Spot market natural gas prices for Monday, Aug. 1

The trade volume on Türkiye’s spot natural gas market showed an increase of 13,753% to 26.18 million Turkish liras on Monday, Türkiye’s Energy Exchange Istanbul (EXIST) data showed on Tuesday.

Total trade on Sunday amounted to 189,000 liras.

On Monday’s spot market, 1,000 cubic meters of natural gas cost 18,125 liras, while the cumulative natural gas trade volume amounted to around 1.4 million cubic meters.

Türkiye received 137.6 million cubic meters of pipeline gas on Monday.

US$1 equals 17.95 liras at 02.05 p.m. local time (1105 GMT) on Tuesday.

Source: Anadolu Agency

France: Eurozone’s 2nd-largest economy grows more than expected in Q2

The French economy, the eurozone’s second-largest, expanded more than expected, 0.5%, in the second quarter of the year, reversing from a 0.2% contraction in the first quarter, official data showed on Friday.

The markets’ consensus forecast was a 0.2% growth.

The largest contribution to growth came from stronger exports (+0.8% after +1.6% in Q1 2022), along with declining imports (-0.6% after +1.2%), French statistics agency Insee said.

At the same time, inventory changes offered a small positive contribution to GDP (0.1 points vs 0.2 points in Q1).

“The contribution of final domestic demand (excluding inventories) to GDP growth was null this quarter,” it said.

Final domestic demand showed no contribution to growth, with both household consumption (-0.2% vs -1.3%) and government spending (-0.2% versus flat reading) shrinking.

Meanwhile, the economy grew annually 4.2% in Q2 after a 4.8% expansion in Q1.

Source: Anadolu Agency

US stocks end higher as investors digest earnings reports

US stocks ended higher Thursday as investors weighed a number of earnings reports and jobless claims data.

Shares of electric car manufacturer Tesla and Danaher Corporation jumped on better-than-expected second-quarter earnings.

US initial jobless claims meanwhile rose by 7,000 to 251,000 in the week ended July 16, marking the highest reading since last November, according to the Labor Department.

The blue-chip Dow Jones Industrial Average rose by 162.06 points, or 0.51%, to 32,036.90.

The S&P 500 increased by 39.05 points, or 0.99%, to 3,998.95.

The tech-heavy Nasdaq was up by 161.96 points, or 1.36%, to 12,059.61.

The VIX volatility index, also known as the fear index, fell 3.22 to 23.11.

The 10-year US Treasury yield increased 5.07% to 2.882%.

The dollar index was down 0.47% to 106.44.

Precious metals went up, with gold rising 1.02% to $1,717.57 an ounce and silver increasing 0.61% to $18.78.

Global benchmark Brent crude was flat at $104.01 per barrel, while US benchmark West Texas Intermediate (WTI) crude was at $96.58.

Source: Anadolu Agency

Trump to make first return to Washington July 26

Former President Donald Trump will make his first return later this month to the US capital since leaving the office for what is being billed as a “major policy speech,” an organization announced on Thursday

The ex-president is expected to deliver closing remarks on the last day of the two-day America First Agenda Summit on July 26, a conference hosted by a pro-Trump group.

Trump’s speech comes as the House of Representatives committee probing the Jan. 6, 2021, insurrection continues to hold hearings digging into the events of that day, during which Trump’s supporters stormed the US Capitol in a bid to prevent President Joe Biden from assuming office.

The House panel is slated to hold its next hearing July 21 following bombshell revelations from Republican lawmaker Liz Cheney that Trump attempted to contact one of the committee’s witnesses. The matter has been handed to the Justice Department for a potential witness tampering investigation.

Polling released Tuesday suggests that the former president’s hold on his party may be loosening with more than half of the party’s primary voters now aligning behind different presidential candidates.

Still, Trump holds 49% of the party’s support, according to the New York Times/Siena College poll. But support is particularly weak among Republicans aged 35 and younger, as well as those with college degrees.

About 20% of respondents said they believe Trump “went so far that he threatened American democracy” when he attempted to hold on to power after suffering a major electoral defeat to Biden, losing by 7 million votes.

Source: Anadolu Agency

Twitter shares down 5% after Musk pulls out of $44B deal

Twitter’s shares were down almost 5% before US stock market opening on Monday after billionaire Elon Musk pulled out of his $44 billion deal to buy the social media company.

The stock price fell 4.9% to $35 per share at 8.00 a.m. EDT (1200GMT) after closing Friday at $36.81 per share on the New York Stock Exchange.

The company’s market value declined to approximately $28.1 billion for almost a $1.4 billion loss.

Tesla CEO Musk announced late Friday that he is pulling out of his deal to buy Twitter, citing a lack of information on bot accounts. Twitter, however, says it will take Musk to court to enforce the deal.

He said in May that the deal could not move forward until there is clarity on fake accounts.

Twitter’s board of directors unanimously advised shareholders on June 21 to approve Musk’s offer for the company.

Musk on June 16 said he wants Twitter to reach 1 billion users, but hinted at layoffs in his first meeting with company employees, and reiterated his demand for paid subscriptions, arguing that users should be charged to keep informed and be verified.

Source: Anadolu Agency

‘Floods in Bangladesh turn people into paupers overnight’

In what has been called one of the worst floods in recent history, 120 people are reported dead in Bangladesh and a whopping 15 million displaced.

Speaking to Anadolu Agency, flood victims in remote areas said although they have to fight rising waters almost every year, this year the losses have been especially huge.

Peara Begum, 65, a mother of five, has been living on a highway leading to the border town of Companiganj from the northeastern district of Sylhet, as her home was washed away by floods.

