• The FTC wants information about how companies personalize prices.
• The Commission said that it sent orders to companies from Uber to Walmart.
• The orders ask about web use habits and other personal information.

The Federal Trade Commission is asking companies from food delivery services to airlines about how they use personalized prices.

The Commission said on Wednesday that it sent orders to the companies asking for details about what kind of personal information they use to determine prices. The orders target a wide range of companies, from retailers Walmart and Target to food delivery services Uber and DoorDash to airlines like Delta and United.

"Consumers deserve to know whether companies use their web surfing habits or other personal data to estimate the highest price they can charge each consumer," said FTC Chairman Andrew N. Ferguson.

"Workers also deserve to know if their compensation is affected by how companies use their personal data," Ferguson added.

Several companies pushed back against the FTC's claims.

"There is no fare product Delta has ever used, is testing or plans to use that targets customers with individualized offers based on personal data," a Delta spokesperson said.

"We do not use personal information to set prices, and we never will," Instacart said in a statement.

Walmart and Target previously said they would be transparent about their pricing strategies as more stores start using digital price tags.

A growing number of companies are using dynamic pricing to determine what customers pay for everything from concert tickets to jeans.

Some companies use similar methods to determine how much workers get paid. Uber presents its drivers with potential payouts that aren't based on a per-mile or per-minute rate, for instance, but instead consider factors such as demand.

The FTC's orders ask the companies to submit information about their pricing methodologies, including how they use AI, going back to January 1, 2023. It also asks for research that the companies have done on their pricing strategies, such as A/B tests.

The Commission is also seeking information about how the companies used similar technology to offer workers jobs, according to the orders.

Do you have a story idea about Uber, DoorDash, or Instacart? Contact this reporter at abitter@businessinsider.com or via encrypted messaging app Signal at 808-854-4501. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

Thousands of demonstrators have gathered outside Portugal’s parliament as rising property prices, disputed eviction legislation and police operations bring the country’s housing problems into direct confrontation with the government.

Thousands of protesters gathered outside Portugal’s parliament in Lisbon on 27 October, demanding action over soaring housing costs and criticising police operations against housing activists, as the country’s long-running property crisis developed into a broader political confrontation.

The demonstration coincided with parliamentary debate on the government’s proposed 2027 budget and followed several days of protests in Lisbon and Porto.

At the centre of the dispute is an increasingly familiar European contradiction: property values continue to rise, while wages and household incomes have failed to keep pace with the cost of obtaining accommodation.

For Portugal, the problem has become particularly pronounced.

House prices have more than doubled since 2017, while rents for newly agreed tenancies have almost doubled over the same period.

According to figures reported during the demonstrations, the cost of housing in Portugal increased by 147 per cent between 2015 and 2025, compared with an EU average of 60.5 per cent.

The result is a growing disparity between earnings and the cost of independent living, particularly among younger adults.

A property market detached from wages

In Lisbon, a one-bedroom flat can routinely command monthly rent of approximately €1,500.

Portugal’s minimum wage stands at €920 per month before tax.

Although these figures do not represent every household or property, they illustrate the scale of the affordability problem for lower-paid workers.

Between the first quarters of 2025 and 2026, Portuguese house prices increased by almost 20 per cent, according to national statistical figures cited in recent reporting.

Rental costs have also continued rising, recording an increase of approximately 68 per cent since 2020.

The country’s attractiveness to foreign investors, retirees and remote workers has contributed to demand, particularly in Lisbon, Porto and coastal areas.

Tourism has introduced additional competition for residential property, with some homes converted into short-term accommodation.

However, investment and tourism are only part of the explanation.

Restrictions on construction, administrative delays, limited affordable housing supply and the geographical concentration of employment have also contributed to pressure on the market.

These conditions have produced a widening gap between those who already own property and those seeking to purchase or rent their first home.

Disputed eviction legislation

The immediate political confrontation concerns government proposals that would accelerate certain eviction procedures and remove restrictions on rents for new tenancy agreements.

The legislation passed its first parliamentary reading, with the right-wing Chega party abstaining.

