Russian gas flows to Europe via Ukraine cease as transit agreement expires

Ukraine president hails ‘one of Moscow’s biggest defeats’ as deal’s end brings power cuts in breakaway Moldovan region

Russian gas has stopped flowing to Europe via Ukraine, ending a major energy route that goes back to Soviet times and had even survived three years of full-scale war between the two states.

Ukraine cut off the transit route after an agreement signed in 2019 expired in the early hours of New Year’s Day, marking a new milestone in Europe weaning itself off Russian gas supplies over the past few years, and prompting immediate power cuts for hundreds of thousand of people in a breakaway region of Moldova.

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Ukraine halts supply of Russian gas to Europe

Ukraine ends agreement to allow gas to flow through its pipelines, with European supplies set to be tested as cold weather forecast later this week

Ukraine has halted Russian gas supplies to European customers through its pipeline network, almost three years into Moscow’s all-out invasion.

The move comes after a prewar transit deal expired during the final hours of 2024 and as the continent braces itself for a plunge in temperatures that could hasten the drain on gas reserves.

Ukraine’s energy minister, Herman Halushchenko, confirmed on Wednesday morning that Kyiv had stopped the transit “in the interest of national security” after Russia refused to alter its stance on the war.

“This is a historic event,” he said in an update on the Telegram messaging app. “Russia is losing markets and will incur financial losses. Europe has already decided to phase out Russian gas, and [this] aligns with what Ukraine has done today.”

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It’s time to get serious about stamp duty on shares, a terrible advert for London

The number of listed companies fleeing can’t be ignored – cutting or abolishing the tax could revive the capital market

Last year was another depressing one for departures from the London stock market. Back in January, it was Flutter heading for the exit. The owner of Paddy Power, Betfair and Sky Bet got itself a secondary listing in the US and said it would quickly convert it into the primary one, which it did in May.

When December arrived, we were still on the same theme. Ashtead Group, the £27bn construction rental company that has been listed in London since 1986, announced plans to shift its primary listing to New York. Other escapers include Just Eat Takeaway, which is off to Amsterdam.

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Millions of households in Great Britain face higher energy bills as price cap rises

Average annual bill in England, Scotland and Wales increases by 1.2% to £1,738 from New Year’s Day

Nine million homes will face higher energy bills from Wednesday as Britain braces for freezing temperatures and snow warnings for the new year period.

The average energy bill for households across England, Scotland and Wales will rise by 1.2% from New Year’s Day to £1,738 a year for a typical household after the energy regulator raised its cap on gas and electricity charges.

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‘Preying on investors’: how software firm MicroStrategy’s big bet on bitcoin went stratospheric

Company’s share price has risen twentyfold after it changed its strategy to become first ‘bitcoin treasury company’

In the summer of 2020, as the Covid-19 pandemic upended economies around the world, an obscure US software firm decided to diversify. MicroStrategy, whose head office is situated next to a shopping mall and metro station in Tysons Corner, Virginia, had decided the steady business of “software as a service” was not racy enough.

Instead, it would branch out by investing up to $250m in alternative assets – “stocks, bonds, commodities such as gold, digital assets such as bitcoin or other asset types”.

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Xi says China’s economy on course to expand by 5% despite Trump concerns

President seeks to allay fears that world’s second-largest economy will falter in 2025 because of high US tariffs

China’s economy is on course to expand by 5% in 2025, according to its president, Xi Jinping, meeting official growth targets and rebutting concerns that Donald Trump’s incoming US administration will harm Beijing’s prospects in the new year.

Using his annual address to the nation, Xi sought to allay fears that the world’s second-largest economy would falter over the next 12 months after the government battled to prevent a slide towards recession during 2024.

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Russia winds down gas supply to Europe via Ukraine as transit deal expires

Exports to cease on New Year’s Day as Europe faces cold snap and higher than usual fall in reserves since September

Europe will receive the last Russian gas sent via Ukraine’s pipelines in the early hours of the new year as the continent braces for a plunge in temperatures that could hasten the drain on gas reserves.

The Russian state energy company, Gazprom, is expected to cut off its exports to Europe through Ukraine’s pipelines on New Year’s Day after a gas transit deal struck between the countries five years ago comes to an end overnight.

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Can flood of cheap new EVs coming to Europe save its carmakers?

Analysts argue 2024 is minor blip and that lobbying for relaxation of rules could harm industry in long term

Affordable new electric family cars – particularly those that are EU-made – have been tough to come by in Europe for the past few years. There were no launches of homegrown electric models for less than €25,000 (£20,740) across the EU during 2022 and 2023, according to the campaign group Transport & Environment.

Yet in the past few months that has changed, with a rush of new cars ranging from the Fiat Grande Panda to the Citroën ë-C3, the Hyundai Inster to the latest Dacia Spring and the Renault 5. Suddenly, buyers have options.

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Millions of Australians could save hundreds of dollars by switching energy deals, ACCC says

Electricity prices fall an average of 4% over 12 months – but almost half of customers miss out by sticking with their old plan

Millions of households could save more than $300 on their yearly energy bills on average just by swapping to better deals on the market, the consumer watchdog has found.

Falling electricity prices over the 12 months to August saw nearly 5m households and businesses on flat rate plans receiving a 4% cut on average, according to the Australian Competition and Consumer Commission.

