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      Türkiye says power system strong amid European blackout

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      Global natural gas investments to reach almost $9 trillion by 2050

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      Spot market natural gas prices for Thursday, Jan. 5

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      Costs double as oil and gas discoveries decline in global markets

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      Global gas production to increase by around 32% by 2050

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      More LNG supply is expected in 2026 supporting rising gas demand: IEA

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      Oil prices rise in week ending Aug.30 amid falling US inventories

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      Construction begins on UK's fourth largest wind farm in Scotland

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      Global offshore wind capacity hits 83 GW, powering 73 million homes

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      Global solar set for record year after 64% growth in first half of 2025

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      Citicore secures $77M loan for 125-MWp solar project in Philippines

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      Turkish firm to invest $520 million in high-efficiency solar equipment production

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      Türkiye's Yusufeli Dam supplies power to 2.5 million people annually

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      Global renewables capacity more than doubles in a decade as hydropower remains top source

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      Google and Brookfield sign $3B US hydropower deal to support clean energy goals

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      Highlights of Türkiye's energy market in 2024

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      Climate crisis to push 150M more Africans into poverty by 2050, experts warn

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      Taiwan starts drilling of 1st deep geothermal well

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      Türkiye sets new record for daily power consumption with 1.34% increase on July 9

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      China's steel demand to shrink as India, Southeast Asia drive future growth

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      Türkiye's daily power consumption down 0.3% on August 13

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      India's oil import bill set to soar as US tariffs pressure Russian crude purchases

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      bp Q2 profit falls to $2.35B, beating forecast

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      OPEC+ agrees to extend group-wide output cuts into 2025

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      Libya Energy & Economic Summit 2024 to kick off in Tripoli

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      Brazil joins OPEC+ as group confirms 3.6 million barrels per day output cut

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      Spot market electricity prices for Sunday, Dec. 3

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      ExxonMobil drills first lithium well in Arkansas in aim to become major player in EV sector

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      Spot market electricity prices for Thursday, June 8

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      High rollout of electric vehicles could earn UK drivers £6.5B more by 2035

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      Spot market natural gas prices for Friday, Dec. 1

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      Turkey's daily power consumption down 0.77% on Oct. 23

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      Russian Lukoil starts Chashkino gas-turbine power plant

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      Gazprom posts 26% loss in 1H20

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      Global offshore wind capacity hits 83 GW, powering 73 million homes

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      Global energy transition requires $21.4T investment in power grids by 2050

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      Global renewable energy capacity surges 377% over past decade

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      Chinese JTPV, Turkish Schmid Pekintas to build 5 GW solar cell factory in Türkiye

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      Türkiye's LPG production up 12.4% in March

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      Türkiye's LPG production down 4.3% in December 2024

      Türkiye's LPG production down 25% in April 2024

      Türkiye's LPG production down 25% in April 2024

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      Türkiye's LPG production up 15% in December 2023

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      EU gas imports to fall 25% by 2030 as bloc exceeds demand reduction targets

      EU gas imports to fall 25% by 2030 as bloc exceeds demand reduction targets

      Former Lithuanian FM warns Russia's shadow fleet threatens EU security

      Former Lithuanian FM warns Russia's shadow fleet threatens EU security

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      Turkmen natural gas set to reach Türkiye on March 1

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      Turkmen gas agreement boosts Türkiye's role in regional energy trade: Experts

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      Recognition of Palestine could unlock Gaza Marine gas resources: experts

      ExxonMobil signs MoU with Libya’s NOC after decade-long hiatus

      ExxonMobil signs MoU with Libya’s NOC after decade-long hiatus

      Libya hosts investor meeting in Istanbul for major oil, gas bid round

      Libya hosts investor meeting in Istanbul for major oil, gas bid round

      Albania, Italy, UAE sign deal on green energy cooperation

      Albania, Italy, UAE sign deal on green energy cooperation

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      Trump's victory shifts focus to US climate, trade policies

      Trump's victory shifts focus to US climate, trade policies

      IMF estimates inflation to gradually decline to target, though emerging market economies to remain in ‘double-digit territory’

      IMF estimates inflation to gradually decline to target, though emerging market economies to remain in ‘double-digit territory’

      US energy agency revises down Brent price forecast for 2024

      US energy agency revises down Brent price forecast for 2024

      Global oil demand growth to fall by half in 2024: Int. Energy Agency

      Global oil demand growth to fall by half in 2024: Int. Energy Agency

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      Recognition of Palestine could unlock Gaza Marine gas resources: experts

      Recognition of Palestine could unlock Gaza Marine gas resources: experts

      Turkish firm ALP24 expanding energy and mining projects across Africa

      Turkish firm ALP24 expanding energy and mining projects across Africa

      ExxonMobil signs MoU with Libya’s NOC after decade-long hiatus

      ExxonMobil signs MoU with Libya’s NOC after decade-long hiatus

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      US energy agency slightly revises up Brent price forecast for 2025

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London briefing, July 6

home > Reports 06.07.2020 14:37

London briefing, July 6 

-Unemployment could become new headache for UK

Under the government’s job furlough scheme, the government is paying 80% of the wages for 9.3 million jobs at a cost of £25.5 billion. However, according to research by the Institute for Social and Economic Research at the University of Essex, lockdowns could remove more than 6.5 million jobs out of the economy.  Accommodation and food services are predicted to suffer the worst rate of cuts at 75.1% with a loss of around 1.3 million positions. Ranked second was 'other services' at 50.2%, ahead of 'wholesale, retail and repair of motor vehicles' at 47.6% - or roughly two million jobs.

Last week, the first signs of the bloodbath of job cuts were seen with more than 12 rounds of job cuts in the last 6 days; including up to 5,000 job cuts at Upper Crust owner SSP Group, up to 700 jobs at Harrods, about 600 workers at shirt maker TM Lewin, up to 900 cuts at management consulting firm Accenture, 300 staff cuts across Virgin Money, Clydesdale Bank and Yorkshire Bank, 1,700 UK jobs at plane-maker Airbus and 1,300 crew and 727 pilots at EasyJet and more.

While the economy is preparing to get out of lockdown and adapt to the new normal, it is clear that unemployment is likely to become a huge problem for the country.

The U.K. will plow £800 million ($1 billion) into job centers to cope with the surge in unemployment in the wake of the coronavirus pandemic. The government will double the number of work coaches to 27,000 to help benefit claimants back into work, with an initial 4,500 hires by October, the Treasury said late Saturday in an emailed statement, according to Bloomberg.

On Wednesday, Chancellor of the Exchequer Rishi Sunak will give a statement outlining measures to help stimulate the economy and protect jobs including additional funding for traineeships under a £111 million scheme.

The country is emerging from a national lockdown that began on March 23 with the opening of pubs and restaurants last Saturday.  Most businesses are not yet able to make plans, as demand and consumer confidence will be decisive in adjusting to the new normal.



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