Housing campaigners argue that removing protections without first increasing affordable supply could leave tenants more exposed to rising rents and displacement.

The minority centre-right government, led by Prime Minister Luís Montenegro, has pursued measures intended to encourage construction and increase the availability of housing.

These include tax reductions for new building projects and a commitment to deliver 145,000 homes.

Such measures, however, require time before additional properties become available, while many households face immediate financial pressures.

Police operations become a second controversy

The housing dispute intensified following police operations to remove protest encampments in Lisbon and Porto during the weekend.

Police used batons during the clearances, while campaigners alleged excessive force.

According to accounts of the subsequent parliamentary demonstration, police reported 11 minor injuries, including three officers. The housing organisation Casa para Viver claimed that 60 people had been injured.

Portugal’s internal affairs watchdog has opened an inquiry, while prosecutors are conducting a separate investigation into officers’ conduct.

Montenegro defended the police response in parliament, arguing that officers had acted according to the principles of necessity, proportionality and adequacy.

President António José Seguro has convened a meeting of the Council of State to consider the growing protests.

The dispute has consequently expanded beyond housing economics to include questions about policing, public demonstrations and political accountability.

A European problem with national consequences

Portugal’s demonstrations follow similar protests in Spain and growing political scrutiny of housing affordability elsewhere in the EU.

The European Commission has begun addressing the issue through initiatives intended to encourage construction, facilitate investment and give authorities greater legal certainty over short-term rental restrictions.

As EU Today recently reported, the proposed European Affordable Housing Act would provide additional regulatory tools for areas facing severe housing pressure.

Yet the principal responsibilities for housing supply, planning and tenancy law remain with national and local governments.

This division creates a political challenge: Brussels can support investment and coordinate legislation, but the most immediate decisions affecting rents, construction and evictions are taken elsewhere.

For Portugal, the next test will be whether the government’s housing measures can deliver sufficient additional supply while responding to demands for immediate tenant protection.

The demonstrations outside parliament show that housing affordability has become more than a question of property prices. It now affects the government’s legislative agenda, the 2027 budget debate and the relationship between the authorities and an increasingly organised protest movement.

Maya Gourdel, a 19-year-old student in Brussels, sits at a desk writing slogans against those running her country: “If we burn, you burn with us!” The slogan, taken from the 2012 film “The Hunger Games” that has been adopted as a symbol by many youth movements globally, reflects the anger, frustration and desire for change driving Gen Z-led protests around Europe.

From the suburbs of Paris to the squares of Belgrade, thousands have taken to the streets.

The demands are various but often overlapping – frustrations with shabby schooling facilities, perceived lack of economic opportunity, cost of living, corruption, housing and a sense of not being listened to. At times those protests triggered violence – with thousands of shops in France alone being damaged or looted in recent weeks – and police firing stun grenades and water cannons.

This weekend they also brought real change – student-led protests culminated in the toppling in an election of Serbia’s long-time leader Aleksandar Vucic after nearly two years of demonstrations against perceived corruption and creeping authoritarianism.

“Waking up, the first thing we felt was certainly a sense of relief and freedom,” said student protester Stasa Piletic. “Personally, I feel a sense of victory. I feel that we finally moved from protests to responsibility.”

A generation struggling to imagine a future

Chiara, a 21-year-old student in protest-hit Milan, believes “it’s vital to take part in people’s spontaneous movements born from an explosion of rage that made collective action possible.”

“I think the worst damage this ruling class has done to my generation is stealing even the ability to imagine a future, to dream,” she said.

She said Italian students were confronting a reality of schools without enough teachers and crumbling buildings.

“And all of this with the prospect of an underpaid job which we didn’t qualify for and the prospect of living in a tiny, overpriced house, probably away from our city, which we didn’t want to live in.”

Protests led by Gen Z have caused ructions globally as the generation born roughly between 1997 and 2012 found its voice, from Bangladesh in 2024 and Nepal in 2025, to India this year. Now Europe has become a focal point.

Rising costs deepen Europe’s generational divide

Rising prices and the cost of living are a concern for 40% of 16-30-year-olds, according to a European Union survey published in 2025.

