Destination unknown: Qantas offers ‘mystery flights’ for travel-hungry tourists amid border closures

Earlier this year, Qantas carried out so-called flights to nowhere, with the planes departing from and landing at the same airport after fly-bys over iconic Australian landmarks.For more stories on economy & finance visit RT’s business section However, travelers will have no idea where they are headed. Follow RT on

As international borders remain shut due to Covid-19, Australian carrier Qantas offers those missing normal life the chance to get on a plane and go at least somewhere. The airline has come up with another creative way to attract more customers amid the coronavirus crisis. According to the company, the trip can include anything from a winemaking course to “a gourmet lunch with musical entertainment on the shores of one of Australia’s tropical island wonders.”While the carrier revealed that all the destinations are outside major capital cities, it added that it will provide some additional clues to travelers before they turn up at the airport to ensure they pack suitably. Also on rt.com
Sharpest decline in aviation history: Passenger traffic plunged 66% last year due to pandemic, IATA says

Qantas said that the proposal is the developed version of the mystery flights it operated in the 1990s, when its customers had a quick one-day trip to an unspecified domestic location. Each time Boeing 737 will fly out of either Brisbane, Sydney and Melbourne, but the only thing its 120 passengers will know when boarding is that their journey will last around two hours. 

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Australians can visit Antarctica during pandemic with no passport or luggage required

The ticket, the price of which starts at AU$737 for economy and AU$1,579 for business, will include not only the flight itself, but a whole one-day travel experience. Starting Thursday, Australians were able to book a ticket for one of the “mystery flights,” scheduled for the end of March, April and May.

China’s exports surge at record pace from coronavirus-battered levels

Skyrocketing exports and growing imports allowed overall trade to rise over 41 percent in dollar terms and 32 percent in yuan terms in two months year-on-year. While that is compared to the low base of 2020, the growth was significant even when contrasted with pre-crisis years.“Even when compared with normal years, such as the comparable periods in 2018 and 2019, growth in China’s overall trade was around 20 percent,” customs said.Robust exports and imports have helped China to become the only major economy to see growth in 2020. According to China’s General Administration of Customs, stimulus measures in major economies have also helped to elevate consumer demand for made-in-China products. Moreover, this year many Chinese firms stayed open during the traditionally long Lunar New Year holidays as workers were encouraged to stay at their workplaces instead of going to their hometowns. The sharp increase in exports, which was much higher than economists’ predictions, is partly explained by the low base from 2020, when exports fell over 17 percent as the government imposed lockdowns to contain the spread of the deadly virus. The world’s second-largest economy expanded 2.3 percent last year, its weakest result in decades, but most of its global peers contracted or even fell into recession. Beijing has recently set a growth target for 2021, expecting its gross domestic product (GDP) to expand by six percent.For more stories on economy & finance visit RT’s business section The customs agency said that this allowed exporters to deliver orders faster than usual for this period. 
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China’s economy could double in size by 2035, eclipsing US along the way – Bank of America

Imports also jumped in the January-February period, rising more than 22 percent compared with a year ago. Follow RT on

China saw its trade booming in the first two months of the year, with exports rising more than 60 percent in January-February compared to 2020 lows, when the Covid-19 outbreak rattled the world’s second-largest economy. Also on rt.com
‘World has never seen this much wealth created in just one year’: China tops US as home to most dollar billionaires

The surge in exports also came due to strong overseas demand for Chinese goods, with the US and Europe remaining the biggest destinations for Chinese shipments. Last month alone, outbound shipments spiked 154.9 percent year-on-year, marking a record monthly surge for Chinese exports.

WTF is a NFT? RT’s Boom Bust explores multi-million crypto industry

Earlier this week, US rock group Kings of Leon announced that their new album will be available as an NFT, offering some exclusive options to the fans. The host of RT’s Boom Bust, Brent Jabbour, discussed this new way to own art and other digital assets, and how it actually works, along with Boom Bust co-hosts Ben Swann and Christy Ai.“NFTs gain value on the same deflationary principles as bitcoin and there is a limited amount of tokens and the items cannot be duplicated,” Christy Ai explained. However, the creators also benefit from the technology, as they can earn royalties, even on the resale.For more stories on economy & finance visit RT’s business section The tokens are based on blockchain technology, allowing them to be traced back to the original creator, she added. “The thing about tokenizing everything – and that’s where we’re headed in the economy– when you tokenize everything you create a system by which you can really create master copies of tokens that…are all about bragging rights,” Ben Swann said. While you can still view art or a video online, NFTs give you ownership, making the rare piece of digital art an investment opportunity. Twitter CEO and crypto enthusiast Jack Dorsey is one of the latest to get into the game, auctioning his 15 year-old tweet as an NFT. Follow RT on

Non-fungible tokens (NFTs) have been gaining in popularity in recent months, with investors and art-lovers spending millions of dollars to claim ownership of something that only exists in digital space.

Luxury car marque Aston Martin to start making electric models in UK amid shift away from traditional vehicles – media

The Canadian billionaire took up his role at the company last year, when he acquired an over 20 percent holding. However, Stroll signaled that Aston Martin would not be entirely stopping production of vehicles with a traditional engine, but would make them available for car enthusiasts outside the UK.Aston Martin has until recently appeared to be more focused on hybridization rather than battery-electric cars. Stroll promised in an interview with the Financial Times that its battery sports cars and sport utility vehicles would be produced at plants in England and Wales, respectively. Also on rt.com
New petrol and diesel cars will be available for purchase in UK for just another 10 years – reports

The statement comes as the UK pushes ahead with its plan to ban sales of petrol and diesel cars, with the measure scheduled to come into force by 2030. The production of its first electric model, the Rapide E, which officially debuted at the 2019 Auto Shanghai, was reportedly indefinitely suspended earlier this year. Follow RT on

Aston Martin has vowed to build its electric cars in the UK from 2025, Executive Chairman Lawrence Stroll has revealed. However, in an earlier interview with Bloomberg, Stroll said the company plans to introduce an electric sports car and a SUV by 2025.For more stories on economy & finance visit RT’s business section The pledge comes in response to the British government’s push to abandon petrol and diesel vehicles.

