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China boosts Russian energy imports – Bloomberg

Chinese imports of Russian energy have jumped 75% since the start of the conflict in Ukraine and the ensuing sanctions war between Moscow and the West, Bloomberg reported on Monday, citing China’s latest customs figures. According to the data, covering the period from March to July, Beijing’s purchases of Russian …

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Britons struggling to pay energy bills – Bloomberg

British households already owe a record £1.3 billion ($1.5 billion) to their energy suppliers ahead of winter, Bloomberg reported on Wednesday, citing price-comparison service Uswitch. Data showed that, as of July, the energy debts were more than double September’s level. Some 6.5 million households owe an average of £206 ($252) …

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IMF to ‘substantially’ cut global growth outlook — Bloomberg

The International Monetary Fund will significantly reduce its forecast for global economic growth in its next update, according to Ceyla Pazarbasioglu, the IMF’s director for strategy, policy and review, as reported by Bloomberg. “It’s shock after shock after shock which are really hitting the global economy,” she said at a …

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Europe becomes top US oil consumer – Bloomberg

Europe has become the main importer of US oil amid EU restrictions on Russian crude, Bloomberg reported on Friday citing data from the US Census Bureau. According to the report, from January to May this year, Europe imported roughly 213.1 million barrels of crude. This allowed the region to surpass …

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EU may cut financial aid to Ukraine – Bloomberg

The funds promised to Ukraine by the EU have been delayed due to concerns over the bloc’s own economic troubles and infighting in Brussels, Bloomberg reported on Friday, citing people familiar with the discussions. Back in March, the European Commission proposed a €9 billion ($9 billion) loan to Ukraine that …

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Eurozone faces mounting recession risk – Bloomberg

The risk of recession in the euro area is growing, economists polled by Bloomberg warned on Tuesday, citing the shortage of natural gas, as well as inflation – which remains at record levels – as the main factors. The likelihood of recession has reportedly surged to 45% from 30% in …

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Developing world to face wave of defaults – Bloomberg

Emerging nations, including El Salvador, Ghana, Egypt, Tunisia and Pakistan, will be challenged with a historic cascade of defaults as a quarter-trillion-dollar pile of distressed debts keeps exerting downward pressure on economies, Bloomberg is reporting. “With the low-income countries, debt risks and debt crises are not hypothetical,” the World Bank’s …

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Energy crisis hitting US industrial complex – Bloomberg

Operational challenges arising from soaring energy bills have put the entire US industrial complex at risk of partial shutdown, Bloomberg reported on Thursday. The country’s second-biggest aluminum mill, which accounts for 20% of the national supply, reportedly laid off 600 workers in late June after its electricity bill tripled. Century …

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Russian economy more resilient than expected – Bloomberg

Russia appears to be on track for a much shallower recession than was initially expected this year, Bloomberg reported on Wednesday, citing experts. Surging oil shipments have blunted the impact of US and EU sanctions, they say. According to the publication, economists from JPMorgan Chase, Citigroup, and other big banks …

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German banks prepare for energy-related defaults – Bloomberg

Banks in Germany are expected to put aside extra funds to be able to tackle a potential spike in defaults if Russia cuts off natural gas supplies, several high-ranking banking officials said, as quoted by Bloomberg. In case of a complete suspension of Russian gas supplies, Europe’s largest economy is …

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