Among the 92.7 million people in the EU who faced the risk of poverty or social exclusion in 2025, the highest risk was recorded for young adults aged 18-24 years, at 26.3%, while the lowest was recorded for adults aged 65 years or over, at 18.8%.

Younger people are also wary of shouldering the financial burden of an older generation that tends to vote in greater numbers. People over 60 in France make up a quarter of the population but own 60% of France’s wealth, according to the OFCE think tank.

French pensions are by far the biggest public expense, on track to reach 14% of economic output, as the population ages and voters resist raising the retirement age or reducing benefits. That is still less than Greece or Italy, which spend the largest proportion of national income on public pensions among OECD countries, at around 16% of GDP, according to OECD figures in 2025. But it is much more than Australia, Chile, Iceland, Ireland or South Korea, which spent less than 4% of GDP on public pensions, according to the OECD.

Young protesters unite over failing schools

Bilal Narjissi, a 17-year-old high school student in a suburb north of Paris, has been protesting against “deplorable” conditions and staff shortages at his school. “There used to be rats,” he said. Students were evacuated last year when a roof collapsed on the courtyard, though no one was hurt, he said.

Protests showed “that young people in Europe are united”, he said, adding, “we all agree on one point: that young people are treated like children, far too much, and that they aren’t listened to enough.”

A French government report in October said pension spending had risen by 2.5 percentage points of GDP between 2000 and 2023 while that for education had declined 0.5. It also showed 32% of the education ⁠ministry’s budget went towards pensions, crowding out money for other areas.

Gourdel, too, has been protesting for better conditions in schools in Belgium.

“We tried to do it passively. Nobody heard us. It’s only when people started to burn trash or that kind of stuff that the media and cameras started showing us,” she said.

The protests are still spreading, with a demonstration planned in Germany this weekend over cost of living, inequality, war and the state of schools.

Unrest has also hit Albania, where student-led demonstrations against Prime Minister Edi Rama’s government, fuelled by anger over perceived corruption, a lack of jobs and poor education standards, engulfed Tirana and spread to other cities.

“Our Prime Minister spent 130 days not listening to us,” said Xyke Kurti, a 19-year-old architecture student.

“If you ask a student in Albania, ‘where do you see your future?’ Everyone says ‘outside this country’,” she said, arguing that at home, even if you have talent, someone with “connections is always going to beat you”.

Serbia’s student movement turns protests into political change

Serbia’s student movement did what demonstrators in other European capitals can only dream of.

Now, though, comes the gritty business of governing – something neither the students nor their candidates have any experience of. Luka Stojakovic, another protester, brushes that aside. “We have seen where people with political experience have brought us.”

British finance minister John Healey said he would help most households with their gas bills by enabling those who use the least to pay less as part of his first budget which is due to be announced in full later on Wednesday.

Healey – who has promised to give “breathing space” to families hit by the high cost of living – said he would abolish standing charges which are fixed daily fees that cover the costs of connecting a home to a gas supply and are charged on bills regardless of whether energy is being used.

“Gas standing charges are unfair and outdated so I am scrapping them to give millions of households a bit of breathing space,” Healey said in a statement issued by the Treasury.

He will ask regulators to remove the charges – which cost £108 ($143.78) a year for the typical household on average – in 2027 or as soon as possible after that, the Treasury said.

The costs will be shifted to the price of gas consumed which could save 60% of account-holding households around an average of £45 on their annual bill, the statement said.

Healey said his budget would “draw a line in the sand on an energy policy that has failed British billpayers for years, letting extra costs on bills pile high and leaving households even more exposed to global shocks”.

Earlier this month, the government cut value added tax on electricity bills which surged following Russia’s invasion of Ukraine and have risen again due to the Iran war.

Previous governments have imposed a price cap on energy prices and removed other levies.

Despite that, Britain’s regulated domestic price cap rose 4% in October, and some forecasts are predicting a rise of around 20% to over £2,000 pounds a year in January for an average domestic energy bill including electricity.

British households pay a standing charge on electricity bills which costs around £200 a year on the current price cap.

