US Business

Want to save carbon and land? Study suggests wooden cities

Housing people in homes made from wood instead of steel and concrete could save more than 100 billion tonnes of carbon emissions while preserving enough cropland to feed a booming population, research suggested Tuesday.

More than half of people globally currently live in cities and this proportion is set to rise markedly by 2050. 

According to some estimates, the infrastructure needed to accommodate up to 10 billion people by mid-century could exceed that constructed since the dawn of the industrial era.

That places a huge emphasis on emissions from construction, one of the most polluting sectors and historically one of the trickiest to decarbonise. 

Were all new construction projects carried out using steel and concrete, that could claim up to 60 percent of Earth’s remaining carbon budget for 2C of warming — that is, how much pollution the global economy can produce and still stay within the Paris Agreement temperature guardrail. 

Scientists in Germany and Taiwan wanted to see how much carbon could be saved if firms switched to wood to build new homes instead.

They used an open-source land use model to simulate four different building scenarios: one with conventional materials like cement and steel, and three with additional demand for timber.

They also analysed how additional high wood demand could be satisfied, where it could be produced, and the impacts new tree plantations might have on biodiversity and crop production. 

They found that housing people in timber homes could avoid more than 100 billion tonnes of CO2 by 2100 — that’s around 10 percent of the remaining 2C carbon budget, equivalent to nearly three years of global emissions.

Wood is known to be the least carbon-intensive building material as trees absorb CO2 as they grow, explained the study lead author Abhijeet Mishra, from the Potsdam Institute for Climate Impact Research (PIK).

“Production of engineered wood releases much less CO2 than production of steel and cement,” he said. “Engineered wood also stores carbon, making timber cities a unique long-term carbon sink.”

He said that engineered wood was the ideal material for constructing “mid-rise” buildings — between four and 12 stories — to house growing urban populations.

The study, published in the journal Nature Communications, found that around 140 million hectares — an area larger than Peru — would be needed to grow new trees to meet the increased demand under the timber-led building scenario. 

But the team calculated that these new plantations could be established on existing areas of harvest forest, and so not impact food supply by eating into crop land. 

“We need farm land to grow food for the people –- using it to grow trees could potentially cause competition for the limited land resources,” said co-author Florian Humpenoder, from PIK.

The authors concluded that planting the necessary additional plantations was possible but would require “strong governance and careful planning” from governments in order to limit their impact on biodiversity.

Musk cites whistleblower to justify scrapping Twitter deal

Elon Musk’s lawyers have filed a fresh notice to terminate his $44 billion buyout of Twitter, citing whistleblower testimony by the platform’s former security chief as “distinct” justification for scrapping the deal.

The termination letter, made public Tuesday, argued that the allegations made by Peiter Zatko would, if true, place Twitter in violation of the initial takeover agreement.

The billionaire Tesla founder has been locked in a bitter legal battle with the social messaging platform since announcing in July that he was pulling the plug on his purchase of the company following a complex, volatile, months-long courtship.

Musk’s decision was partially founded on the allegation that he had been misled by Twitter concerning the number of bot accounts on its platform — a charge strongly denied by the company which is suing the tycoon to compel him to go through with his buyout at the agreed price.

Zatko’s testimony in August had appeared to bolster Musk’s argument, referencing “extreme, egregious” gaps in the platform’s online protections and accusing Twitter of significantly underestimating the number of fake and spam accounts.

In their new termination notice — sent to Twitter and filed with the Securities and Exchange Commission — Musk’s lawyers said the Zatko revelations illustrated “far-reaching misconduct” at Twitter that would likely have “severe consequences” for future business.

As such, they provide “additional and distinct bases to terminate the Merger Agreement,” the letter said.

In a written response, Twitter echoed its previous assertion that Zatko’s testimony was “riddled with inconsistencies and inaccuracies” and rejected the argument that it was in breach of the agreement.

“Twitter intends to enforce the Agreement and close the transaction on the price and terms agreed upon,” the company said.

