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Markets have paused for breath after days of volatility, with Asian shares edging up and gold slipping slightly as investors watched the conflict in Ukraine unfold and weighed its economic implications, mainly regarding energy prices.

Asian markets stable after days of volatility, investors draw breath

India's gross domestic product (GDP) for the third quarter ended December 31, 2021 grew by 5.4%. The growth in GDP during 2021-22 is estimated at 8.9% as compared to a contraction of 6.6% IN 2020-21.

India's GDP growth at 5.4% in Q3, FY22 growth estimated at 8.9%

Global oil and gas giant Shell announced that it will exit all its Russian operations, becoming the latest major Western energy company to quit the oil-rich country following Moscow’s invasion of Ukraine. The decision comes a day after rival British Petroleum (BP) abandoned its stake in Russian oil giant Rosneft in a move that could cost the British company over $25 billion. Norway's Equinor also plans to exit Russia.

Shell joins Equinor and BP to exit Russia over Ukraine invasion

The United States and its allies are weighing an oil reserve release amid soaring prices and concern about supplies after Russia invaded Ukraine. Oil prices have hit the seven years high following the invasion and after Western allies have imposed sanctions on Russia.

US and its allies weigh oil reserves release after Russia invaded Ukraine

Prices of 19 kilogramme commercial LPG cylinders in Delhi have increased by Rs 105 as of March 1, according to news agency ANI.

The 19 kilogramme commercial cylinder would cost Rs 2,012 in the national capital starting Tuesday as a result of the price increase.

A 5 kg cylinder has also seen a Rs 27 hike in pricing.

In Delhi, a 5 kilogramme cylinder now costs Rs 569.

Commercial gas cylinders will now cost Rs 2,089 in Kolkata as a result of the increase.

Commercial gas in Mumbai will now cost Rs 1,962 after a 105-rupee increase.

Chennai also saw a hike of Rs 105 with the price of a 19-kg commercial gas cylinder rising to Rs 2,185.5.&nbsp;

Price History

In particular, ahead of the Union Budget 2022, the National Oil Marketing Company lowered the price of a 19 kg commercial LPG cylinder by Rs 91.50 on February 1.

Oil marketing organisations lowered the price of a 19 kilogramme commercial LPG cylinder by Rs 102.50 on January 1.

On December 1, the price of commercial cooking gas was raised by Rs 100, bringing the cost of a 19 kilogramme commercial LPG cylinder in Delhi to Rs 2,101.

After 2012-13, when the commercial cylinder cost roughly Rs 2,200 per cylinder, this was the second-highest price.&nbsp;

(With inputs from agencies)

Prices of 19 kilogramme commercial LPG cylinders in Delhi have increased by Rs 105 as of March 1, according to news agency ANI. The 19 kilogramme commercial cylinder would cost Rs 2,012 in the national capital starting Tuesday as a result of the price increase.

Prices of 19 kilogramme commercial LPG cylinders in Delhi have increased by Rs 105 as of March 1, according to news agency ANI. The 19 kilogramme commercial cylinder would cost Rs 2,012 in the national capital starting Tuesday as a result of the price increase. A 5 kg cylinder has also seen a Rs 27 hike in pricing. In Delhi, a 5 kilogramme cylinder now costs Rs 569. Commercial gas cylinders will now cost Rs 2,089 in Kolkata as a result of the increase. Commercial gas in Mumbai will now cost Rs 1,962 after a 105-rupee increase. Chennai also saw a hike of Rs 105 with the price of a 19-kg commercial gas cylinder rising to Rs 2,185.5. Price History In particular, ahead of the Union Budget 2022, the National Oil Marketing Company lowered the price of a 19 kg commercial LPG cylinder by Rs 91.50 on February 1. Oil marketing organisations lowered the price of a 19 kilogramme commercial LPG cylinder by Rs 102.50 on January 1. On December 1, the price of commercial cooking gas was raised by Rs 100, bringing the cost of a 19 kilogramme commercial LPG cylinder in Delhi to Rs 2,101. After 2012-13, when the commercial cylinder cost roughly Rs 2,200 per cylinder, this was the second-highest price. (With inputs from agencies)

LPG cylinder becomes more expensive from March 1; check out new rates

Crude oil prices have jumped while Asia Pacific stocks are mostly higher today in volatile trading due to renewed tensions in the Ukraine-Russia conflict.

Ukraine-Russia Conflict: India's crude cost has topped $100 per barrel

The West is trying to isolate Russia economically. Now, several European subsidiaries of Sberbank Russia, which is majority-owned by the Russian government is failing for or likely to fail due to reputational costs of war in Ukraine.

Russian Sberbank's EU units failing amid Russia-Ukraine Conflict

Russia is one of the largest producers of energy in the world. Western allies are trying to isolate Russia economically by hitting where it hurts the most now, the decision to quit oil-rich country Russia by British petroleum is being considered as the most aggressive move yet by a company.

BP to exit Russia's Rosneft holdings amid the ongoing Russia-Ukraine crisis

As the world pushed for new economic sanctions against Russia and President Putin amid the ongoing Russian invasion of Ukraine, the global markets react. Russian currency tumbles to a record low.

Russian currency tumbles to a record low as markets react to new economic sanctions

As global stock market investors monitor Ukraine-Russia crisis, Indian markets have closed with gains as Sensex, Nifty bounced back and Sensex gained over 1300 points during the day taking a cue from the European markets.

Russia-Ukraine conflict: Global markets register comeback

Oil prices soared nearly $2 per barrel on Friday as Russia’s invasion of Ukraine continued to inflame global supply concerns. The attack on Ukraine caused prices to surge to more than $100 a barrel for the first time since 2014 on Thursday.

Oil prices surge 2% to $101/barrel as Russian invasion of Ukraine rings supply alarm bells

Asia-Pacific shares have regained ground on Friday as investors assessed the Russia-Ukraine conflict following a massive comeback on Wall Street overnight.

Asia-Pacific markets rise as investors shrug off Russia-Ukraine tensions

Global stocks and U.S. bond yields dived on Thursday, while the dollar, gold and oil prices rocketed higher as Russian troops landed in Ukrainian cities on the Black Sea and Ukraine said Moscow had launched a full-scale invasion.

Russian troops landed in the Ukrainian Black Sea port of Odessa and in Mariupol in the eastern Ukrainian region of Donetsk, Russian news agencies reported.

At the same time, Ukrainian military command centres in the cities of Kyiv and Kharkiv came under attack by missile strikes, the Ukrainska Pravda news website cited a Ukrainian interior ministry official as saying.

The attacks came after a blistering warning from Russian President Vladimir Putin on Thursday. Putin called on Ukrainian soldiers to immediately lay down their weapons and go home, and said the responsibility for any bloodshed will be on the conscience "of the Ukrainian regime", according to comments carried by Russian news agencies.

Putin also authorised special military operations in Ukraine's Donbass region.

Several explosions were heard in the Ukrainian capital, Kyiv, before dawn, after an initial series of sounds similar to artillery fire, a Reuters witness reported, shortly after Russia announced the military operation.

The comments worsened an already grim selloff in Asian trade, pushing MSCI's broadest index of Asia-Pacific shares outside Japan down more than 3.2%, with Australian shares off more than 3% and Chinese blue chips down 1.3%.

Tokyo's Nikkei was 2.4% lower. U.S. stock&nbsp;market&nbsp;futures were also down sharply, with S&amp;P 500 e-minis down 2.3% and Nasdaq futures 2.8% weaker.

"The&nbsp;market&nbsp;was always trying to judge if they would stop at Donbass, and it looks pretty clear that they are moving toward Kyiv, which was always one of the worst case scenarios, because we now have a long night ahead of us trying to understand how bad this gets, and what sanctions get put up, because there has to be a fresh round of sanctions now against Putin and the Russian government," said Chris Weston, head of research at Pepperstone.

"That's where the worst case, or the bear case scenario is for&nbsp;markets, and that's what we're seeing. There are no buyers here for risk, and there are a lot of sellers out there, so this&nbsp;market&nbsp;is getting hit very hard."

