By Reuters Britain’s new leader Liz Truss will cap soaring consumer power bills on Thursday and promote new sources of energy in an expected 100 billion pound ($115 billion)-plus package designed to limit the economic shock caused by the war in Ukraine. With Britain facing a lengthy recession sparked by a near quadrupling of household

By Reuters The European Union proposed a price cap on Russian gas on Wednesday after President Vladimir Putin threatened to cut off all energy supplies if it took such a step, raising the risk of rationing in some of the world’s richest countries this winter. The escalating standoff could drive up sky-high European gas prices

Kwasi Kwarteng arrives at Number 10 Downing Street, in London, Britain September 6, 2022. Reuters/Phil Noble By Reuters In Kwasi Kwarteng, Prime Minister Liz Truss has picked an ideological ally as Britain’s new finance minister, charging him with tackling a cost-of-living crisis with a tax-cutting, big-spending plan that has worried markets. The new Chancellor of

By Anadolu Agency IMF underlines that EU countries should keep values of 3% deficit and 60% debt ratio. In a new report, the IMF issued a warning to EU countries which fail to rein in deficits. The Reforming the EU Fiscal Framework: Strengthening the Fiscal Rules and Institutions report, released on Monday, stressed that deficits

By Business Daily Africa In the last couple of years, Kenya’s exports of major crops have come under threat over increased cases of chemical residues on horticulture produce that has seen Europe impose stricter checks, posing a threat to the country’s foreign earnings. For instance, Europe has cut the level of detection for maximum residue

By Anadolu Agency Russia will suspend the supply of oil and petroleum products to countries that have agreed to cap prices of Russian oil, Russian Tass News Agency quoted Deputy Prime Minister Alexander Novak as saying on Thursday. Novak’s remarks came before a meeting of G-7 finance ministers later Friday to discuss a global price

By Reuters The pound steadied on Friday as some calm returned at the end of a bruising week in which concerns about the UK’s deteriorating economic outlook, the policy direction under a new prime minister and demand for dollars all hurt the British currency. Sterling is on course for a weekly fall of nearly 1.5%

By Reuters The second phase of Senegal’s Greater Tortue Ahmeyim (GTA) gas project will need investments worth around $5 billion and could start in 2024 or 2025, Senegal’s President Macky Sall said on Thursday. BP and U.S.-listed Kosmos Energy are leading the development of GTA and Yakaar-Teranga, Senegal’s first natural gas projects. The first phase

By Reuters The Turkish central bank’s net international reserves fell $1.26 billion to $12.62 billion in the week to Aug. 26, central bank data showed on Thursday. The exchange rate used by Reuters on Thursday was 18.1466. In early August, the net forex reserves touched $15.68 billion, their highest level since late April but have

By Reuters Zambia won International Monetary Fund approval for a $1.3 billion, 38-month loan program on Wednesday, a crucial step in the southern African country’s quest to restructure its debts and rebuild an economy ravaged by mismanagement and COVID-19. The IMF said in a statement that the new Extended Credit Facility arrangement would provide total