European economies are in bad shape. The Euro has touched a new low against the Dollar. An energy crisis, rising inflation, and political uncertainty in some countries have raised the risk of recession. Will a global recession start in Europe? Palki Sharma tells you more.

Gravitas: World teetering on the edge of a global recession

Russia's invasion of Ukraine has also brought Canada and Germany closer together. Canada is seeking to boost energy and critical mineral exports to Germany. On Monday, during a 3-day visit, the German chancellor Olaf Scholz met with the Canadian PM Justin Trudeau.

WION Climate Tracker | Canada to supply 'green hydrogen' to Germany amid energy crunch

<p>On Tuesday, the euro saw its lowest point in two decades against the dollar, as a result of resurgent worries that an energy crisis will keep prices high and virtually drive Europe into a recession.&nbsp;</p>

<p>The value of the <a href="https://www.wionews.com/world/new-covid-19-testing-robot-can-produce-results-in-just-45-minutes-509333">Chinese</a> yuan fell to a two-year low, and the value of the pound briefly surpassed March 2020 lows.</p>

<p>The euro was able to recover from the 20-year low of $0.99005 set early in the day as business activity figures from Europe were not as dismal as anticipated.</p>

<p>The likelihood of maintenance on the main Russian pipeline to Europe caused markets to tremble on Monday, which resulted in a substantial increase in British and Dutch wholesale gas prices. The <a href="https://www.wionews.com/world/gazproms-halt-of-nord-stream-1-pipeline-plunges-europe-into-a-gas-crisis-509359">Nord Stream 1 pipeline</a> will be shut down by Russia for three days at the end of the month, the latest illustration of how unstable the continent's energy supply is.</p>

<p>Energy supply has already been strained by the continent's heat waves, and concerns are rising that any disruption during the winter months may be disastrous for business activity.</p>

<p>"Given the current mood, there's obviously concerns as to whether that's going to be three days or whether it's going to be three years," said Ray Attrill, head of FX strategy at National Australia Bank (NAB).</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/world/japan-may-scrap-covid-19-tests-for-travellers-reports-509384">Japan may scrap COVID-19 tests for travellers: Reports</a></p>

<p>The Japanese yen moved up to 137.24 per dollar after striking a one-month low of 137.705 earlier in the day, while the pound was driven to a new 2-1/2-year low of $1.1718.</p>

<p>The risk-averse Australian dollar dropped to a one-month low before rising to about $0.6888.</p>

<p>China's yuan dropped to an almost two-year low of 6.8666 per dollar elsewhere in Asia.</p>

<p><strong>Also WATCH&nbsp;|&nbsp;E-Commerce revenue may shrink for first time</strong></p>

<p><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/e-commerce-revenue-may-shrink-for-first-time-509341/embed" style="width:100%;max-width:560px;" width="560"></iframe></p>


On Tuesday, the euro saw its lowest point in two decades against the dollar, as a result of resurgent worries that an energy crisis will keep prices high and virtually drive Europe into a recession.

On Tuesday, the euro saw its lowest point in two decades against the dollar, as a result of resurgent worries that an energy crisis will keep prices high and virtually drive Europe into a recession. The value of the Chinese yuan fell to a two-year low, and the value of the pound briefly surpassed March 2020 lows. The euro was able to recover from the 20-year low of $0.99005 set early in the day as business activity figures from Europe were not as dismal as anticipated. The likelihood of maintenance on the main Russian pipeline to Europe caused markets to tremble on Monday, which resulted in a substantial increase in British and Dutch wholesale gas prices. The Nord Stream 1 pipeline will be shut down by Russia for three days at the end of the month, the latest illustration of how unstable the continent's energy supply is. Energy supply has already been strained by the continent's heat waves, and concerns are rising that any disruption during the winter months may be disastrous for business activity. "Given the current mood, there's obviously concerns as to whether that's going to be three days or whether it's going to be three years," said Ray Attrill, head of FX strategy at National Australia Bank (NAB). Also read | Japan may scrap COVID-19 tests for travellers: Reports The Japanese yen moved up to 137.24 per dollar after striking a one-month low of 137.705 earlier in the day, while the pound was driven to a new 2-1/2-year low of $1.1718. The risk-averse Australian dollar dropped to a one-month low before rising to about $0.6888. China's yuan dropped to an almost two-year low of 6.8666 per dollar elsewhere in Asia. Also WATCH | E-Commerce revenue may shrink for first time

Euro hits fresh 20-year low as energy crisis deepens

German chancellor Olaf Scholz is on a three-day visit to Canada to boost energy security. The visit comes at a time when Europe is staring at a looming energy crisis.