• It was meant to be a never-ending residential cruise. Now, operations have halted.
• Villa Vie Residences said it can no longer operate due to fuel expenses surging more than 300%.
• The cruise line set sail in 2024 with the promise of a live-in, continuous voyage around the world.

A cruise ship selling the promise of a permanent life at sea has come to an abrupt stop.

Villa Vie Residences, which operates the residential cruise ship Villa Vie Odyssey, announced on Tuesday that it had suspended operations in Cambodia amid steep increases in fuel costs.

The company said its monthly fuel expenses per cabin, which had previously averaged about $1,800, had risen as much as 344% in parts of Asia, to an estimated $6,000 to $8,000.

The US-Israeli war with Iran began in February, and Iran's subsequent closure of the Strait of Hormuz — a vital chokepoint for global oil shipments — sent energy prices soaring around the world.

"Since the conflict began in late February, we have taken significant steps to reduce fuel consumption, including slowing the itinerary and spending more time in port," Villa Vie Residences said.

"Those measures have not been enough to offset the extraordinary increase in fuel costs, and we have been unable to continue carrying the resulting operating losses."

Villa Vie Residences sold permanent cabins on its 509-cabin ship, the Odyssey, ranging from $119,999 to $439,999. Its pitch to residents was a never-ending cruise around the world with stops at more than 400 ports of call and a global circumnavigation every three-and-a-half years.

The ship, which has a pool deck, spa, and a pickleball court, also offered five-year residencies, starting at $59,999.

The rising fuel costs put the company's operating model under unsustainable financial pressure, Villa Vie Residences said. The company added that it was evaluating options, but that no financing or transaction had been finalized.

"Passing the full increase on to residents is not a realistic solution," the company said. "Our focus now is on supporting residents, crew, and employees while we work toward restructuring and recapitalization over the next 60 days. That work is ongoing, and no outcome is assured."

The press release said the company was working with residents to coordinate disembarkation in Cambodia and to identify temporary living arrangements for them.

The Odyssey first set sail from Belfast in September 2024 after four months of delays.

Villa Vie Residences did not say how many residents were affected and did not immediately respond to a request for comment from Business Insider.

Have you spent time on the Villa Vie Odyssey? If you have a story to share, get in touch with this reporter: jzitser@businessinsider.com.

Europe’s electricity market recorded substantial regional differences on Tuesday, 27 October, with average wholesale prices ranging from approximately €6 per megawatt-hour in northern Sweden to more than €255 in Romania.

The figures reveal a persistent difficulty for European energy policy: although the continent has an increasingly interconnected electricity market, businesses and consumers remain exposed to very different underlying wholesale costs depending on location.

According to European day-ahead electricity market data, Sweden’s SE2 bidding zone recorded an average of €6.23 per megawatt-hour, while Finland stood at approximately €6.65. Romania reached €255.20, roughly 41 times northern Sweden’s price. Bulgaria registered approximately €254, Hungary €241 and Greece €225. Germany recorded approximately €155, Belgium €160 and France €162.

These are wholesale prices for delivery on 27 October, not final bills for households or businesses. Their differences nevertheless raise questions about how effectively Europe’s electricity networks distribute power from areas of lower-cost generation to those facing greater costs.

Why a common market produces different prices

European electricity trading is organised through interconnected national and regional markets. Cross-border capacity allows relatively inexpensive power to reach regions where demand is greater or local generation is more expensive.

When transmission capacity is adequate, neighbouring prices can converge. Physical networks, however, have limits. Congested interconnectors can prevent additional imports even when large price differences exist.

Other influences include availability of power stations, renewable output, fuel prices, consumption and system stability. Regions with substantial hydropower, nuclear generation or strong renewable production may experience comparatively low prices. Markets relying on gas-fired generation can be more expensive when gas plants are needed to satisfy the final increment of demand.

The result is a market responding to common European conditions but still shaped by local generation and transmission constraints.

Southeastern Europe’s structural constraints

The European Union Agency for the Cooperation of Energy Regulators, ACER, has repeatedly examined the causes of regional price divergence. In its 2026 assessment of cross-zonal electricity trade, the agency considered unusually high prices and limited access to lower-cost power in southeastern Europe.