The legal fight is gathering speed as preparations begin for a five-day trial in October in Delaware’s Chancery Court, which specializes in complex, high-stakes business battles.

Billions of dollars are at stake, but so is the future of Twitter, which Musk has long insisted should allow any legal speech — an absolutist position that has sparked fears the network could be used to incite violence.

Twitter won some early legal skirmishes in the case, including a fast-track trial date, and its stock had risen as analysts predicted the platform would prevail.

But a US judge last week told Twitter to surrender more data to Musk on the key issue of fake accounts, and the billionaire hopes Zatko’s whistleblower complaint could further turn the tide in its favor.

According to Dan Ives of Wedbush Securities, Zatko’s accusations, just weeks away from trial, are “a huge potential win for Musk which could complicate the Twitter case.”

Zatko was hired in late 2020 by the founder and former boss of Twitter, Jack Dorsey, after a massive hack that saw the accounts of major users including Joe Biden, Barack Obama, reality star Kim Kardashian and Musk himself compromised.

Before joining Twitter, Zatko held senior positions at Google and payments processing firm Stripe as well as DARPA, the technological research arm of the Pentagon.

Musk cites whistleblower to justify scrapping Twitter deal

Elon Musk’s lawyers have filed a fresh notice to terminate his $44 billion buyout of Twitter, citing whistleblower testimony by the platform’s former security chief as “distinct” justification for scrapping the deal.

The termination letter, made public Tuesday, argued that the allegations made by Peiter Zatko would, if true, place Twitter in violation of the initial takeover agreement.

The billionaire Tesla founder has been locked in a bitter legal battle with the social messaging platform since announcing in July that he was pulling the plug on his purchase of the company following a complex, volatile, months-long courtship.

Musk’s decision was partially founded on the allegation that he had been misled by Twitter concerning the number of bot accounts on its platform — a charge strongly denied by the company which is suing the tycoon to compel him to go through with his buyout at the agreed price.

Zatko’s testimony in August had appeared to bolster Musk’s argument, referencing “extreme, egregious” gaps in the platform’s online protections and accusing Twitter of significantly underestimating the number of fake and spam accounts.

In their new termination notice — sent to Twitter and filed with the Securities and Exchange Commission — Musk’s lawyers said the Zatko revelations illustrated “far-reaching misconduct” at Twitter that would likely have “severe consequences” for future business.

As such, they provide “additional and distinct bases to terminate the Merger Agreement,” the letter said.

In a written response, Twitter echoed its previous assertion that Zatko’s testimony was “riddled with inconsistencies and inaccuracies” and rejected the argument that it was in breach of the agreement.

“Twitter intends to enforce the Agreement and close the transaction on the price and terms agreed upon,” the company said.

The legal fight is gathering speed as preparations begin for a five-day trial in October in Delaware’s Chancery Court, which specializes in complex, high-stakes business battles.

Billions of dollars are at stake, but so is the future of Twitter, which Musk has long insisted should allow any legal speech — an absolutist position that has sparked fears the network could be used to incite violence.

Twitter won some early legal skirmishes in the case, including a fast-track trial date, and its stock had risen as analysts predicted the platform would prevail.

But a US judge last week told Twitter to surrender more data to Musk on the key issue of fake accounts, and the billionaire hopes Zatko’s whistleblower complaint could further turn the tide in its favor.

According to Dan Ives of Wedbush Securities, Zatko’s accusations, just weeks away from trial, are “a huge potential win for Musk which could complicate the Twitter case.”

Zatko was hired in late 2020 by the founder and former boss of Twitter, Jack Dorsey, after a massive hack that saw the accounts of major users including Joe Biden, Barack Obama, reality star Kim Kardashian and Musk himself compromised.

Before joining Twitter, Zatko held senior positions at Google and payments processing firm Stripe as well as DARPA, the technological research arm of the Pentagon.

