Author: Steven Sahiounie

The sanctions policies pursued by the US, EU, and allies against Russia, one of the world’s top producers of crude oil, will result in energy shortages in the future, according to Saudi Energy Minister Prince Abdulaziz bin Salman. EU member states have imposed ten rounds of sanctions on Russia in an effort to reduce the country’s revenues from energy exports, in response to the military operation in Ukraine. The latest measures, backed by the Group of Seven and Australia, came into force on February 5. “All of those so-called sanctions, embargoes, lack of investments, they will convolute into one thing…

Industrial demand in Sweden is growing faster than energy production, Svenska kraftnat says Sweden will have to reckon with a dearth of electricity starting in 2027, as industrial power demand is growing faster than energy production, Mattias Jonsson, a manager for electricity market analysis at the country’s grid operator, Svenska kraftnat, said on Sunday. The projection takes into account the latest report prepared by the country’s energy agency in cooperation with state regulatory bodies, including the Swedish Transport Agency, Energy Markets Inspectorate and Svenska kraftnat. “We see a risk that large industrial investments won’t be possible if we do not…

Steven Sahiounie, journalist and political commentator On February 3, the Turkish interior minister, Suleyman Soylu, blasted the US Ambassador to Turkey, Jeffry L. Flake, saying, “Take your dirty hands off of Turkey.” The outrage was prompted after Washington and eight European countries issued travel warnings over possible terror attacks in Turkey. The US and its western allies have attempted to connect a recent Quran burning in Sweden with travel danger inside Turkey. Muslim countries worldwide have denounced the burning as hate speech, not free speech, but this has no apparent connection to travel safety issues inside Turkey. The US travel…

Wednesday morning’s ADP jobs and ISM manufacturing reports both came in weaker than expected. Private hiring slowed to its weakest level in two years, according to the ADP National Employment Report, with just 106,000 jobs added in January. In addition, the manufacturing sector continued to contract, with the ISM Manufacturing Survey for January dipping to 47.4. An index reading above 50 indicates an expansion of the manufacturing segment of the economy compared to the previous month. A reading of 50 means no change. A reading below 50 suggests a contraction. Bitcoin (BTC) barely noticed the news, continuing to trade flat over…

Deputy Prime Minister and Finance Minister Chrystia Freeland said the provinces and territories need to chip in to Canada’s response to the U.S.’s Inflation Reduction Act, which includes electric-vehicle incentives that favour manufacturers in Canada and Mexico, as well as the U.S. Speaking after an in-person meeting with the provincial and territorial finance ministers in Toronto Friday, Freeland said the Act has created an economic opportunity that Canada needs to seize in order to have an outsized share of the clean economy of the century. She said U.S. President Joe Biden’s Inflation Reduction Act has changed the playing field when it comes to…

Sri Lankans have protested in the capital Colombo against the government’s decision to organise a pompous military parade to mark 75 years of independence from British colonial rule at a time when the country is experiencing a dire economic crisis. The celebration on Saturday was condemned by many Buddhists and Christian clergies who announced a boycott of the event in Colombo, while activists and others expressed anger at what they regard as a waste of money. Despite the criticism, armed troops paraded along the main esplanade in the city, showcasing military equipment, as navy ships sailed in the sea and helicopters…

After eight years of economic crisis, Venezuela’s economy is showing a few signs of recovery. But as BBC News Mundo’s Norberto Paredes reports from Caracas, while some of those living in the capital’s poorest neighbourhoods are trying to make the most of the new opportunities opening up, many have yet to feel the benefits of the apparent economic rebound. “I was about to turn 15 and I wasn’t sure if I wanted a party, a present or just the funds to open a small ice cream shop,” says Aray Arias Torres of the decision that led her to become one…

1. IMF raises growth forecasts for 2023 The International Monetary Fund (IMF) has made a slight increase to its global growth outlook for 2023, due to “surprisingly resilient” demand in the United States and Europe, easing energy costs and the reopening of China’s economy after Beijing abandoned its strict COVID-19 restrictions. It still sees the pace of global growth falling this year compared with 2022, but by a smaller margin than it predicted in October. The IMF is now forecasting 2.9% growth for 2023 – up from a 2.7% forecast in October – versus 3.4% growth last year. The figures are…

Strikes, staff shortages and higher interest rates are behind the weakest service sector performance in two years, the latest economic data shows.Recession warnings made by the Bank of England have been reinforced by the figures, released by a closely watched index of economic activity.The Bank said on Thursday it expects the UK to enter a technical recession – two or more successive quarters of economic contraction. By 2026, total national income may still be below where it was in 2019, pre-pandemic, its forecasts also warned this week.Last month, spending by businesses and consumers reduced output levels in the services industries to…

A current employee in British Gas’s debt recovery team has told Sky News that staff feel pressured to force the installation of prepayment energy meters on customers in debt.The employee, speaking on condition of anonymity, said he had seen an increase in the number of indebted customers since the cost of living crisis began, and that debt recovery had become the “be all and end all”.”My role is predominantly trying to get the most out of that debt collection process. And you know, within the last 18 months, the main focus of that has been the force-fitting of prepayment meters…