Constraints include available cross-border capacity and shortages of flexible generation able to respond to changing renewable output, especially in the evening. Countries including Greece, Bulgaria, Romania, Hungary, Croatia and Slovenia have encountered substantial regional differences.

Those findings do not prove the cause of each price movement on 27 October. They do, however, explain why disparities can persist despite common market rules. ACER has advocated improved coordination among transmission operators, more effective use of existing networks and additional flexibility through storage and demand management.

Industrial consequences of expensive electricity

Energy-intensive industries, including steel, chemicals and fertiliser production, are particularly sensitive to electricity costs. Where contracts are exposed to wholesale markets, sustained regional price differences can influence output and investment decisions.

The relationship between wholesale prices and bills is not immediate. Firms may hedge prices, use long-term contracts or produce their own power. Network charges, taxes and government support also affect the amount paid. Still, persistent market differences can shape industrial competitiveness.

As EU Today reported, EU energy ministers are due to examine proposed changes to electricity network charges and market administration on 29 October. Network tariffs are distinct from wholesale prices, but both affect total electricity costs.

Renewables and the need for flexible networks

According to ACER’s energy-market monitoring, renewable sources represented around half of EU electricity generation in 2025. Solar energy can reduce prices during the day, but output falls sharply towards evening, sometimes requiring more expensive power stations to increase generation.

This increases the value of storage, flexible production, responsive demand and international connections that can balance surpluses and shortages between regions. Yet major transmission lines can take years to complete owing to planning, permitting, investment and construction requirements.

The priority is therefore not simply to install more renewable capacity. Europe’s grids and supporting technologies must be capable of moving and using that output efficiently.

What the price divide reveals

A single day’s wholesale prices should not be mistaken for long-term average electricity costs or a permanent competitive advantage. Nevertheless, the persistence of regional disparities documented by regulators shows the problem extends beyond isolated daily volatility.

For EU institutions, the question is whether further market integration can make energy more affordable while preserving incentives to invest in generation and transmission. National governments must balance security of supply, infrastructure financing and industrial competitiveness.

Electricity trading across Europe is increasingly integrated. The physical systems supplying it remain considerably less uniform. Until those constraints are addressed, the price of power will continue to reflect geography as well as the underlying cost of energy.

European Union energy ministers will meet in Luxembourg on Thursday, 29th October, to discuss proposed changes to electricity network charges that could alter how households and businesses pay for the operation and expansion of Europe’s power grids.

The European Commission wants to revise the rules governing network tariffs, encourage more efficient electricity consumption and accelerate the introduction of smart meters and digital grid technologies. The measures form part of a wider effort to reduce electricity costs, which remain a significant concern for European households and industrial competitiveness.

According to the Council’s published agenda, ministers will examine legislation presented on 17th July alongside the European Commission’s Electrification Action Plan.

The proposals come as Europe faces continued energy-market volatility, with the war in Ukraine and instability in the Middle East affecting supply expectations and prices. Ministers will also assess energy security ahead of the 2026–27 winter.

Why electricity network charges matter

Electricity bills contain several distinct components. Consumers pay for the electricity itself, the operation and maintenance of transmission and distribution networks, and applicable taxes and levies.

Network charges finance the infrastructure needed to deliver electricity from generating facilities to homes and businesses. They also contribute towards grid maintenance, balancing and new investment.

Unlike wholesale electricity prices, which fluctuate according to supply and demand, these charges are generally determined through regulated national tariff systems.

The Commission argues that existing arrangements do not always encourage efficient use of infrastructure or reflect the costs created by electricity consumption at different times and locations.

Its proposed regulation would amend Regulation 2019/943 to strengthen incentives for network operators to control costs and use existing capacity more effectively.

The legislation would also encourage tariffs that reflect when electricity is consumed and the demands placed on local networks.

For example, consumers who can move electricity-intensive activities away from periods of peak demand could face lower charges under certain tariff arrangements.