Global food prices continue to rise with poorest countries hit hardest

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World food prices spiked for the ninth consecutive month to hit a six year-high in February, led by sugar and vegetable oils, according to data from the Food and Agriculture Organization (FAO) of the United Nations. The gauge, which tracks monthly changes in the international prices of commonly-traded food commodities, is also 26.5 percent higher than it was a year earlier. 🔴 Global #foodprices rose for the ninth consecutive month in Feb, with quotations for sugar & vegetable oils increasing the most.Early estimate for 2021 wheat output are positive but 45 countries need external assistance for food.More: https://t.co/ESuDuAsERzpic.twitter.com/SWRtaEXBUA— FAO Newsroom (@FAOnews) March 4, 2021The latest increase has become the longest surge for overall food costs since the food crisis broke that out in 2007-08. Palm, soy, rape and sunflower seed oils all became costlier due to multiple factors from concerns over low inventory levels in leading exporters to lower than expected production prospects for this year. “Higher international prices could really go to exacerbate the economic hardship caused by the pandemic, especially for some vulnerable groups,” economist at FAO, Shirley Mustafa, said as cited by Bloomberg. “We see a number of countries on the one hand seeing greater production, but also with heightened import needs,” Mustafa added. The agency’s sugar price index rose for the second month in a row, reaching its highest level in nearly four years. 
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Russia doubles wheat export tax to stabilize domestic food prices

Meanwhile, vegetable oil prices posted almost similar growth, hitting the highest level since April 2012. Prices for sugar soared most, adding 6.4 percent from January, according to the FAO. The agency said that its food price index jumped by 2.4 percent month-on-month to reach 116.0 points in February. “Put this next to the increases in international food prices, this is at the root of the concern we have over the recent gains.”According to the official, higher production in some countries may not be enough to offset heightened import needs of other states. According to the FAO estimates, some 45 countries, including 34 in Africa and nine in Asia, “are in need of external assistance for food” due to conflicts, climate-related shocks and as the result of the Covid-19 outbreak, which exacerbated their vulnerabilities.For more stories on economy & finance visit RT’s business section

‘We turned essential services into a casino,’ energy market expert tells Max Keiser after Texas power-grid failure

The Texas energy market is largely not under federal oversight and relies entirely on market forces to have an impact on energy companies’ and power plants’ behavior, the analyst said, on the latest episode of RT’s Keiser Report. This was seen during the latest winter storm, when electricity providers charged $9,000 per megawatt hour, instead of the normal, average price of $20 per megawatt hour, according to him.“We’ve turned essential services into a casino, where a couple of aggressive financial and energy companies are able to exploit these types of situations and make an enormous amount of money,” Slocum said.For more stories on economy & finance visit RT’s business section Max Keiser talks with Tyson Slocum, director of Public Citizen’s energy program, to understand who’s to blame for the massive power outage. “This complete failure to have any sort of regulations or mandates tied with reliability is the cause the energy crisis that Texans experience,” Slocum explained. He added that allowing market players to serve households resulted in “predatory” practices. Follow RT on

A cold snap recently left millions in Texas in the freezing dark.

Russian agricultural exports surge as trade with China grows

Egypt, ranked third, bought $448 million worth, half as much as the nation exported in the same period a year ago. In 2021, China increased imports of Russian agriculture by 27.3 percent to $741 million.Turkey, the second biggest buyer, raised its purchases by 40.8 percent to $628 million. Also on rt.com
Russia doubles wheat export tax to stabilize domestic food prices

At the same time, exports of fish and seafood saw a drop of 25.7 percent and totaled $448 million, while foreign sales of food and pharmaceutical industry products amounted to $346 million, a decline of 5.7 percent.China remained the major consumer of Russian agricultural products, with the share of Russian exports totaling 18.9 percent. Follow RT on

Russia’s agricultural sector has seen impressive growth in sales abroad this year, according to the latest data published by the AgroExport center under the country’s Ministry of Agriculture. Also on rt.com
Russia to win back crown of world’s top wheat exporter despite looming quotas & export tax

The European Union, South Korea, Azerbaijan, Ukraine, Pakistan, Uzbekistan, and Mongolia also entered the top 10 of the largest buyers of Russian agricultural goods.According to the agency’s estimates, foreign sales in the sector totaled $30.658 billion in 2020, a significant rise compared to $25.6 billion in the previous year.For more stories on economy & finance visit RT’s business section In 2021, exports of agricultural products from Russia reportedly totaled more than $4.1 billion as of February 28, marking a rise of 35.8 percent compared to the same period a year ago.Exports of grains within the specified period more than doubled as Russian farmers exported over $1.8 billion worth, while sales in the fat-and-oil sector rose 6.3 percent to $687 million. Exports of meat and dairy products grew by 33.7 percent to $135 million.

Tweet for $1.5 MILLION? Twitter boss Jack Dorsey is selling first-ever tweet and the bids are flying in

Like cryptocurrencies, they operate on a blockchain, but they don’t hold money and serve to show ownership of some other unique assets like art. According to Valuables, the highest bidder for the famous post will actually buy “a digital certificate of the tweet.” The website compares such a purchase with owning an autograph on a baseball card, saying that “the NFT itself is the creator’s autograph on the content, making it scarce, unique, and valuable.”

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Twitter reports $1.14 billion net loss for 2020

For more stories on economy & finance visit RT’s business section Some social media enthusiasts are ready to spend a fortune on it. Dorsey’s almost 15-year-old message “just setting up my twttr” attracted whopping offers after he posted a link to a tweets marketplace called Valuables on Friday.The intense bidding war put the Twitter co-founder’s post at $363,000 as of Saturday morning (around 8am GMT). Offers were rising almost every hour, and had risen to $1.5 million by 3pm GMT.just setting up my twttr— jack (@jack) March 21, 2006While the sale was announced, at least on Twitter, on Friday, it seems that the tweet was listed on the website weeks ago, as some replies to Dorsey’s tweet linking to Valuables date back to December.NFTs are a special type of token. Follow RT on

The first post on Twitter that appeared on its co-founder and current CEO Jack Dorsey’s account in 2006 is up for sale as an NFT, a nonfungible token.