The floodwaters flowed into her tin-and-bamboo home and began racing across the floor. Her family members had to stand in waist-deep waters for a full two days before they were finally rescued, she said.

“With the help of some neighbors, we reached the highway by boat somehow and have been living here under the open sky since then with a single dress,” she said, pointing towards a large swath of water, gesturing to where her village might have once stood.

But with a sheet of water covering everything, there are no traces of villages around.

As Anadolu Agency visited the flood-hit Sylhet region bordering India, it could see telltale signs of destruction left behind by the floods. Villagers were seen wading, swimming, and paddling using makeshift rafts or small skiffs, rescuing those marooned, or delivering aid. A large swath of habitats and farms are underwater.

It took nearly an hour by boat to reach the waterlogged place from where Begum and others were forced to relocate due to the deadly floods.

In some places, where the water has receded, people were seen trying to rebuild their houses making use of the odd bits and pieces of materials available.

“Only some wood and tin is left, and I’m trying to restore it just to take shelter with my three kids,” said Mohammad Rafiq.

Need permanent solution

He added that they need at least 10-15 years to recover from the damage caused by the floods.

In the remote Gussagram locality, Mohammad Juel asked the government to find a permanent solution to the floods that hit them every year.

“If the government makes concrete houses on high pillars for us, then we can get relief from such floods permanently,” he said.

He added that many residents of the area have migrated to different urban areas due to floods. Some of them are begging now after failing to find any other means of livelihood. Floods turn people into paupers overnight.

Heavy rains lashed the region ahead of the scheduled monsoons, a harsh reminder that climate change is bringing more extreme weather around the world.

Bangladesh’s 58 rivers, which create fertile plains, have also been a bane for the country, as they overflow frequently, causing death and destruction in the region.

Md. Mojibur Rahman, chief district officer, told Anadolu Agency that the government is on its way to finding a permanent solution to floods in the most vulnerable Sylhet and adjacent districts.

“From now on we will make more culverts instead of constructing roads so that during the rainy season, water flow is not interrupted. On the other hand, we will also dredge the two main rivers of Surma and Kushiara,” he said.

He also said the government has allocated funds for reconstructing the damaged houses of the people affected by this year’s floods.

Source: Anadolu Agency

Anadolu Agency’s Morning Briefing – July 9, 2022

Anadolu Agency is here with a rundown of the latest developments around the world.

• Japan lost a top political campaigner after the assassination of Shinzo Abe — an influential politician and former prime minister.

• Russia vetoed a UN resolution to extend cross-border aid to Syria from Türkiye as the current mandate is set to expire Sunday.

• Tesla CEO Elon Musk is terminating a merger agreement to buy Twitter.

• As Boris Johnson resigned as leader of the Conservative Party and UK prime minister, Defence Secretary Ben Wallace tops an opinion poll of who should become the new leader of the party and the country.

• Police in Sri Lanka declared a curfew in the nation’s capital of Colombo, ahead of planned protests for the weekend.

• The US announced a new security assistance package worth $400 million to Ukraine, including High Mobility Artillery Rocket Systems, or HIMARS, according to a senior Defense Department official.

• Canada imposed sanctions on Russian media and launched a new webpage to counter misinformation.

• Angola’s former President Jose Eduardo dos Santos has died, according to the presidency. He was 79.

• The South Korean ruling party suspended its chairman’s membership on allegations of sexual bribery, according to media reports.

Source: Anadolu Agency

Utah Jazz trade Rudy Gobert to Minnesota Timberwolves

The Utah Jazz has traded Rudy Gobert to the Minnesota Timberwolves, an NBA insider confirmed Friday.

“The Timberwolves are sending Malik Beasley, Patrick Beverley, Walker Kessler, Jarred Vanderbilt and multiple first-round picks for Gobert,” Adrian Wojnarowski said on Twitter.

“Leandro Bolmaro is also in the deal to the Jazz,” he added.

Gobert averaged 15.6 points, 14.7 rebounds and 1.1 assists in 66 games last season.

The 30-year-old center is a three-time All-Star and three-time Defensive Player of the Year.

Source: Anadolu Agency

Oil prices increase with new G7 sanctions on Russia

Oil prices surged on Tuesday amid likely sanctions on Russia by G7 countries, including a price cap on oil exports.

International benchmark Brent crude was trading at $112.62 per barrel at 0640 GMT for a 1.48% increase after closing the previous session at $110.98 a barrel.

American benchmark West Texas Intermediate (WTI) was at $111.15 per barrel at the same time for a 1.44% gain after the previous session closed at $109.57 a barrel.

The US and EU on Monday agreed to step up energy security cooperation with the end goal of further reducing Russia’s revenues from oil and gas.

The leaders of the G7 countries are discussing a price cap on Russian oil to tackle inflation and reduce dependence on Russian supplies. By setting a limit on the price Russia can charge for its oil, Western countries hope to curtail Moscow’s revenues while at the same time allowing more oil supply to reach the global market.

Meanwhile, on the sidelines of the G7 meeting on Monday, France called on oil-producing countries to increase their production “exceptionally” and to carry forward negotiations to allow the return of oil from Iran and Venezuela back on the market to overcome the energy crisis.

Oil producers of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, along with 10 other non-OPEC members, including Russia, known as OPEC+, are expected to remain loyal to the plan of increasing oil production for August at Thursday’s OPEC+ meeting.

In its last meeting, the OPEC+ group decided to increase production by 648,000 barrels in July and August.

Source: Anadolu Agency