Global Review – 6th September

Liz Truss vows energy crisis action

Liz Truss has promised to deal with surging energy costs and to cut taxes, after she won the Tory leadership contest to become the next prime minister. Part of her plan, set to be announced on Thursday, could allow energy suppliers to take out government-backed loans in order to subsidise bills. She will succeed Boris Johnson after being formally appointed by the Queen at Balmoral Castle later today. The 47-year-old, the UK’s third woman PM, will then announce her cabinet. In her victory speech, she promised a “bold” programme of tax cuts to grow the flagging economy and to prevent the UK tipping into recession.

‘EU will not be able to do without Russian gas until 2027’

It is very likely that Europe will not be able to do without Moscow gas “at least until 2027”, accordig to Russian Energy Minister Nikolay Shulginov, interviewed by Tass news agency on the occasion of the Eastern Economic Forum. “Europe cannot rely on anyone except the United States, which is increasing the production of liquefied natural gas,” explains Shulginov. “I think next winter will show how real or not their faith in the possibility of rejecting Russian gas is real. Doing so will lead to the shutdown of their industry and their gas-powered electricity generation. It will be a totally new life for Europeans: absolutely unsustainable for them,” he adds.

Macron ready to send gas to Germany

French President Emmanuel Macron said on Monday that his country was ready to deliver gas to Germany this coming winter should Europe’s gas squeeze make such a move necessary, urging French citizens to reduce their energy consumption in order to stave off rationing and cuts. Macron said French gas could help Germany to produce more electricity which, in turn, would allow Germany to contribute electricity to the French power grid during peak hours. Both Germany and France are scrambling to replenish gas reserves after Russia curtailed deliveries in retaliation for western support for Ukraine in its war with Russia. Germany is more dependent on Russian gas than France, which generates most of its electricity in nuclear power stations. The French president said the percentage of Russian gas in total European consumption had dropped from 50% to 9% in recent months. German Economy Minister Robert Habeck announced that the two Isar nuclear power plants will still have to be available until mid-April 2023, in case they are needed to support the coverage of electric energy. Germany previously announced the closure of all nuclear power plants by the end of the year

Gas price closes up in Amsterdam: €240/MWh

The closing of the session rose by 11.80% to €240 per megawatt hour for the futures of gas Ttf, which jumped during the day to $282 at the Amsterdam hub with a maximum rise of 31.58%. The sharp rises in the price of gas sank the European stock exchanges, with the exception of London’s Ftse 100, which on a day marked by the appointment of Liz Truss as the next UK premier, gained 0.07% to 7,286.35 points. Wall Street closed for Labour Day.

One suspect in Canada Saskatchewan stabbings found dead

One of the suspects in the stabbing deaths of 10 people in the Canadian province of Saskatchewan has been found dead, and his injuries are not self-inflicted. Regina Police Chief Evan Bray said on Monday Damien Sanderson, 31, has been found dead and that they believe his brother, Myles Sanderson, 30, is injured and on the run. While Damien’s body was found near the stabbing sites they believe Myles is in Regina, the capital of Saskatchewan. “His body was located outdoors in a heavily grassed area in proximity to a house that was being examined. We can confirm he has visible injuries. These injuries are not believed to be self-inflicted at this point,” said RCMP Commanding Officer Assistant Commissioner Rhonda Blackmore. The discovery of the body came on the second day of a massive manhunt for the pair, who are suspected of carrying out a series of stabbings in an Indigenous community and a nearby town, which also left 18 people injured.

Search for survivors after dozens killed in China quake

Rescuers scoured through rubble for hundreds of missing people in parts of southwestern China on Tuesday after an earthquake killed more than 60, as local weather services warned rain was set to inundate the area. At least 65 people were killed, state media reported Tuesday morning, with more than 200 still trapped in a remote scenic area and scores missing elsewhere. Video from state broadcaster CCTV showed firefighters pulling a bruised and bloodied woman from the rubble and footage shared by the China Earthquake Networks Center showed boulders thundering down mountainsides in Luding county, kicking up clouds of dust as the tremors swayed roadside telephone wires.

Russian shelling knocks Ukraine nuclear reactor ‘off grid’

Fires caused by ongoing Russian shelling in southeastern Ukraine knocked the Zaporizhzhia Nuclear Power Station offline Monday. According to a statement from the plant’s operator, Energoatom, a fire from three days of constant Russian shelling closed a major transmission line, knocking the reactor off the grid. The company said the Russian forces have been “intensely” shelling the area for the last three days. Energoatom operates four nuclear plants with a total capacity of 13,855 megawatts per hour in the country, providing between 55-70% of the country’s electric needs, according to the company. The Zaporizhzhia reactor is the largest of the four, and the largest such facility in Europe. “Any repair of the lines [is] impossible now – there are combat operations around the station,” Ukraine Minister of Energy German Galuschchenko said in a Facebook post Monday. “The world is once again on the brink of nuclear disaster. De-occupying the [Donetsk region], and creating a demilitarised zone around it, is the only way to ensure nuclear security.”

EU is running low on weapons

European Union member states are running low on weapons at home because they’ve given so many to Ukraine, the bloc’s top diplomat said, renewing calls for a restock. Josep Borrell, the EU’s high representative for foreign affairs and security policy, said on Monday: “The military stocks of most member states has been, I wouldn’t say exhausted, but depleted in a high proportion, because we have been providing a lot of capacity to the Ukrainians,” the Associated Press reported. He added during a debate with European lawmakers that countries should buy work together to buy replacements for themselves, as that would be cheaper than each country doing it separately: “It has to be refilled. The best way of refilling is doing that together. It will be cheaper.” The EU in July proposed a $500 million fund for member states to buy weapons together.

Russian journalist Safronov gets 22 years

A Russian court has sentenced journalist Ivan Safronov to 22 years in prison, according to ‘Novaya Gazeta Europa’. Safronov was charged with high treason in a closed-door trial, but many observers believe the allegations are manifestly unfair and that the arrest is linked to the young man’s past journalistic activity. Observers point out the Kremlin is stepping up censorship by cracking down on independent media and increasingly stifling all forms of dissent.

Kenyatta acknowledges Ruto’s victory

President Uhuru Kenyatta of Kenya has acknowledged William Ruto’s victory in last month’s presidential elections, assuring that there will be a smooth handover. “In compliance with my promise to uphold the rule of law, I undertake to carry out the orders of this court to the letter,” he said in his speech after the Supreme Court validated Ruto’s victory.

Tennis: Tiafoe beats Rafael Nadal at US Open

Frances Tiafoe pulled off the biggest win of his career when the 22nd-ranked American beat second-seeded Rafael Nadal 6-4, 4-6, 6-4, 6-3 to reach the US Open quarterfinals. Tiafoe’s victory ended Nadal’s 22-match winning streak at grand slam tournaments. The 24-year-old American cried on the court after he shook hands with Nadal. He sat on the bench and buried his head in a towel as Nadal walked off and waved to the crowd. Tiafoe is the youngest American to reach the quarterfinals since Andy Roddick did so, at 24, in 2006.

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