Venezuela to issue 1-million-bolivar bill, but it’s worth only 50 cents amid raging hyperinflation

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Venezuela is set to have a new highest valued banknote of one million bolivars as soon as next week. At the same time, Caracas-based consultancy Ecoanalitica estimates that two-thirds of transactions across the country are made in foreign currency. Also on rt.com
Venezuela wins UK court decision in battle to get its gold back

As the Venezuelan currency rapidly depreciates, it is being replaced by the US dollar, with goods mostly priced in the greenback. The new bills are set to come into circulation on March 8.Tres nuevos billetes serán incorporados al Cono Monetario vigente, como parte de la ampliación de la actual familia de especies monetarias.#BCV 🇻🇪 pic.twitter.com/HdUDbrrZ5F— Banco Central de Venezuela (@BCV_ORG_VE) March 5, 2021The regulator said the banknotes are meant to “complement and optimize the current denominations, to meet the requirements of the national economy.” But even if you put all three banknotes together, they are worth less than one US dollar at the current official rate. As of Friday, one US dollar was being exchanged for around 1.889 million bolivars, meaning that 1 million bolivars is worth around 52 cents.The economy of the Bolivarian Republic has been under severe pressure in recent years, with the situation severely deteriorating after the US slapped the country with sanctions. The nation is suffering from hyperinflation, which reportedly hit 3,000 percent last year. But as the sanctions-hit country is facing enormous inflation, the bill is only worth around 50 cents. The nation’s central bank announced on Friday that it will introduce three new banknotes worth 200,000, 500,000, and one million bolivars. When the central bank revealed the new bills, Director and Partner at Ecoanalitica, economist Asdrubal Oliveros, said the banknote is good for nothing more than public transport – one of the few services reliant on the paper bolivar.For more stories on economy & finance visit RT’s business section

Musk loses $27 billion in days as high-flying tech stocks take a beating

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A sharp drop in Tesla’s share price this week has wiped some $27 billion from its CEO Elon Musk’s enormous fortune. The decline knocked some $27 billion off the Tesla boss’ net worth, which currently stands at $157 billion, according to Bloomberg Billionaires Index. Also on rt.com
World’s wealthiest clash over bitcoin: Gates advises to stay away, while Musk causes cryptocraze

Fluctuations of Tesla’s share price inevitably have an impact on the net worth of its CEO, billionaire Elon Musk, who owns about 20 percent of the stock. While the Nasdaq closed 1.6 percent higher on Friday, the tech-heavy index was still almost two percent lower for the week, marking the longest losing streak in almost half a year. Tesla shares tumbled almost four percent to the lowest in almost three months on Friday, pushing its weekly losses to over 13 percent. Musk is also no longer the world’s richest person – the title he had briefly taken from Amazon founder Jeff Bezos earlier this year amid Tesla’s eye-popping rally. While even Musk at some point said that Tesla’s shares could be overvalued, the recent drop came amid a wider sell-off in tech stocks triggered by a spike in US Treasury yields and the prospect of higher inflation. The carmaker’s stock has been tumbling for four days in a row amid a wider tech sell-off. Also on rt.com
What a twist! According to Bloomberg, the Nasdaq 100 stocks lost $1.6 trillion in market value over the last three weeks. At the current price of almost $598, Tesla shares are down nearly 30 percent from its peak of $883 seen on January 26. Bitcoin investments bring Tesla more returns than sales of electric vehicles

For more stories on economy & finance visit RT’s business section

AirAsia’s ‘flying taxis’ set to buzz through the skies in 2022 – CEO

View this post on InstagramA post shared by Tony Fernandes (@tonyfernandes)For more stories on economy & finance visit RT’s business section Also on rt.com
China’s Xpeng unveils flying car prototype at major Beijing auto show

The official said that the air carrier used the coronavirus crisis, which brought huge losses to the company, as a “once-in-a-lifetime” opportunity to diversify its business. The taxis will have a pilot and four seats and will reportedly be powered by a quadcopter.“At the moment, we have our team working on this upcoming service by AirAsia,” Fernandes said as cited by state news agency Bernama. The project, developed in partnership with the Malaysian Global Innovation and Creativity Center, is set to start commercial operations by the end of the year.“Idea was brought up 3 weeks ago and now it’s reality,” the AirAsia CEO said on Instagram as he posted a picture and video of the drone. In addition to plans to begin a ride-hailing service next month, AirAsia wants to launch Malaysia’s first urban drone delivery service. The ‘flying taxis’ are set to carry passengers in around a year and a half, Fernandes told a virtual session of the Youth Economic Forum 2021 on Saturday. Follow RT on

Despite a tough year for the aviation and travel industry, Malaysian low-cost airline AirAsia is going to launch an air taxi service, the company’s CEO Tony Fernandes has revealed.

Oil prices rally after OPEC+ leaves output cuts unchanged

 OPEC+ reached a historic oil production cut agreement last year to boost the energy market as the coronavirus pandemic crippled demand. Also on rt.com
Russia considers cutting government borrowing as oil prices rally

The rally comes after members of OPEC+ decided to prolong existing output curbs for another month at their meeting on Thursday. Also on rt.com
Oil prices may return to $100 per barrel, Bank of America predicts

Additional production allowed by OPEC+ was Russia’s share in 500,000 barrels per day which OPEC+ had initially planned to add to the market in April, Deputy Prime Minister Alexander Novak said. Follow RT on

Crude prices have hit multi-month highs after the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, together known as OPEC+, agreed not to raise supply for April. From April 2020 to the end of January 2021, OPEC and non-OPEC countries have withheld 2.3 billion barrels of oil, helping energy prices rebound.For more stories on economy & finance visit RT’s business section Moreover, the largest oil producer, Saudi Arabia, surprisingly announced that it will keep its voluntary supply cuts in April, withholding 1 million barrels per day from the market in addition to OPEC+ efforts.The oil alliance made two exemptions for non-OPEC Russia and Kazakhstan, which were allowed to increase production by 130,000 barrels per day and 20,000 barrels per day respectively. Brent was trading around $68 per barrel to reach near 14-month high, while WTI price reached $65 per barrel. Futures for both international benchmark Brent and West Texas Intermediate (WTI) were up over one percent on Friday. According to Novak, the adjustment was critically important as Russia needs to meet domestic seasonal demand. The decision came as a surprise for the market which expected the cuts to be slightly eased as oil prices have been rising over the past two months.