Biden to give prime-time warning on US democracy

President Joe Biden will sound the alarm on threats to US democracy in a rare prime-time address to the nation in the key swing state of Pennsylvania Thursday as his party fights to hold on to Congress in the midterm elections.

The Keystone State — which will host Biden three times in the coming days, including on Tuesday — is one of the most hotly contested battlegrounds on the midterm map.

But Republican strategists worry that controversial candidates backed by former president Donald Trump are muddying their path to victory.

The Democratic leader will echo his 2020 campaign theme about the battle for the “soul of nation” in historic Philadelphia, where the Declaration of Independence and US Constitution were written.

He will set out how an imperiled democracy threatens America’s standing on the international stage, according to White House officials, highlighting action to protect voting rights but warning that access to the ballot box is still at risk.

The outcome of the upcoming Senate election in Pennsylvania could decide whether the Democrats cede control of the evenly divided upper chamber of Congress to the Republicans for the next two years.

The Cook Political Report moved the race to “lean Democrat” this month, however, citing widespread Republican concerns with Trump-backed celebrity physician Mehmet Oz’s campaign.

Initially preferring to present himself as a unifier in a deeply divided country, Biden has recently been concentrating his fire on Trumpist Republicans he has accused of embracing “semi-fascism.”

– Curbing violent crime –

The 79-year-old Democrat, who narrowly beat Trump in Pennsylvania in 2020, will bookend Thursday’s address with two other visits to the state.

Biden heads first to the city of Wilkes-Barre on Tuesday — near his hometown of Scranton — where he will promote community policing, curbing violent crime and getting guns off the streets. 

Republicans have presented themselves as the party of law-and-order amid a nationwide spike in murders — with some success, according to multiple polls — while accusing Democrats of wanting to defund the police.

But Biden recently has attempted to turn the tables by pointing to the Republicans’ defense of US Capitol rioters and highlighting the various criminal investigations embroiling Trump.

The president is expected to set out his party’s action on gun violence Tuesday, highlighting the bipartisan gun safety package he signed into law, as well as substantial new funding for policing.

“Every Republican lawmaker in Pennsylvania turned their backs on police and safer communities when they voted against President Biden’s American Rescue Plan, which provided hundreds of billions of dollars for states to help fund law enforcement and public safety programs,” Democratic National Committee DNC spokeswoman Brooke Goren said ahead of Biden’s visit.

The president is due for his third Pennsylvania stop-off in six days on Monday when he heads to Pittsburgh to celebrate Labor Day with Oz’s Democratic midterm rival, John Fetterman. 

In every post-World War II midterm election, the president’s party has lost an average of 26 seats in the House of Representatives and four Senate seats. 

Republicans were heavy favorites to make big gains in both chambers in this cycle but an unexpected special election victory in New York’s Hudson Valley has given Democrats hope of averting a washout.   

A spate of Democratic legislative achievements has also started to pierce the consensus about a Republican wave — along with a recent drop in gas prices, stumbling Trump-backed Senate candidates in several states and a backlash to efforts to restrict abortion. 

Every seat in the House is up for election in November, while 36 of the 100 Senate spots are up for grabs — 20 of which are currently held by Republicans.

Stocks extend Fed-induced sell-off

Stock markets mostly tumbled again on Tuesday, extending losses that were sparked by last week’s Federal Reserve warning that more monetary tightening was on the way.

London’s FTSE 100 was down in afternoon deals after a public holiday closure the day before, while the Paris CAC 40 fell after staging a rally earlier in the day.

Wall Street indices started the morning in the green, only for the rebound to fizzle.

The Frankfurt DAX bucked the trend as it rose 0.5 percent, though lower than earlier in the day.

Most markets have been slumping since Friday after Federal Reserve chief Jerome Powell warned of more interest rate hikes to fight runaway four-decade high inflation, even at the cost of economic pain.

Oil prices tanked Tuesday on fears about a major hit to demand from any global economic slowdown — and news of more Covid restrictions in key consumer China.

Brent North Sea crude dipped below $100 per barrel.

