Euro zone’s trade boomed in May with both exports and imports of goods to the rest of the world growing markedly.The European Union, the world’s main trader, also saw its trade increase with all its main partners, with a surge of exchanges with Russia despite economic sanctions on Moscow. Eurostat said on Friday the 19-country currency area in May exported goods worth 189.6 billion euros (167.08 billion pounds) to the rest of the world, an increase by 12.9 percent on the year. Imports also grew yearly by 16.4 percent for a total volume of 168.1 billion euros. Source: Euronews
The chaos in gas and electricity markets is set to hit one group of people the hardest this winter: the four million households that use prepayment meters (PPMs).
While most people pay their bills monthly for energy they have already used, PPMs require people to pay for energy before they use it. PPMs take whatever money is in the meter and supply energy to the household. Source Open Democracy
Russia’s Gazprom has damped hopes for additional gas exports to Europe next month as the continent struggles with record prices, despite recent hints from President Vladimir Putin that more could be forthcoming.
UK and European gas prices surged as much as 18 per cent on Monday after a keenly awaited pipeline capacity auction showed no increase from Russia either through the Ukrainian pipeline system or lines passing via Poland to north-west Europe. Source FT
As of Sunday, the national price of a litre of Diesel was €1.555, according to the European motor association ADAC. This is just above the previous record price of €1.554 per litre set on August 26th, 2012. Source The Local