Asset&nbsp;markets have seen a sharp increase in volatility over the deepening crisis, with the Cboe Volatility Index, known as Wall Street's fear gauge, up more than 55% over the past nine days.

Brent crude futures, which seesawed between sharp rises and falls on Wednesday, jumped more than 3.5% to shoot past $100 a barrel on Thursday for the first time since September 2014. West Texas Intermediate leaped 4.6% to $96.22 per barrel, their highest since August 2014.[O/R]

Spot gold jumped more than 1.7% to hit its highest level since early January 2021. [GOL/]

The deepening selloff in equities came after U.S. stocks already took a beating on Wednesday, with the Dow Jones Industrial Average down 1.38% to barely above the level that would have confirmed a correction. The MSCI World Index, a leading gauge of equity&nbsp;markets globally, skidded to its lowest level since April 2021.

Investors have also been grappling with the prospect of imminent policy tightening by the U.S. Federal Reserve aimed at combating surging inflation, which NAB analysts say could be exacerbated by a commodities supply shock.

While expectations of an aggressive 50-basis-point hike at the Fed's March meeting have eased, Fed funds futures continue to point to at least six rate hikes this year. [FEDWATCH]

All the same, immediate geopolitical threats weighed on U.S. yields on Thursday, pushing the benchmark U.S. 10-year yield down sharply to 1.8681% from its U.S. close of 1.977% on Wednesday. The 2-year yield also fell, to 1.5% from a close of 1.6%.

The global flight to safety boosted the dollar, which jumped more than half a percent a basket of other major trading partners to 96.715.

The euro was down 0.8% on the day at $1.1220.

The Russian rouble turned violently lower after posting small gains early in the session. It was last down nearly 4% on top of a 3% slump against the dollar on Wednesday.

The sell-off spread to cryptocurrency&nbsp;markets, pushing bitcoin below $35,000 for the first time in a month.

"Markets are now more adequately pricing in the risk of something horrific happening. That combined with the uncertainty is a horrible environment to be in. No one wants risk exposure when that's floating around," said Rob Carnell, head of Asia Pacific research at ING.

WATCH |&nbsp;Russia announces military operations in Ukraine as tensions mount to their climax

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Global stocks and U.S. bond yields dived on Thursday, while the dollar, gold and oil prices rocketed higher as Russian troops landed in Ukrainian cities on the Black Sea and Ukraine said Moscow had launched a full-scale invasion.

Global stocks and U.S. bond yields dived on Thursday, while the dollar, gold and oil prices rocketed higher as Russian troops landed in Ukrainian cities on the Black Sea and Ukraine said Moscow had launched a full-scale invasion. Russian troops landed in the Ukrainian Black Sea port of Odessa and in Mariupol in the eastern Ukrainian region of Donetsk, Russian news agencies reported. At the same time, Ukrainian military command centres in the cities of Kyiv and Kharkiv came under attack by missile strikes, the Ukrainska Pravda news website cited a Ukrainian interior ministry official as saying. The attacks came after a blistering warning from Russian President Vladimir Putin on Thursday. Putin called on Ukrainian soldiers to immediately lay down their weapons and go home, and said the responsibility for any bloodshed will be on the conscience "of the Ukrainian regime", according to comments carried by Russian news agencies. Putin also authorised special military operations in Ukraine's Donbass region. Several explosions were heard in the Ukrainian capital, Kyiv, before dawn, after an initial series of sounds similar to artillery fire, a Reuters witness reported, shortly after Russia announced the military operation. The comments worsened an already grim selloff in Asian trade, pushing MSCI's broadest index of Asia-Pacific shares outside Japan down more than 3.2%, with Australian shares off more than 3% and Chinese blue chips down 1.3%. Tokyo's Nikkei was 2.4% lower. U.S. stock market futures were also down sharply, with S&P 500 e-minis down 2.3% and Nasdaq futures 2.8% weaker. "The market was always trying to judge if they would stop at Donbass, and it looks pretty clear that they are moving toward Kyiv, which was always one of the worst case scenarios, because we now have a long night ahead of us trying to understand how bad this gets, and what sanctions get put up, because there has to be a fresh round of sanctions now against Putin and the Russian government," said Chris Weston, head of research at Pepperstone. "That's where the worst case, or the bear case scenario is for markets, and that's what we're seeing. There are no buyers here for risk, and there are a lot of sellers out there, so this market is getting hit very hard." Asset markets have seen a sharp increase in volatility over the deepening crisis, with the Cboe Volatility Index, known as Wall Street's fear gauge, up more than 55% over the past nine days. Brent crude futures, which seesawed between sharp rises and falls on Wednesday, jumped more than 3.5% to shoot past $100 a barrel on Thursday for the first time since September 2014. West Texas Intermediate leaped 4.6% to $96.22 per barrel, their highest since August 2014.[O/R] Spot gold jumped more than 1.7% to hit its highest level since early January 2021. [GOL/] The deepening selloff in equities came after U.S. stocks already took a beating on Wednesday, with the Dow Jones Industrial Average down 1.38% to barely above the level that would have confirmed a correction. The MSCI World Index, a leading gauge of equity markets globally, skidded to its lowest level since April 2021. Investors have also been grappling with the prospect of imminent policy tightening by the U.S. Federal Reserve aimed at combating surging inflation, which NAB analysts say could be exacerbated by a commodities supply shock. While expectations of an aggressive 50-basis-point hike at the Fed's March meeting have eased, Fed funds futures continue to point to at least six rate hikes this year. [FEDWATCH] All the same, immediate geopolitical threats weighed on U.S. yields on Thursday, pushing the benchmark U.S. 10-year yield down sharply to 1.8681% from its U.S. close of 1.977% on Wednesday. The 2-year yield also fell, to 1.5% from a close of 1.6%. The global flight to safety boosted the dollar, which jumped more than half a percent a basket of other major trading partners to 96.715. The euro was down 0.8% on the day at $1.1220. The Russian rouble turned violently lower after posting small gains early in the session. It was last down nearly 4% on top of a 3% slump against the dollar on Wednesday. The sell-off spread to cryptocurrency markets, pushing bitcoin below $35,000 for the first time in a month. "Markets are now more adequately pricing in the risk of something horrific happening. That combined with the uncertainty is a horrible environment to be in. No one wants risk exposure when that's floating around," said Rob Carnell, head of Asia Pacific research at ING. WATCH | Russia announces military operations in Ukraine as tensions mount to their climax ×

Global market plunges, stocks dive after Vladimir Putin launches military operations in Ukraine

After Russia fired missiles at several Ukrainian cities and landed troops on the south coast, the ruble plunged to a record low on Thursday, while the euro plunged to a multi-year low against the Swiss franc.

In addition, riskier commodity-linked currencies like the Australian dollar also tanked as Ukraine said Russia had launched a full-scale invasion.

Also read |&nbsp;<a href="https://www.wionews.com/world/in-the-name-of-humanity-un-chiefs-plea-bidens-warning-and-more-leaders-react-to-russian-aggressions-455883">'In the name of humanity': UN Chief's plea, Biden's warning and more; leaders react to Russian aggressions</a>

The dollar rose nine per cent against the ruble, which has been battered lately in the wake of worries about the effects of the sanctions on the Russian economy, while the Moscow Stock Exchange plunged almost 14 per cent after trading was suspended earlier in the day. The country's central bank said it was intervening to "stabilise the situation".

"To stabilise the situation on the financial market, the Bank of Russia has decided to start interventions in the foreign exchange market," the central bank said in a statement, adding that it and other financial institutions: "have clear action plans for any scenario."

While explosions were reported in the Ukrainian capital of Kyiv and gunfire was heard near Kyiv's main airport, safe havens such as the yen and dollar were in demand.

Also read |&nbsp;<a href="https://www.wionews.com/photos/ukraine-russia-conflict-first-pictures-455872">Ukraine-Russia conflict: First pictures</a>

With a fall of 0.84 per cent to $1.1209, the euro reached its lowest level since January 31.

Euro depreciated as much as 1.28 per cent versus other traditional haven currencies, hitting a nearly one-month low of 128.37 yen and as much as 0.84 per cent versus the Swiss franc, which reached 1.0292, the weakest since May 2015.