– Energy woes –

Central banks are scrambling worldwide to tame consumer prices that have surged higher since Russia invaded in Ukraine in late February

German inflation data showed consumer prices rose by 7.9 percent in the year to August as the ongoing energy crisis further stoked price pressures.

In Spain, the inflation rate slowed to 10.4 percent in August as fuel prices eased, but it remained elevated due to rising electricity and food prices.

The European Central Bank, which raised interest rates for the first time in over a decade in July, is expected to hike them again when it meets next week.

Natural gas prices dipped Tuesday despite jitters over supply disruptions from key producer Russia.

Europe’s benchmark Dutch TTF gas contract edged down to 272.500 euros per megawatt hour, having struck a March peak late on Friday.

Many European countries are facing severe supply problems as Moscow turns off the gas taps in response to EU military and diplomatic backing for Ukraine

Russian energy giant Gazprom plans to suspend gas deliveries through the Nord Stream pipeline, which runs to Germany, for three days of “maintenance” work from Wednesday.

In France, French energy firm Engie said Tuesday that Gazprom was further slashing its gas deliveries to the company “due to a disagreement between both sides over the execution of contracts”.

Elsewhere, Asian stocks indices diverged on Tuesday, winning limited support from bargain-buying.

In China, a record 96 percent on-year drop in first-half earnings from the country’s largest developer Country Garden Holdings also served as a grim reminder of China’s beleagured property sector.

– Key figures at around 1330 GMT –

London – FTSE 100: DOWN 0.6 percent at 7,384.94 points

Frankfurt – DAX: UP 0.5 percent at 12,962.09

Paris – CAC 40: DOWN 0.1 percent at 6,214.24 

EURO STOXX 50: DOWN 0.1 percent at 3,567.30

New York – Dow: DOWN 0.6 percent at 31,921.35

Tokyo – Nikkei 225: UP 1.1 percent at 28,195.58 (close)

Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,949.03 (close)

Shanghai – Composite: DOWN 0.4 percent at 3,227.22 (close)

Euro/dollar: UP at $1.0008 from $0.9972 on Monday

Pound/dollar: DOWN at $1.1664 from $1.1709

Euro/pound: UP at 85.79 pence from 85.38 pence

Dollar/yen: UP at 138.72 yen from 138.68 yen

West Texas Intermediate: DOWN 4.84 percent at $92.31 per barrel

Brent North Sea crude: DOWN 5.05 percent at $99.78 per barrel

burs-rox/lth

Turkish cryptocurrency boss arrested in Albania

The founder of cryptocurrency exchange Thodex, suspected of having fled Turkey with the assets of his clients, has been arrested in Albania, the Turkish interior ministry said on Tuesday.

Turkey issued an international arrest warrant in April last year for fugitive businessman Faruk Fatih Ozer, who fled with a reported $2 billion in investors’ assets.

Tirana had informed Turkish Interior Minister Suleyman Soylu that Ozer, who was wanted by Interpol, “was arrested in Vlora, Albania”, the ministry said.

It added that “extradition procedures to Turkey have been initiated.”

The Istanbul-based Thodex exchange launched aggressive campaigns to lure investors. 

It first pledged to distribute luxury cars through a flashy advertising campaign featuring famous Turkish models.

But the exchange suspended trading in April 2021 after having posted a mysterious message days earlier saying it needed five days to deal with an unspecified outside investment.

It went dark after running a promotional campaign that sold Dogecoins at one-fourth the price at which they were trading on other exchanges.

But the exchange locked in those investments and did not allow the coins to be either sold or converted into other cryptos.

Turkish security officials then released a photo of Ozer going through passport control at Istanbul airport on his way to an unspecified location.

Media reports said the exchange shut down while holding at least $2 billion from 391,000 investors and more than 60 people linked to the company were arrested.

In a statement Tuesday Albanian police said the 28-year-old Ozer had been arrested at a hotel in Himara, a small town in southern Albania on the Ionian coast. 

