Russia accused of looting Ukrainian steel

Russia is looting $600m worth of steel from plants and ports in Ukraine, according to the boss of Ukraine’s largest steel firm Metinvest.   The firm owns the Azovstal plant that became the last holdout of Ukrainian soldiers and civilians during the devastation of the city of Mariupol.   Chief executive Yuriy Ryzhenkov said steel […]

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Nord Stream 1 resumes supply of Russian gas

Russia has resumed pumping gas to Europe through its biggest pipeline after warnings it could curb or halt supplies altogether.   The Nord Stream 1 pipeline restarted following a 10-day maintenance break but at a reduced level.   On Wednesday, the European Commission urged countries to cut gas use by 15% over the next seven […]

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EU prepares for cuts in Russian gas supplies

The European Commission has urged countries across the bloc to cut their gas use by 15% until March amid fears Russia could halt supplies.   It says the target is voluntary but will become legally binding if Moscow turns off the taps this summer.   The key Nordstream 1 pipeline from Russia to Germany has […]

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UK economy grows but inflation concerns remain

The UK economy rebounded in May after shrinking in April and March, official figures show.   The economy grew by 0.5% during the month, the Office for National Statistics (ONS) said, higher than the flat growth most economists expected.   Every area of the economy expanded including construction, travel and manufacturing.   However, businesses reported […]

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Germany fears Russian gas cut may become permanent

Russian natural gas supplies to Germany via the Baltic Sea pipeline Nord Stream 1 have been halted for 10 days for annual maintenance work.   But German Economy Minister Robert Habeck warned that EU countries had to be prepared in case gas shipments did not resume.   He has accused the Kremlin of using gas […]

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China’s economy shrinks on tight Covid policy

China’s economy contracted sharply in the second quarter of this year as widespread coronavirus lockdowns hit businesses and consumers.   GDP fell by 2.6% in the three months to the end of June from the previous quarter.   Major cities across China, including the major financial and manufacturing centre Shanghai, were put into full or […]

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Ford chooses Spain for new electric car plant

Ford has chosen a plant in Valencia, Spain to build its next generation electric vehicles in Europe, as the company reorganises its operations.   The US automaker selected the site over a rival facility in Saarlouis, Germany.   The company plans to only sell electric cars in Europe by 2030, ahead of a planned EU […]

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