German Chancellor Olaf Scholz said Tuesday that his country is well-prepared to tackle a possible energy shortage because of Russia's squeeze on European gas supplies, even as fears grow about the juggernaut of rising prices that will likely hit consumers across the continent this winter.

Scholz spoke at the start of a two-day government retreat, attended also by Spanish Prime Minister Pedro Sánchez, which will focus on the impacts of Russia's invasion of Ukraine on the energy supply in Europe.

Sri Lanka's new government plans Tuesday to present an amended budget for the year that slashes expenses and aims to provide relief to people hit hard by the country's economic meltdown.

President Ranil Wickremesinghe, who is also the finance minister, will present the budget in Parliament, which will voted on it after a debate.

French energy firm Engie said Tuesday that Russian energy giant Gazprom was slashing its natural gas deliveries "due to a disagreement between both sides over the execution of contracts".

Engie added in a statement that Russian gas supplies had already been reduced drastically after Russia invaded Ukraine in February. 

An economic crisis spurred by the Ukraine war is casting darkness upon Egypt's streets, as the government dims lights to free up energy for export and bolster hard currency reserves.

German and French electricity prices for 2023 soared to new records on Friday, as the European energy crisis caused by Russia's war in Ukraine deepens.

The year-ahead contract soared to 850 euros ($850) per megawatt hours (MWh) in Germany while in France it surged past 1,000 euros -- a stark contrast from 85 euros in both countries last year.

A key measure of U.S. prices slowed sharply in July largely due to a steep drop in energy prices, according to government data Friday.

Turkey's finance minister said Friday there was no reason for Turkish businesses to be concerned by a warning about possible U.S. sanctions on companies dealing with already sanctioned Russian businesses.

The Turkish Industry and Business Association confirmed this week that it received a letter from U.S. Treasury Deputy Secretary Wally Adeyemo cautioning that Turkish companies risked consequences if they did business with Russians or Russian institutions that were under U.S. sanctions.

Germany's foreign minister said Friday that estimates show the Baltic Sea can produce "more than twice the installed capacity of all German coal-fired power stations" as the country works to meet climate change targets and to wean itself off of Russia-supplied energy.

In a video message ahead of a meeting in Denmark's capital, Foreign Minister Annalena Baerbock said Germany wants to hasten the expansion of wind power produced in the Baltic Sea.

Ibrahim Slaieh can point to three great moments of joy in his life in the Gaza Strip: his graduation from university, his wedding, and the day last year when he got a six-month permit to work inside Israel.

The permit — a little piece of paper, wrapped in protective plastic — allows the 44-year-old to work at a grocery store in southern Israel, making 10 times what he could in Gaza. It means a better education for his six children, bigger family meals and treats like pastries, fruit yogurt and chocolate milk.

South Korea has signed a 3 trillion won ($2.25 billion) deal with a Russian state-run nuclear energy company to provide components for Egypt's first nuclear power plant.

South Korea's government said Thursday the contract between the state-run Korea Hydro and Nuclear Power and ASE requires the South Koreans to provide turbine-related equipment and construction work for the plant being built in Dabaa, about 130 kilometers (80 miles) northwest of Cairo on the Mediterranean coast.