There was a 0.90 per cent drop in the Australian dollar to $0.7167, while the New Zealand dollar declined by 1.00 per cent to $0.6706.

"The situation certainly looks like it's going to get worse before it gets better, and that means the commodity currencies can weaken," said Joseph Capurso, a strategist at Commonwealth Bank of Australia.

Watch |&nbsp;Russia: Military infrastructure being disabled in Ukraine, no threat to Ukrainian civilians

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-military-infrastructure-being-disabled-in-ukraine-no-threat-to-ukrainian-civilians-455924/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"If things get real bad," Aussie could test $0.70, and if the euro is poised to fall "quite a bit more," he said.

Sterling was a bit more resilient, declining 0.41 per cent to $1.3490, the lowest since February 15.

For the first time since January 31, the US dollar index, which measures the greenback against six major peers, rose as much as 0.60 per cent to 96.762.

Besides its status as a safe haven, the dollar has also been boosted by expectations that the Federal Reserve will begin raising rates next month, although the rising risk related to Ukraine forced traders to lower their expectations from 25 per cent earlier in the day to 16 per cent.

(With inputs from agencies)

After Russia fired missiles at several Ukrainian cities and landed troops on the south coast, the ruble plunged to a record low on Thursday, while the euro plunged to a multi-year low against the Swiss franc.

After Russia fired missiles at several Ukrainian cities and landed troops on the south coast, the ruble plunged to a record low on Thursday, while the euro plunged to a multi-year low against the Swiss franc. In addition, riskier commodity-linked currencies like the Australian dollar also tanked as Ukraine said Russia had launched a full-scale invasion. Also read | 'In the name of humanity': UN Chief's plea, Biden's warning and more; leaders react to Russian aggressions The dollar rose nine per cent against the ruble, which has been battered lately in the wake of worries about the effects of the sanctions on the Russian economy, while the Moscow Stock Exchange plunged almost 14 per cent after trading was suspended earlier in the day. The country's central bank said it was intervening to "stabilise the situation". "To stabilise the situation on the financial market, the Bank of Russia has decided to start interventions in the foreign exchange market," the central bank said in a statement, adding that it and other financial institutions: "have clear action plans for any scenario." While explosions were reported in the Ukrainian capital of Kyiv and gunfire was heard near Kyiv's main airport, safe havens such as the yen and dollar were in demand. Also read | Ukraine-Russia conflict: First pictures With a fall of 0.84 per cent to $1.1209, the euro reached its lowest level since January 31. Euro depreciated as much as 1.28 per cent versus other traditional haven currencies, hitting a nearly one-month low of 128.37 yen and as much as 0.84 per cent versus the Swiss franc, which reached 1.0292, the weakest since May 2015. There was a 0.90 per cent drop in the Australian dollar to $0.7167, while the New Zealand dollar declined by 1.00 per cent to $0.6706. "The situation certainly looks like it's going to get worse before it gets better, and that means the commodity currencies can weaken," said Joseph Capurso, a strategist at Commonwealth Bank of Australia. Watch | Russia: Military infrastructure being disabled in Ukraine, no threat to Ukrainian civilians "If things get real bad," Aussie could test $0.70, and if the euro is poised to fall "quite a bit more," he said. Sterling was a bit more resilient, declining 0.41 per cent to $1.3490, the lowest since February 15. For the first time since January 31, the US dollar index, which measures the greenback against six major peers, rose as much as 0.60 per cent to 96.762. Besides its status as a safe haven, the dollar has also been boosted by expectations that the Federal Reserve will begin raising rates next month, although the rising risk related to Ukraine forced traders to lower their expectations from 25 per cent earlier in the day to 16 per cent. (With inputs from agencies)

As Russia fires missiles at Ukraine, its currency ruble falls 9% against dollar

The London court will today begin to hear a lawsuit launched by Nigeria against US bank JP Morgan chase, claiming more than $1.7 billion for its role in a disputed 2011 oil field deal.

Nigeria sues JP Morgan for $1.7 billion over oil deal

Madhuri Jain Grover, the wife of BharatPe's co-founder and managing director, Ashneer Grover, has been fired due to alleged financial irregularities and the cancellation of ESOPs vested in her.

Madhuri Jain's contract was terminated on Wednesday, according to sources, after a review discovered theft of funds during her time at the fintech platform.&nbsp;

"Madhuri Jain's contract has been terminated and the reasons for this are misappropriation of funds and authorisation of inflated bills during her tenure," said the source.

BharatPe did not reply to the news right away.Madhuri Jain had not yet responded to the news.

A major management consulting and risk advisory firm, Alvarez and Marsal, is expected to present its report on financial problems at the firm under Grovers' tenure soon.

During the Grovers' tenure, PwC, a global auditing firm, was tasked with auditing the fintech platform's operation.

Suhail Sameer, the newly-appointed BharatPe CEO, recently addressed a letter to unhappy employees, informing them that there are certain "serious charges" based on internal concerns that are being investigated, and that they should maintain their faith in the Board.&nbsp;

While many of the findings of the governance review are "pretty standard", there are "a couple of more serious allegations," he wrote, saying the review is still "substantiating the allegations".

Sameer said that whatever the board decides, it will be in the best interest of employees, merchants, and consumers.

After BharatPe Co-founder and Managing Director Ashneer Grover, facing a controversy for allegedly using inappropriate language against Kotak Mahindra Bank's staff, took voluntary leave till March-end, his wife Madhuri Jain also went on leave in January.

(With inputs from agencies)

Madhuri Jain Grover, the wife of BharatPe's co-founder and managing director, Ashneer Grover, has been fired due to alleged financial irregularities and the cancellation of ESOPs vested in her.

Madhuri Jain Grover, the wife of BharatPe's co-founder and managing director, Ashneer Grover, has been fired due to alleged financial irregularities and the cancellation of ESOPs vested in her. Madhuri Jain's contract was terminated on Wednesday, according to sources, after a review discovered theft of funds during her time at the fintech platform. "Madhuri Jain's contract has been terminated and the reasons for this are misappropriation of funds and authorisation of inflated bills during her tenure," said the source. BharatPe did not reply to the news right away.Madhuri Jain had not yet responded to the news. A major management consulting and risk advisory firm, Alvarez and Marsal, is expected to present its report on financial problems at the firm under Grovers' tenure soon. During the Grovers' tenure, PwC, a global auditing firm, was tasked with auditing the fintech platform's operation. Suhail Sameer, the newly-appointed BharatPe CEO, recently addressed a letter to unhappy employees, informing them that there are certain "serious charges" based on internal concerns that are being investigated, and that they should maintain their faith in the Board. While many of the findings of the governance review are "pretty standard", there are "a couple of more serious allegations," he wrote, saying the review is still "substantiating the allegations". Sameer said that whatever the board decides, it will be in the best interest of employees, merchants, and consumers. After BharatPe Co-founder and Managing Director Ashneer Grover, facing a controversy for allegedly using inappropriate language against Kotak Mahindra Bank's staff, took voluntary leave till March-end, his wife Madhuri Jain also went on leave in January. (With inputs from agencies)

BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds'

Oil prices have surged hitting a record seven-year high as fears over energy supplies escalate. Russia is the world's second largest oil exporter and top natural gas producer.

Oil prices hit a record 7-year-high, fears of global energy supply escalate

It looks like the future of mobility is all electric and now Germany's Mercedes-Benz expects to have factories producing exclusively electric vehicles by second half of the decade but they'll steer clear of building EV-only plants.

Mercedes-Benz foresees EV-only production lines

The Dutch antitrust watchdog on Monday fined apple Apple 5 million euros ($5.72 million) for a third time for failing to allow software application makers in the Netherlands to use non-Apple payment methods for dating apps listed in the company's App Store.

Dutch watchdog fines Apple $5.7 million again in App Store dispute

After getting battered by the pandemic, supply chain chokeholds and leaps in prices, the global economy is poised to be sent on yet another unpredictable course by an armed clash on Europe’s border.