US debt on track to double by 2051, putting economy at risk of fiscal crisis – Congressional Budget Office

CBO (@USCBO) March 4, 2021The risk of a fiscal crisis appears to be low in the short run despite the higher deficits and debt stemming from the pandemic, according to the report. “Nonetheless, the much higher debt over time would raise the risk of a fiscal crisis in the years ahead.”The report didn’t reflect the $1.9 trillion stimulus plan which is currently under consideration in Congress and expected to be approved by the end of next week. “But they remain large by historical standards and begin to increase again during the latter half of the decade,” it said. Debt will be equivalent to 202 percent of GDP by 2051, while this year’s debt is expected to be 102 percent. https://t.co/MXB3mYLBnN— U.S. “At an estimated 10.3 percent of gross domestic product (GDP), the deficit in 2021 would be the second-largest since 1945, exceeded only by the 14.9 percent shortfall recorded last year,” said the CBO’s report.According to the report’s projections, deficits decline as the effects of the 2020–2021 coronavirus pandemic wane. “Deficits increase further in subsequent decades, from 5.7 percent of GDP in 2031 to 13.3 percent by 2051—exceeding their 50-year average of 3.3 percent of GDP in each year during that period.”
© CBO The CBO’s projection for a 195 percent increase of the federal debt by 2050 was unchanged from its prior report.“Debt would reach 107 percent of GDP (surpassing its historical high) in 2031,” it also said, adding, “Debt that is high and rising as a percentage of GDP boosts federal and private borrowing costs, slows the growth of economic output, and increases interest payments abroad.”A growing debt burden could increase the “risk of a fiscal crisis and higher inflation as well as undermine confidence in the US dollar,” making it more costly to finance public and private activity in international markets.If current laws governing taxes and spending generally remained unchanged, federal debt held by the public would reach 107% of GDP in 2031 (surpassing its historical high) and would exceed 200% of GDP by 2051. US Federal Reserve Chairman Jerome Powell said on Thursday that the US economy still has a long way to go before the central bank considers tightening financial conditions.For more stories on economy & finance visit RT’s business section Follow RT on

US federal debt is expected to double over the next three decades, warns the Congressional Budget Office (CBO).

Discount retailer Fix Price fixing to become Russia’s biggest IPO in years

The items are sold at fixed prices of up to 250 rubles ($3.40), with about 80 percent of the goods priced under 100 rubles ($1.34).For more stories on economy & finance visit RT’s business section According to the company’s statement, its total offer size was increased to $2 billion due to strong investor demand.“It is no exaggeration to say that today’s announcement represents a landmark in the history not just of Fix Price, but also for variety value retail and the Russian retail sector more broadly, as the largest ever IPO by a Russian retailer,” Dmitry Kirsanov, the CEO of Fix Price, said on Friday. Also on rt.com
Russian online retailer Ozon raises $1.2 billion in country’s best IPO debut since 2011

The discounter has more than 4,200 stores across Russia and neighboring countries, selling everything from household goods to food. Some shareholders are expected to make available over 26 million additional shares. If the listing goes as planned, it could become the biggest Russian retail IPO in history. Also on rt.com
Wildberries ripe for further expansion as Russian e-commerce giant launches sales in Germany

The chain is set to be valued at $8.3 billion or more as its stock starts trading. Follow RT on

Russian five-and-dime chain Fix Price is planning to raise as much as $2 billion as it goes public next week. In November, online retail giant Ozon raised $1.2 billion via a successful dual listing on the Nasdaq and the Moscow Exchange. Fix Price will offer 178 million shares, priced at $9.75, which is the top end of the offer ranger. If allocated in full, the number of publicly traded stock would represent around 24.1 percent of Fix Price’s total issued share capital.Fix Price will become the second big Russian company to enter foreign stock markets in recent months. Shares of Fix Price will start trading on the London and Moscow exchanges on March 10.

US & China moving from tariff war to technology war, economics professor tells Boom Bust

The government sees the sector as critical to its drive for modernization and self-reliance over the next decade and a half. That’s going to help the consumer in the long run.”For more stories on economy & finance visit RT’s business section But the US has multiple advantages apart from its current leadership in perhaps 30 or so technology areas that are critical to innovation,” he says.Quelch says the fact that the US has maybe 15 out of the top 20 research universities in the world is particularly important. “The research assets and infrastructure within the US public and private sectors are really very substantial and the US is now totally aware, I think, that it is in a technology fight with China, and therefore, is going to double down further on R&D (research and development) investment, particularly in basic research. There’s no doubt about that. Follow RT on

Technology is one of the major issues being discussed by China at its national congress this week. And that is more likely, I think, now with President Biden in the White House.”According to the professor, “It’s going to be beneficial to consumers and prosperity worldwide to have technology competition this intense between China and the US. RT’s Boom Bust is joined by Miami Herbert Business School Dean John Quelch to discuss the matter.“I think we’re moving from the tariff war to the technology war.

First super-fast 5G network launched in Russia

The ultra-fast network is set to cover such popular Moscow sites as Gorky Park, an area around Moscow State University (MSU), as well as the Moscow City International Business Center among others. In less than a decade, by 2030, more than a third of the Russian population is expected to switch to 5G, with the user base set to increase tenfold and reach 50 million people.For more stories on economy & finance visit RT’s business section Apart from fast mobile internet, in the future 5G networks are meant to help to develop the transport system and improve security in the city, MTS said. 

