Europe

Energy crisis: Ursula von der Leyen opens the door for an EU cap on gas prices but with caveats

Ursula von der Leyen has opened the door for a targeted and temporary EU-wide cap to rein in soaring gas prices and curb market speculation. But her message comes with caveats about the potentials risks the cap entails. “While gas prices have come down in the past weeks, they remain very high and are putting …

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Infographic: Does Europe have enough gas for winter? | Oil and Gas News

Russia’s war in Ukraine has led to a European energy crisis, with the price of natural gas soaring to new highs this year. As Western nations sparred with Moscow over its invasion, Russia mostly cut off the supply of gas to Europe. In an attempt to mitigate its reliance on Russian gas, the European Union …

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Why Credit Suisse is battling rumors of a Lehman-style crash | Business and Economy

Credit Suisse is at the center of market turmoil amid rumors the bank could be on the brink of collapse. Investors have rushed to sell the Zurich-based bank’s shares amid concerns about its financial health as it prepares to unveil a costly restructuring plan due later this month. Speculation that the bank could fail has …

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UK scraps tax cut for wealthy that sparked market turmoil

BIRMINGHAM, England (AP) – The British government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows. In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the …

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Energy crisis: Europeans ‘must lower thermostats to prepare for Russia turning off gas supplies’

Heating turned down and boilers adjusted – these are the measures Europeans need to take to prepare for Russian gas supplies being completely cut, according to a report. The EU faces “unprecedented risks” of gas shortages this winter after Russia axed most pipeline shipments amid its war in Ukraine, the International Energy Agency said. The …

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Europe faces ‘unprecedented risk’ of gas shortage, IEA says

Europe faces “unprecedented risks” to its natural gas supplies this winter after Russia cut off most pipeline shipments and could wind up competing with Asia for already scarce and expensive liquid gas that comes by ship, the International Energy Agency said. The Paris-based IEA said in its quarterly gas report released Monday that European Union …

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Europe agrees to oil and gas windfall tax amid ‘insane race’ to tame energy crisis

London CNN Business – EU governments agreed Friday to tax the windfall profits of oil and gas companies and to cap the revenues of some electricity generators as the cost of Europe’s energy crisis spirals higher. But energy ministers from the 27 EU member states failed to reach an agreement on a proposal by the …

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