Author: Steven Sahiounie

Nearly half of the bloc’s members reportedly want a lower ceiling, while others are skeptical about the measureEU nations have failed once again to finalize a bloc-wide gas price cap at a Council of Energy Ministers meeting, Hungarian FM Peter Szijjarto said on Tuesday. Some states want to lower the ceiling, while others say the measure could wreak havoc on the energy markets.“There was a lengthy debate at the Energy Council meeting. No agreement was reached at the plenary, so discussions will continue on a bilateral basis,” Szijjarto wrote on Facebook.Opinions regarding the measure proposed weeks ago differ greatly among…

The agency says shortages may be avoided if the bloc takes more decisive action to improve energy efficiencyEU member states face a potential gas shortfall of 27 billion cubic meters (bcm) in 2023, the International Energy Agency (IEA) warned in a report on Monday.The report outlines a number of solutions to avoid an energy crisis in the region and urges Brussels to step up efforts to ensure next year’s energy supply.“2023 may well prove to be an even sterner test for Europe because Russian supplies could fall further, global supplies of liquefied natural gas (LNG) will be tight – especially…

December 13, 2022The nation’s property market has plummeted amid slowing consumptionA severe slump in Sweden’s real estate sector threatens to deepen a looming economic crisis in the Nordic region’s largest economy, Bloomberg reported on Monday.   The outlet warned that after nearly twenty years of stable growth, the country’s property market is undergoing “a dramatic change.” Housing prices have plunged by 15% from their peak in nominal terms this year, driven by surging inflation and rising borrowing costs, it said.  Swedish consumers have cut spending drastically amid an unfolding cost-of-living crisis. This has brought more pain to the property sector, where…

The UK may be heading into a deep and lengthy recession, official data suggestsBritain’s economy shrank in the three months through October, the Office for National Statistics (ONS) confirmed on Monday, reflecting concerns over a lengthy recession.Data showed that gross domestic product (GDP) declined by 0.3% in the period when compared with the three months through July.The decline came even as estimates showed that GDP increased by 0.5% in the month of October after a 0.6% drop in September.Despite the rebound in October, there is still a good chance that the British economy will shrink for a second consecutive quarter…

Beijing says Washington’s recently adopted export controls on semiconductors threaten the country’s interestsChina has filed a formal complaint with the World Trade Organization (WTO) over chip export curbs recently imposed by the US, China’s Commerce Ministry said on Monday.According to the statement, Washington’s export control measures threaten the interests of Chinese companies.“China filed a lawsuit within the WTO framework as a necessary way to address our concerns through legal means and to defend our legitimate rights and interests,” the ministry said in a statement.It added that Washington’s ban also undermines the stability of global industrial supply chains.“The US has been……

Oil and gas revenues added an extra $9 billion to Moscow’s coffersRussia’s budget surplus more than quadrupled in November, recording another month of significant growth in revenues from fossil fuels, according to the latest Finance Ministry report.Data released on Monday shows that the surplus reached 557 billion rubles ($9 billion) in the first 11 months of the year. That’s up from 128.4 billion rubles (over $2 billion) reported for January-October.The report said that revenues from oil and gas have been surging, already exceeding the full-year target in the first 11 months. The budget received more than 10 trillion rubles (around…

Transactions with the dollar-pegged USDC token have been “temporarily” suspended, Binance saysThe world’s largest cryptocurrency exchange by trading volume, Binance, announced on Tuesday that it was pausing withdrawals of the stablecoin USDC. The platform has suffered huge outflows of funds following the collapse of the FTX exchange, according to media reports.The move reportedly comes amid growing investor concerns about Binance’s stability in the wake of the bankruptcy of rival exchange FTX, which faces a criminal investigation in the US over the misuse of investor funds.Binance explained the “temporary pause” of USDC withdrawals was due to a “token swap,” which means…

Moscow says it is seeking to boost its export potentialThe Russian government plans to increase the share of nuclear power in the country’s total energy mix to 25% by 2040, according to Deputy Prime Minister Aleksandr Novak.In an article for the Energy Policy magazine on Tuesday, Novak wrote that the growing trend of expanding the use of civilian nuclear energy can provide a powerful impetus to further improve the industry in Russia and build up its export potential.“Russia is already a leader in the global nuclear industry, possessing colossal technological and scientific potential in this area,” Novak wrote.The deputy PM…

December 13, 2022. A presidential decree outlining the measures is nearly ready, according to a media reportThe Russian authorities have “generally agreed” on a response to a Western coalition’s price cap on the country’s seaborne oil that took effect last week, the newspaper Vedomosti reported on Tuesday.Moscow will ban oil sales under contracts that specify a price cap, according to the report, which cites government sources. Also, exports will be banned to countries that demand the price cap as a condition in their supply contracts, or if their reference prices are fixed at the cap price level of $60 per…

Sunshine Coast hotel operators welcome an early Christmas bounce with “record numbers” of travellers flocking to the region before the traditional peak period. Key points: Figures from Visit Sunshine Coast show occupancy rates at many hotels were already at 90 per cent. Chief executive Matt Stoeckel said rooms would continue to fill over the New Year period as interstate travellers returned to the region. “Visitors are coming up from Sydney and Melbourne in record numbers with the airport reporting more than a 30 per cent increase in passengers coming in,” Mr Stoeckel said. “Everywhere is starting to really build and get near capacity — from…