Even before the Kremlin ordered Russian troops into separatist territories of Ukraine on Monday, the tension had taken a toll. The promise of punishing sanctions in return by President Joe Biden and the potential for Russian retaliation had already pushed down stock returns and driven up gas prices.

An outright attack by Russian troops could cause dizzying spikes in energy and food prices, fuel inflation fears and spook investors, a combination that threatens investment and growth in economies around the world.

However harsh the effects, the immediate impact will be nowhere near as devastating as the sudden economic shutdowns first caused by the coronavirus in 2020. Russia is a transcontinental behemoth with 146 million people and a huge nuclear arsenal, as well as a key supplier of the oil, gas and raw materials that keep the world’s factories running. But unlike China, which is a manufacturing powerhouse and intimately woven into intricate supply chains, Russia is a minor player in the global economy.

Italy, with half the people and fewer natural resources, has an economy that is twice the size. Poland exports more goods to the European Union than Russia.

“Russia is incredibly unimportant in the global economy except for oil and gas,” said Jason Furman, a Harvard economist who was an adviser to President Barack Obama. “It’s basically a big gas station.”

Of course, a closed gas station can be crippling for those who depend on it. The result is that any economic damage will be unevenly spread, intense in some countries and industries and unnoticed in others.

Europe gets nearly 40% of its natural gas and 25% of its oil from Russia, and is likely to be walloped with spikes in heating and gas bills, which are already soaring. Natural gas reserves are at less than one-third of capacity, with weeks of cold weather ahead, and European leaders have already accused Russia’s president, Vladimir Putin, of reducing supplies to gain a political edge.

And then there are food prices, which have climbed to their highest level in more than a decade largely because of the pandemic’s supply chain mess, according to a recent United Nations report. Russia is the world’s largest supplier of wheat, and with Ukraine, accounts for nearly one-quarter of total global exports. For some countries, the dependence is much greater. That flow of grain makes up more than 70% of Egypt and Turkey’s total wheat imports.

This will put further strain on Turkey, which is already in the middle of an economic crisis and struggling with inflation that is running close to 50%, with skyrocketing food, fuel and electricity prices.

And as usual, the burden falls heaviest on the most vulnerable. “Poorer people spend a higher share of incomes on food and heating,” said Ian Goldin, a professor of globalization and development at Oxford University.

Ukraine, long known as the “breadbasket of Europe,” actually sends more than 40% of its wheat and corn exports to the Middle East or Africa, where there are worries that further food shortages and price increases could stoke social unrest.

Lebanon, for example, which is experiencing one of the most devastating economic crises in more than a century, gets more than half of its wheat from Ukraine, which is also the world’s largest exporter of seed oils like sunflower and rapeseed.

On Monday, the White House responded to Putin’s decision to recognize the independence of two Russian-backed territories in the country’s east by saying it would begin imposing limited sanctions on the so-called Donetsk and Luhansk People’s Republics. Jen Psaki, the White House press secretary, said Biden would soon issue an executive order prohibiting investment, trade and financing with people in those regions.

Analysts watching the unfolding conflict have mapped out a range of scenarios from mild to severe. The fallout on working-class families and Wall Street traders depends on how an invasion plays out: whether Russian troops stay near the border or attack the Ukrainian capital, Kyiv; whether the fighting lasts for days or months; what kind of Western sanctions are imposed; and whether Putin responds by withholding critical gas supplies from Europe or launching insidious cyberattacks.

“Think about it rolling out in stages,” said Julia Friedlander, director of the economic statecraft initiative at the Atlantic Council. “This is likely to play out as a slow motion drama.”

As became clear from the pandemic, minor interruptions in one region can generate major disruptions far away. Isolated shortages and price surges — whether of gas, wheat, aluminum or nickel — can snowball in a world still struggling to recover from the pandemic.

“You have to look at the backdrop against which this is coming,” said Gregory Daco, chief economist for EY-Parthenon. “There is high inflation, strained supply chains and uncertainty about what central banks are going to do and how insistent price rises are.”

The additional stresses may be relatively small in isolation, but they are piling on economies that are still recovering from the economic body blows inflicted by the pandemic.

What’s also clear, Daco added, is that “political uncertainty and volatility weigh on economic activity.”

That means an invasion could have a dual effect — slowing economic activity and raising prices.

In the United States, the Federal Reserve is already confronting the highest inflation in 40 years, at 7.5% in January, and is expected to start raising interest rates next month. Higher energy prices set off by a conflict in Europe may be transitory but they could feed worries about a wage-price spiral.

“We could see a new burst of inflation,” said Christopher Miller, a visiting fellow at the American Enterprise Institute and an assistant professor at Tufts University.

Also fueling inflation fears are possible shortages of essential metals like palladium, aluminum and nickel, creating another disruption to global supply chains already suffering from the pandemic, trucker blockades in Canada and shortages of semiconductors.

The price of palladium, for example, used in automotive exhaust systems, mobile phones and even dental fillings, has soared in recent weeks because of fears that Russia, the world’s largest exporter of the metal, could be cut off from global markets. The price of nickel, used to make steel and electric car batteries, has also been jumping.

It’s too early to gauge the precise impact of an armed conflict, said Lars Stenqvist, chief technology officer of Volvo, the Swedish truck maker. But he added, “It is a very, very serious thing.”

“We have a number of scenarios on the table and we are following the developments of the situation day by day,” Stenqvist said Monday.

The West has taken steps to blunt the impact on Europe if Putin decides to retaliate. The U.S. has ramped up delivery of liquefied natural gas and asked other suppliers like Qatar to do the same.

The demand for oil might add momentum to negotiations to revive a deal to curb Iran’s nuclear program. Iran, which is estimated to have as many as 80 million barrels of oil in storage, has been locked out of much of the world’s markets since 2018, when President Donald Trump withdrew from the nuclear accord and reimposed sanctions.

Some of the sanctions against Russia that the Biden administration is considering, such as cutting off access to the system of international payments known as SWIFT or blocking companies from selling anything to Russia that contains American-made components, would hurt anyone who does business with Russia. But across the board, the U.S. is much less vulnerable than the European Union, which is Russia’s largest trading partner.

Americans, as Biden has already warned, are likely to see higher gasoline prices. But because the U.S. is a large producer of natural gas, those price increases are not nearly as steep and as broad as elsewhere. And Europe has many more links to Russia and engages in more financial transactions — including paying for the Russian gas.

Oil companies like Shell and Total have joint ventures in Russia, while BP boasts that it “is one of the biggest foreign investors in Europe,” with ties to the Russian oil company Rosneft. Airbus, the European aviation giant, gets titanium from Russia. And European banks, particularly those in Germany, France and Italy, have lent billions of dollars to Russian borrowers.

“Severe sanctions that hurt Russia painfully and comprehensively have potential to do huge damage to European customers,” said Adam Tooze, director of the European Institute at Columbia University.

Depending on what happens, the most significant effects on the global economy may manifest themselves only over the long run.

One result would be to push Russia to have closer economic ties to China. The two nations recently negotiated a 30-year contract for Russia to supply gas to China through a new pipeline.

“Russia is likely to pivot all energy and commodity exports to China,” said Carl Weinberg, chief economist at High Frequency Economics.

The crisis is also contributing to a reassessment of the global economy’s structure and concerns about self-sufficiency. The pandemic has already highlighted the downsides of far-flung supply chains that rely on lean production.

Now Europe’s dependence on Russian gas is spurring discussions about expanding energy sources, which could further sideline Russia’s presence in the global economy.

“In the longer term, it’s going to push Europe to diversify,” said Jeffrey Schott, a senior fellow working on international trade policy at the Peterson Institute for International Economics. As for Russia, the real cost “would be corrosive over time and really making it much more difficult to do business with Russian entities and deterring investment.”

After getting battered by the pandemic, supply chain chokeholds and leaps in prices, the global economy is poised to be sent on yet another unpredictable course by an armed clash on Europe’s border.