However, the financial benefits would depend on national implementation, available technology and individual consumption patterns.

Industry presses for lower energy costs

The Commission’s proposal recognises that electricity prices have become a major issue for European industrial competitiveness.

Energy-intensive manufacturers, including steel, chemicals and other industrial producers, face particular difficulties when electricity costs are substantially higher than those of international competitors.

The proposed legislation would allow specific categories of users, including energy-intensive businesses and data centres, to benefit from differentiated network charges where justified by their consumption patterns.

Such arrangements would be subject to safeguards intended to prevent disproportionate costs being transferred to households and smaller businesses.

The proposal also addresses energy taxation. Brussels wants the minimum taxation level for electricity to remain below that of natural gas, reducing a financial disincentive to replacing fossil-fuel equipment with electric alternatives.

As EU Today previously reported, the Commission has been examining changes to electricity taxation as part of its response to Europe’s exposure to imported energy and volatile international markets.

However, reducing charges for one category of consumer does not automatically reduce the overall cost of maintaining a national grid. Regulators must still determine how those costs are recovered.

A growing problem of grid congestion

Europe’s electricity networks require considerable investment to accommodate renewable generation, electric vehicles, heat pumps and expanding industrial demand.

The Commission estimates that approximately €600 billion in electricity-grid investment will be needed by 2030, rising to around €1.2 trillion by 2040.

These figures, outlined in its accompanying assessment, illustrate the difficulty of pursuing lower consumer charges while simultaneously financing substantial infrastructure expansion.

Grid congestion is already delaying connections for renewable-energy projects, industrial facilities and other electricity users.

As EU Today examined in its coverage of Europe’s grid bottlenecks, limited transmission capacity can prevent relatively inexpensive electricity from reaching regions where demand is greatest.

The latest proposal therefore places greater emphasis on making better use of existing infrastructure before committing to conventional network expansion.

It would encourage regulators and operators to consider digital technologies, flexible connection arrangements and improved network planning.

Smart meters and the distribution of costs

The Commission is also seeking faster deployment of smart meters, which can provide consumers and network operators with more detailed information about electricity consumption.

In principle, such systems allow households and businesses to adjust demand in response to changing prices and network conditions.

Industrial consumers may have greater flexibility to shift production schedules or invest in electricity storage. Households, however, may have fewer opportunities to change when they use energy, particularly where consumption is linked to heating or essential daily activities.

This raises questions about how tariff reforms would affect different consumers.

A system that rewards flexible consumption could reduce costs for households with smart appliances, batteries or electric vehicles, while offering fewer benefits to people unable to alter their electricity usage.

National regulators would therefore have to balance economic efficiency against the risk of unevenly distributing network costs.

Ministers face difficult choices

The 29th October meeting will not itself introduce new electricity charges or establish binding national tariff rates.

The Commission’s proposal remains subject to negotiations through the EU legislative process, involving the Council and European Parliament.

Governments will need to consider how much discretion national regulators should retain, whether tariff structures can be made more consistent across the single market and how vulnerable consumers should be protected.

The meeting will also examine longer-term energy security and possible targets for the period after 2030.

For Brussels, the difficulty is that electricity must become sufficiently competitive to encourage industrial investment and electrification, while the infrastructure required to support increased consumption must still be financed.

Whether the proposed reforms eventually reduce electricity bills will depend on their final legislative form, national implementation and the extent to which more efficient grid management produces measurable savings.

• Trump said on Saturday that American oil companies are making a "fortune" on the Iran war.
• Americans, however, are paying record prices at the pump, according to AAA.
• Trump made the comments less than two weeks from the midterm elections.

Though regular Americans are paying more at the pump, US oil companies are striking it rich, President Donald Trump said on Saturday.

Speaking at a rally in Georgia, Trump said that oil prices are "temporarily high," but added that the throttling of the Strait of Hormuz has pushed oil buyers to American companies with operations in Texas, Oklahoma, and Louisiana.

"The United States oil and gas business is making hundreds of billions of dollars," Trump said. "I don't give a damn, I'm going to say it — we're making a freaking fortune."

