Time and money are largely interchangeable terms. - Winston S. Churchill

Europe

Europe cuts gas consumption

Europe cuts gas consumption

According to Citigroup, industrial gas use in the UK alone fell by about 49% in June compared to May. The drop in consumption is due to reduced exports from Russia via the Nord Stream pipeline. Europe has already seen a 15-20% drop in gas demand due to high prices, and

Powell at the Fed: A rate hike should affect home prices fairly quickly

Powell at the Fed: A rate hike should affect home prices fairly quickly

Powell believes that the current economic situation creates barriers for real estate developers. Powell: Current wage growth is incompatible with 2% inflation. However, we don't want to slow the rate of wage growth. We need more "sustainable" measures. Lower inflation will get the economy back on

Euro strengthens in anticipation of new ECB actions

Euro strengthens in anticipation of new ECB actions

Action is expected to combat "fragmentation" in the currency bloc, trading data show. As of 1 p.m., the euro to dollar exchange rate is rising to $1.0533.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Britain prepares to cancel part of Brexit deal - Bloomberg

Britain prepares to cancel part of Brexit deal - Bloomberg

The U.K. has unveiled a bill canceling part of the Brexit agreement it signed with the European Union. There are risks of a trade war between the parties, as well as additional threats to Johnson's political position. Under the provisions of the bill, Britain no longer plans

German Chancellor Scholz: Germany's energy supply problems are not a national issue, but a problem for the entire European Union

German Chancellor Scholz: Germany's energy supply problems are not a national issue, but a problem for the entire European Union

The chancellor noted that Germany cannot currently afford lengthy planning and permitting processes for renewables. Scholz added that energy policy is now equivalent to the country's security policy.

Oil for Our Own Only: Only Cars with Hungarian license plates will be able to fill up with gas in Hungary - Interfax

Oil for Our Own Only: Only Cars with Hungarian license plates will be able to fill up with gas in Hungary - Interfax

The Hungarian authorities have adopted prohibitive measures for foreigners wishing to fill up their cars at gas stations in the country. The Hungarian authorities explained this measure by the fact that "gasoline tourism has flourished in the country, which has jeopardized the uninterrupted supply. Gasoline prices are now frozen

Key rate hike of 0.5% in the EU in July is not excluded - thinks Knott of the ECB

Key rate hike of 0.5% in the EU in July is not excluded - thinks Knott of the ECB

* A rate hike in the EU could threaten a recession. However, a tighter ECB policy would allow the euro to recoup losses against the dollar, which could reduce imported inflation from the U.S.

"Gazprom" is trying to convince European partners that they can pay for supplies without violating sanctions

"Gazprom" is trying to convince European partners that they can pay for supplies without violating sanctions

"Gazprom writes that the provisions of the new presidential decree of May 4 clarify the scheme for settlements in rubles proposed in late March. It follows from the new decree that foreign currency will be translated into rubles through the National Clearing Center. "Gazprom argues that the procedure

Apple to face new antitrust charges in Brussels

Apple to face new antitrust charges in Brussels

The tech giant will be accused of violating EU law in running Apple Pay. The company will receive large fines of up to 10% of global turnover if the charges are upheld. The claims against Apple relate to NFC or "near field communication" technology. Under the current system,