5 events worth paying attention to today

1) The wholesale price of electricity for the German market with delivery next year, which is crucial for Europe, fell by more than half in three days. During today’s trading, it went down to 486 euros (roughly 11,900 CZK) per megawatt hour (MWh), while on Monday it surpassed 1,000 euros per MWh for the first time. This is reported by the Bloomberg agency.

2) The International Monetary Fund (IMF) is ready to provide Sri Lanka with $2.9 billion (CZK 70.7 billion) over the next four years to help rescue the country suffering from its worst economic crisis in history. This follows from a preliminary agreement, which was reported by press agencies today.

3) Russia is considering buying a total of USD 70 billion (CZK 1.7 trillion) of Chinese yuan and currencies of other countries considered friendly this year in order to slow down the rapid growth of the ruble. After that, he intends to switch to a longer-term strategy of selling the purchased Chinese currency to finance investments. Referring to its sources, Bloomberg reported this today.

4) Mining company Rio Tinto has agreed to buy the remaining 49 percent stake in Canadian copper miner Turquoise Hill Resources for USD 3.3 billion (CZK 80.8 billion). It has secured direct ownership of the giant Oyu Tolgoi copper mining project in Mongolia, Rio Tinto announced today.

5) The Ukrainian state gas company Naftogaz remains insolvent. Her proposal to postpone debt repayments by two years due to the war with Russia received support only from the holders of one bond issue, which is the subject of the transaction. Naftogaz has been insolvent since last month, when it failed to pay one billion USD (24.5 billion CZK), Reuters reported.

Source: Investing.com, Bloomberg, Reuters, CTK

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