After getting battered by the pandemic, supply chain chokeholds and leaps in prices, the global economy is poised to be sent on yet another unpredictable course by an armed clash on Europe’s border. Even before the Kremlin ordered Russian troops into separatist territories of Ukraine on Monday, the tension had taken a toll. The promise of punishing sanctions in return by President Joe Biden and the potential for Russian retaliation had already pushed down stock returns and driven up gas prices. An outright attack by Russian troops could cause dizzying spikes in energy and food prices, fuel inflation fears and spook investors, a combination that threatens investment and growth in economies around the world. However harsh the effects, the immediate impact will be nowhere near as devastating as the sudden economic shutdowns first caused by the coronavirus in 2020. Russia is a transcontinental behemoth with 146 million people and a huge nuclear arsenal, as well as a key supplier of the oil, gas and raw materials that keep the world’s factories running. But unlike China, which is a manufacturing powerhouse and intimately woven into intricate supply chains, Russia is a minor player in the global economy. Italy, with half the people and fewer natural resources, has an economy that is twice the size. Poland exports more goods to the European Union than Russia. “Russia is incredibly unimportant in the global economy except for oil and gas,” said Jason Furman, a Harvard economist who was an adviser to President Barack Obama. “It’s basically a big gas station.” Of course, a closed gas station can be crippling for those who depend on it. The result is that any economic damage will be unevenly spread, intense in some countries and industries and unnoticed in others. Europe gets nearly 40% of its natural gas and 25% of its oil from Russia, and is likely to be walloped with spikes in heating and gas bills, which are already soaring. Natural gas reserves are at less than one-third of capacity, with weeks of cold weather ahead, and European leaders have already accused Russia’s president, Vladimir Putin, of reducing supplies to gain a political edge. And then there are food prices, which have climbed to their highest level in more than a decade largely because of the pandemic’s supply chain mess, according to a recent United Nations report. Russia is the world’s largest supplier of wheat, and with Ukraine, accounts for nearly one-quarter of total global exports. For some countries, the dependence is much greater. That flow of grain makes up more than 70% of Egypt and Turkey’s total wheat imports. This will put further strain on Turkey, which is already in the middle of an economic crisis and struggling with inflation that is running close to 50%, with skyrocketing food, fuel and electricity prices. And as usual, the burden falls heaviest on the most vulnerable. “Poorer people spend a higher share of incomes on food and heating,” said Ian Goldin, a professor of globalization and development at Oxford University. Ukraine, long known as the “breadbasket of Europe,” actually sends more than 40% of its wheat and corn exports to the Middle East or Africa, where there are worries that further food shortages and price increases could stoke social unrest. Lebanon, for example, which is experiencing one of the most devastating economic crises in more than a century, gets more than half of its wheat from Ukraine, which is also the world’s largest exporter of seed oils like sunflower and rapeseed. On Monday, the White House responded to Putin’s decision to recognize the independence of two Russian-backed territories in the country’s east by saying it would begin imposing limited sanctions on the so-called Donetsk and Luhansk People’s Republics. Jen Psaki, the White House press secretary, said Biden would soon issue an executive order prohibiting investment, trade and financing with people in those regions. Analysts watching the unfolding conflict have mapped out a range of scenarios from mild to severe. The fallout on working-class families and Wall Street traders depends on how an invasion plays out: whether Russian troops stay near the border or attack the Ukrainian capital, Kyiv; whether the fighting lasts for days or months; what kind of Western sanctions are imposed; and whether Putin responds by withholding critical gas supplies from Europe or launching insidious cyberattacks. “Think about it rolling out in stages,” said Julia Friedlander, director of the economic statecraft initiative at the Atlantic Council. “This is likely to play out as a slow motion drama.” As became clear from the pandemic, minor interruptions in one region can generate major disruptions far away. Isolated shortages and price surges — whether of gas, wheat, aluminum or nickel — can snowball in a world still struggling to recover from the pandemic. “You have to look at the backdrop against which this is coming,” said Gregory Daco, chief economist for EY-Parthenon. “There is high inflation, strained supply chains and uncertainty about what central banks are going to do and how insistent price rises are.” The additional stresses may be relatively small in isolation, but they are piling on economies that are still recovering from the economic body blows inflicted by the pandemic. What’s also clear, Daco added, is that “political uncertainty and volatility weigh on economic activity.” That means an invasion could have a dual effect — slowing economic activity and raising prices. In the United States, the Federal Reserve is already confronting the highest inflation in 40 years, at 7.5% in January, and is expected to start raising interest rates next month. Higher energy prices set off by a conflict in Europe may be transitory but they could feed worries about a wage-price spiral. “We could see a new burst of inflation,” said Christopher Miller, a visiting fellow at the American Enterprise Institute and an assistant professor at Tufts University. Also fueling inflation fears are possible shortages of essential metals like palladium, aluminum and nickel, creating another disruption to global supply chains already suffering from the pandemic, trucker blockades in Canada and shortages of semiconductors. The price of palladium, for example, used in automotive exhaust systems, mobile phones and even dental fillings, has soared in recent weeks because of fears that Russia, the world’s largest exporter of the metal, could be cut off from global markets. The price of nickel, used to make steel and electric car batteries, has also been jumping. It’s too early to gauge the precise impact of an armed conflict, said Lars Stenqvist, chief technology officer of Volvo, the Swedish truck maker. But he added, “It is a very, very serious thing.” “We have a number of scenarios on the table and we are following the developments of the situation day by day,” Stenqvist said Monday. The West has taken steps to blunt the impact on Europe if Putin decides to retaliate. The U.S. has ramped up delivery of liquefied natural gas and asked other suppliers like Qatar to do the same. The demand for oil might add momentum to negotiations to revive a deal to curb Iran’s nuclear program. Iran, which is estimated to have as many as 80 million barrels of oil in storage, has been locked out of much of the world’s markets since 2018, when President Donald Trump withdrew from the nuclear accord and reimposed sanctions. Some of the sanctions against Russia that the Biden administration is considering, such as cutting off access to the system of international payments known as SWIFT or blocking companies from selling anything to Russia that contains American-made components, would hurt anyone who does business with Russia. But across the board, the U.S. is much less vulnerable than the European Union, which is Russia’s largest trading partner. Americans, as Biden has already warned, are likely to see higher gasoline prices. But because the U.S. is a large producer of natural gas, those price increases are not nearly as steep and as broad as elsewhere. And Europe has many more links to Russia and engages in more financial transactions — including paying for the Russian gas. Oil companies like Shell and Total have joint ventures in Russia, while BP boasts that it “is one of the biggest foreign investors in Europe,” with ties to the Russian oil company Rosneft. Airbus, the European aviation giant, gets titanium from Russia. And European banks, particularly those in Germany, France and Italy, have lent billions of dollars to Russian borrowers. “Severe sanctions that hurt Russia painfully and comprehensively have potential to do huge damage to European customers,” said Adam Tooze, director of the European Institute at Columbia University. Depending on what happens, the most significant effects on the global economy may manifest themselves only over the long run. One result would be to push Russia to have closer economic ties to China. The two nations recently negotiated a 30-year contract for Russia to supply gas to China through a new pipeline. “Russia is likely to pivot all energy and commodity exports to China,” said Carl Weinberg, chief economist at High Frequency Economics. The crisis is also contributing to a reassessment of the global economy’s structure and concerns about self-sufficiency. The pandemic has already highlighted the downsides of far-flung supply chains that rely on lean production. Now Europe’s dependence on Russian gas is spurring discussions about expanding energy sources, which could further sideline Russia’s presence in the global economy. “In the longer term, it’s going to push Europe to diversify,” said Jeffrey Schott, a senior fellow working on international trade policy at the Peterson Institute for International Economics. As for Russia, the real cost “would be corrosive over time and really making it much more difficult to do business with Russian entities and deterring investment.”

What’s at stake for the global economy if Russia invades Ukraine

Markets across Asia tumbled on Tuesday morning as tensions between Ukraine and Russia continued to escalate.

Asia markets sink as tensions between Ukraine and Russia escalate

A German retiree facing sky-high energy bills is turning to a wood-burning stove. The owner of a dry cleaning business in Spain adjusted her employees’ work shifts to cut electric bills and installed solar panels. A mayor in France said he ordered a hiring freeze because rising electrical bills threaten a financial “catastrophe.”

