Day: May 20, 2022

UEFA on Friday named Eintracht Frankfurt’s left winger Filip Kostic as Europa League’s player of the 2021-2022 season.

With three goals and six assists, Kostic made a vital contribution to Eintracht Frankfurt’s 2022 Europa League trophy.

“The 29-year-old was the German side’s creator-in-chief throughout their victorious campaign. His cross for Rafael Borré’s equaliser in the final against Rangers was his sixth of the campaign, two more than any other player in the competition,” UEFA said on Friday.

“The left-sided Serbian also nullified top scorer James Tavernier’s attacking threat in Seville and converted his penalty in the shoot-out with typical composure.”

The German team lifted the 2022 UEFA Europa League trophy on Wednesday after beating the Scottish side Rangers on penalties.

Kostic has been playing for Eintracht Frankfurt since 2018.

Source: Anadolu Agency

China on Friday cut a key interest rate for long-term loans for the second time this year, part of a push to overcome the impact of stringent COVID-19 lockdowns and a downturn in the property sector.

The five-year loan prime rate, a reference for mortgages, was lowered by 15 basis points to 4.45% from 4.6%, the People’s Bank of China said in a statement.

This was the largest cut since the rate was revamped in 2019.

The one-year loan prime rate, the benchmark lending rate, was kept unchanged at 3.7%.

Source: Anadolu Agency

An economic recession in the euro area is likely if there is a sudden halt in Russia’s natural gas supplies to the bloc, Fitch Ratings warned Thursday.

“Exposures are so large that an immediate and total cessation of Russian natural gas supplies would result in gas shortages and rationing, causing a major macroeconomic shock,” the rating agency said in a statement.

While 38% of the EU’s gas imports come from Russia, Fitch said it estimates 60% of domestic gas use in Germany was supplied by Russia.

The European Central Bank estimates that the eurozone economy would contract 0.7% if the natural gas supply declined 10%, Fitch noted.

“A 30% loss of gas supply would therefore translate into a 2% decline in eurozone GDP. For Germany, the loss of Russian gas supply would imply a GDP fall of close to 4%,” it said.

Fitch said Russian natural gas supplies could be replaced with other sources of gas and energy over time, but an immediate loss poses a significant risk for Europe.

Source: Anadolu Agency