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The Senate confirmation hearing for Warsh, the nominee for the new chairman of the Federal Reserve, is reportedly scheduled for April 16.Russian warplanes attacked Kramatorsk in eastern Ukraine, killing three people and injuring three others.Market news: Türkiye will raise the average price of natural gas for residential users by 25%, while the price for industrial users will increase by 18.61%.According to the Wall Street Journal, the latest efforts by regional countries, led by Pakistan, to broker a ceasefire between the US and Iran have stalled.On April 4th, local time, Chief U.S. District Judge James Boasberg of the District of Columbia rejected the Justice Departments request to retry the criminal case against Jerome Powell, after his ruling blocked a subpoena issued in connection with the criminal investigation. In his March 13th ruling, Boasberg stated that the subpoena issued to the Federal Reserve Board in January of last year was for improper purposes, aimed at forcing Powell to agree to Trumps conditions demanding a swift interest rate cut or his resignation. The subpoena for Powell was issued by Washington D.C.s top federal prosecutor, Jeanine Piro (a staunch Trump supporter), who has pledged to continue the investigation and stated that her office is prepared to appeal to the U.S. Court of Appeals for the District of Columbia Circuit. Sources indicate that senior Justice Department officials support the appeal decision. This appeal could delay the confirmation of Kevin Warshs nomination as Federal Reserve Chair. Senator Thom Tillis, a Republican member of the Senate Banking Committee, has criticized the investigation into Powell and has vowed to continue blocking Warshs nomination while the appeal process continues.

Berlin desires a 2% reduction in gas consumption via new legislation

Skylar Williams

Aug 15, 2022 10:50

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Officials announced on Friday that new measures to reduce Germany's gas use by 2% will require public and private consumers to make significant cuts as Europe faces a sharp decline in Russian gas supply.


Economy Minister Robert Habeck told Süddeutsche Zeitung last week that the state would require energy-saving measures including heating public buildings to no more than 19 degrees Celsius (66.2 degrees Fahrenheit).


According to ministry officials who spoke with Reuters, corridors and huge halls should not be heated at all, with the exception of hospitals and nursing homes. Private pools may no longer be heated, and building and memorial lighting should be turned off to conserve electricity.


Additionally, illuminated advertisements must be turned off daily between 22:00 and 6:00 a.m.


13% of Germany's energy comes from fossil fuels, and approximately half of the country's homes utilize gas for heating. Gas also accounts for one-third of the industrial energy consumption. Russia has supplied fifty percent of this gas in recent years.


To get through the winter without resorting to gas rationing, Germany must reduce its gas use by 20 percent compared to before the crisis sparked by the Russian invasion of Ukraine.


The replacement of gas-fired power plants with coal-fired power plants is predicted to reduce consumption by an additional 3 to 5 percent. As a result of rising petrol prices, consumption has reduced by as much as 8 percent.


Germany will also rely on gas storage facilities and liquid natural gas (LNG) terminals during the peak winter months of gas use.