Europe energy crisis: Scholz, Trudeau likely to sign clean hydrogen deal

The UK's leader of opposition Keir Starmer has released labour's plans to deal with rising inflation and soaring energy prices. The labour leader said that the families will not have to pay a penny more under his party's plan to tackle the ongoing economic crisis.

'Can control inflation by freezing energy bills,' Keir Starmer details energy price cap plan

Households in UK need help with rising fuel bill as energy bills there 'set to cost two months' wage. Sunak and Truss has announced plan for energy crisis.

WION Fineprint: UK energy bills 'set to cost two months' wage

Britain's energy bill in 2023 is expected to top $5,000, the equivalent of two months' wages. Gas supply disruptions in Europe could trigger power cuts during the winter. Palki Sharma tells you more about Britain's energy crisis.

Gravitas: Britain's energy bill to cost two months' salary

If you are planning to beat the heat in Spain with a cold drink, there are chances that your drink might not be cold enough because restaurants and bars in Spain are running out of ice.

WION Climate Tracker: Spain orders temperature limit for businesses

<p>As the energy crisis grips Europe amid the Ukraine war, UN chief António Guterres said oil and gas companies were indulging in "grotesque greed" while making profits.</p>

<p>“It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities," the UN chief said while adding that it was being done at a "massive cost to the climate".</p>

<p><a href="https://www.wionews.com/world/uk-gas-major-centricas-profits-soar-amid-sky-high-energy-prices-501517">Also Read:&nbsp;UK gas major Centrica's profits soar amid sky-high energy prices</a></p>

<p>Guterres went a step further and urged governments worldwide to tax the companies making "excessive profits" and to use the funds to support those communities who need it at this time.</p>

<p>The UN chief's strong statement comes as British oil giant BP's net profit zoomed to $9.3 billion in the three months until June amid surge in oil and gas prices due to the Ukraine war. Shell had earlier showed a fivefold surge in net profit racking up $18 billion as French company TotalEnergies also raked in nearly $6 billion.</p>

<p><strong>Watch:&nbsp;Latvia calls for travel ban on Russians as gas supply turned off</strong></p>

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<p>US giants ExxonMobil and Chevron&nbsp;also registered record gains last week. Gas prices have surged after the Russian invasion as the EU has imposed stringent sanctions on Putin's regime. Russia has turned off gas supplies to several European nations with Germany bracing for a tough winter.</p>

<p>Last week Russia's Gazprom suspended gas deliveries to Latvia amid the energy crisis in Europe. The UK government had earlier imposed a windfall tax on BP and Shell as inflations and energy prices shot to record levels.</p>

<p>Guterres said that developing countries have been living with climate crises while some developed countries&nbsp;had introduced "universal subsidies at gas stations" without naming the nations.&nbsp;</p>

<p>(With inputs from Agencies)</p>

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As the energy crisis grips Europe amid the Ukraine war, UN chief António Guterres said oil and gas companies were indulging in "grotesque greed" while making profits.

As the energy crisis grips Europe amid the Ukraine war, UN chief António Guterres said oil and gas companies were indulging in "grotesque greed" while making profits. “It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities," the UN chief said while adding that it was being done at a "massive cost to the climate". Also Read: UK gas major Centrica's profits soar amid sky-high energy prices Guterres went a step further and urged governments worldwide to tax the companies making "excessive profits" and to use the funds to support those communities who need it at this time. The UN chief's strong statement comes as British oil giant BP's net profit zoomed to $9.3 billion in the three months until June amid surge in oil and gas prices due to the Ukraine war. Shell had earlier showed a fivefold surge in net profit racking up $18 billion as French company TotalEnergies also raked in nearly $6 billion. Watch: Latvia calls for travel ban on Russians as gas supply turned off US giants ExxonMobil and Chevron also registered record gains last week. Gas prices have surged after the Russian invasion as the EU has imposed stringent sanctions on Putin's regime. Russia has turned off gas supplies to several European nations with Germany bracing for a tough winter. Last week Russia's Gazprom suspended gas deliveries to Latvia amid the energy crisis in Europe. The UK government had earlier imposed a windfall tax on BP and Shell as inflations and energy prices shot to record levels. Guterres said that developing countries have been living with climate crises while some developed countries had introduced "universal subsidies at gas stations" without naming the nations. (With inputs from Agencies) WATCH WION LIVE HERE ×

Immoral for oil and gas companies to be making record profits: UN chief António Guterres

Spanish Prime Minister Pedro Sanchez has called on workers in the public and private sectors to stop wearing ties, as an energy-saving measure in the heat. Sanchez also added that his government will adopt urgent energy-saving measures on Monday as European countries strive to become less dependent on Russian gas.