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China’s Huawei responds to US crackdown by boosting investment in Russia

However, not all MTS customers can try the 5G network. According to the plan, five million people will be able to access the network by that time. Petersburg this summer. Follow RT on

Russian telecom operator MTS has announced that some of its customers will be able to access the company’s first 5G network in more than a dozen areas around the Russian capital. Also on rt.com
Russian telecom giant & China’s Huawei launch 5G zones in Russian cities

“After multiple tests and trial versions in the 5G area, our company has launched the first mass-scale pilot fifth-generation network in Russia, which is available to thousands of our clients in real-life conditions,” MTS President Alexey Kornya said on Friday as cited by the media.The new-generation network will enable users to download data with speeds up to 1.5 gigabits per second. The operator plans to send invitations to some of its clients when they are close to one of the 5G zones. Russia aims to become one of the leading 5G countries globally as it wants to roll out the super-fast network in at least ten big cities by 2024, business daily RBC earlier reported. 5G coverage includes a total of 14 zones, and is set to be further expanded in the near future, according to MTS. A similar network covering around 10 areas will be launched in St. It means that an average film (with a file size of around 10 gigabytes) can be downloaded in less than one minute.

Software guru John McAfee and his top cryptocurrency adviser charged with fraud and money laundering by US federal prosecutors

Preferably someone from Tennessee & has a sound understanding of cryptocurrency. In prison. The businessman and one-time presidential candidate is accused of fraudulently promoting cryptocurrency on social media. And be suspect even of your own eyes.A world ruled by the powerful, the clever and the corrupt is never what it seems.— John McAfee (@officialmcafee) February 6, 2021Think your friends would be interested? Another member of the McAfee team was allegedly tasked with laundering this money in a series of banking transactions.“As alleged, McAfee and Watson used social media to perpetrate an age-old pump-and-dump scheme,” FBI Assistant Director William F. The pair are accused of using McAfee’s social media accounts to publicize various cryptocurrencies, inflating their value and allegedly netting McAfee more than $13 million. Sweeney Jr. Awaiting trial for extradition.Maybe not in the best position to be giving advice.But anyway…Believe nothing you hear. said in a Justice Department press release, referring to the practice of buying assets cheaply, before hyping up their value and selling them at this new, artificial price. Share this story! Respond to jemcafee2020@gmail.com, include your hourly rate & a link to your office website.— Janice McAfee (@theemrsmcafee) February 26, 2021If convicted on all of the latest counts, McAfee could face up to 60 years in prison, on top of whatever sentence he could also receive for tax evasion.I'm in my 76th year. Follow RT on

Antivirus pioneer John McAfee has been charged with fraud and money laundering by prosecutors in New York. An indictment against McAfee was unsealed on Friday, and names both him and Jimmy Gale Watson – an adviser to McAfee – as defendants in a fraud and money laundering case. Also on rt.com
Arrest in Spain of software genius John McAfee could spell the end of my former island neighbour’s wild escapades

McAfee has long considered himself an outlaw, and spent much of the last several years living on a yacht in the Caribbean, admittedly on the run from US tax authorities. He turned up in Spain last September and was arrested there the following month, awaiting extradition to the US to face tax evasion charges, as well as the latest fraud and money laundering accusations.McAfee has continued to tweet his musings and observations from behind bars, while his wife, Janice McAfee, last month put out a message looking for American lawyers, preferably with a “sound understanding of cryptocurrency.”John's extradition case is at the point that he needs an American lawyer to work with his Spanish lawyers.

Russia considers cutting government borrowing as oil prices rally

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Russia expects oil between $45 and $80 by 2035

The oil price crash, along with the coronavirus-driven global recession, will result in Russia’s economy shrinking in 2020 by six percent, or by the most in 11 years, the World Bank said in its economic report on Russia in August 2020.Russia was also said to be considering whether to adopt a kind of state oil hedging program, similar to Mexico’s oil hedge, to protect government revenues from oil price crashes in the future. The Russian ruble crashed, and Russia’s oil income shrank as a result of the plunge in oil prices during the pandemic.   This article was originally published on Oilprice.com  In March 2020, Russian Finance Minister Anton Siluanov warned that revenues from oil and gas would be US$40 billion (3 trillion rubles) lower than planned due to the tumbling oil prices. The rally in oil prices, which have risen by around 30 percent this year, also coincides with Russia’s economy emerging from the slump during the pandemic.Last year, Russia’s economy was suffering the consequences of the oil price crash it helped create with the temporary rift with its OPEC+ partner Saudi Arabia in March 2020. Follow RT on

Russia could end up borrowing US$6.8 billion (500 billion Russian rubles) less than planned this year as rising oil prices help its key oil revenues to rise. Russia’s economy is not going as well as one would have hoped, the finance minister admitted back then, saying that the oil price factor alone was set to reduce the country’s budget income by nearly US$40 billion compared to earlier estimates.  This year, the higher oil prices are pushing up Russia’s oil revenues, its key export income, and the government is discussing lower debt issues year, according to Bloomberg’s sources.READ MORE: Russian economy may recover to pre-pandemic levels by year end, says Central BankOfficials are considering cutting the borrowing to US$43 billion (3.2 trillion rubles) from US$50 billion (3.7 trillion rubles), according to the sources, one of whom even said that the cut to borrowing in 2021 could double to US$13.5 billion (1 trillion rubles).

