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European shares notched up their best week in two months on Friday as concerns over an energy supply crunch eased, bringing some calm to investors worried about a big rise in interest rates and a political crisis in Italy. The pan-European STOXX 600 index closed 0.3% up at its highest level since June 10, while for the week it jumped nearly 2.9%. While Russian gas flows to Europe resumed after a scheduled maintenance outage, market participants fretted as euro zone business activity unexpectedly shrank in July, due to a downturn in manufacturing and a near-stalling of service sector growth.
The US Treasury and Energy department has shown its cooperation towards the growth of the energy sector of Panama by signing the MoU with the North American country. Under this, the two countries will focus more on Panama’s energy and infrastructure development and diversify its energy sources. It will help in the economic growth of Panama and expand its role as an LNG hub for Central America and the Caribbean.
Centrica, the British energy supplier, will launch a local energy market trial later this year using blockchain technology. There are high expectations that Blockchain could revolutionize the energy sector. The project will test a range of energy trading transactions including multi-party peer-to-peer trading between 200 businesses and residential participants.