Bills will be high, but Europe will survive the winter: it’s bought enough oil and gas to get through the cold seasons.
Much deeper costs will be borne by the world’s poorest countries, which have been shut out of the natural gas market by Europe’s suddenly ravenous demand. It’s left emerging market countries unable to meet today’s needs or tomorrow’s, and the most likely consequences — factory shutdowns, more frequent and longer-lasting power shortages, the foment of social unrest — could stretch into the next decade.
“Energy security concerns in Europe are driving energy poverty in the emerging world,” said Saul Kavonic, an energy analyst at Credit Suisse Group AG. “Europe is sucking gas away from other countries whatever the cost.”
After a summer of rolling blackouts and political turmoil, cooler weather and heavy rains have alleviated the immediate energy crisis in Pakistan, India, Bangladesh and the Philippines. But any relief promises to be temporary.
Colder temperatures are on the way — parts of South Asia can be more bitter than London — and the chances of securing long-term supplies are slim. The strong US dollar has only complicated the situation, forcing nations to choose between buying fuel and making debt payments. Under the circumstances, global fuel suppliers are increasingly wary of selling to countries that could be heading for default.
The center of the issue is Europe’s response to tightening fuel supplies and the war in Ukraine. Cut off from Russian gas, European countries have turned to the spot market, where energy that isn’t committed to buyers is made available for short-notice delivery. With prices soaring, some suppliers to South Asia have simply cancelled long-scheduled deliveries in favour of better yields elsewhere, traders say.
“Suppliers don’t need to focus on securing their LNG to low affordability markets,” Raghav Mathur, an analyst at Wood Mackenzie said. The higher prices they can get on the spot market more than make up for whatever penalties they might pay for shirking planned shipments. And that dynamic is likely to hold for years, Mathur says.
Damage caused by global warming, such as the devastating floods in Pakistan, is also wreaking economic havoc on emerging nations, prompting leaders at UN climate talks in Egypt this month to discuss how richer countries can help provide more support.
At the same time, Europe is speeding up construction of floating import terminals to bring in more fuel in the future. Germany, Italy and Finland have secured the plants. The Netherlands started importing LNG from new floating terminals in September. European demand for natural gas is expected to surge by nearly 60 per cent through 2026, according to BloombergNEF.
Exporters in Qatar and the United States are now entertaining bids from European importers looking to buy fuel to fill the new capacity. For the first time, emerging nations like Pakistan, Bangladesh and Thailand are forced to compete on price with Germany and other economies several times their size.
“We are borrowing other people’s energy supplies,” said Vitol group chief executive Russell Hardy. “It’s not a great thing.”
Usually, when there’s a short-term shortage, nations can sign long-term supply contracts, paying a fixed rate for the assurance of reliable deliveries for years. That hasn’t worked this time. Even bids for deliveries starting years into the future are being rejected.
India failed in its latest attempt to lock in shipments starting in 2025. Bangladesh and Thailand essentially abandoned efforts to get contracts that start before 2026, when massive new export plants in Qatar and the US plan to start shipping fuel. Pakistan last month was unable to close a six-year deal that would have started next year, after several attempts at short-term purchases also failed.
“We’d thought the crisis would be over by the end of the year, but it isn’t,” said Kulit Sombatsiri, permanent secretary of Thailand’s energy ministry, at a briefing on Monday. If LNG prices continue to rise, he added, the government would have to consider measures such as closing down convenience stores and other high-energy businesses.
LNG suppliers fear that these nations won’t be able to pay for promised deliveries. Fuel is priced in US dollars, and a single shipment currently costs nearly $100 million. For comparison, LNG shipments averaged $33 million during the 2010s. And costs are higher still in domestic currencies because the dollar has been rapidly appreciating, adding to pressure on the countries' beleaguered finances.
Without Russian gas flowing into Europe, the global gas markets will stay tight. Spot prices will remain high, and without the ability to secure long-term supplies, developing countries may look to dirtier fuels or other partners.
The momentum behind natural gas growth in developing economies has slowed, notably in South and Southeast Asia, putting a dent in the credentials of gas as a transition fuel, the International Energy Agency said in its World Energy Outlook 2022. Natural gas is the cleanest burning fossil fuel and emits less CO2 than coal when combusted.
The energy shortage has already brought the emerging world and Russia closer together. Russia’s been more than happy to offer fuel to Pakistan, India and others who’ve been shut out of the spot market.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Killing of Qassem Suleimani
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
TOP%2010%20MOST%20POLLUTED%20CITIES
%3Cp%3E1.%20Bhiwadi%2C%20India%0D%3Cbr%3E2.%20Ghaziabad%2C%20India%0D%3Cbr%3E3.%20Hotan%2C%20China%0D%3Cbr%3E4.%20Delhi%2C%20India%0D%3Cbr%3E5.%20Jaunpur%2C%20India%0D%3Cbr%3E6.%20Faisalabad%2C%20Pakistan%0D%3Cbr%3E7.%20Noida%2C%20India%0D%3Cbr%3E8.%20Bahawalpur%2C%20Pakistan%0D%3Cbr%3E9.%20Peshawar%2C%20Pakistan%0D%3Cbr%3E10.%20Bagpat%2C%20India%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%20IQAir%3C%2Fem%3E%3C%2Fp%3E%0A
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
UAE currency: the story behind the money in your pockets
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
Play-off fixtures
Two-legged ties to be played November 9-11 and November 12-14
- Northern Ireland v Switzerland
- Croatia v Greece
- Denmark v Ireland
- Sweden v Italy
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