Two people suspected of having assisted him were also arrested, police said, with computers, mobile phones and bank cards seized.

Footage released by the Albanian police shows a man lying on a bed in a hotel room with his hands restrained behind his back.

– ‘Baseless’ –

Two days after leaving Turkey last year, Ozer denounced the “baseless allegations” against him in a message posted on his company’s official Twitter account.

The businessman said he had gone abroad to meet investors.

“I will return to Turkey in a few days and cooperate with the judicial authorities so that the truth comes out,” he promised at the time.

The manhunt for Ozer came as Turkey’s crypto market started to unravel. President Recep Tayyip Erdogan’s government warned of the risks and announced plans to rein in the digital currency market.

In the same week, officials blocked the account of the Vebitcoin exchange and launched an investigation after it also abruptly ceased operations.

Many Turks turned to cryptocurrencies in an attempt to preserve their savings during a steep drop in the value of the lira and runaway inflation.

The Turkish currency has lost nearly 27 percent of its value against the dollar since January.

A number of governments, including the United States, have said they will introduce tighter regulation on cryptocurrencies amid concerns over volatile trading and its potential use for criminal purposes.

In recent years, the crypto sector has benefitted from a vast infusion of cash due to easy money policies by the world’s biggest central banks.

However, rampant inflation has sparked tighter monetary policy across the globe, helping to send the industry crashing.

Bitcoin has lost more than half its value since the beginning of the year.

Turkish cryptocurrency boss arrested in Albania

The founder of cryptocurrency exchange Thodex, suspected of having fled Turkey with the assets of his clients, has been arrested in Albania, the Turkish interior ministry said on Tuesday.

Turkey issued an international arrest warrant in April last year for fugitive businessman Faruk Fatih Ozer, who fled with a reported $2 billion in investors’ assets.

Tirana had informed Turkish Interior Minister Suleyman Soylu that Ozer, who was wanted by Interpol, “was arrested in Vlora, Albania”, the ministry said.

It added that “extradition procedures to Turkey have been initiated.”

The Istanbul-based Thodex exchange launched aggressive campaigns to lure investors. 

It first pledged to distribute luxury cars through a flashy advertising campaign featuring famous Turkish models.

But the exchange suspended trading in April 2021 after having posted a mysterious message days earlier saying it needed five days to deal with an unspecified outside investment.

It went dark after running a promotional campaign that sold Dogecoins at one-fourth the price at which they were trading on other exchanges.

But the exchange locked in those investments and did not allow the coins to be either sold or converted into other cryptos.

Turkish security officials then released a photo of Ozer going through passport control at Istanbul airport on his way to an unspecified location.

Media reports said the exchange shut down while holding at least $2 billion from 391,000 investors and more than 60 people linked to the company were arrested.

In a statement Tuesday Albanian police said a 28-year-old Turkish national had been arrested at a hotel in Himara, a small town in southern Albania on the Ionian coast. 

Two people suspected of having assisted him were also arrested, police said, with computers, mobile phones and bank cards seized.

Footage released by the Albanian police shows a man lying on a bed in a hotel room with his hands restrained behind his back.

– ‘Baseless’ –

Two days after leaving Turkey last year, Ozer denounced the “baseless allegations” against him in a message posted on his company’s official Twitter account.

The businessman said he had gone abroad to meet investors.

“I will return to Turkey in a few days and cooperate with the judicial authorities so that the truth comes out,” he promised at the time.

The manhunt for Ozer came as Turkey’s crypto market started to unravel. President Recep Tayyip Erdogan’s government warned of the risks and announced plans to rein in the digital currency market.

Cryptocurrency had proved a way for many Turks to preserve their savings during a steep drop in the value of the lira and runaway inflation.

The Turkish currency has lost nearly 27 percent of its value against the dollar since January.

A number of governments, including the United States, have said they will introduce tighter regulation on cryptocurrencies amid concerns over volatile trading and its potential use for criminal purposes.

