Gold Price Skyrockets

BP has entered into an agreement with Apollo Funds to sell a non-controlling stake in BP Pipelines TAP Limited, which holds a 20% stake in Trans Adriatic Pipeline AG (TAP), a key infrastructure facility that plays an important role in meeting Europe's energy needs. It is the final 880-kilometer section of the Southern Gas Corridor, which transports natural gas from the Shah Deniz field in the Caspian Sea (Azerbaijan) to European countries such as Greece and Italy.. The $1 billion deal is expected to be completed by the fourth quarter of 2024 after regulatory and partner approval.

Pro-government media and experts claim that by hosting Formula 1, Azerbaijan demonstrates its economic strength, development, hospitality, and multicultural values to the world.

Since 2016, Azerbaijan has been hosting the Formula 1 Grand Prix. The race was not held in 2020 due to COVID-19 and was conducted without spectators in 2021. The initial contract for the event was supposed to end in 2020, but it was extended for another three years. In 2023, Azerbaijan secured the continuation of its hosting rights until at least 2026[1].

In recent days, news has been spreading in the media that another devaluation will take place in Azerbaijan in the near future. A decrease in the trade and payment surplus may soon lead to a depreciation or devaluation of the manat: “In recent months, we have seen a decrease in the country's balance of payments.