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Red tide in Europe. Eurozone interest rates worsen – markets in a minute

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Red tide in Europe.  Eurozone interest rates worsen – markets in a minute

Natural gas extends losses after Gazprom’s supplies to Italy resume. Oil maintains uptrend

Oil has benefited from a price rally as investors anticipated the biggest cut in oil production adopted by OPEC+ since 2020.

The group will cut capacity by two million barrels a day, more than double what was originally envisaged, and the cut will help balance oil prices at a time when the global economy is expected to slow down.

“A cut of two million barrels a day shows how aggressive they want to be on prices,” said Vishnu Varatan, Asia head of economics and strategy at Mizuho Bank.

In response, West Texas Intermediate (WTI), traded in New York, has risen 9% over the past two sessions to break $86 a barrel. By 08:00 Lisbon time, WTI was at the waterline, adding a very small 0.03% to $86.55.

Brent crude, traded in London and a benchmark for the European market, rose 0.17% to $91.96 per barrel.

In turn, natural gas (TTF) prices, which reached July lows yesterday in the Amsterdam market, continued to decline this morning, falling by 1.2% to 160 euros per megawatt-hour.

Raw materials continued to fall after Gazprom announced this Wednesday that it would resume gas supplies to Italy. The Russian company “together with Italian buyers managed to find a solution” after the September regulatory changes in Austria, which made it difficult to supply gas to Italy, Gazprom said in Telegram.

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Economy

Bankers demand 6.25% pay rise at ‘breaking point’ and refuse further layoffs – ECO

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Bankers demand 6.25% pay rise at 'breaking point' and refuse further layoffs - ECO





Bankers demand 6.25% pay rise at ‘breaking point’ and refuse further layoffs – ECO































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Woman with fake belly caught smuggling hundreds of semiconductors (already worth 500 times more)

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Woman with fake belly caught smuggling hundreds of semiconductors (already worth 500 times more)

Sanctions and supply chain issues have created a parallel market in China, where these chips are sold for 500 times the market value.

Chinese customs officials caught a woman trying to smuggle semiconductors inside a prosthetic belly while pretending to be pregnant. This arrest sheds light on the reality of smuggling that has emerged in the world’s second-largest economy following the sanctions imposed by the United States of America.

According to bloomberg, a woman was caught by the authorities while trying to enter Zhuhai via Macau on November 25. According to customs authorities, the suspect had more than 202 processors and nine smartphones.

The woman came to the attention of the authorities when she was asked what month she was pregnant. “She said she was five or six months pregnant but she had a big belly that looked like she was in her third trimester,” Chinese officials explained.

The economic crisis caused by covid-19 and all the problems that have arisen in the supply chain have opened the door to the emergence of a black market in semiconductors in a country that needs these advanced chips to produce millions of products.

The situation has worsened recently as the Joe Biden administration tightened sanctions on China, focusing on developing advanced technologies, especially for military use.

According to the North American economic publication, the situation is so serious that the prices of these devices reach values ​​up to 500 times their market price, which creates ideal conditions for creating an entire parallel market with telecom operators and resellers.

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Economy

Reduced provider discount in December due to falling fuel prices

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Reduced provider discount in December due to falling fuel prices

The Ministry of Finance reported that in December there is a decrease in the ISP discount by 3.9 cents per liter of diesel fuel and 2.4 cents per liter of gasoline, taking into account falling prices.

The guardianship statement states that, as announced, “the mechanism applied in the ISP is equivalent to reducing the VAT rate from 23% to 13%, and the compensation mechanism through the ISP reduces additional VAT income as a result of the changes. in fuel prices remain in effect.

Thus, taking into account the evolution of diesel and gasoline prices, “these temporary measures result in a reduction in the ISP rebate of 3.9 cents per liter of diesel fuel and 2.4 cents per liter of gasoline. a discount of 17.1 cents per liter for diesel ISP and 15.4 cents per liter for gasoline ISP,” the same note reads.

On the other hand, “the carbon tax update will be suspended until the end of the year,” and “taking into account all the measures in place, the reduction in the tax burden is 27.3 cents per liter of diesel fuel and 24.7 cents per liter of gasoline. “.

The government’s rebate mechanism assumes that a decrease in the price of fuel results in an increase in the Tax on Petroleum Products (NPT) due to a drop in VAT revenues.

“Measures to mitigate the increase in fuel prices remain in place in the month of December, while the government continues to support all consumers by reducing fuel taxes,” the ministry reminded.

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The ISP’s rebate, equivalent to a 13 percent VAT rate cut, was due to run until September 4 but was later extended through the end of the year as part of the government’s family relief package due to price hikes.

Average fuel prices have returned this week to below pre-war levels in Ukraine on Feb. 24, with a 5.1% drop for petrol and 4.1% for diesel calculated by ERSE.

According to the “Weekly Report on the Surveillance of Selling Prices for the Public” published on Monday evening by the Entidade Regladora dos Serviços Energéticos (ERSE), “For the week of 28 to 4 December, the effective pre-tax price is 0.860 euro/l. [euros por litro] for straight petrol 95 and 1067 euro/l for direct diesel”, which after tax is 1660 euro/l and 1685 euro/l for straight petrol 95 and straight diesel, respectively.

These figures are comparable to average prices of 1,816 euros/l for 95 straight-through gasoline and 1,660 euros/l for direct diesel filled on February 24 when the Russians invaded Ukraine, according to the Directorate General of Energy and Geology (DGEG). ).

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