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Business Arena 7.07

On Thursday’s episode of Business Arena, we discussed the US dollar as it holds firm despite growth fears stalking markets, Norway becoming Poland’s biggest supplier of natural gas, the low unemployment rate in Poland as well as protests against BP dumping old oil pipes into the sea.

US dollar holds strong
The dollar kept trade-sensitive currencies pinned near multi-year lows on Monday and the euro was under pressure as investors sought safety due to worries about slowing global growth. Data on Friday showed euro zone inflation surging to another record, adding to the case for the European Central Bank to hike interest rates this month.

Poland to import most of natural gas from Norway
After a complete ban on Russian coal and a partial embargo on oil imports set to go into place at the end of the year, gas deliveries from the aggressor will most likely face the same fate with many countries looking for alternative sources. Norway, which is currently Europe’s biggest gas producer, is set to become Poland’s biggest supplier of natural gas.

Unemployment rate hits low in Poland
The level of price increases is a real burden for many households. However, despite the current events, joblessness in many countries is at a low. Poland has recorded the lowest levels of unemployment in over three decades, which at the end of June stood at only 4.9 percent.

BP to dump old oil pipes on a marine protected area
British oil and gas company BP has reportedly received permission to dump thousands of tonnes of oil pipes on a marine protected area off the coast of the Shetland islands, according to the Guardian. Greenpeace, the environmental group said the dumping is hard to defend stating that the only justification for doing so would be in the case of an emergency.

Musk contiune to breach regulations
The world’s richest man Elon Musk, CEO of Tesla and SpaceX, who recently acquired the largest share of Twitter is known to have previous run-ins with authorities. The multi-billionaire’s false and misleading claims about delisting Tesla cost him a 20 million dollar fine from the SEC and forced him to step down as the company’s CEO for 3 years. However, a penalty of this size did nothing to stop Musk from breaching regulations again.

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