Europeans have long paid some of the world’s highest prices for energy, but no one can remember a winter like this one. Lives and livelihoods across the continent are being upended by a series of factors, including pandemic-induced supply shortages and now geopolitical tensions that are driving some energy prices up fivefold.

Matters could get worse if tensions between Russia and Ukraine escalate further, potentially interrupting the flow of gas. Russia provides more than one-third of Europe’s natural gas, which heats homes, generates electricity and powers factories. Even as politicians and leaders in capitals across Europe are freezing prices, slashing taxes on energy and issuing checks to households hardest hit by the price increases, concerns are growing about what the persistently high prices could mean for peoples’ jobs and their ability to pay their bills.

“People are very upset and very distressed,” said Stefanie Siegert, who counsels consumers in the eastern German state of Saxony who find themselves struggling to pay their gas and power bills.

Germany has so far not seen protests over exorbitant energy bills like those that filled streets in Spain last year, or an explosive outcry over inequality on the level of the yellow vest movement that rocked France in 2018. But Siegert, whose agency counseled more than 300 customers in January — three times its monthly average — said she wouldn’t be surprised if the anger directed at the prospect of a vaccine mandate shifted its sights to energy prices.

“When you talk with people, you feel their anger,” she said. “It is very depressing.”

Charged in one month what he used to pay in a year

Henry Backhaus, 65, is among tens of thousands of Germans who were dropped by private energy companies that could not afford to buy wholesale electricity and gas at soaring rates. Under German law, the local utility was then required to step in, but it sent him a bill for 747 euros (nearly $850) a month — more than he had been paying for an entire year.

“I am a retiree,” he said, looking over the stack of paperwork spread out on his dining room table. “That is more than what I can afford.”

But Backhaus, who lives in a three-story house in Saxony, has an alternative that might make him the envy of the millions of other Germans stuck with high energy bills: He has a large wood stove in his living room and, in his basement next to his gas-fired furnace, a furnace that burns coal or wood.

The stove and furnace, installed before the house was connected to a gas main, allow him to turn down the dial on his radiators to just 18 degrees Celsius, or 64 Fahrenheit, essentially cutting his gas bill in half.

“I still have a reserve of coal briquettes and stacks of dried wood,” he said, poking another log into the stove. “But this is only temporary. It is not a long-term solution.”

Most people don’t have the option of burning wood or coal, relying instead on piling on layers of clothing. In Britain, the government’s price cap on energy bills was recently raised 54%, increasing annual charges to 1,971 pounds. That increase will affect 22 million households beginning in April, contributing to broadening worries in Britain about the rising cost of living.

Similar concerns can be found throughout the continent.

Athina Sirogianni, 46, a freelance translator in Athens, Greece, said she remembered fondly the day about a decade ago when her building switched from oil to natural gas. The move cut her utility bill in half.

Now, her heating bill is nearly triple last year’s.

“I keep trying to think of where I can cut spending so I can afford the bills,” she said, adding that she hasn’t visited the hairdresser in nearly a year, and has pared back her food shopping to the essentials.

‘The more we produce, the more we lose’

The price of energy is also forcing shutdowns or slowing production at manufacturers across Europe, even as they are eager to fill a backlog of orders and resume levels of business from before the pandemic.

The smelting industry has been especially hit hard. Nyrstar, the world’s second-largest zinc processor, produces nearly 500 tons of the metal each day at a sprawling factory in Auby, in northern France, a complex that consumes as much energy as the French city of Lyon.

When its electrical rates surged from 35 euros to 50 euros per megawatt-hour to 400 euros in December, it made no sense to keep the factory running, said Xavier Constant, Nyrstar France’s general manager. At that rate, he said, “the more we produce, the more we lose,” and so the plant shut down last month for three weeks.

Nyrstar temporarily halved production at its other European plants in October when the energy crisis set in, prompting a brief spike in the global price of zinc.

Last fall, fertilizer plants in Britain were forced to close because of gas prices. And several German companies that produce glass, steel and fertilizer have also scaled back production in recent months.

To ease the burden of the high prices, the government in Berlin reduced by half an energy surcharge on bills aimed at funding the country’s transition to renewable sources of power, and plans to phase it out by the end of next year.

But industry leaders say that is not soon enough. Almost two-thirds of the 28,000 companies surveyed by the Association of German Chambers of Commerce and Industry this month rated energy prices as one of their biggest business risks. For those in the industrial sector, the figure was as high as 85%.

Small businesses, too, are scrambling for ways to cut costs.

Pilar Ballesteros Parra, who co-owns Ronsel, a dry cleaning business in Madrid that employs 10 people, said that her company’s electricity rates had risen about 20% from the previous year. In reaction, she has reorganized her employees’ work schedule, starting the early shift earlier and pushing the late shift further into the evening so the dry-cleaning equipment can run when rates are lowest.

She is also installing solar panels on the company’s building, outside of the Spanish capital, so that Ronsel can generate at least 60% of its own energy. The government is helping her with a 35% subsidy of the $45,000 investment.

“Our building faces southwest and gets a lot of sun, so that means that we should be almost self-sustainable during the coming months of spring and summer, which will be a big relief,” she said.

Still, she said, the energy crunch and overall price inflation meant that she saw little chance of sparing her customers some of the burden.

“There’s clearly this electricity headache, but there’s also now wage inflation and much higher gas bills for our vans,” she said. “In a few months, it’s clear that some of these costs will have to be passed on to our clients if we want to keep going.”

For public budgets, ‘like riding a roller coaster’

A broad range of public institutions are facing strains from higher power bills. In Poland, hospitals that have already been financially stretched by the coronavirus pandemic now question if they can keep their doors open.

“Managing a hospital in Poland is more and more like riding a roller coaster,” Robert Suroweic, who manages the Provincial Hospital in Gorzow, said on Twitter. He said the facility’s electricity prices had increased 100%.

He and other hospital directors have appealed to the government in Warsaw to intervene, saying the recent cuts to taxes on energy and gasoline were not enough.

In Germany, there is rising tension in municipally owned utilities that must accept customers, like Backhaus in Saxony, whose relatively low-cost contracts have been dropped by private energy companies because the companies can’t pay ballooning energy rates.

The municipal utilities are forced to increase the rates for these new customers, often almost astronomically high, to cover the cost of buying extra energy on the spot market at record prices. That leads to tensions in communities, and can threaten municipal finances.

“Anyone who wants to will be supplied with energy by the municipal utilities,” said Markus Lewe, president of the German Association of Cities and Towns. “But it must not lead to the municipal utilities and their loyal customers being asked to pay for questionable business models of other providers and having to answer for their shortsighted financing.”

He called on the federal government to intervene, to protect cities from the price instability.

In France, local leaders are also looking to the federal government to help ease the sting of skyrocketing energy bills.

Boris Ravignon, the mayor of Charleville-Mézières, said his city is facing “a catastrophe” after its January energy bill more than tripled, wiping out the region’s budget surplus for infrastructure and public services in a single month. The city is trying to cut costs by switching streetlights to LED bulbs, which use less electricity, and has proposed a new hydroelectric project.

The mayor has already frozen planned hirings and said the city may have no choice but to raise the cost of public services like water, transportation, fees to use sports halls like the city’s public pool, and cultural events.

“We really want to protect citizens from these increases,” Ravignon said. “But when prices reach such crazy heights, it’s impossible.” 
&nbsp;

A German retiree facing sky-high energy bills is turning to a wood-burning stove. The owner of a dry cleaning business in Spain adjusted her employees’ work shifts to cut electric bills and installed solar panels.

