Ukrainians told to 'charge everything' as power grid hit by Russia:
Even Lviv - a long way from the fighting - has had power cuts caused by Russian air strikes
On Wednesday, Russian missiles hit Ukrainian energy plants. This is part of a wave of such strikes which began on 10 October. As much as 40% of Ukraine's energy infrastructure has been seriously damaged, according to Oleksandr Kharchenko, an adviser to the energy minister. President Volodymyr Zelensky said three energy facilities had been destroyed on Wednesday and energy companies were preparing for "all possible scenarios" for winter. In preparation for the blackouts, Ukrenergo has appealed to Ukrainians to stock up with water and ensure they have "warm socks and blankets and hugs for family and friends." Serious damage was reported to power facilities in Kryvyi Rih in central Ukraine and Burshtyn in the west. Ukrenergo said there had been more attacks in the past 10 days than in the whole preceding period since Russia's invasion on 24 February. Sporadic power cuts have already affected many of Ukraine’s regions, including the capital Kyiv.
Saudi Arabia launches bid to attract $10 billion in supply chain investment:
Saudi Crown Prince Mohammed bin Salman, attends the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed
On Sunday, Saudi Arabia's crown prince launched an initiative to attract investments in supply chains to and from the kingdom. The initiative by Prince Mohammed bin Salman will include allocating about 10 billion riyals in incentives for supply chain investors, state news agency SPA reported, without elaborating. The Gulf state last year announced it would invest over 500 billion riyals in infrastructure, including airports and seaports, by the end of the decade in a bid to become a transport and logistics hub under an economic diversification plan. The latest supply chain initiative includes establishing a number of special economic zones, said a statement on SPA that also referred to ongoing "legislative and procedural" reforms. He went on to say that, "The Global Supply Chain Resilience Initiative will leverage the Kingdom's resources, infrastructure and location to bring greater resilience to economies and companies across Europe, the Americas and Asia, while further enhancing Saudi Arabia’s position in the global economy."
Inflation protests across Europe threaten political turmoil:
People holds banners and placards as they attend a RMT (The National Union of Rail, Maritime and Transport Workers) union train strike rally outside King's Cross railway station, in London, June 25, 2022. (AP Photo/Matt Dunham, file)
Soaring inflation across Europe has fueled a wave of protests and strikes. This underscores growing discontent with the spiraling cost of living and threatens to unleash political turmoil. British Prime Minister Liz Truss being forced to resign less than two months into the job after her economic plans sparked chaos in financial markets made the risk to political leaders become clearer as people demand action. Europeans have seen their energy bills and food prices soar because of Russia’s war in Ukraine. Despite natural gas prices falling from record summer highs and governments allocating over $566 billion in energy relief to households and businesses since September 2021, according to the Bruegel think tank in Brussels, this has done nothing to abate protests. The fallout from the war in Ukraine has sharply raised the risk of civil unrest in Europe, according to risk consultancy Verisk Maplecroft. European leaders have offered strong support to Ukraine, sending the country weapons. This support forced them to wean their economies off cheap Russian oil and natural gas, but this has not been an easy transition and has contributed greatly to the protests the continent is currently facing.