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City regulators to start oversight of tech firms that provide ‘critical’ services to UK

New powers come amid concerns that cyber-attacks and outages could put the country’s financial stability at risk

City regulators will begin cracking down in the new year on tech firms providing “critical” services to UK banks amid concerns that cyber-attacks and outages at companies such as Google or Amazon could put the country’s financial stability at risk.

From 1 January, the Bank of England and the Financial Conduct Authority will be handed powers to regulate companies that are becoming a crucial part of the day-to-day operations of the increasingly digital banking and payments sector.

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Trump sides with Musk on support for H-1B visas for foreign tech workers

Remarks follow social media posts from Tesla and SpaceX CEO, who vowed to go to ‘war’ to defend program

Donald Trump on Saturday sided with Elon Musk, a key supporter and billionaire tech CEO, in a public dispute over the use of the H-1B visa, saying he fully backs the program for foreign tech workers opposed by some of his supporters.

Trump’s remarks followed a series of social media posts from Musk, the CEO of Tesla and SpaceX, who vowed late Friday to go to “war” to defend the visa program for foreign tech workers.

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Trump versus trade: the global economic outlook for 2025 in five charts

Unpredictable change will sweep through America, while old problems, from war to inflation, are likely to afflict other countries

The global economy is entering the new year with rising geopolitical tensions looming over its prospects, as the world’s leading central banks attempt to cut interest rates after the worst inflation shock in decades.

Donald Trump’s second term in the White House is expected to dominate the economic agenda. Global trade tensions are on the horizon as the president-elect threatens to impose sweeping tariffs on US imports.

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Number of UK retailers on brink of collapse soars by 25%

Report for final three months of year shows pressure driven by rising costs and weak consumer confidence

The number of UK retailers on the brink of collapse soared by a quarter in the final three months of the year, driven by a combination of rising business costs and weak consumer confidence, according to a report.

The proportion of retail businesses classed as being in “critical” financial distress jumped 25% to 2,124 in the fourth quarter compared with the third, the insolvency specialists Begbies Traynor said.

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London-listed miner pauses Mozambique operation amid political unrest

Gemfields makes decision over ruby mining after groups ‘took advantage’ of situation to try to invade its site

The London-listed mining company Gemfields said it had temporarily halted its ruby mining operation in Mozambique after groups “took advantage” of political unrest to set fire and attempt to invade its site, resulting in two deaths.

Gemfields, one of the world’s largest miners of coloured gemstones, said more than 200 people associated with illegal ruby mining attempted to invade the residential village built by the company next to its Montepuez Ruby Mining (MRM) operation in northern Mozambique on Christmas Eve.

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ECB faces tough task after flip in fortunes for eurozone economies

Economists say EU countries hardest hit by 2010s debt crisis now in stronger position than France and Germany

The European Central Bank is facing a tough balancing act in 2025 as it tries to navigate a reversal of fortunes in eurozone economies, as the hardest-hit nations of the 2010s debt crisis outperform the traditional core.

Highlighting a potential shift in power dynamics within the single currency bloc, economists said countries in the EU periphery ravaged by last decade’s sovereign debt crisis were in a stronger position than northern Europe’s most powerful nations, including France and Germany.

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Nigel Farage working as paid brand ambassador for gold bullion firm

Reform party leader promoting gold for Direct Bullion alongside his jobs as MP and presenter for GB News

Nigel Farage has been working as a paid brand ambassador for a gold bullion firm in a third job alongside his roles as an MP and a GB News presenter.

The MP for Clacton and Reform party leader promoted gold on behalf of Direct Bullion on a podcast sponsored by the company in November, hosted by a fellow brand ambassador and influencer Rob Moore.

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Nigel Farage working as paid brand ambassador for gold bullion firm

Reform party leader promoting gold for Direct Bullion alongside his jobs as MP and presenter for GB News

Nigel Farage has been working as a paid brand ambassador for a gold bullion firm in a third job alongside his roles as an MP and a GB News presenter.

The MP for Clacton and Reform party leader promoted gold on behalf of Direct Bullion on a podcast sponsored by the company in November, hosted by a fellow brand ambassador and influencer Rob Moore.

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Boxing Day footfall down on UK high streets despite discounts

Data may reflect shift in behaviour influenced by cost of living crisis or front-loading of spending

Fewer consumers made the journey to high streets and shopping centres in search of Boxing Day discounts this year.

Footfall across UK retailers was down 8.9% as of 3pm on Thursday, compared with Boxing Day in 2023, according to data from MRI Software.

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Body discovered in wheel well of United Airlines plane in Hawaii

Flight left Chicago’s O’Hare airport on morning of Christmas Eve and body discovered at Hawaii’s Kahului airport

Police are investigating the discovery of a dead body in the wheel well of a United Airlines plane after it landed in Hawaii, the airline and the Maui police department said in statements on Wednesday.

The body was found in the wheel well of one of the main landing gears on flight 202, which arrived at Kahului airport from Chicago on Tuesday, United said in an emailed statement.

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US business leaders set to break record on donations to Trump inaugural fund

Donations, not restricted by campaign finance laws, come as industries seek favor with incoming administration

US business leaders are spending big on Donald Trump’s second inaugural fund, which is predicted to exceed even the record-setting $107m raised in 2017.

The donations, which are not restricted by campaign finance laws, come as industries and business leaders seek to curry favor with the incoming administration after the president-elect decisively won a second, non-consecutive term in November.

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