normal, because Thursday is the national day of mourning for former President Jimmy Carter. The U.S. stock market also is closed Thursday. The fresh batch of labor market data will help shape investors’ thinking about the course of Federal Reserve policy this year. A stronger-than-expected December jobs report, in particular, has the potential to reinforce expectations for less supportive monetary policy in the year ahead. In mid-December, the central bank released projections that showed policymakers expect to lower interest rates just twice in 2025 , down from an expectation of four cuts provided in September. The more hawkish stance spooked the stock market, and the S & P 500 remains nearly 2% below its Dec. 17 close, the day before the Fed’s disclosure. We’ll keep a close eye on bond yields for real-time clues on how the market is perceiving the forthcoming labor numbers. Strong data generally lends support for yields. “[Bonds] are reacting to every piece of data. I think that’s because there’s a perception that the economy is actually accelerating, doing well,” Jim explained during Thursday’s Morning Meeting. 5. Modelo and Corona brewer Constellation Brands is the only Club holding set to report earnings this week. The numbers are now due out before the bell Friday, instead of the originally scheduled Thursday, because of the national day of mourning. Analysts expect Constellation to have earned $3.32 cents per share on revenues of $2.54 billion in the three months ended Nov. 30, according to LSEG. We added to our position in Constellation Brands on Tuesday. Within the report, the year-over-year growth rate of its beer business will hold a lot of weight. Investors were not satisfied with the 6% figure in Constellation’s June-to-August period, which represented a slowdown from the 8%, 11%, and 11.8% growth seen in the three prior quarters. Constellation’s struggling wine-and-spirits division also will be in focus. CEO Bill Newlands in October talked about some “green shoots” in some higher-end wine brands, and now we’ll get to see whether there was any sequential improvement in this disappointing segment. There’s plenty more for Constellation executives to discuss on their earnings call. When it comes to President-elect Donald Trump’s proposal for higher tariffs on Mexican imports, we’re curious if management will mention the possibility of securing exemptions. Analysts at Roth MKM floated this possibility late last year , citing an agreement with the Justice Department that effectively requires Constellation to make its Mexican beers in Mexico. The U.S. surgeon general’s new warning on alcohol and cancer risks, which weighed on the stock in Friday’s session, also figures to be a topic of conversation. Week ahead Monday, Jan. 6 10 a.m. ET: Durable Goods and Advance Total Manufacturing report for November 9:30 p.m. ET: Nvidia CEO Jensen Huang keynote at CES Tuesday, Jan. 7 10 a.m. ET: Job Openings and Labor Turnover Survey (JOLTS) 10 a.m. ET: ISM Services for December Before the bell: Apogee Enterprises (APOG) After the bell: Kura Sushi USA (KRUS) Wednesday, Jan. 8 8:15 a.m. ET: ADP Employment Survey 8:30 a.m. ET: Initial jobless claims 2 p.m. ET: FOMC minutes Before the bell: AngioDynamics (ANGO), Helen of Troy (HELE), Simply Good Foods (SMPL), Albertsons (ACI) After the bell: Penguin Solutions (PENG) Thursday, Jan. 9 NYSE and Nasdaq closed for national day of mourning Friday, Jan. 10 8:30 a.m. ET: Nonfarm payroll report 10 a.m. ET: Preliminary Michigan Consumer Sentiment Index Before the bell: Walgreens Boots Alliance (WBA), Delta Air Lines (DAL), Constellation Brands (STZ) After the bell: WD-40 (WDFC) (Jim Cramer’s Charitable Trust is long NVDA, STZ, CTRA and NXT. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
“Now Hiring” signage outside a Home Depot store in San Carlos, California, US, on Monday, Nov. 11, 2024.
David Paul Morris | Bloomberg | Getty Images
The bulls returned to Wall Street on Friday after a brief hiatus.
In the week ahead, investors from all camps will focus on a series of labor market reports for clues on where the U.S. economy and stock market may go from here.
As powerful electric motorbikes such as those from brands like Sur Ron and Talaria become more popular, especially with teens, police departments in the US are increasingly cracking down on their use on public roads.
One of the latest examples comes to us from the Manhattan Beach Police Department in Los Angeles County.
The MBPD has seen an uptick in juveniles riding Sur Ron-style electric motorbikes, which fall far outside the regulatory limits of electric bicycles. These higher-performance vehicles can reach speeds twice as fast as legal electric bicycles and often feature 5x the power level. Critically, they also lack pedals and thus function more like light electric dirt bikes.
According to a recent post shared by the MBPD, the police department has continued to come across these vehicles being ridden by juveniles around the city. “Parents, please make sure those Christmas presents are being used legally and responsibly,” the MHBP stated, “so we don’t have to play the role of the Grinch.”
Further clarifying, the police department explained that such motorbikes aren’t legal for use on public roads or bike paths. “Talaria, Surron, ERidePro, and other similar-type electric motorcycles are not safe or legal for operation on city streets, sidewalks, or The Strand. A few juveniles have learned the hard way and found their ‘bikes’ on the back of a tow truck.”
The MHBP also shared an image below of multiple electric motorbikes being towed away. Ironically, one of the police vehicles at the scene is a police-issue electric-assist patrol bicycle.
More teens turning to high-power electric motorbikes
These powerful e-motorbikes are often marketed as electric bicycles, despite falling well outside the line of electric bicycle regulations. But because they’re readily available online, easy to ride, and are often improperly marketed as not requiring a license or registration for street use, they’ve proven popular with teens and young riders.
California recently passed new legislation more clearly delineating electric bicycle classifications, further underscoring the illegal nature of riding these types of vehicles on the road without proper motor vehicle registration.
However, many riders, particularly teens, are unaware that these bikes do not meet the legal requirements for bike paths or unlicensed street use, leading to traffic stops, fines, and sometimes even confiscations.
Law enforcement officials, as well as community watchdogs, often cite concerns about pedestrian safety, traffic violations, and the risk of accidents.
We’ve seen these crackdowns increase over the years as more police departments are forced to tackle the growing phenomenon of powerful electric motorbikes being ridden on public streets and bike paths as if they were normal electric bicycles.
The crackdown underscores the need for better education regarding these high-powered electric motorbikes, as they continue to rise in popularity among younger users.