A German retiree facing sky-high energy bills is turning to a wood-burning stove. The owner of a dry cleaning business in Spain adjusted her employees’ work shifts to cut electric bills and installed solar panels. A mayor in France said he ordered a hiring freeze because rising electrical bills threaten a financial “catastrophe.” Europeans have long paid some of the world’s highest prices for energy, but no one can remember a winter like this one. Lives and livelihoods across the continent are being upended by a series of factors, including pandemic-induced supply shortages and now geopolitical tensions that are driving some energy prices up fivefold. Matters could get worse if tensions between Russia and Ukraine escalate further, potentially interrupting the flow of gas. Russia provides more than one-third of Europe’s natural gas, which heats homes, generates electricity and powers factories. Even as politicians and leaders in capitals across Europe are freezing prices, slashing taxes on energy and issuing checks to households hardest hit by the price increases, concerns are growing about what the persistently high prices could mean for peoples’ jobs and their ability to pay their bills. “People are very upset and very distressed,” said Stefanie Siegert, who counsels consumers in the eastern German state of Saxony who find themselves struggling to pay their gas and power bills. Germany has so far not seen protests over exorbitant energy bills like those that filled streets in Spain last year, or an explosive outcry over inequality on the level of the yellow vest movement that rocked France in 2018. But Siegert, whose agency counseled more than 300 customers in January — three times its monthly average — said she wouldn’t be surprised if the anger directed at the prospect of a vaccine mandate shifted its sights to energy prices. “When you talk with people, you feel their anger,” she said. “It is very depressing.” Charged in one month what he used to pay in a year Henry Backhaus, 65, is among tens of thousands of Germans who were dropped by private energy companies that could not afford to buy wholesale electricity and gas at soaring rates. Under German law, the local utility was then required to step in, but it sent him a bill for 747 euros (nearly $850) a month — more than he had been paying for an entire year. “I am a retiree,” he said, looking over the stack of paperwork spread out on his dining room table. “That is more than what I can afford.” But Backhaus, who lives in a three-story house in Saxony, has an alternative that might make him the envy of the millions of other Germans stuck with high energy bills: He has a large wood stove in his living room and, in his basement next to his gas-fired furnace, a furnace that burns coal or wood. The stove and furnace, installed before the house was connected to a gas main, allow him to turn down the dial on his radiators to just 18 degrees Celsius, or 64 Fahrenheit, essentially cutting his gas bill in half. “I still have a reserve of coal briquettes and stacks of dried wood,” he said, poking another log into the stove. “But this is only temporary. It is not a long-term solution.” Most people don’t have the option of burning wood or coal, relying instead on piling on layers of clothing. In Britain, the government’s price cap on energy bills was recently raised 54%, increasing annual charges to 1,971 pounds. That increase will affect 22 million households beginning in April, contributing to broadening worries in Britain about the rising cost of living. Similar concerns can be found throughout the continent. Athina Sirogianni, 46, a freelance translator in Athens, Greece, said she remembered fondly the day about a decade ago when her building switched from oil to natural gas. The move cut her utility bill in half. Now, her heating bill is nearly triple last year’s. “I keep trying to think of where I can cut spending so I can afford the bills,” she said, adding that she hasn’t visited the hairdresser in nearly a year, and has pared back her food shopping to the essentials. ‘The more we produce, the more we lose’ The price of energy is also forcing shutdowns or slowing production at manufacturers across Europe, even as they are eager to fill a backlog of orders and resume levels of business from before the pandemic. The smelting industry has been especially hit hard. Nyrstar, the world’s second-largest zinc processor, produces nearly 500 tons of the metal each day at a sprawling factory in Auby, in northern France, a complex that consumes as much energy as the French city of Lyon. When its electrical rates surged from 35 euros to 50 euros per megawatt-hour to 400 euros in December, it made no sense to keep the factory running, said Xavier Constant, Nyrstar France’s general manager. At that rate, he said, “the more we produce, the more we lose,” and so the plant shut down last month for three weeks. Nyrstar temporarily halved production at its other European plants in October when the energy crisis set in, prompting a brief spike in the global price of zinc. Last fall, fertilizer plants in Britain were forced to close because of gas prices. And several German companies that produce glass, steel and fertilizer have also scaled back production in recent months. To ease the burden of the high prices, the government in Berlin reduced by half an energy surcharge on bills aimed at funding the country’s transition to renewable sources of power, and plans to phase it out by the end of next year. But industry leaders say that is not soon enough. Almost two-thirds of the 28,000 companies surveyed by the Association of German Chambers of Commerce and Industry this month rated energy prices as one of their biggest business risks. For those in the industrial sector, the figure was as high as 85%. Small businesses, too, are scrambling for ways to cut costs. Pilar Ballesteros Parra, who co-owns Ronsel, a dry cleaning business in Madrid that employs 10 people, said that her company’s electricity rates had risen about 20% from the previous year. In reaction, she has reorganized her employees’ work schedule, starting the early shift earlier and pushing the late shift further into the evening so the dry-cleaning equipment can run when rates are lowest. She is also installing solar panels on the company’s building, outside of the Spanish capital, so that Ronsel can generate at least 60% of its own energy. The government is helping her with a 35% subsidy of the $45,000 investment. “Our building faces southwest and gets a lot of sun, so that means that we should be almost self-sustainable during the coming months of spring and summer, which will be a big relief,” she said. Still, she said, the energy crunch and overall price inflation meant that she saw little chance of sparing her customers some of the burden. “There’s clearly this electricity headache, but there’s also now wage inflation and much higher gas bills for our vans,” she said. “In a few months, it’s clear that some of these costs will have to be passed on to our clients if we want to keep going.” For public budgets, ‘like riding a roller coaster’ A broad range of public institutions are facing strains from higher power bills. In Poland, hospitals that have already been financially stretched by the coronavirus pandemic now question if they can keep their doors open. “Managing a hospital in Poland is more and more like riding a roller coaster,” Robert Suroweic, who manages the Provincial Hospital in Gorzow, said on Twitter. He said the facility’s electricity prices had increased 100%. He and other hospital directors have appealed to the government in Warsaw to intervene, saying the recent cuts to taxes on energy and gasoline were not enough. In Germany, there is rising tension in municipally owned utilities that must accept customers, like Backhaus in Saxony, whose relatively low-cost contracts have been dropped by private energy companies because the companies can’t pay ballooning energy rates. The municipal utilities are forced to increase the rates for these new customers, often almost astronomically high, to cover the cost of buying extra energy on the spot market at record prices. That leads to tensions in communities, and can threaten municipal finances. “Anyone who wants to will be supplied with energy by the municipal utilities,” said Markus Lewe, president of the German Association of Cities and Towns. “But it must not lead to the municipal utilities and their loyal customers being asked to pay for questionable business models of other providers and having to answer for their shortsighted financing.” He called on the federal government to intervene, to protect cities from the price instability. In France, local leaders are also looking to the federal government to help ease the sting of skyrocketing energy bills. Boris Ravignon, the mayor of Charleville-Mézières, said his city is facing “a catastrophe” after its January energy bill more than tripled, wiping out the region’s budget surplus for infrastructure and public services in a single month. The city is trying to cut costs by switching streetlights to LED bulbs, which use less electricity, and has proposed a new hydroelectric project. The mayor has already frozen planned hirings and said the city may have no choice but to raise the cost of public services like water, transportation, fees to use sports halls like the city’s public pool, and cultural events. “We really want to protect citizens from these increases,” Ravignon said. “But when prices reach such crazy heights, it’s impossible.”

How Europeans are responding to exorbitant gas and power bills

On February 21, Cairn Oil &amp; Gas, a Vedanta group company, stated that it had discovered oil in an exploration well in Rajasthan's Barmer area.

The company stated it has alerted the Directorate General of Hydrocarbons (DGH) and the Ministry of Petroleum and Natural Gas about the oil discovery in a block it was given under the Open Acreage Licensing Policy, according to a regulatory filing (OALP).

The Management Committee, the block monitoring panel, has also been informed of the discovery uncovered in the OALP block, according to Vedanta.&nbsp;

"The company has notified the Management Committee, DGH and Ministry of Petroleum and Natural Gas on February 21, 2022 of an oil discovery (named ‘Durga’) in its exploratory well WM-Basal DD Fan-1 drilled in OALP Block RJ-ONHP-2017/1 in Barmer District of Rajasthan," Vedanta said.

'Durga' is the name given to the find. 
 
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According to the corporation, the consent of the block monitoring panel, known as the Management Committee, has also been requested.

In October 2018, the company secured 41 areas in the first phase of the open acreage licencing policy (OALP) bid round.

