EUR/USD 1.15016
-0.914%
Gold 4257.75
-1.695%
Oil 74.943
-1.138%
USD/JPY 160.654
0.130%
GBP/USD 1.32926
-0.994%
GBP/JPY 213.561
-0.861%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Iranian Foreign Ministry spokesman: Friday’s meeting in Switzerland was not intended to sign an agreement, and a decision on whether to hold the meeting is expected in the next few hours.Iranian Foreign Ministry spokesman: We believe the text of the agreement should exist in electronic form and be signed by the presidents of both countries.According to Axios: Two U.S. officials said the U.S. and Iran signed a memorandum of understanding on Wednesday to end the war, which is now in effect.On June 18th, according to the Wall Street Journal, Apple (AAPL.O) CEO Tim Cook stated that Apple plans to raise product prices to offset soaring costs of memory and storage chips. "Unfortunately, price increases are inevitable," he said. "We are doing our best to mitigate these enormous price increases that are being passed on to us, and we have been trying to protect our customers from these price hikes, but the current situation has become unsustainable." Cook declined to disclose the timing or magnitude of the planned price increase, or which products would be affected. Cook stated that memory and storage chip prices are issues facing the company, and he paid particular attention to the DRAM market, noting that more and more resources are currently being allocated to so-called high-bandwidth memory used in AI servers. "Consumers need devices, and memory manufacturers are pushing up prices while supply is decreasing," Cook said. "We really need memory prices and supply to return to a level that is reasonable for consumer products. Thats the key." Cook also stated that Apple is prepared to use its cash reserves to increase memory supply. He said, "We are willing to use our balance sheet to address some of the issues. Obviously, more capacity is needed." However, Cook also stated that Apple will not use its cash and silicon technology to build its own memory and storage factories. “We can’t do everything at once, but we know where our strengths lie.”Apple (AAPL.O) shares rose slightly in after-hours trading, currently up 0.7%.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

G2.png


Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

Suggestion