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U.S. gas producers grapple to meet demand with current supply flow

U.S. gas producers grapple to meet demand with current supply flow

World

Shale drillers in the United States are reportedly struggling to fulfill the high demand for gas from domestic generators. Moreover, consumers in Europe and Asia are seeking alternative supplies following Russias invasion of Ukraine.

According to the U.S. Energy Information Administration, working inventories in underground storage reached 2,771 billion cubic feet, the second-lowest level this year since 2010. Since late January 2022, storage has consistently lagged the pre-pandemic five-year norm, and despite prices that are far higher than long-term averages, it shows no signs of narrowing.

Additionally, Inventories are now 398 bi

Secret Service confiscates USD 286 million stolen COVID-19 Relief Funds

Secret Service confiscates USD 286 million stolen COVID-19 Relief Funds

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Showcasing an act of true investigative integrity, the Secret Service successfully managed to seize nearly USD 286 million worth of stolen COVID-19 relief funds and returned the amount to the Small Business Administration which was operating the EIDL program.

The relief funds were reportedly stolen by imposters who used fake identities and forged credentials to apply for the Economic Inquiry Disaster Loans, which was a relief program intended for small businesses to recoup from the setbacks caused by the onset of the COVID-19 pandemic.

First spotted in Florida, a pivotal link to the scam appeared to be the Green Dot Bank, an online bank

Lyft taken to court over failure to protect users from sexual assault

Lyft taken to court over failure to protect users from sexual assault

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Lyft, the US-based ridesharing company, is reportedly facing a new round of lawsuits filed by drivers and passengers who claim to have been subjected to physical and sexual misconduct while on rides, and who also accuse the ride-hailing firm of failing to protect its customers.

As per Peiffer Wolf Carr Kane Conway & Wise, the legal team that represents several of the victims, seventeen cases have been filed in California, Arizona, Connecticut, Kentucky, Illinois, Michigan, Oregon, Ohio, Texas, Wisconsin, and Virginia.

These are not class actions, but rather individual lawsuits. The legal proceedings are demand for a jury trial.

NZ MPs warned against using TikTok citing high data security risk

NZ MPs warned against using TikTok citing high data security risk

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New Zealand MPs have been reportedly warned against using the short-video sharing app, TikTok, over concerns of their data being accessed by the app’s owner, ByteDance, and the Chinese government.

Speaker Trevor Mallard issued a reminder to party whips last week that MPs should not use the video app on their Parliamentary Service devices.

The move comes after experts warned that the social platform is collecting huge amounts of personal data from users.

The directive has cautioned that TikTok could pose a security risk, wherein the data saved on devices could be accessed by TikTok’s

Alibaba seeks primary listing in Hong Kong amid regulatory crackdowns

Alibaba seeks primary listing in Hong Kong amid regulatory crackdowns

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Chinese e-commerce giant Alibaba Group Holding Ltd. will reportedly pursue a primary listing in Hong Kong to strengthen its position as an alternative to US markets and enabling Chinese investors to make direct purchases of the firm’s shares for the first time.

The shopping platform stated that the move would help elevate the company’s trading status in Hong Kong, streamlining its inclusion in the Stock Connect link with the Shenzhen and Shanghai exchanges.

This could further boost the firm’s liquidity following a year-long sell-off amid the economic slowdown in China and Beijing’s regulatory crackdown.

PwC fined £5 million over Galliford Try and Kier audit failures

PwC fined £5 million over Galliford Try and Kier audit failures

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The Financial Reporting Council has reportedly penalized PricewaterhouseCoopers (PwC), the UK-based professional services network of companies, and former partner, Jonathan Hook, over Kier and Galliford Try audit failures.

According to reports, failures to adequately audit revenues earned under certain complex long-term contracts are at the heart of the violations.

Reports are claiming that a lack of professional skepticism as well as an unsatisfactory challenge to management's assertions led to the supposed failures.

PwC was fined over £3 million ($3.7 million) for failing to adequat

UK travelers left stranded amid flight cancellations, tube strike

UK travelers left stranded amid flight cancellations, tube strike

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Thousands of Britons who are traveling for the summer or returning to the UK for work will reportedly face more travel disruptions as the members of Rail, Maritime, and Transport announced a tube strike amid hundreds of flight cancellation reports coming out of Europe.

London Underground, the country’s rapid transit system advised people to not commute by the tube, having warned of a severe disruption across its network from Monday until Tuesday morning.

The RMT union took up industrial action over a dispute regarding their jobs and pensions.

Transport for London (TfL) said that while som

German prosecutors raid Deutsche Bank, DWS over greenwashing claims

German prosecutors raid Deutsche Bank, DWS over greenwashing claims

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German officials have reportedly raided the headquarters of asset management firm, DWS, and Deutsche Bank, its majority owner, over allegations of deceiving investors about green investments.

DWS and Deutsche Bank stated that the asset management has previously cooperated with authorities and regulators, and that it would proceed to do so in the future. DWS, on its part, denied that it had deceived investors.

Officials stated that they were investigating news stories and allegations made by a whistleblower who claimed that DWS misrepresented investments as ‘more sustainable’ or ‘greener’ than they were, a pra

Economists: brace for slow growth & high costs, but not recession

Economists: brace for slow growth & high costs, but not recession

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While a global recession may not happen soon, economists are reportedly cautioning to brace for slower growth and rising prices.

Simon Baptist, Global Chief Economist at Economist Intelligence Unit, stated that there will not be a sudden recession after stagflation, a period of high inflation and low growth. However, the stagflation conditions will continue to last for at least the next 12 months.

Baptist stated that commodity prices will begin to show signs of easing from the next quarter, but will continue being permanently higher than before, as the supply of several commodities from Russia will be reduced permanently due to the