Cairn Oil &amp; Gas, a subsidiary of Mumbai-listed Vedanta Ltd., owns the entire block.

"Durga-1 (earlier WM-Basal DD Fan-1) is the second well drilled in Block RJ-ONHP-2017/1 to a depth of 2615 meters," the firm said. 
 
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This is the third hydrocarbon discovery notified by the company under the OALP portfolio.

"During the drilling of the well, four hydrocarbon zones were encountered in the Dharvi Dungar (DD) formation of the Late Paleocene to Early Eocene age," it said.

The RJ-ONHP-2017/1 Block is located in the Gudamalani and Chohtan Tehsils of Rajasthan's Barmer district.

The block is close to the highly productive Rajasthan block, which produces roughly 150,000 barrels of oil and gas per day.

Separately, the firm stated that by 2050, it intends to achieve net-zero carbon emissions.&nbsp;

"The company is committed to investing USD 4 billion over 3-4 years to double its production, and the newly announced ESG (environmental, social, and corporate governance) roadmap will enable the company to achieve this vision sustainably," it said in a statement.

Vedanta founder and chairman Anil Agarwal said, "Our oil and gas business is today well-positioned to meet India's energy needs and growth aspirations."

"Guided by the philosophy of 'zero harm, zero waste, zero discharge', we have formulated robust ESG targets for our operations which will help India's energy sector become more efficient and enable the country's journey towards aatmanirbharta," he added.

(With inputs from agencies)

On February 21, Cairn Oil & Gas, a Vedanta group company, stated that it had discovered oil in an exploration well in Rajasthan's Barmer area. The company stated it has alerted the Directorate General of Hydrocarbons (DGH) and the Ministry of Petroleum and Natural Gas about the oil discovery in a block it was given under the Open Acreage Licensing Policy, according to a regulatory filing (OALP).

On February 21, Cairn Oil & Gas, a Vedanta group company, stated that it had discovered oil in an exploration well in Rajasthan's Barmer area. The company stated it has alerted the Directorate General of Hydrocarbons (DGH) and the Ministry of Petroleum and Natural Gas about the oil discovery in a block it was given under the Open Acreage Licensing Policy, according to a regulatory filing (OALP). The Management Committee, the block monitoring panel, has also been informed of the discovery uncovered in the OALP block, according to Vedanta. "The company has notified the Management Committee, DGH and Ministry of Petroleum and Natural Gas on February 21, 2022 of an oil discovery (named ‘Durga’) in its exploratory well WM-Basal DD Fan-1 drilled in OALP Block RJ-ONHP-2017/1 in Barmer District of Rajasthan," Vedanta said. 'Durga' is the name given to the find. Watch | Gravitas: What's India's Oil Strategy? According to the corporation, the consent of the block monitoring panel, known as the Management Committee, has also been requested. In October 2018, the company secured 41 areas in the first phase of the open acreage licencing policy (OALP) bid round. Cairn Oil & Gas, a subsidiary of Mumbai-listed Vedanta Ltd., owns the entire block. "Durga-1 (earlier WM-Basal DD Fan-1) is the second well drilled in Block RJ-ONHP-2017/1 to a depth of 2615 meters," the firm said. Watch | Gravitas: This Oil Cartel decides what you pay for fuel This is the third hydrocarbon discovery notified by the company under the OALP portfolio. "During the drilling of the well, four hydrocarbon zones were encountered in the Dharvi Dungar (DD) formation of the Late Paleocene to Early Eocene age," it said. The RJ-ONHP-2017/1 Block is located in the Gudamalani and Chohtan Tehsils of Rajasthan's Barmer district. The block is close to the highly productive Rajasthan block, which produces roughly 150,000 barrels of oil and gas per day. Separately, the firm stated that by 2050, it intends to achieve net-zero carbon emissions. "The company is committed to investing USD 4 billion over 3-4 years to double its production, and the newly announced ESG (environmental, social, and corporate governance) roadmap will enable the company to achieve this vision sustainably," it said in a statement. Vedanta founder and chairman Anil Agarwal said, "Our oil and gas business is today well-positioned to meet India's energy needs and growth aspirations." "Guided by the philosophy of 'zero harm, zero waste, zero discharge', we have formulated robust ESG targets for our operations which will help India's energy sector become more efficient and enable the country's journey towards aatmanirbharta," he added. (With inputs from agencies)

Vedanta makes oil discovery in Rajasthan's Barmer, notifies Indian government

Nearly two years of pandemic linked closing, Australia has fully reopened its global borders to travelers outside the country but they should be vaccinated against covid-19, this as tourists returned and hundreds of people were united with family and friends once again.

Australia welcomes back tourists nearly after two years of Covid linked closing

Japan's manufacturing activity expanded at the slowest pace in five months in February as output contracted, underscoring the prolonged impact that global supply chain disruptions are having on the world's third-largest economy.

Japan's Feb factory activity growth falls to 5-month low

State-run Life Insurance Corp Of India (LIC), which is planning the country's largest&nbsp;IPO&nbsp;next month,&nbsp;may&nbsp;not&nbsp;sell&nbsp;its&nbsp;entire&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;Bank&nbsp;and can use its large network of branches to market its insurance services, its chairman said.

LIC, the country's biggest insurance company, is planning to float a 5%&nbsp;stake&nbsp;to raise about $8 billion next month, which could make it&nbsp;India's&nbsp;largest initial public&nbsp;offering (IPO) by far.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/billions-of-dollars-stashed-by-pakistani-generals-officials-in-swiss-bank-reports-455055">Billions of dollars stashed by Pakistani generals, officials in Swiss bank: Reports</a>

Its majority&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;Bank, which it rescued in 2019, is seen as a risk to its balance sheet.

"I would like to have some&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;Bank. It has been the strongest contributor to the bancassurance channel for us. This will help us to grow that part of the channel," said M R Kumar in a press conference with reporters on Monday.

India's&nbsp;government and&nbsp;LIC&nbsp;hold over 90%&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;Bank, which had assets of over 2,900 billion rupees ($38.91 billion) at the end of December and over 1,800 branches across the country.&nbsp;LIC&nbsp;took over the lender when it was weighed down by bad loans and needed a new infusion of capital.

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The government and&nbsp;LIC&nbsp;have been looking at offloading their&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;for the past few years.

Kumar also said&nbsp;LIC&nbsp;is well capitalised, and potential investors should&nbsp;not&nbsp;worry about government control post the&nbsp;IPO&nbsp;as decisions are taken by its board and&nbsp;not&nbsp;by the government, which will hold a 95%&nbsp;stake&nbsp;after the flotation.

State-run Life Insurance Corp Of India (LIC), which is planning the country's largest IPO next month, may not sell its entire stake in IDBI Bank and can use its large network of branches to market its insurance services, its chairman said.

State-run Life Insurance Corp Of India (LIC), which is planning the country's largest IPO next month, may not sell its entire stake in IDBI Bank and can use its large network of branches to market its insurance services, its chairman said. LIC, the country's biggest insurance company, is planning to float a 5% stake to raise about $8 billion next month, which could make it India's largest initial public offering (IPO) by far. Also read | Billions of dollars stashed by Pakistani generals, officials in Swiss bank: Reports Its majority stake in IDBI Bank, which it rescued in 2019, is seen as a risk to its balance sheet. "I would like to have some stake in IDBI Bank. It has been the strongest contributor to the bancassurance channel for us. This will help us to grow that part of the channel," said M R Kumar in a press conference with reporters on Monday. India's government and LIC hold over 90% stake in IDBI Bank, which had assets of over 2,900 billion rupees ($38.91 billion) at the end of December and over 1,800 branches across the country. LIC took over the lender when it was weighed down by bad loans and needed a new infusion of capital. Also read | Digital advertising fraud losses to hit $68 billion globally this year The government and LIC have been looking at offloading their stake in IDBI for the past few years. Kumar also said LIC is well capitalised, and potential investors should not worry about government control post the IPO as decisions are taken by its board and not by the government, which will hold a 95% stake after the flotation.

India's IPO-bound LIC may not sell entire stake in IDBI Bank - chairman