Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Mozambique: Japanese, Koreans and Greeks at the gates of Total for the export of gas

After having won $ 14.4 billion in May for the realization of the megaproject of liquefied natural gas in Mozambique, ie 72% of the funding required, Total is already in advanced negotiations with Japanese and Greek shipowners interested in exporting gas from this country from southern Africa to Europe and Asia. The ships will be built by two Korean shipbuilding companies.

Japanese, Koreans and Greeks at the gates of Total for the export of gas

Mozambican liquefied natural gas aims to supply the international market and shipowners around the world are already knocking on the doors of Total to position themselves before production starts. The French oil giant is in advanced negotiations with three Japanese carriers (Nippon Yusen Kaisha, Mitsui OSK Lines and Kawasaki Kisen Kaisha) for the provision of four ships each and "should sign contracts as of this month" in July, according to Wall Street Journal. The Greek Maran Gas Maritime should also work alongside Total with a ship. And all of these ships, with an average unit cost of $ 190 million, the source said, will be built by two specialized companies from two Korean giants: Hyundai and Samsung.

Extracted from the Mozambican subsoil and then liquefied locally, the gas will then be sent to power plants in Europe and China, especially in France and China. Last May, Total was able to guarantee $ 14.4 billion, or 72% of the $ 20 billion required, for the full implementation of the project.




As the world's largest importer of LNG, Japan is said to be one of the countries that relies heavily on Mozambican gas. According to local press, the Japanese state has therefore contributed to the May fundraiser.

Security challenge
As part of a national strategic plan in Mozambique, this megaproject will notably allow the construction of the first onshore LNG plant, the development of gas fields or the construction of two liquefaction infrastructures with a total capacity of 12 .9 million tonnes per year.

If "the first cargo of LNG must be in 2024. And we are on the right track" as Ronan Bescond, project director told journalists visiting the site a few days ago according to Bloomberg, the project is also evolving in a risky security environment. Indeed, the jihadist threat hanging over part of the country is a real challenge. Just over a week ago, a town 60 km from the project site was attacked for three days.