The International Energy agency has revealed that lng now makes up 35 of europes energy supplies, not far off the 40 contribution that russia made before it was sanctioned over ukraine. Joining me now is ben mcwilliams, whos an Affiliate Fellow at bruegel. Thank you very much for being with us today. What are your concerns about where gas prices could go if these workers do indeed strike . This is certainly a concern, but to be clear up front, nothing comparable to last year. The position we are in is that, as you mentioned, as russian Pipeline Supplies have been cut over the last 12 months, the eu and uk have become more dependent on liquefied national gas. Natural gas. Australia typically supplies asia. If it were cut to asian consumers, we would see asian consumers turning around and looking to qatar and competing with european buyers there, which would in turn have some Knock On Effect on prices. As it had last week, 40 increase from around 30 to 36 euros just nothing like close to
Speaking before squeezed by massive bills, there is still Spending Power out there. A lot of our customers are probably a bit older, so we dont feel the mortgage rate, although it creates uncertainty for them and that does and we do notice when there is a rate rise, everyone gets a bitjittery. Does it feel like we are getting green shoots . I dont feel that there is green shoots, no, no. I dont feel that there is green shoots, no, no. I feel we are in a holding pattern. It could go either way. Today, the Bank Of England said the tough medicine was beginning to work. Less tha n less than two years they have over 14 steps raised Interest Rates to the highest level in 15 years in an attempt to drain Spending Powerfrom the Spending Power from the economy. The period of near zero Interest Rates now consigned to history with the bank warning that rates could remain at this level for some time. If you asked the question, yes, and when are rates going to come down . My answer is we are going t
toyota. it is sounding bullish and has raised its annual net profit forecast reporting strong sales in all regions. the global shortage of semiconductors has eased and the car giant says it s on course for a record net profit this financial year of $30 billion. many car makers struggled because of a global chip shortage caused by increased demand and disrupted supply chains during the covid pandemic. toyota has also faced a safety test certification scandal at one of its major subsidiaries, daihatsu, which has led to production shutdowns at several factories. joining me now is anna marie baisden head of autos & infrastructure at fitch solutions. good to see you. when you look at the facts, the numbers and projections, it is looking very strong, but you read between the lines. tell us what we need to know. i the lines. tell us what we need to know. ~ ., , , ., the lines. tell us what we need to know. ~ . , , ., to know. i think, as you said, it is very to know. i think, a
let s start in the us, where there is growing footsteps. 0k. let s get started, shall we? the cameras do not want to play ball but i can walk back to this position. let s start in the us, where there is growing nervousness in financial markets over the possibility the us could default on its debt. a stand off in congress over plans to lift the federal debt ceiling which is currently at an eye watering $31.4 trillion has led to the cost of buying insurance against a us government default has moved to its highest level in more than a decade this month. so, later today, the republican speaker of the house kevin mccarthy will give a speech at the new york stock exchange, where he s expected to lay out the conditions republicans want democrats to agree to in exchange for movement on the debt ceiling. it sounds like a stand off. scott anderson is chief economist at bank of the west in san francisco. welcome to the programme. what will kevin mccarthy say? what is he going to p