Spanish PM Pedro Sanchez urges employees to stop wearing ties to save energy

South African President Cyril Ramaphosa has announced largescale reforms, including changes to existing legislation, to address the ongoing energy crisis in the country. This comes as South Africa continues to witness its worst-ever power crisis.

South African President Cyril Ramaphosa announces large-scale reforms to combat energy crisis

Shortages have triggered an energy crisis in the developing world. Violent protests have broken out in several countries. While US multinational companies are losing billions due to a strong dollar. Palki Sharma tells you more.

Gravitas: American companies lose billions due to the dollar

EU has divided over Russian energy and as per reports the Nord Stream turbine is stuck in Germany. Meanwhile, Russian natural gas cutoff could weigh on Europe's economies.

Europe divided over Russia: The Great Gas Turbine blame game

EU has placed sanctions on Russian gas in an effort to punish Moscow for its war in Ukraine. However, the move has led to rampant inflation in Europe and the Europe's energy security is at stake.

EU suffers high inflation from lack of Russian gas

Russian gas giant Gazprom begins 10 days of routine maintenance on its Nord Stream 1 pipeline with Germany and other European countries watching anxiously to see if the gas comes back on. In this episode of The Full Context, WION explains Europe's energy crisis.

The Full Context: Could Europe's energy crisis lead to winter of unrest?

Hungary has declared an 'energy emergency' amid falling Russian shipments. Gazprom is hinting at an extended delay in resuming the Nord Stream gas supply. How can Europe ensure energy security for the upcoming winter? Palki Sharma tells you.

Gravitas: Hungary declares energy emergency

Europe's worst nightmare is unfolding this week. Russia's energy giant Gazprom began 10 days of maintenance work on the Nord stream 1 pipeline. As per reports, there is no guarantee when the pipeline would actually become functional again.

The full Context: Is Europe staring at an energy crisis nightmare?

The Hungarian government has declared a state of emergency due to the energy crisis and has adopted a 7-point action plan to prepare the country for upcoming challenges and defend the utility cost reduction program.

Hungary announces 7-point security action plan to tackle energy crisis

The leaders of the group of seven rich nations on Tuesday tried to balance the need to tackle global warming and their fears of energy shortage. The G7 countries- The United States, Canada, France, Germany, Italy, Japan and the UK ended their summit by reaffirming their goal to reduce reliance on fossil fuels.

G7 struggles to balance climate change and energy crisis

Europe is facing energy crisis as Russia-Ukraine war has exposed EU's Russian gas dependency. Russia has blamed sanctions for reduced flow of gas.

Russia-Ukraine war exposes EU's Russian gas dependency

Pakistan is devising ways to tackle the energy crisis in the country in a bid to reduce the energy and fuel consumption. The economically beleaguered country has reduced its official work week to five days from six and now a proposal to shut down markets early is also under consideration.

Pakistan tackles energy crisis

<p>Pakistan will reduce its official work week to five days from six in a bid to reduce energy and fuel consumption as part of an energy conservation plan approved by the country's cabinet on Tuesday, the information minister said.<br />
<br />
The move comes as hours-long power outages hit the South Asian country, with demand outstripping generation during the peak summer months. Soaring global fuel prices have also increased pressure on the external account and the local currency has hit record lows against the dollar.</p>

<p><strong>Also read </strong><a href="https://www.wionews.com/south-asia/imran-khan-launches-fresh-salvo-against-military-establishment-485911"><strong>|&nbsp;Imran Khan launches fresh salvo against military establishment</strong></a><br />
<br />
"We are facing a severe crisis. We desperately need to take energy conservation measures. We need to tap on every option to save on energy," Information Minister Marriyum Aurangzeb said at a press conference.<br />
<br />
After taking office in April, Prime Minister Shehbaz Sharif had increased the working week to six days from five, with only Sunday as a day off, saying he wanted to increase productivity. However, the enhanced work week resulted in greater electricity and fuel consumption by government offices and employees.</p>

<p><strong>Watch |&nbsp;Heatwave hits Pakistan's Mango output as it is set to fall by 50%&nbsp;</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/heatwave-hits-pakistans-mango-output-as-it-is-set-to-fall-by-50-485820/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<div class="videoWrapper trancodeVideo">&nbsp;</div>

