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Friday, May 20, 2022

Global debt hits new record of $305T in Q1

World (The Times Groupe)- The Institute of International Finance (IIF) reported that global debt hit a new high of $305 trillion in the first quarter of 2022, equal to 348% of gross domestic product (GDP).

Turkish lira weakens for 8th day beyond 15.6 vs dollar

Ankara (The Times Groupe)- The Turkish lira slid 1% to beyond 15.65 against the US dollar on Monday, slipping towards the record-low levels it reached in December following a series of interest rate cuts, while a key measure of risk spiked to a record high.

More than 160M children worldwide in child labor

World (The Times Groupe)- The International Labor Organization (ILO) and UNICEF released a report on Wednesday showing more than 160 million children are working in child labor around the world.

Russia says sanctions will not affect gas payments from Europe, bringing down gas prices

EconomyRussia says sanctions will not affect gas payments from Europe, bringing down gas prices

Europe (The Times Groupe)- The price of natural gas per megawatt-hour in Europe decreased by 4.3% on Tuesday amid reports that Russia told European buyers that they could pay for gas without violating sanctions.

The price per megawatt-hour in Europe fell to €89.75 ($94.83) at 09.38 local time (0638 GMT) on Tuesday from €93.78 ($99.09) at Monday’s close on the Netherlands-based virtual natural gas trading point (TTF).

The news that European countries could continue to pay Russia for gas without violating sanctions contributed to the decline in prices.

For the transfer of funds in euros or dollars, two accounts have to be opened with Gazprombank, the authorized bank. Gazprombank will sell the foreign currency at the Moscow Exchange MICEX-RTS and will transfer the ruble proceeds to the buyer’s ruble-denominated special account.

Gazprombank will then transfer the ruble funds from the buyer’s account to Gazprom’s account in the bank.

Gazprom halted gas deliveries to Poland for non-compliance with ruble payments.

Natural gas prices are being relieved due to the reliance on more liquefied natural gas as an alternative and warmer weather in the spring and coming summer months.

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