“The EU has taken a decisive step to address Putin’s threat of a complete gas cut. I warmly welcome the adoption by the Council of the Council Regulation on coordinated measures to reduce the demand for natural gas” emphasizes the President of the Commission, Ursula von der Leyen, after reaching a political agreement to reduce […]
Tag: International financial news
Russia: Domestic products replace imported products on supermarket shelves
Products made in Russia accounted for 83% of the Russian consumer goods market in the first half of 2022, with their share up 4% from a year earlier, according to research published today by NielsenIQ. Domestic production of so-called fast-moving consumer goods, which have relatively low costs and sell quickly, is filling store shelves as […]
The EU-27 agreement on emergency measures to reduce the use of natural gas ahead of winter is ‘closed’
The 27 member states of the European Union reached an agreement on the extraordinary arrangements to reduce natural gas consumption in view of the difficult winter ahead, during the meeting of ministers responsible for energy issues in Brussels at noon on Tuesday, as announced by the Czech Presidency of the EU . “It wasn’t Mission […]
Plurality in the EU on the mandatory reduction of natural gas use – Who has objections?
Spain expects EU member states to reach an agreement to reduce natural gas use during the winter by less than 15% and on a voluntary basis during today’s meeting of energy ministers in Brussels, the Spanish energy minister said. Teresa Ribera attending the meeting. The Spanish government is opposed to a mandatory reduction in natural […]
Czech Republic to cut Russian gas deliveries: ‘New evidence that the EU must move away from Moscow’
The new drastic reduction in natural gas deliveries announced by Gazprom is “further proof” that Europe must “reduce its dependence on Russian supplies as quickly as possible”, the Czech energy minister said today. current semester the rotating presidency of the EU. “Unity and solidarity are the best weapons we have against (Russian President Vladimir) Putin […]
‘Hell’ of competition in the international LNG market after the cut of Russian gas to Europe – Risk of shortages
Russia’s latest move to cut gas supplies to Europe is intensifying global competition for sea freight shipments of the fuel, raising the risk of price spikes and shortages from Asia to South America. Utilities in South Korea and Japan are speeding up plans to buy more cargoes of liquefied natural gas (LNG) for the winter […]
Goldman Sachs: Rally in natural gas prices will continue, difficult in the summer of 2023 – The shock will not end before 2025
By Eleftherias Kourtalis The risks for a further rally in natural gas prices are increasing after the new developments surrounding Gazprom’s flows, as Goldman Sachs points out in its new report, while it estimates that the summer of 2023 will also be difficult. “It is unlikely that Europe will see sustainably lower prices before 2025, […]
Simpson (Energy Commissioner): ‘The latest reductions in Russian gas deliveries are politically motivated’
Russian gas giant Gazprom’s announcement that it will cut further supplies to Europe this week is politically motivated, EU Energy Commissioner Cadre Simpson noted today, disputing the company’s claim that it cut supply because it needed to shut down a turbine . “We know there’s no technical reason for him to do that. This is […]
BoJ: Agreed on need for low interest rates, sees wage rises as ‘key’ to future
Bank of Japan members saw rate hikes as key to sustainably hitting their 2% inflation target, according to minutes of their June meeting, underscoring the bank’s determination to keep interest rates extremely low despite rising indications price pressure. Some of the nine-member d.s. saw price increases widen and lead to changes in long-held perceptions that […]
Biden: The US is not in a recession
US President Joe Biden assured on Monday that his country is not in a recession, although growth figures to be released later this week may show that the US economy shrank for a second straight quarter. “I don’t think we know a recession,” Mr. Biden told reporters. Citing positive employment data, the head of state […]