Indeed, a Q2 report this year from the Oil & Gas Journal, a trade publication, noted that "surging crude prices tied to ongoing Strait of Hormuz disruptions" fueled massive windfalls for North American oil companies.

Year over year, a sample of 38 US producers and refiners collectively grew revenues by about $140 billion, the Oil & Gas Journal reported.

Those profits, however, are not exactly shared by the American public.

AAA reported that the average price of regular gas in the United States is now at $4.29 a gallon. In February, one day before the US and Israel launched surprise attacks on Iran, gas prices were at $2.98.

Diesel prices have also increased precipitously since the American war on Iran began. On Sunday, AAA reported that they sat at $6.35, up from $3.75 a day before the conflict began. Shipping companies rely on diesel to power their boats and trucks. Higher diesel costs are often passed onto consumers in the form of higher prices.

Trump's comments are unlikely to curry goodwill among an American electorate reckoning with an affordability crisis less than two weeks out from midterm elections. The White House did not immediately respond to a request for comment sent on Sunday.

As the midterms approach, Trump has taken steps to lower gas prices.

On October 9, Trump said he reached a deal with Russian President Vladimir Putin to import Russian diesel, which had been heavily sanctioned since the start of Russia's invasion of Ukraine. Analysts warned the move could provide a lifeline to the Russian economy as the country seeks to bombard Ukraine into submission this winter.

"I can see just the fake headlines — 'President Trump is talking about all the money they're making while people are suffering at the pump,'" Trump said at the Georgia rally. "That'll be the headline."

US President Donald Trump has failed to reach an agreement with Russian ruler Vladimir Putin on halting strikes against Ukraine's energy infrastructure. However, Trump is trying to shift the blame for this failure onto President Volodymyr Zelenskyy, he said on The Diary of a CEO podcast.

His words came amid Russia's four record waves of ballistic missile attacks, after US Special Envoy Steve Witkoff described Putin as a "humanitarian." Previously, US officials cut Kyiv off from US intelligence and lowered a speed cap on Starlink to pressure Ukraine into stopping strikes on Russia's oil refineries that bring Moscow revenue for its war.

Trump pins the problem on Kyiv, not Putin

Zelenskyy explained the behavioral pattern behind Trump's recent actions and statements. At first, Putin rejected his proposal for a ceasefire. Then, the US president blamed it all on him, explaining to his people that world fuel prices are rising because of him, which is not true at all, said the Ukrainian leader.

He pointed to the blocked Strait of Hormuz shipping chokepoint, not Ukraine’s refinery campaign, as the driver of higher prices.

He also noted that the volumes of diesel allowed by the US are insufficient to lower global oil prices.

Even so, Zelenskyy said he keeps a working relationship with Trump. What he will not accept is being cast as the villain in Russia’s war: by his account, the US president is rewriting the context, turning Ukraine’s leader into the target for a problem that starts in Moscow.

Earlier, experts said the diesel deal was unlikely to meaningfully lower diesel prices. For Putin, the agreement itself was a win.

A former senior State Department official says it hardly matters whether the fuel arrives, because Putin “has already achieved the result he wants,” with Trump believing he has a pre-election card that could move markets.

The European Central Bank says artificial intelligence investment, changing energy consumption and increased government spending have helped the eurozone withstand this year’s energy crisis, although economists warn that several sources of growth may prove temporary.

The eurozone economy has proved more resilient to the energy price shock of 2026 than economists initially expected, supported by increased investment in artificial intelligence, reduced dependence on fossil fuels and higher government expenditure, according to an assessment published by the European Central Bank on Wednesday, 21 October.

ECB economists Óscar Arce, Gerrit Koester and Beatrice Pierluigi found that structural changes in European energy consumption have reduced the economic consequences of rising oil and gas prices. Stronger international demand for technology equipment and additional public spending, particularly in Germany, have also supported growth.

The findings come as the ECB faces renewed inflationary pressure following disruption to global energy markets caused by the conflict involving Iran, raising questions about the outlook for interest rates and economic activity.

