FT News Briefing Can all of Africa get access to electricity?
Jun 23, 2022
US stocks hold steady as recession fears linger with insights from Fed Chair Jerome Powell. Tensions rise with a drone strike on a Russian oil refinery amid the ongoing Ukraine conflict. The discussion shifts to Africa, where nearly half the population lacks reliable electricity. It highlights the staggering need for $25 billion annually to achieve universal access by the decade's end, exploring the potential of renewable energy and natural gas to transform the continent's energy landscape.
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Recession Possibility
- Fed Chair Jerome Powell believes the US economy can handle further interest rate hikes.
- However, he acknowledges a recession is possible due to external factors like the war in Ukraine and China's lockdowns.
Drone Attack on Refinery
- A drone attack caused a fire at a Russian oil refinery.
- Military experts suggest this is part of a series of Ukrainian attacks, utilizing Ukrainian-made drones.
Significance of Ukrainian Attacks
- Ukrainian drone attacks inside Russia and behind enemy lines are strategically significant.
- These attacks disrupt Russian logistics and slow their advance, even without Western weaponry.