Ggood morning.
Germany has embarked on an unofficial energy rationing process amid mounting fears that Putin’s gas cuts could lead to power outages this winter.
Economy Secretary Robert Habeck has placed the country in the second phase of its three-stage emergency gas plan, warning: “We must be prepared for the situation to become critical.”
While that phase does not include rationing, some local authorities and housing companies have taken matters into their own hands.
Vonovia, the largest residential landlord in the country, said it would lower the temperature of its tenants’ gas central heating to 17 degrees between 11 p.m. and 6 a.m., the Financial Times reports.
A housing association in Saxony said it would start rationing hot water supplies while Cologne dims its streetlights.
It could get worse. The main Nord Stream pipeline from Russia to Germany will be shut down next week for maintenance work and some fear it will never open again.
5 things to start your day with
1) Advisors earn nearly £70m from Shaftesbury-Capital & Counties merger – Shareholders are ready to vote on the £5bn merger on July 29
2) HSBC banker resigns, declares ‘cancellation culture destroys wealth and progress’ † Stuart Kirk was banned in May after ‘utility jobs’ attacks on climate change
3) PwC partners receive record £1million – Sales windfall and ‘exceptional’ year push wages to new high
4) Facebook threatens European data processing ban † Facebook said sending user data to US violates EU data laws
5) Bank of England hawk pushes for ‘frontloading’ rate hikes † Businesses are losing confidence in bank’s ability to contain inflation, new research shows
What happened overnight?
Hong Kong shares rose early this morning, with a Hang Seng index climbing 1.5 pc.
The Shanghai Composite Index rose 0.5 pc, while the Shenzhen Composite Index rose 0.4 pc on China’s second exchange.
Tokyo stocks opened higher after gains on Wall Street. The benchmark Nikkei 225 index rose 0.5 percent in early trading.
coming today
For Business: Vistry group (trade statement†
Economy: Nonfarm payrolls, unemployment rate, average hourly wage, employment rate (U.S†