In recent years, the crypto sector has benefitted from a vast infusion of cash due to easy money policies by the world’s biggest central banks.

However, rampant inflation has sparked tighter monetary policy across the globe, helping to send the industry crashing.

Bitcoin has lost more than half its value since the beginning of the year.

Musk cites whistleblower in new filing to scrap Twitter deal

Elon Musk made a fresh filing to terminate his Twitter deal, citing new revelations from the platform’s former security boss about major security gaps and misleading account data, a document made public Tuesday showed.

In their filing to the Securities and Exchange Commission, Musk’s lawyers said the information recently provided by whistleblower Peiter Zatko illustrated “far-reaching misconduct at Twitter… that is likely to have severe consequences for Twitter’s business.”

Musk, who has sought repeatedly to pull out of the $44 billion agreement to purchase the social media giant, has formally subpoenaed Zatko to have him share information about spam accounts and data protection shortcomings at Twitter.

The Tesla boss hopes allegations made by Zatko will bolster his case. According to court documents released Monday, Zatko was ordered to answer questions on the record for Musk lawyers on September 9.

The claims by Zatko have been sent to two US regulators as well as the Department of Justice.

Zatko claims Twitter misled users and regulators about “extreme, egregious” security gaps.

In a letter to Twitter’s general counsel included in the SEC filing, Musk lawyer Mike Ringler wrote that allegations about certain facts known to Twitter prior to July 8 but undisclosed to Musk “have since come to light that provide additional and distinct bases to terminate the Merger Agreement.”

Ringler added that the new elements are not necessary to justify a termination of the deal, but constitute additional arguments “in the event that the July 8 Termination Notice is determined to be invalid for any reason.”

In early July, Musk announced he was breaking the buyout agreement with Twitter’s board of directors, accusing the company of not living up to its commitments by not disclosing the exact number of inauthentic and spam accounts. 

The move prompted Twitter to sue the billionaire entrepreneur to force him to honor the terms of the agreement. 

A trial, which is scheduled to last five days, will begin on October 17 in a special court in Delaware.

Musk’s attempt to back out of buying Twitter has struggled for momentum in court.

Twitter won some early battles in the case, including a fast-track trial date, and its stock had risen as analysts predicted the platform would prevail over the mercurial Musk.

But a US judge last week told Twitter to surrender more data to Musk on the key issue of fake accounts, and the billionaire hopes Zatko’s whistleblower complaint could further turn the tide in its favor.

According to Dan Ives of Wedbush Securities, Zatko’s accusations, just weeks away from trial, are “a huge potential win for Musk which could complicate the Twitter case.”

Musk cites whistleblower in new filing to scrap Twitter deal

Elon Musk made a fresh filing to terminate his Twitter deal, citing new revelations from the platform’s former security boss about major security gaps and misleading account data, a document made public Tuesday showed.

In their filing to the Securities and Exchange Commission, Musk’s lawyers said the information recently provided by whistleblower Peiter Zatko illustrated “far-reaching misconduct at Twitter… that is likely to have severe consequences for Twitter’s business.”

Musk, who has sought repeatedly to pull out of the $44 billion agreement to purchase the social media giant, has formally subpoenaed Zatko to have him share information about spam accounts and data protection shortcomings at Twitter.

The Tesla boss hopes allegations made by Zatko will bolster his case. According to court documents released Monday, Zatko was ordered to answer questions on the record for Musk lawyers on September 9.

The claims by Zatko have been sent to two US regulators as well as the Department of Justice.

Zatko claims Twitter misled users and regulators about “extreme, egregious” security gaps.

In a letter to Twitter’s general counsel included in the SEC filing, Musk lawyer Mike Ringler wrote that allegations about certain facts known to Twitter prior to July 8 but undisclosed to Musk “have since come to light that provide additional and distinct bases to terminate the Merger Agreement.”

Ringler added that the new elements are not necessary to justify a termination of the deal, but constitute additional arguments “in the event that the July 8 Termination Notice is determined to be invalid for any reason.”

