Importing Russian oil into India is considered a “win-win” situation for the global economy
According to India’s largest oil company, Oil and Natural Gas Corporation (ONGC), importing Russian oil into India is a situation that benefits the global economy. “By importing from Russia, we are also contributing to the global economy by freeing up some oil in the Middle East for other countries, especially in Europe. So, it has […]
Evergrande surges by 70% and leads chinese property stocks upward
Shares of the Chinese property firm Evergrande surged on Wednesday, up to 82%, leading the gains on the Hang Seng Index. Since then, the shares have given back some of their gains but were still up by roughly 70%. The real estate sector was the biggest winner on the HSI (Hang Seng Index), but the […]
OpenAI CEO Sam Altman becomes the first holder of indonesian “Golden Visa”
Indonesia has granted its first “Golden Visa” to OpenAI CEO Sam Altman, just a week after the program was launched to attract foreign investment into Southeast Asia’s largest economy. “There are several categories of golden visas besides those based on investments or capital investments, one of them is the golden visa given to figures with […]
European stocks decline; weak Chinese data sets stage for european disappointment
European stock markets traded lower on Tuesday, influenced by concerns about the Chinese economy ahead of the release of final business activity data for the region. At 03:25 ET (07:25 GMT), Germany’s DAX index was down 0.5%, the UK’s FTSE 100 index fell 0.6%, and France’s CAC 40 index declined by 0.8%. Weak Chinese data […]
Oil giant to spend billions monthly on fossil fuels this decade
ADNOC, the Emirati oil giant led by the president of the COP28 climate conference, expects to spend over $1 billion each month on fossil fuels during this decade. This figure is nearly seven times higher than its commitment to decarbonization projects in the same timeframe, according to research. ADNOC, which recently became the first of […]
Bank of England faces significant losses from its bond purchases
Losses incurred by the Bank of England from bonds purchased to strengthen the British economy after the financial crisis will be “significantly higher than anticipated until mid-decade,” according to Deutsche Bank. By the end of July, the central bank estimated that the UK Treasury might need to cover losses of £150 billion ($189 billion) at […]
Nvidia stocks close at record highs as new partnership with Google in AI emerges
On Tuesday, shares of Nvidia surged by 4.2%, closing at a record high, following the chip manufacturer’s announcement of a partnership with Google that could expand the distribution of its artificial intelligence technology. This record close comes less than a week after the company revealed that its quarterly revenues doubled compared to the previous year, […]
Worldwide lithium shortage could occur as early as 2025
The world could be facing a shortage of lithium as demand for this metallic resource continues to rise, with some analysts predicting it could happen as soon as around 2025. Others, however, see a longer timeframe before this shortage materializes. BMI, the research unit of Fitch Solutions, was among those forecasting a shortage of lithium […]
Turkey Surprises with Larger-than-Expected Interest Rate Hike to 25% in Effort to Tackle Inflation
The Turkish central bank raised interest rates to 25% on Thursday, more than anticipated, signaling its commitment to quell inflation through monetary policy. The main interest rate was previously at 17.5%. Economists surveyed by Reuters had expected an increase to 20%. In the battle against economic challenges, the Turkish lira strengthened against the euro and […]
Huawei building secret chip network, trade group warns
A leading association of global chip companies is warning that Huawei Technologies Co. is constructing a network of secretive chip-making facilities across China. This shadowy manufacturing network could enable the affected entities to circumvent US sanctions and further bolster the nation’s technological ambitions. Huawei, the controversial telecom equipment manufacturer at the heart of tensions between […]