<div class="videoWrapper trancodeVideo">A 40 per cent&nbsp;cut in the official fuel allowance given to ministers and government officials was also approved as part of the new conservation plan, Aurangzeb said.<br />
<br />
The cabinet has also set up a committee to devise a plan for working from home on Fridays for all government and semi-government offices, and early closure of commercial markets.<br />
<br />
Pakistan has experienced hours-long power cuts over the last month, with urban centres seeing four- to six-hour outages a day and rural areas over eight hours, as temperatures across the country soar - to 50 degrees Centigrade in some areas.</div>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistani-politician-ready-for-suicide-attacks-imran-khans-aide-threatens-shehbaz-sharif-485876">Pakistani politician ready for 'suicide attacks': Imran Khan’s aide threatens Shehbaz Sharif</a></strong>&nbsp;</p>

<div class="videoWrapper trancodeVideo">Aurangzeb said there was currently a gap of 4,600 megawatts between supply and demand, with supply at 21,000 megawatts and demand at 25,600 megawatts.&nbsp;<br />
<br />
The Sharif government has blamed the situation on the mismanagement of the power sector by the previous administration of ousted prime minister, Imran Khan. Khan and his aides have denied any blame.&nbsp;<br />
<br />
In the face of soaring energy prices, Pakistan is facing a balance of payment crisis with forex reserves falling below dollar 10 billion, enough for around 45 days of imports, as well as double-digit inflation.&nbsp;</div>

<p><strong>WATCH WION LIVE HERE</strong></p>

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<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


Pakistan will reduce its official work week to five days from six in a bid to reduce energy and fuel consumption as part of an energy conservation plan approved by the country's cabinet on Tuesday, the information minister said.

Pakistan will reduce its official work week to five days from six in a bid to reduce energy and fuel consumption as part of an energy conservation plan approved by the country's cabinet on Tuesday, the information minister said. The move comes as hours-long power outages hit the South Asian country, with demand outstripping generation during the peak summer months. Soaring global fuel prices have also increased pressure on the external account and the local currency has hit record lows against the dollar. Also read | Imran Khan launches fresh salvo against military establishment "We are facing a severe crisis. We desperately need to take energy conservation measures. We need to tap on every option to save on energy," Information Minister Marriyum Aurangzeb said at a press conference. After taking office in April, Prime Minister Shehbaz Sharif had increased the working week to six days from five, with only Sunday as a day off, saying he wanted to increase productivity. However, the enhanced work week resulted in greater electricity and fuel consumption by government offices and employees. Watch | Heatwave hits Pakistan's Mango output as it is set to fall by 50% A 40 per cent cut in the official fuel allowance given to ministers and government officials was also approved as part of the new conservation plan, Aurangzeb said. The cabinet has also set up a committee to devise a plan for working from home on Fridays for all government and semi-government offices, and early closure of commercial markets. Pakistan has experienced hours-long power cuts over the last month, with urban centres seeing four- to six-hour outages a day and rural areas over eight hours, as temperatures across the country soar - to 50 degrees Centigrade in some areas. Also read | Pakistani politician ready for 'suicide attacks': Imran Khan’s aide threatens Shehbaz Sharif Aurangzeb said there was currently a gap of 4,600 megawatts between supply and demand, with supply at 21,000 megawatts and demand at 25,600 megawatts. The Sharif government has blamed the situation on the mismanagement of the power sector by the previous administration of ousted prime minister, Imran Khan. Khan and his aides have denied any blame. In the face of soaring energy prices, Pakistan is facing a balance of payment crisis with forex reserves falling below dollar 10 billion, enough for around 45 days of imports, as well as double-digit inflation. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Facing 'severe' energy crisis, Pakistan reverts to five-day work week

<p>Russian President Vladimir Putin blamed the West for the ongoing food and energy shortages and assured that his country would “guarantee” safe passage of exports from Ukraine-held ports if it is "cleared" of mines by Ukraine.</p>

<p>"There is no problem to export grain from Ukraine," he said in a televised interview, saying it could be done via Ukrainian ports, via others under Russian control, or even via central Europe, reports AFP.</p>

<p>The Russian president assured that his armed forces would not “launch any attacks [on Ukraine] from the sea” while it is being removed from mines.</p>

<p>The Russian leader mentioned the possibility of exporting via the Ukrainian ports of Mariupol and Berdyansk on the Sea of Azov, which gives access to the Black Sea. Both are under Russian control.</p>

<p>He also said ports under Kyiv's control, in particular Odessa, could be used.</p>