In early July, Musk announced he was breaking the buyout agreement with Twitter’s board of directors, accusing the company of not living up to its commitments by not disclosing the exact number of inauthentic and spam accounts. 

The move prompted Twitter to sue the billionaire entrepreneur to force him to honor the terms of the agreement. 

A trial, which is scheduled to last five days, will begin on October 17 in a special court in Delaware.

Musk’s attempt to back out of buying Twitter has struggled for momentum in court.

Twitter won some early battles in the case, including a fast-track trial date, and its stock had risen as analysts predicted the platform would prevail over the mercurial Musk.

But a US judge last week told Twitter to surrender more data to Musk on the key issue of fake accounts, and the billionaire hopes Zatko’s whistleblower complaint could further turn the tide in its favor.

According to Dan Ives of Wedbush Securities, Zatko’s accusations, just weeks away from trial, are “a huge potential win for Musk which could complicate the Twitter case.”

Eurozone equities bounce from Fed-induced sell-off

Eurozone stocks rebounded Tuesday from recent losses, but London gains were capped as investors played catch-up after a long weekend.

In midday deals, Frankfurt equities jumped 1.9 percent ahead of key German inflation data and Paris won 1.2 percent.

Both markets had slumped Monday as traders digested Federal Reserve chief Jerome Powell’s warning of more interest rate hikes to fight runaway inflation.

London eked out gains on Tuesday after a public holiday closure the day before, while the euro held above one dollar.

Sentiment had soured late Friday after Powell indicated more monetary tightening was needed to bring inflation down from four-decade highs, news that sent Wall Street into a tailspin.

– Positive note –

“European markets have started the week on a positive note following Friday’s sell-off on Wall Street after Powell struck a hawkish tone,” said Interactive Investor analyst Victoria Scholar on Tuesday.

“US futures are pointing to a bounce back, as markets look set to regain some lost ground.”

German inflation data is expected to show how the ongoing energy crisis has further stoked price pressures in the eurozone’s powerhouse economy.

Natural gas prices however dipped Tuesday despite jitters over supply disruptions from key producer Russia.

Europe’s benchmark Dutch TTF gas contract slid to 259.405 euros per megawatt hour, having stuck a March peak late on Friday.

French energy firm Engie said Tuesday that Russian energy giant Gazprom was slashing its natural gas deliveries “due to a disagreement between both sides over the execution of contracts”.

Engie added in a statement that Russian gas supplies had already been reduced drastically after Russia invaded Ukraine in February.

Many European countries are facing severe supply problems as Moscow turns off the gas taps in response to EU military and diplomatic backing for Ukraine.

Asian stocks indices diverged on Tuesday, winning limited support from bargain-buying.

Confidence remains at a premium as traders contemplate the prospect of more Fed rate hikes and a possible recession.

Oil tanked Tuesday on fears about a major hit to demand from any global economic slowdown — and news of more Covid restrictions in key consumer China.

– Key figures at around 1100 GMT –

London – FTSE 100: UP 0.1 percent at 7,435.36 points

Frankfurt – DAX: UP 1.9 percent at 13,141.45

Paris – CAC 40: UP 1.2 percent at 6,298.71

EURO STOXX 50: UP 1.5 percent at 3,622.75

Tokyo – Nikkei 225: UP 1.1 percent at 28,195.58 (close)

Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,949.03 (close)

Shanghai – Composite: DOWN 0.4 percent at 3,227.22 (close)

New York – Dow: DOWN 0.6 percent at 32,098.99 (close)

Euro/dollar: UP at $1.0034 from $0.9972 on Monday

Pound/dollar: UP at $1.1736 from $1.1709

Euro/pound: UP at 85.50 pence from 85.38 pence

Dollar/yen: DOWN at 138.34 yen from 138.68 yen

West Texas Intermediate: DOWN 1.8 percent at $95.23 per barrel

Brent North Sea crude: DOWN 2.4 percent at $102.53 per barrel

burs/rfj/jj

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