Russians boosted precious metal investments during Covid crisis

Last year saw gold shining amid market chaos, with bullion prices rising nearly 25 percent. Platinum and palladium attracted 36.4 million rubles ($493,500) and 1.1 million rubles ($14,900) respectively. Meanwhile, the demand for gold and silver coins tripled in 2020 compared to a year earlier. In Moscow alone, 8,879 ingots of different precious metals with a total weight of 1.162 tons were sold last year, the bank said citing its data. The purchased precious metals were worth more than 1.975 billion rubles (around $26.761 million) – that is 2.5 times more compared to investments made in precious metals during the pre-pandemic 2019.Most of the funds were invested in gold bullion bars. Silver also spiked in 2020, gaining around 50 percent year-on-year.For more stories on economy & finance visit RT’s business section According to Sberbank, Muscovites bought more than 6,000 ingots, weighing 389kg worth 1.89 billion rubles ($25.61 million). 

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Russia ramps up gold production despite pandemic

Silver was the second most popular metal, with investments for 2,400 silver bars with a total weight of 759kg totaling 51.3 million rubles (over $695,600). Gold and silver coins named ‘Saint George the Victorious’ gained the most popularity among Muscovites. 
‘Saint George the Victorious’ coin © Sputnik / Vladimir Astapkovich Sberbank says that rising financial literacy among Russians as well as the desire to save and boost their assets elevated demand for precious metals. Follow RT on

The coronavirus pandemic has spurred a record demand for gold, silver and other precious metals in the Russian capital, state lender Sberbank has revealed. Sberbank sold over 205,917 investment and commemorative coins, weighing 2.5 tons and worth around 6.5 billion rubles (over $88 million).

Fun time’s over, go back to your worthless minimum wage jobs! Keiser Report looks at post-stimulus life in America

They just sit around and get payments from the government all day long for doing nothing.”Max adds: “Are they now going to tell the population ‘Ok, fun time’s over! They live on that money, and it’s not productive in any way – they are just shuffling paper around and they are lobbying the government to give them more transfer payments, more free money, more QE,” says Max.He explains that “The average person in America now has been getting these transfer payments, so money printing directly into their inbox, into their mail box, and their incomes are soaring like they’ve never soared before. So, they are living like hedge fund managers, like Ken Griffin and Warren Buffett. RT’s Keiser Report explores the economic aftermath. “For years we’ve been talking about QE and why it is basically just a transfer payment to hedge funds. Follow RT on

Total income in America jumped in January by 13 percent from a year ago to a record $21.5 trillion due to government stimulus checks, data showed. We need to put that money back in the hedge fund accounts and you got to go and get a job that is completely worthless and get minimum wages!’ I don’t see how they are going to go back.”For more stories on economy & finance visit RT’s business section

‘Ridiculous’ US sanctions against Russia are ‘political theater’ & not to be taken seriously – Professor Wolff to RT’s Boom Bust

“The United States looks for all the world like a bully doing it and that is not good in the long run for the United States either.”For more stories on economy & finance visit RT’s business section Follow RT on

Washington’s punitive measures against Moscow have failed to change Russian policies and new sanctions won’t work either, according to Economic Update host, Professor Richard Wolff. “For the rest of the world it looks just this side of ridiculous,” he went on, pointing that Washington did not impose sanctions on Saudi Arabia and Crown Prince Mohammed bin Salman over the murder of journalist Jamal Khashoggi.“You cannot run the international world economy if some countries, right or wrong, set themselves up as the moral judges of behavior in other countries,” Wolff said referring to the US. Earlier this week, the US hit Russian officials and businesses with sanctions over the imprisonment and alleged poisoning of Russian opposition figure Alexey Navalny. RT’s Boom Bust is joined by Professor Wolff to discuss how the move may impact the Russian economy. “This is political theater, this is not to be taken seriously,” the analyst said.

India’s unemployment rate drops to pre-Covid levels

According to its research, some 405.3 million persons were employed on average during July-February of the previous fiscal year. But it has merely reverted to its trend of a steady fall that was established before the lockdown.” 

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The CMIE further said that the count of the employed has declined quite sharply in the period. This translates into a 2.8 percent contraction of the labor force,” the CMIE added.For more stories on economy & finance visit RT’s business section The rate has recovered from the steep fall earlier in fiscal 2020-21. To compare, around 395.2 million persons were employed during the corresponding period of the current year.“So, the post-lockdown period is characterized by a 2.5 percent fall in employment and 6.2 percent fall in the count of the unemployed. “The slide in the employment rate over the last three years continues. That’s slightly lower than the 40.6 percent recorded in January 2021 and 42.6 percent in February 2020. “The unemployment rate has recovered to its pre-lockdown levels. Follow RT on

The Centre for Monitoring Indian Economy (CMIE) said on Thursday that the nation’s unemployment rate stood at 6.9 percent last month, which is much lower than the 7.8 percent clocked in February 2020. However, recovery in the labor force participation rate and the employment rate remain significantly lower than their levels before the lockdown,” the CMIE said in its weekly analysis. According to the data, the labor participation rate was 40.5 percent in February 2021. “This means that the proportion of working age people who are employed or are unemployed and are actively seeking employment has declined,” the CMIE said. Meanwhile, the employment rate dropped to 37.7 percent in February compared to 39.4 percent in 2019-20.

US axes Trump-era Scotch whisky tariffs for four months in bid to resolve aircraft trade war with UK

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On Thursday the US and the UK said in a joint statement that “the United States will now suspend retaliatory tariffs in the Airbus dispute from March 4, 2021, for four months.”The move is the latest of Trump’s policies to be overturned by President Joe Biden, whose administration will now turn its focus toward rising civil aviation powers “such as China,” the statement says.Reacting to the news, UK Prime Minister Boris Johnson hailed the tariff climbdown as “fantastic news” for the transatlantic trading relationship, as well as for Scotch whisky distillers and other businesses. Share it with a friend! Also on rt.com
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In December the UK International Trade Secretary Liz Truss announced Britain would suspend retaliatory tariffs against the US, ahead of Brexit and the expected new trading relationship with the US under Biden.As well as whisky, Trump’s original tariffs in response to the WTO ruling targeted UK cashmere, German coffee and tools, Spanish olive oil, as well as cheese, meat and other products from various EU nations.Like this story? Follow RT on

The US said on Thursday it will suspend 25 percent tariffs on Scotch whisky and retaliatory import taxes on other UK products in a bid to resolve the two parties’ on-going transatlantic trade row due to aircraft subsidies. Then-US President Donald Trump slapped the UK and other EU member states with tariffs on whisky, wine, cheese and other foodstuffs in 2019 in return for European plane maker Airbus being given illegal subsidies by the bloc. The World Trade Organization (WTO) ruled in 2018 that EU governments had failed to comply with US requests to stop funding Airbus, which had caused its American rival Boeing to lose $7.5 billion a year.Airbus had already filed a similar complaint with the WTO against Boeing in a dispute between the two manufacturers stretching back to 2004.