<p><strong>Watch |&nbsp;Putin breaks his silence on the food crisis: Blames the West for the ongoing global food crisis</strong></p>

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<p>Putin said that exports from Belarus is also possible if the West "lifts sanctions" against the Moscow’s ally</p>

<p>Accused the West of "bluster" by claiming Moscow was preventing grain exports from Ukraine, Putin said, “Of course, we are now seeing attempts to shift the responsibility for what is happening on the world food market, the emerging problems in this market, onto Russia,” he told Russian TV.</p>

<p>“I must say that this is an attempt, as our people say, to shift these problems from a sick to a healthy head.”</p>

<p>The Russia-Ukraine war has caused prices of food and fuel to soar, pushing the world towards food scarcity.</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/world/putin-made-historic-error-by-invading-ukraine-french-president-emmanuel-macron-484899" hreflang="en">Putin made 'historic error' by invading Ukraine: French president Emmanuel Macron</a></p>

<p>Russia and Ukraine are among the most important producers of agricultural commodities in the world. Both countries are net exporters of agricultural products, and they both play leading supply roles in global markets of foodstuffs and fertilisers, where exportable supplies are often concentrated in a handful of countries.</p>

<p>In 2021, Russian and Ukraine ranked amongst the top three global exporters of wheat, maize, rapeseed, sunflower seeds and sunflower oil, according to the Food and Agriculture Organization.</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/world/victory-will-be-ours-says-ukraine-president-zelensky-on-100th-day-of-fight-with-russia-484883" hreflang="en">Victory will be ours,' says Zelensky on 100th day of fight with Russia</a></p>

<p>Russian stood as the world’s top exporter of nitrogen fertilizers, the second leading supplier of potassium fertilizers and the third largest exporter of phosphorous fertilizers.</p>

<p>(With inputs from agencies)</p>

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Russian President Vladimir Putin blamed the West for the ongoing food and energy shortages and assured that his country would “guarantee” safe passage of exports from Ukraine-held ports if it is "cleared" of mines by Ukraine.

Russian President Vladimir Putin blamed the West for the ongoing food and energy shortages and assured that his country would “guarantee” safe passage of exports from Ukraine-held ports if it is "cleared" of mines by Ukraine. "There is no problem to export grain from Ukraine," he said in a televised interview, saying it could be done via Ukrainian ports, via others under Russian control, or even via central Europe, reports AFP. The Russian president assured that his armed forces would not “launch any attacks [on Ukraine] from the sea” while it is being removed from mines. The Russian leader mentioned the possibility of exporting via the Ukrainian ports of Mariupol and Berdyansk on the Sea of Azov, which gives access to the Black Sea. Both are under Russian control. He also said ports under Kyiv's control, in particular Odessa, could be used. Watch | Putin breaks his silence on the food crisis: Blames the West for the ongoing global food crisis Putin said that exports from Belarus is also possible if the West "lifts sanctions" against the Moscow’s ally Accused the West of "bluster" by claiming Moscow was preventing grain exports from Ukraine, Putin said, “Of course, we are now seeing attempts to shift the responsibility for what is happening on the world food market, the emerging problems in this market, onto Russia,” he told Russian TV. “I must say that this is an attempt, as our people say, to shift these problems from a sick to a healthy head.” The Russia-Ukraine war has caused prices of food and fuel to soar, pushing the world towards food scarcity. Also read | Putin made 'historic error' by invading Ukraine: French president Emmanuel Macron Russia and Ukraine are among the most important producers of agricultural commodities in the world. Both countries are net exporters of agricultural products, and they both play leading supply roles in global markets of foodstuffs and fertilisers, where exportable supplies are often concentrated in a handful of countries. In 2021, Russian and Ukraine ranked amongst the top three global exporters of wheat, maize, rapeseed, sunflower seeds and sunflower oil, according to the Food and Agriculture Organization. Also read | Victory will be ours,' says Zelensky on 100th day of fight with Russia Russian stood as the world’s top exporter of nitrogen fertilizers, the second leading supplier of potassium fertilizers and the third largest exporter of phosphorous fertilizers. (With inputs from agencies) WATCH WION LIVE HERE

Blaming West for food and energy crises, Putin ‘guarantees’ peaceful exports from Ukraine

Energy crisis is anchoring several other crises, says Indian petroleum minister Hardeep Singh Puri while speaking exclusively to WION at World Economic Forum in Davos.

Davos World Economic Forum: Indian petroleum minister Hardeep Singh Puri speaks to WION

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