LAST UPDATE 15:10 The pressure on Europe’s energy crisis continues unabated, with Germany and France today seeing electricity prices for next year soar to unprecedented levels. In particular, as reported by Bloomberg, the year-ahead contract in France increased today up to 13%, reaching 1,022 euros the megawatt hour on the European Energy Exchange. Similarly, German […]
Tag: International financial news
Japan’s JERA has signed an agreement with Russia to continue supplying LNG from the Sakhalin-2 project
Japan’s JERA has signed an agreement with the new operator of the Sakhalin-2 energy project in Russia to maintain long-term supplies of liquefied natural gas (LNG), a spokesman for Japan’s largest energy producer said today, Reuters reported. Russian President Vladimir Putin signed a decree in June taking over the project, creating a new legal entity […]
Italy: Business confidence sinks ahead of elections, consumer confidence strengthened
Business confidence in Italy fell significantly in August amid rising energy costs as the country prepares for elections, while consumer confidence unexpectedly strengthened. In particular, the Italian statistics agency ISTAT’s manufacturing confidence index fell to 104.3 in August from 106.4 in July, sliding to a low since last year in March. The data was broadly […]
Hungary is moving ahead with the expansion of its nuclear power plant in a new deal with Russia
Hungary has issued a major permit to expand its only Russian-led nuclear power plant, strengthening the country’s energy ties with Moscow even as European Union counterparts try to distance themselves from the invasion of Ukraine. The National Atomic Energy Agency has issued an “installation permit” for the construction of a fifth and sixth nuclear reactor […]
Germany: Revision of the extraordinary ‘natural gas tax’ announced by the Minister of Economy
The Social Democratic Party (SPD) and the Liberals (FDP) are calling for changes to the emergency “gas tax”, forcing Economy Minister Robert Habeck (Greens) to announce a review of the measure, which was aimed at rescuing energy providers, which they now procure their product much more expensively. “In the end, Parliament has the say – […]
Afghanistan: The Taliban Banned Cryptocurrencies
Afghanistan’s central bank imposed a nationwide ban on cryptocurrencies this month, and the Taliban regime has arrested several traders who defied orders to stop trading digital tokens, according to a senior police official, Bloomberg reported. The crackdown comes after some Afghans turned to cryptocurrencies to preserve their wealth and keep it out of the reach […]
Britain: Energy price cap to rise by 80% from October, Ofgem announced
The energy price cap will rise by 80% from October in Britain, Britain’s energy regulator Ofgem said today, predicting that prices could worsen “significantly” next year due to the trend of natural gas prices. Based on the current trend, Ofgem warned that “prices may deteriorate significantly throughout 2023”. She called on the UK government to […]
Emirates joins Saudi Arabia in possible oil production cuts
The United Arab Emirates aligns with Saudi Arabia’s thinking on crude oil markets and supports its recent comments, a source with knowledge of the matter told Reuters today. OPEC’s de facto leader, Saudi Arabia, on Monday signaled the possibility of introducing production cuts to balance an oil market it described as “schizophrenic”. Possible OPEC+ production […]
Bridgewater sees 20-25% plunge in markets as Fed continues to tighten
Markets will show a decline of 20% to 25% as the actions taken by the Fed to control inflation have not yet fully priced in, estimates the co-Chief Investment Officer of one of the world’s largest hedge funds, Bridgewater Associates of Ray Dalio. “Overall, asset markets will decline 20% to 25%,” Greg Jensen said in […]
Germany: Consumer confidence hits new low due to high energy bills
Consumer sentiment in Germany is forecast to hit a new record low for the third month in a row in September as households prepare for the possibility of energy bills soaring, a survey showed. The GfK institute reported that the consumer sentiment index fell to -36.5 points in September, continuing a streak of historic lows […]