Bitcoin will replace ALL global currencies at price target of $1 MILLION within decade – Kraken CEO

Gensler has been viewed as a strong advocate for digital assets.For more stories on economy & finance visit RT’s business section However, the world’s most popular cryptocurrency is up 70 percent year-to-date. Follow RT on

As national currencies are already showing extreme signs of weakness, people will soon start measuring the price of things in terms of bitcoin, says Jesse Powell, CEO of cryptocurrency trading exchange Kraken. He told Bloomberg on Thursday that bitcoin will eventually be a global currency because “you have to think it’s going to infinity.”“I think true believers will tell you it’s going all the way to the moon, to Mars, and eventually it’ll be the world’s currency,” Powell added.According to Powell, “In the near term, people see it (bitcoin) surpassing gold as a store of value, so I think a million dollars as a price target within the next 10 years is very reasonable.” Bitcoin believers expect the cryptocurrency to replace fiat money and the market capitalization of all national currencies combined could make up its worth, he said. The price of bitcoin dropped almost four percent to $49,596 as of 13:50 GMT on Thursday. Bitcoin slid after the nominee for chairman of the US Securities and Exchange Commission Gary Gensler said making sure that cryptocurrency markets are free of fraud and manipulation is a challenge for the agency. Also on rt.com
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Russia’s Gazprom aims to double liquefied natural gas exports by 2025

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Russian energy giant Gazprom said it exported 7 million tons of liquefied natural gas (LNG) in 2020, and is planning to double annual sales by 2025, Pavel Sedov, the head of LNG exports at Gazprom Export, said. Sedov added that Gazprom is still a rather small LNG enterprise, but the company’s portfolio is growing. Also on rt.com
Russia expects to win big from rapidly expanding LNG market

“I hope that in the nearest future we will supply our first fully carbon-neutral cargo of LNG to Europe,” he said.Carbon-neutral LNG commonly involves companies supporting nature-based projects that reduce emissions to offset those generated from the exploration and production of LNG.For more stories on economy & finance visit RT’s business section Also on rt.com
Russia inks long-term deal to supply China with liquefied natural gas from Arctic

Gazprom is a majority shareholder in Sakhalin Energy, the operator of the Sakhalin-2 oil and gas project, which is engaged in developing the Piltun-Astokhskoye and Lunskoye fields in the northeast of the Sakhalin shelf. The project infrastructure includes an LNG plant.The enterprise is partly owned by Shell, which holds 27.5 percent, Mitsui, with 12.5 percent, and Mitsubishi Corporation, whose holdings total 10 percent. In 2020, Sakhalin Energy produced over 11.6 million tons of LNG, the most ever for the project.According to Sedov, Gazprom is also planning to supply carbon-neutral LNG to Europe. Gazprom Export focuses on growing markets for natural gas, including LNG in Asia.The company is reportedly planning to ensure the growth of LNG supplies by means of its export facility at Ust-Luga in northwest Russia, which is currently under construction.

Iran to join LNG race in Asia with huge North Pars development

In the absence even of these indigenous LNG facilities Iran was looking at utilising about 25 percent of Oman’s total 1.5 million tons per year LNG production capacity at the Qalhat plant as part of a broader plan to build a 192 kilometre section of 36-inch pipeline running along the bed of the Oman Sea at depths of up to 1,340 metres from Mobarak Mount in Iran’s southern Hormuzgan province to Sohar Port in Oman for gas exports. Propitiously for the speed of development of North Pars, not only are the spot prices of LNG set to remain at the historical high-end but also Iran has virtually completed all phases of its South Pars development.Located some 120 kilometres southeast of the southern Bushehr Province, the North Pars gas field has around 59 trillion cubic feet (about 1.67 trillion cubic metres) of gas in place, with a conservatively estimated recoverable volume of gas of approximately 47 trillion cubic feet. Although Qatar is set to increase this output to around 110 mtpa, Iran is set to not only bring on further phases of development of North Pars but also the development with a view to the LNG market of a number of other major gas fields, including most immediately Golshan, Ferdowsi, Farzad A and Farzad B, and Kish. With Asian spot liquefied natural gas (LNG) prices having risen to unprecedented levels in January and the outlook remaining extremely robust Iran believes now is the time to move full ahead with its long-term strategy to become a leading global LNG supplier. This is the LNG figure from the first 12 month phase of development only of North Pars but even this compares favourably to the entire yearly output of global LNG powerhouse – and Iran’s neighbour – Qatar, at 77 mtpa for many years. It should not be forgotten that the major field from which Qatar takes the gas to sustain its status as number one LNG exporter in the world is exactly the same 9,700 square kilometre reservoir from which Iran draws much of its own gas: Qatar’s 6,000 square kilometre side of the field is the North Dome, whilst Iran’s 3,700 square kilometre side is South Pars (North Pars has been treated as an additional site).After the development hiatus, September 2006 saw China’s CNOOC sign a memorandum of understanding with the National Iranian Oil Corporation (NIOC) to develop the North Pars site. The first part concerned a gas cooperation roadmap between the two companies, and the second part detailed the construction Iranian LNG facilities in partnership with Iran’s Oil Industry Pension Fund. Late in 2018, South Korea’s Minister of Land, Infrastructure and Transport, Kim Hyun-mee, agreed the finer points on its LNG co-operation with Iran’s Petroleum Minister, Bijan Zangeneh, which included Exim Bank’s initial €8 billion credit line to Iran and another €2.3 billion from two other South Korean companies. In the interim, Iran had been working on a plan to make progress on its LNG plan by installing a network of ‘mini LNG’ complexes with the help of South Korea. Also on rt.com
Iran’s sanction busting pipeline is just months from completion

