G7 fails to finalize plans for tapping Russian assets
RT » Business
by RT
23h ago
Redirecting the money to Kiev still poses a slew of technical and legal problems, Italy says The G7 has not reached a consensus on how to use the revenue generated by Russian central bank assets frozen abroad to help Ukraine, Italian Economy Minister Giancarlo Giorgetti announced on Saturday. Italy holds the group’s presidency this year, and hosted this week’s two-day meeting of the G7 finance ministers in the town of Stresa. At a press conference at the end of the summit, Giorgetti said the group made progress on the Russian assets issue, but “has yet to finalize” the process because it still ..read more
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UK warned of toughest fiscal choices in decades
RT » Business
by RT
1d ago
The next British government will inherit a slew of economic problems, and will have to quickly decide how to tackle them, according to a think tank The UK economy is in a tight spot and the new government which will come to power after the general elections scheduled for July will face the hardest fiscal challenge the country has seen in decades, the Institute for Fiscal Studies (IFS) think tank indicated in a report on Saturday. According to the analysts, the new administration will inherit three key problems: a debt burden close to 100% of gross domestic product (GDP), high interest rates an ..read more
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Musk blasts US tariffs on China
RT » Business
by RT
2d ago
The levies on Chinese electric vehicles distort the car market, according to the Tesla boss Tesla CEO Elon Musk has denounced the US government’s newly announced tariffs on electric vehicles imported from China as “not good.”  Washington rolled out steep tariffs on Chinese goods earlier this month, quadrupling duties on EVs to over 100%. The new measures affect $18 billion in imported Chinese goods, according to officials.  “Things that inhibit freedom of exchange or distort the market are not good,” Musk stated at the Viva Technology conference in Paris on Thursday, Reuters reported ..read more
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EU to target luxury car influx into Russia – FT
RT » Business
by RT
3d ago
The bloc wants to introduce new sanctions against Belarus, which serves as an import route, the newspaper says The EU is preparing to roll out new restrictions against Belarus, including on luxury cars, in a bid to prevent Russia from bypassing Western sanctions imposed over the Ukraine conflict, the Financial Times reported on Thursday. According to a draft measure currently under discussion, the EU is seeking “to minimize the risk of circumvention,” particularly when it comes to Belarusian imports of luxury vehicles which are then sold on to Russian nationals. The new measures against Russia ..read more
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Putin orders American Express bank to liquidate
RT » Business
by RT
4d ago
The US credit institution has been given the right to “voluntary” close its Russia business Russian President Vladimir Putin has granted American Express bank the right to “voluntary liquidate” its business in Russia, according to a document published on the portal of legal acts on Wednesday. The order did not specify how and when exactly the liquidation process will take place. According to the document, the decision comes in accordance with a decree signed by Putin in August 2022 concerning special economic measures in the financial and energy sectors in connection with the “unfriendly actio ..read more
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Most Americans suffering soaring prices – survey
RT » Business
by RT
4d ago
Roughly one in six households could not pay all their monthly bills in 2023, a report released by the Federal Reserve shows Nearly two-thirds of US households say their financial situation worsened last year, while one in five assessed their ability to meet payments as becoming “much worse,” according to an annual survey published by the Federal Reserve on Tuesday. The Fed’s Economic Well-Being of US Households report for 2023, focused on the finances of US adults and their families, showed that overall financial well-being was nearly unchanged from the previous year, but was below the hi ..read more
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Number of Russian millionaires jumps – data
RT » Business
by RT
4d ago
A drop in capital outflow has led to unprecedented growth in private banking, research shows More of Russia’s super-rich are keeping their money at home, driving “unprecedented” growth in the private banking sector, new research shows. The number of high-net-worth individuals (HNWI) holding assets worth over 100 million rubles (roughly $1 million) in Russian banks jumped by 50% last year compared to 2022, leading banking consultancy Frank RG reported on Tuesday. The data was compiled as part of an annual private banking survey that aims to assess the quality of financial services offered to HN ..read more
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EU states ‘surprised’ by Russia’s economic resilience – Reuters
RT » Business
by RT
4d ago
Several nations have asked the European Commission to assess the impact of a potential ban on LNG shipments, the agency reports A number of EU states, including Germany and France, have asked the European Commission to assess if a potential ban on transshipments of Russian liquified natural gas (LNG) could backfire on the bloc, Reuters reported on Tuesday, citing diplomats. EU members have broadly backed measures that could be added to a 14th package of sanctions against Moscow, including restrictions on Russian LNG exports, sources told the agency. Policymakers are seeking to agree the new re ..read more
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Davos boss quits – media
RT » Business
by RT
5d ago
Klaus Schwab, the founder of World Economic Forum, will reportedly transition to role of non-executive chairman World Economic Forum (WEF) founder and executive chairman Klaus Schwab has announced he will step back from his role, after more than 50 years at the head of the event, according to the Semafor news platform. The article cites a letter from Schwab to staff on Tuesday in which he outlines his intention to transition to a non-executive-chairman role before the next meeting of the annual gathering at the Alpine resort town of Davos, Switzerland, in 2025. The change is pending appro ..read more
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China offloads record amount of dollar assets – data
RT » Business
by RT
6d ago
Beijing has sold $53.3 billion in US securities, according to Treasury Department data China sold a record number of US bonds in the first quarter of this year, highlighting the country’s shift away from dollar assets, the latest data from the US Treasury Department reveals. Beijing has divested a total of $53.3 billion in Treasuries and agency bonds combined in the first three months of the year, while at the same time increasing its purchases of gold and other commodities, data showed. Some analysts have suggested that this reduction in foreign exchange reserves could be part of China’s broa ..read more
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