OPEC lowering oil production

The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.

Read more at: https://www.cbc.com

EU agrees to cut gas use over Russia supply fears - by Michael Race

EU members, locked in negotiations since the idea was suggested last week, have now agreed to a voluntary of 15% between August and March.

"This was not a Mission Impossible!", tweeted the Czech Republic, which holds the rotating EU presidency.

However, documents seen by the BBC suggest the deal had been watered down, with countries able to have exemptions.

Read More at: EU agrees to cut gas use over Russia supply fears - BBC News

Russia's Gazprom further cuts gas flow to Europe by half amid turbine dispute

he logo of Russia's energy giant Gazprom is pictured at one of its petrol stations in Moscow on July 11. The Russian state-run energy company said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20 per cent of capacity. (Kirill Kudryavtsev/AFP/Getty Images)

Russia tightened its gas squeeze on Europe on Monday as Gazprom, Russia's state-owned energy corporation, said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20 per cent of capacity.

Read more at: Russia's Gazprom further cuts gas flow to Europe by half amid turbine dispute | CBC News

Coronavirus - isolation period: US cuts recommended isolation period

US health authorities on Monday announced that quarantine periods for asymptomatic coronavirus patients would be shortened from 10 to five days.

The Centers for Disease Control and Prevention (CDC) cited evidence that those infected with the virus were most infectious during the two days before and then three days after symptoms developed.

Read more at: Coronavirus: US cuts recommended isolation period | News | DW | 27.12.2021

Covid-19: Mask-wearing cuts Covid incidence by 53%, says global study | Coronavirus-by Andrew Gregory

n England, the legal requirement to wear a mask ended in July, apart from in healthcare settings and care homes, unless exempt. In Wales, they are still legally required on public transport and in all public indoor areas apart from pubs and restaurants. In Scotland, masks must still be worn in shops and on public transport, and in pubs and restaurants when not seated. In Northern Ireland, masks must still be worn on public transport and in shops.

Results from more than 30 studies from around the world were analysed in detail, showing a statistically significant 53% reduction in the incidence of Covid with mask wearing and a 25% reduction with physical distancing.

Read more at: Mask-wearing cuts Covid incidence by 53%, says global study | Coronavirus | The Guardian

Belarus: Lukashenko ponders cutting gas supplies if EU levies more sanctions over migrants - by Alasdair Sandfor

Allexander Lukashenko has raised the prospect of cutting gas supplies to the European Union if Brussels imposes new sanctions against his regime over the influx of migrants on the country's Brwestern border.

Thousands of people remain stuck out in the open in harsh conditions on the Belarusian-Polish frontier amid the standoff between Minsk and the EU, which accuses Belarus of deliberately orchestrating the crisis.

Read more at: Belarus: Lukashenko ponders cutting gas supplies if EU levies more sanctions over migrants | Euronews

USA Payroll Tax Cut: Addressing coronavirus with a payroll tax cut won't help workers -

President Trump’s proposal to reduce Social Security payroll taxes to stimulate the economy in an election year is a colossally bad idea. No doubt, the president is worried about an economic downturn as the coronavirus epidemic intensifies — and the potential impact on his re-election campaign. But that is no reason to interfere with Social Security’s finances, especially at a time when the program faces future fiscal challenges. 

On Tuesday, the president tweeted that it would “great” for the “middle class” and the “USA” to temporarily cut payroll taxes — which means reducing the revenue flowing into Social Security. In fact, it would be anything but great for the millions of working people who pay into the program so that they can collect their earned benefits upon retirement, disability, or the death of a spouse. 

Today, more than 40 percent of seniors rely on Social Security for all or most of their income. Economic forecasts tell us that tomorrow’s retirees will rely on their Social Security benefits even more than today’s seniors do. How many would willingly trade their future financial security for a few dollars in payroll tax cuts?

Addressing coronavirus with a payroll tax cut won't help workers - Los Angeles Times

NORWAY: To cut oil and gas investments Norway will sell some stock from their $1 trillion fund

Norway's $1 trillion fund to cut oil and gas investments

Read more at: 

http://www.bbc.co.uk/news/business-47494239

Russia's Finance Minister Backs Decision to Cut Key Interest Rate

Russian Finance Minister Anton Siluanov backed the Сentral Bank's decision to cut its main interest rate on Friday and said the bank had grounds to say it had the situation on the foreign exchange market under control.

The Central Bank cut its main interest rate by 200 basis points to 15 percent as fears of recession mount following the fall in oil prices and Western sanctions over the Ukraine crisis.

"We believe that it was an absolutely correct and informed decision," Siluanov told reporters. "The situation has calmed down in the currency market, the [ruble] rate has found its equilibrium."

The ruble, which has fallen some 50 percent against the dollar since early last year, weakened as much as 4 percent against the dollar and euro from the previous close, before recovering slightly.

The Central Bank's decision to cut rates came little more than a month after the ruble's virtual free fall forced the bank to raise rates in an emergency move to 17 percent. Siluanov said the situation had stabilized since then.
 
"We all had complained about the high [lending] rates in the economy, which are guided also by the key [Central Bank] rate," Siluanov said. "The Central Bank's decision speaks of a further decline in [lending] rates. The Central Bank has reason to say that the situation in the foreign exchange market is under control."

Read more: Russia's Finance Minister Backs Decision to Cut Key Interest Rate | News | The Moscow Times

The Environment: EU leaders agree CO2 emissions cut

EU leaders have reached a landmark deal to cut greenhouse gas emissions by 40% by 2030, compared with 1990 levels.

The binding decision came after heated discussions at a summit in Brussels, as some members had argued that their varied interests should be protected.

Correspondents say the final deal is a compromise between countries that rely heavily on coal, and those willing to instil greater emissions cuts.

Environmental groups welcomed the deal, but said it did not go far enough.
The bloc also agreed to boost the use of renewable energy to 27% in the total energy mix and increase energy efficiency to at least 27%.

There were deep divisions within the EU on emissions cuts.

Poland, which is heavily reliant on coal, fears that the costs of decarbonising its economy will slow business growth. Its concerns at the summit were echoed by other central and east European members.

The President of the European Council, Herman Van Rompuy, said afterwards that some poorer EU members would get help - including additional funds - in reaching the agreed targets.

The UK also had opposed nationally binding targets for renewables - mainly wind, solar and hydroelectric power. It is embracing shale gas and nuclear as alternatives to the current over-reliance on oil and gas imports.

Note EU-Digest: Lets hope, China, India and US follow suit .....

Read more: BBC News - EU leaders agree CO2 emissions cut