The European Union proposed changing the bloc's capital rules for insurers on Wednesday to release 120 billion euros for repairing an economy hit by COVID and to meet climate goals without eroding policyholder protection. Britain, which is home to the world's biggest commercial insurance market and left the EU last December, has also begun reviewing the capital rules known as Solvency II.
Global record high natural gas prices are pushing some energy-intensive companies to curtail production in a trend that is adding to disruptions to global supply chains in some sectors such as food and could result in higher costs being passed on to their customers.
Global record high natural gas prices are pushing some energy-intensive companies to curtail production in a trend that is adding to disruptions to global supply chains in some sectors such as food and could result in higher costs being passed on to their customers.
The energy price cap, applied to gas and electricity tariffs for millions of UK households, will remain, Britain's business minister Kwasi Kwarteng said on Wednesday, as the sector battles soaring wholesale costs. "The price cap is here to stay," he told a committee of lawmakers, also warning firms to first try to resolve problems themselves.
A surge in fraud attacks on consumers since the pandemic has become a 'national security threat' for Britain requiring government-coordinated action across industries, banking industry lobby group UK Finance has warned. Financial fraud has rocketed during the pandemic as more consumers shop online and try digital banking and investing.
Britain warned its food producers to prepare for a 500% rise in carbon dioxide prices on Wednesday after extending emergency state support to avert a shortage of poultry and meat triggered by soaring costs of wholesale natural gas.
France's public sector budget deficit is likely to come in smaller than expected this year and any extra tax income should go towards reducing the public debt, the budget oversight panel said on Wednesday.
* CO2 prices will rise sharply, minister says. * UK pays fertiliser maker CF to reopen plants. * Poultry plants would have closed, Britain says. * Iceland says 3-week deal will not save Christmas. * Poultry industry says turkey production will still fall. By Guy Faulconbridge, Kate Holton and James Davey.
Peru's energy and mines minister said on Tuesday the government wants to revise the framework for the country's mining industry, redrafting the umbrella law that regulates the sector, as well as the legislation that sets royalty payments. Peru is the world's No. 2 copper producer. Shares of Peruvian miners have fallen on the perceived risk of those changes.
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