News in Brief
EU launches first tender for joint gas purchases
AFP – The European Union on Wednesday launched its first international tender for joint gas purchases, as the bloc looks to assure its supplies in the face of war of Ukraine.
The 27-nation bloc is pushing to get the best price it can as it fills it storage ahead of next winter and avoid the record price spikes seen after Ukraine war which started last year.
US consumer prices up
Reuters – US consumer prices increased in April on higher gasoline costs and rents, while underlying inflation remained strong as used motor vehicle prices rebounded, potentially ensuring that the Federal Reserve keeps interest rates elevated for a while.
There were, however, pockets of relief for consumers, with the report from the Labor Department on Wednesday showing prices of food consumed at home declining for a second straight month and the costs of natural gas and electricity falling. Prices for services like airline fares and hotel rooms are also subsiding.
India, Canada aim to seal trade pact
CNBC – India and Canada aim to seal an initial agreement this year to increase their trade and expand investment while setting out a mechanism to deal with disputes, they said in a statement on Wednesday.
India’s Commerce and Industry Minister Piyush Goyal met his Canadian counterpart, Mary Ng, in Ottawa on Monday, along with business leaders.
They said they would like to finalise a memorandum of understanding on their cooperation this year.