The European Union flagged tougher requirements on Wednesday for commodity companies using derivatives markets after failing to meet higher collateral calls when gas prices rocketed due to Russia's invasion of Ukraine.

Turkey's inflation slowed in November for the first time since May 2021, official data showed on Monday, delivering a boost to President Recep Tayyip Erdogan ahead of next year's election.

Inside five white tents outside the Uiwang container depot near Seoul, about 200 striking truckers huddle around gas heaters

Britain's economy is on course to shrink 0.4% next year as inflation remains high and companies put investment on hold, with gloomy implications for longer-term growth, the Confederation of Business Industry forecast on Monday.

The government is already partially subsidising rocketing electricity and gas bills after prices soared following the invasion of Ukraine by key fossil fuel producer Russia.

Software developer Victor Varlamov logs in every morning to work on a sunny Spanish island off the coast of Africa after the prospect of steep heating bills and a winter made harsher by the Ukraine war drove him to leave his adoptive home in Poland.

EU energy ministers failed Thursday to agree a cap on gas prices to mitigate the energy crunch in Europe amid deep divisions over an initial proposal slammed by many as a "joke."

It's the best of times, it's the worst of times. At least when it comes to mining coal.

The 27 European Union countries disagreed on Wednesday over a proposal by the bloc's executive to cap future gas prices at 275 euros per megawatt-hour (MWh), a plan that has swiftly drawn criticism from both backers and opponents.

Italian Prime Minister Giorgia Meloni's first budget, due to be approved by her cabinet on Monday, will focus on curbing sky-high energy bills and cutting taxes for payroll workers and the self-employed, government officials said.

British finance minister Jeremy Hunt appears to have delayed the "properly tough" decisions needed to balance the public finances, possibly in the hope of an economic upturn that will reduce the need for a painful squeeze, a think-tank said.

Thursday's government budget is unlikely to be uppermost in the minds of people enjoying the annual light show on the seafront promenade of Blackpool.

Bond dealers expect Britain to trim debt issuance plans for the current financial year, compared with those made just after September's "mini-budget", but see a big jump in issuance next year, a Reuters poll showed on Wednesday.

British inflation has jumped to a 41-year high on soaring energy and food bills in a worsening cost-of-living crisis, data showed Wednesday on the eve of a key budget.

Britain will Thursday hike taxes and slash public spending in a government budget that signals a return to austerity despite a cost-of-living crisis and recession headwinds.

The moment of truth is almost here for Britain's new prime minister Rishi Sunak and finance minister Jeremy Hunt.

European shares were nearly flat on Tuesday as a sharp decline in British telecom group Vodafone, after it slashed its full-year forecasts, eclipsed gains in the utilities sector.

Sunak, who took office just three weeks ago, swiftly restored a fracking ban that was controversially lifted by his short-lived predecessor Liz Truss.

The EU warned Friday the eurozone was set to fall into recession this winter as Brussels hiked inflation forecasts for 2022 and 2023 on the back of high energy prices.

Italy will approve a package of measures worth more than 9 billion euros ($8.96 billion) on Thursday to lower energy prices, increase gas output and preserve stocks ahead of the winter, two government officials told Reuters.

Greek workers went on a day-long strike on Wednesday, demanding higher wages to cope with surging inflation, as Europe's soaring energy prices and living costs trigger industrial action and protests across the continent.

Italy aims to follow a cautious fiscal policy in order to lower its public debt but is ready to act quickly to curb surging energy costs and head off recession risks, Economy Minister Giancarlo Giorgetti told parliament on Wednesday.

European workers squeezed by the soaring cost of living went on strike in Belgium and Greece on Wednesday, with stoppages threatening to paralyse parts of Britain, France and Spain in coming days.

Higher interest rates can also boost a currency because investors are encouraged to bring money into the country to benefit from higher returns.

The U.S. dollar sank on Monday against the euro and sterling supported by a risk on sentiment and a rally in the European stocks market.

Euro zone finance ministers will discuss on Monday how to better coordinate support for economies against soaring energy prices to reduce the uncertainty such schemes create for their 2023 budgets and to better prepare for a looming recession.

PayPal Holdings shares dropped nearly 6% in morning trade on Friday after the digital payments heavyweight lowered its annual revenue forecast, warning of a bleak holiday quarter as consumers cut back on discretionary spends.

Thousands of Spaniards packed Madrid's landmark Plaza Mayor square on Thursday to demand higher pay in the first mass protest since the start of the cost of living crisis.

Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency warned Thursday.

Europe needs its industrial companies to save energy amid soaring costs and shrinking supplies, and they are delivering - demand for natural gas and electricity both fell in the past quarter.