BRUSSELS (Reuters) -The European Union is drafting emergency plans to intervene in its energy market, as pressure grows from member states to put a lid on the surging price of electricity. European Commission chief Ursula von der Leyen said on Monday Brussels was preparing an intervention to separate power prices from the soaring cost of …
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The prices of oil futures fell on Tuesday as rising concerns over the global economy going into a recession seemingly clouded the demand outlook. Namely, traders are bracing for another possibly abnormally high interest rate hike in September, as Federal Reserve Chair Jerome Powell warned that getting inflation down to the target 2% will “require …
Oil futures prices rose on Monday amid growing supply concerns ahead of the coming winter and the Ukraine crisis, which continues to add extra pressure to international crude oil trading. Most recently, Shell Chief Executive Officer Ben Van Beurden warned about the current energy crisis and that this one could last more than one winter. …
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Concern about the potential for a radiation leak at Zaporizhzhia nuclear power plant is persisting. Ukraine’s state energy operator has warned that there are “risks of hydrogen leakage and sputtering of radioactive substances” at the Russian-occupied plant. Authorities were distributing iodine tablets to residents who live near the plant in case of radiation exposure. Russia …
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U.K. residents will see an 80% increase in their annual household energy bills, the country’s energy regulator announced Friday, following a record 54% spike in April. That will bring costs for the average customer from 1,971 pounds ($2,332) a year to 3,549 pounds. The latest price cap — the maximum amount that gas suppliers can …
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The flaring first came to light a few weeks ago when Finnish people noticed a large flame on the horizon at the Russian border. Analysis suggests around 4.34 million cubic metres of gas is being burned every day – an estimated $10m worth. Russia is burning off large amounts of natural gas that it previously …
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JACKSON HOLE, Wyo., Aug 27 (Reuters) – Cleveland Federal Reserve Bank President Loretta Mester on Saturday said she would base her decision on whether to back a third straight 75-basis point interest rate hike next month on U.S. inflation data, not the closely-watched jobs report. Fed Chair Jerome Powell on Friday said the Fed will …
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President Joe Biden looked to strike a tricky balance on Iran this week, as he attempts to restore the Iran nuclear deal while reassuring allies that Washington can still push back on Tehran’s malign activities. The two countries have resolved some of the thorniest stumbling blocks in negotiations on reviving the 2015 deal in recent …
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(Reuters) – Global equity funds witnessed their biggest weekly capital withdrawals in five weeks in the week to Aug. 24 on concerns that rate hikes would lead to a recession. Investors were also wary ahead of the Federal Reserve’s annual Jackson Hole symposium, which could offer insights into the central bank’s future policy path. According …
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Cleveland Federal Reserve Bank Presidnet Loretta Mester told Jackson Hole Economic Symposium that she is not convinced inflation in the United States has peaked, despite hitting an over 40-year high in June. Mester went on to say that said she is not predicting a recession but that below-trend growth should be expected in the foreseeable …
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