Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
There are challenges with Iran, North Korea, the Afghan Taliban, Israel and the Palestinians — not to mention a number of trade pacts.Politicsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
In perhaps Buffett's first televised profile, he explained a method of investing that prioritizes bargains and makes use of an occasional baseball analogy.Marketsread more
Gluskin Sheff's David Rosenberg reinforces his recession forecast following the Federal Reserve's September meeting.Futures Nowread more
"This would be the most profound violation of the presidential oath of office certainly during this presidency," House Intelligence Chair Adam Schiff said.Politicsread more
A 58% majority of registered voters express unease about voting for Trump, but slightly more say the same about Joe Biden and Bernie Sanders, while Elizabeth Warren fares only...Politicsread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
LONDON, June 7 (Reuters) - Europe saved $8 billion on its natural gas bill last year because surging U.S. shale production and a shake-up in EU energy markets forced Russia to change its gas pricing mechanism, the head of the International Energy Agency said on Friday.
Fatih Birol, speaking as the IEA released its annual gas report, said 2018 was a "golden year" for natural gas which accounted for 45 percent of total global energy growth, which in turn was the fastest in two decades.
He said the shift in global gas markets stemming from the U.S. shale gas revolution, a rapid expansion of the liquefied natural gas industry and EU liberalisation of energy markets, had forced Russia to change its oil-indexed pricing of gas.
The change began, he said, when rising U.S. gas output led Qatar, the world's largest LNG exporter, to divert LNG supplies to Europe, shaking up pricing on the continent and widening the influence of the Dutch TTF benchmark price.
"Because of the big challenge from LNG and better regulation, there was a lot of renegotiation of pipeline contracts and we estimate in 2018, Russian pipeline exports to Europe were $8 billion cheaper than they would have been with conventional oil indexation," he told Reuters.
"If there were a full adoption of the EU Directive, we could see more LNG to Central Europe where prices are $0.50 per mmBtu (million British thermal units) higher than TTF. This would lead to an additional $1.3 billion a year in savings," he said.
Birol's remarks boost the case made by U.S. LNG producers, and more recently U.S. President Donald Trump, for Europe to import more of the super-chilled gas.
Russia says the cost of U.S. LNG - buying, liquefying and shipping it across the Atlantic - is far more than piping Russian gas. But Birol made no price comparisons, arguing instead that market forces led to the change in Russia's long-term gas contract structures.
The IEA in its annual report forecast the LNG market to grow 26% between now and 2024 to 546 billion cubic metres, with China becoming the largest buyer and the United States the biggest seller.
A trade war between Beijing and Washington could hamper the development of new U.S. export terminals, which depend on long-term buyers. Chinese companies by and large have stayed away from U.S. LNG projects especially after Beijing slapped on retaliatory tariffs.
"Despite this current challenge, I see a strong potential between U.S. and China in commercial terms; I feel sooner or later, there will be a strong flow between these two countries," Birol said of LNG trade between the two countries.
(Reporting by Sabina Zawadzki; Editing by Susan Fenton)