An expected surge in UK energy prices this winter is being described as a national emergency, posing at least as great a financial threat as the coronavirus pandemic. The upcoming increase is predicted to push a majority of households into fuel poverty, and put a strain on budgets that could hammer industries like hospitality, travel and retail. In Europe, things aren't getting any better. The cost of electricity in Belgium reached a new record on Sunday, thanks to a lack of wind and the expectation of high temperatures next week.

For more, we spoke to Jack Parrock in Brussels.

#Europe #Belgium #EnergyPrices

China trimmed its key lending rates on Monday, only one week after it lowered two of its key interest rates. The surprise moves aim to revive credit demand, and fire up the economy, hurt by both extended COVID-19 lockdowns and property debt problems. Meanwhile, European markets remain focused on the Jackson Hole symposium where Jerome Powell and other central bank leaders will share their views on global growth, inflation and imminent monetary policy responses.

For more on this, we spoke to Naeem Aslam in London who is the chief market analyst at AvaTrade.

#China #UnitedStates #InterestRates

In the EU, energy costs are spiraling to record levels. Supplies from Russia are dwindling after the bloc's tough stance against Moscow over its attack on Ukraine. And domestic energy sources, like nuclear power and hydroelectric plants are struggling to raise their output, because of a severe drought in the region. European governments are setting aside funds to subsidize domestic and commercial consumers. Meanwhile, the UK plans to dole out cash handouts to shield its most vulnerable consumers from energy price hikes.

For more on this, we spoke to Neil Atkinson in Paris and Taha Arvas in Istanbul.

#EuropeanUnion #EnergyPrices #EnergySubsidies

Türkiye's Black Sea region is renowned as a paradise for nature lovers. It also produces a variety of different fruits and nuts for export and domestic consumption. But some Black Sea cities are running on a liquid gold that's kept them at the top of the honey market for the last five years. Rumeysa Codar reports from Ordu province in the north of the country.

#Türkiye #Honey #Beekeeping

Rivers and lakes are drying up in Europe as the continent suffers under its hottest summer in years. It's one of the extreme consequences of the climate crisis that scientists have been warning about for decades. But these conditions have produced a small group of winners that's thriving when the rest of the agriculture sector struggles to survive. Paolo Montecillo has more.

#France #Heatwave #Salt

It wasn't a good second quarter for retailers. Some have really seen a sharp reversal of fortunes during the first half of this year. After posting quarter after quarter of eye-popping sales during the COVID-19 pandemic. Now they're seeing clothing, coffee makers, lamps and more goods linger on the shelf and then get kicked to the clearance rack.

#RetailerEarnings #Walmart #Target

Moving on now to the US, where the streaming landscape is going through a major shakeup. Industry pioneer Netflix recently lost its lead as the biggest name in the game to Disney, which now has more paying subscribers around the world. Now the company that owns franchises like Star Wars, Marvel, and Pixar on top of its already-formidable library could start leaning on other popular assets to solidify its dominance.

Daniel Ives is managing director at Wedbush Securities. He says sports content could be the next frontier where streaming services battle it out for a greater market share.

#Streaming #Disney #Netflix

European natural gas futures extended their gains to record-highs, as an energy-supply crunch continues to batter the region, amid signs that fuel is becoming too costly for industrial use and power generation. Prices are about 11 times higher than they usually are for this time of the year, and costs are spiraling for households and businesses, at their fastest pace in decades.

For more, OANDA's senior market analyst Craig Erlam joined us from London.

#Europe #EnergyPrices #NaturalGas

German Chancellor Olaf Scholz says his government is slashing taxes on energy consumption in a bid to rein in rising prices. Facing off with Russia over its attack on Ukraine, is coming at a steep cost for the European Union. Its energy supplies are under threat, and the bloc is rushing to import liquefied natural gas to make up for a reduction in shipments from Russia.

For more on this, we were joined by the CEO of Meyer Resources, Cornelia Meyer from Bern.

#Germany #EnergyTaxes #OlafScholz

Oil prices are slighty recovering after hitting a six-month low, as a larger than expected drop in US oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Investors also awaiting clarity on talks to revive the 2015 Iran nuclear deal. Oil supply could rise if Iran and the United States accept a proposal from the European Union, which would remove sanctions on Iranian oil exports.

For more on oil market, we had Susannah Streeter, who is an investment analyst at Hargreaves Landsdown in the UK.

#OilReserves #IranOil #OilPrices