The ruble increased 0.1% versus the dollar at 59.80 at 0810 GMT. It hit 60.41 as it rose from a nearly four-week record level of 57.70 on Friday. Versus the euro, it accumulated 0.1% to 59.40. Meantime, the euro also fell to a new two-decade low versus the dollar. Alfa Bank noted that the ruble …
According to figures released on Thursday, Turkey’s annual inflation hit a two-decade high of 69.97 percent in April, fueled by the Russia-Ukraine conflict and soaring energy and commodity costs following last year’s currency fall. Just over a year before presidential and legislative elections that might end President Tayyip Erdogan’s lengthy reign, the price rise …
Erdogan In A Dilemma, Turkey’s Inflation Reached 70% Read More »
For more than half of their crude imports, most Eastern European nations still rely on Russia. With the decision to cut off Russian oil shipments, European countries already suffering from record inflation risk exacerbating their predicament. While European Commission President Ursula von der Leyen promises that the planned embargo will be implemented “in a …
The Eu’s Oil Embargo Risks Escalating Already High Inflation Read More »
By delving into its limited dollar reserves, Russia looked to avoid defaulting on its international debt. The debt crisis in Moscow, however, is far from ended. Russia’s finance ministry said Friday that it had transferred $564.4 million to a Citigroup account for a bond due in 2022, and $84.4 million to a Citigroup account for …
In comments about ‘denazifying’ Ukraine, Sergey Lavrov indicated Hitler had Jewish origins, prompting Israel to demand an apology. Israel has condemned Russian Foreign Minister Sergey Lavrov for making “unforgivable” remarks on Nazism and anti-Semitism, including that Adolf Hitler had Jewish ancestors, and demanded an apology from Moscow. Israel summoned the Russian ambassador for “clarifications” …
Israel Slams Russian Foreign Minister’s Anti-Semitic Note Read More »
Amina Mohammed of the United Nations described the Russia-Ukraine situation as “a major jolt to the system.” Mohammed also leads the Global Crisis Response Group on Food, Energy, and Finance, which he previously chaired as Nigeria’s minister of environment. It was established by United Nations Secretary-General António Guterres to examine the larger effects of …
Scott Morrison has acknowledged that costs of ordinary things are rising. Still, he has emphasized that this is due to external reasons. On Friday, Opposition Leader Anthony Albanese emerged from COVID-19 solitude; hence, the campaign trail’s attention shifted back to growing living costs. According to the prime minister, increased inflation and strain on household budgets …
Bloomberg reported that Russia’s Gazprombank rejected a ruble payment from a trading business Germany had seized from Moscow. The payment was for gas deliveries to Germany and Austria in April and May. Russia cut off gas supplies to Poland and Bulgaria on Wednesday. According to Bloomberg, Russia’s Gazprombank turned down a ruble payment from a …
Russia Rejects Germany’s Ruble Payment and Supply To Poland Read More »
On Wednesday, Russia will cut off gas supplies to Poland; it will escalate the stalemate between Moscow and Europe over energy supplies and the Ukraine crisis. Moscow appears to be following through on a promise to cut off gas supplies to nations who refuse to pay in rubles, as Vladimir Putin has demanded. Europe has …
Poland’s Biggest Gas Supplier Ceases Operations in Poland Read More »
The two-year-long pandemic has had an immense impact on many companies and businesses. The popular beverage company Coca-Cola has been one of the impacted entities. However, Coca-Cola sales are now increasing as people return to music and sports venues near the end of the pandemic. Coca-Cola’s sales increased by 16%, balancing growing expenses and the …
Here is How Coca-Cola, Music Venues, and COVID are related! Read More »
Japan’s governing coalition agreed on a supplemental budget on Thursday to help lower-income people and small businesses, signaling additional spending for the massively indebted country. It fights inflation for the first time in decades. In the first phase, Prime Minister Kishida’s Liberal Democratic Party-led administration plans to announce 1.5 trillion yen in relief measures on …
Japan To Increase Budget By $21B To Deal With Rising Costs Read More »
The 10-year Treasury yield in the United States has surged fast to three-year highs, closing the gap with its Chinese equivalent for the first time in more than a decade. As the rates cross, with the US one climbing above China’s, an investment strategy that bought Chinese bonds for the higher return they promised relative …
The Rising Yield On The US Treasury Heavily Impacts China Read More »
The tide in China’s devastating real estate market may be shifting. Bond trading volumes and prices have risen in recent weeks, bolstered in part by the government’s vow to promote the industry and some relaxation of restrictions. Analysts, on the other hand, believe China’s high-growth property market may be a thing of the past, with …
China Saying Goodbye to its Signature Explosive Expansions Read More »
Despite the impact of Covid lockdowns in sections of the nation in March, China’s first-quarter GDP expanded faster than projected, according to figures provided by the National Bureau of Statistics on Monday. GDP increased by 4.8 percent in the first quarter, above estimates of a 4.4 percent growth from the previous quarter. Fixed asset …
China’s 1st Quarter GDP Shocks The World With a 4.8% Surge Read More »
Despite Beijing’s request for further monetary stimulus to cushion an economic downturn, China’s central bank left borrowing prices of its medium-term policy loan steady for the third month on Friday, as predicted. According to an online statement, the People’s Bank of China (PBOC) said it would keep the rate on 150-billion-yuan ($23.52 billion) in one-year …
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