Eurozone growth withstands energy shock

In their assessment of the eurozone’s economic resilience, ECB economists reported that economic output continued to expand despite the sharp increase in energy prices earlier this year.

Excluding Ireland, where economic statistics are frequently affected by the activities of multinational companies, real eurozone GDP in the second quarter was 0.6 per cent above its level at the end of 2025.

The ECB also identified quarterly growth of approximately 0.3 per cent over the preceding four quarters, excluding Irish figures.

These results exceeded earlier expectations that the disruption to energy markets would have a greater impact on European manufacturing, consumer spending and business investment.

Nevertheless, the eurozone’s rate of expansion remains modest compared with its longer-term historical performance.

The ECB’s findings suggest that the economy has become better able to absorb international disruptions without experiencing the immediate contractions that might previously have followed comparable energy price increases.

Reduced reliance on imported oil and gas

One of the most significant structural changes concerns energy consumption.

According to the ECB, the eurozone economy is now approximately half as dependent on oil as it was during the early 1990s, measured against economic output.

Greater energy efficiency, the expansion of services and investment in alternative electricity generation have progressively reduced the amount of fossil fuel required to produce economic activity.

The growth of renewable energy has also altered the relationship between natural gas prices and electricity costs.

In Spain, the proportion of hours during which gas-fired power stations determined wholesale electricity prices fell from approximately 80 per cent in 2020 to just over 20 per cent during the first nine months of 2026.

France recorded a similar decline, from approximately 60 per cent to around 20 per cent, supported by its extensive nuclear generating capacity.

Consequently, increases in international gas prices are having a smaller effect on electricity markets in countries with substantial renewable or nuclear generation.

The ECB cautioned, however, that European economies remain exposed to global energy disruptions, particularly through industrial activity and international supply chains.

Artificial intelligence provides unexpected support

The international expansion of artificial intelligence has generated an additional source of demand for European manufacturers and technology companies.

Investment in computing infrastructure, digital services and specialised equipment has increased demand for products supplied by European businesses.

According to the ECB, global trade has performed considerably better than expected at the end of 2025.

The latest projections indicate international trade growth of approximately 4.7 per cent in 2026, compared with the 2 per cent forecast in December.

AI-related investment accounts for part of that improvement.

European manufacturers producing specialised machinery and technology equipment have benefited from increased export orders, while domestic investment in technology has supported economic activity.

However, the ECB found that the effects vary considerably between sectors.

Technology-equipment manufacturers recorded comparatively strong growth in output, employment and new orders.

Software companies performed better in output terms, but the improvement was less evident in employment and new business.

This uneven performance suggests that the economic benefits of the AI investment cycle are concentrated in particular industries.

German spending strengthens European demand

Fiscal policy has provided another source of support.

The ECB estimates that the expansionary fiscal stance in the eurozone has increased to approximately 0.5 percentage points of GDP, twice the level anticipated in December 2025.

Much of the additional stimulus reflects higher German government spending on defence and infrastructure.

Other eurozone governments have introduced measures to limit the effect of energy prices on households and businesses.

Public investment and expenditure have therefore helped compensate for weakness in areas affected by higher import costs and international uncertainty.

Yet the ECB warned that fiscal support cannot necessarily continue at its present level.

Several eurozone governments face borrowing constraints, while additional public spending can place pressure on national budgets.

Interest-rate decisions remain difficult

The ECB’s assessment comes amid expectations of further monetary tightening as policymakers respond to renewed energy-related inflation.

The central bank must consider whether higher energy costs will remain temporary or begin influencing wages, prices and inflation expectations more broadly.

Additional interest-rate increases could reduce inflationary pressures but would also raise borrowing costs for businesses, governments and households.

The economic recovery remains exposed to potential reversals in global demand, international trade and investment in artificial intelligence.

The ECB’s economists also identified geopolitical escalation and further supply-chain disruption as continuing risks.

Their findings indicate that reduced fossil-fuel dependence has made the eurozone less vulnerable to energy shocks, while technology investment and government spending have provided additional support.

Whether that resilience continues into 2027 will depend partly on the durability of international demand and the ability of European governments to maintain investment without increasing inflationary pressure.