Iran had also been moving ahead with plans to construct floating LNG facilities, especially near Europe, with in-principle deals having been struck with Italy’s Eni and Spain’s Cepsa to take both oil and LNG when it became available from Iran. This is still the ballpark figure with which Iran is working and consideration is now being given by the Petroleum Ministry and NIOC to making the North Pars site the focus of a new bigger energy hub, concentrated on the production of LNG. The gas itself is lean and sour with a condensate gas ratio of 4 barrels (0.64 cubic metres) per 1000 cubic feet and it contains around 6,000 parts per million of hydrogen sulphide and five per cent of carbon dioxide, a senior oil and gas figure who works closely with Iran’s Petroleum Ministry exclusively told OilPrice.com last week. Gazprom would take payment for its work from the sale of gas both from this complex and from part of the output from fields feeding gas into it. Also on rt.com
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A recent internal study of the state of North Pars by Iran determined that the field is still in a highly workable state for a quick push to significant gas output – specifically, at least 100 million cubic metres per day (mcm/d) within less than 12 months of proper development – with all of the gas recovered to be channelled into LNG production of at least 20 million metric tonnes per annum (mtpa). Later, when China proved slow on progressing with the this development – and others in Iran – but before US and EU sanctions against Iran were ramped up in 2011/12 forcing its suspension of the project, German chemicals giant Linde Group had 60 percent completed a $3.3 billion flagship LNG export facility near Tombak Port. Initially, this would allow Gazprom to effectively take over from Linde on the existing 60 percent complete LNG complex, and later to be integral in the construction of the mini-LNG complexes. This was then extended in December 2006 to incorporate the development of a four-train LNG facility with a 20 mtpa capacity. The first design to operate in this field was approved in 1977 but, after the drilling of 17 wells and the installation of 26 offshore platforms, the active development of North Pars was suspended due to 1979 Islamic Revolution in the country and the subsequent war with Iraq from 1980-1988. Follow RT on

Iran is looking for a piece of Asia’s growing LNG market by turning its North Pars gas field into a major producing asset. After sanctions were lifted again in 2016, Iran awarded Linde – whose liquefaction process the facility’s first two trains were intended to use – a ‘sweetener’ contract when it signed the first petrochemical co-operation deal between Iran and Germany; a Front End Engineering Design (FEED) contract for the olefin unit of Kian Petrochemical. Both facilities would have been connected to two international pipeline systems: the Trans Adriatic Pipeline and the Gas Interconnector Greece-Bulgaria links. These mini-LNG complexes, with production capacities ranging from 2,000 to 500,000 tons of LNG per year – compared to typical large scale plant capacity of between 2.5 and 7.5 million tons per year – would benefit particularly from being both relatively quick to start up and locatable almost anywhere, even in very remote gas fields. A key focus for this will be the North Pars non-associated natural gas field that was the largest gas reservoir in Iran before the discovery of supergiant South Pars field in 1990. Indeed, the scale of Iran’s original LNG plans can be gauged from the fact that prior to 2011/12 it was in negotiations with a number of international oil companies about LNG-related projects, including Total, Petronas, Repsol, and Royal Dutch Shell, all of which had agreements with Iran as part of its fourth ‘Five Year National Develop Plan’ (2005-2009) that aimed to produce 70 mtpy of LNG from the North Pars, South Pars, Ferdowsi and Golshan gas fields. After the scaling up of sanctions in 2011/12, caution amongst European firms about engaging with Iran in such projects understandably increased and, although this reticence temporarily abated after the implementation of the Joint Comprehensive Plan of Action (JCPOA) in January 2016, little progress was made by them before sanctions were again introduced by the US following its unilateral withdrawal from the JCPOA in May 2018. Similar plans were being discussed between Iran and Greece’s state-run gas supplier, Depa, to form a new firm that would build and run a floating LNG storage and re-gasification facility at Alexandroupolis, in the north of Greece, and the expansion of the Revythousa re-gasification terminal near Athens was being looked at as a potential entry point for Iranian gas. This facility was set to produce at least 10.5 mtpy of LNG, with expectations that it would take less than a year to finish. Also on rt.com
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With US sanctions firmly back in place in 2018, though, Oman backed away from the plan, to be replaced by Russia’s Gazprom in Iran’s LNG plans, which signed two memoranda of understanding with the NIOC concerning the rollout of a two-fold joint strategy regarding gas. This would allow for international state-owned companies to engage in a series of projects joining up their South Pars operations with their North Pars ones, according to the Iran source.By Simon Watkins for Oilprice.com These plans, though, were again put on hold due to increased US sanctions against both Iran and Russia, a relatively poor global LNG price outlook, and to the fact that China was again interested in taking a part in the LNG project as part of its wider 25-year deal with Iran.At that time it was envisaged that the North Pars LNG development would need around $16 billion in investment – comprising $5 billion in the upstream sector and $11 billion in the downstream sector (mainly LNG plants) – to achieve at least the first phase LNG output of at minimum 100 mcm/d and the drilling of the 46 wells that this would entail.

Washington slaps tariffs on aluminum imports from 18 countries

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The US Commerce Department has introduced duties on common alloy aluminum sheet from 18 nations. Also on rt.com
Trump’s tariffs hurt more than helped, leading to job losses & higher prices – Fed study

“If the ITC makes affirmative final injury determinations, Commerce will issue AD or CVD orders,” the department said in a statement, referring to anti-dumping or countervailing duties orders.The latest tariffs will come on top of the 10-percent duties the US imposed on most aluminum imports under the Trump administration as part of a national security law.For more stories on economy & finance visit RT’s business section The duties on common alloy aluminum sheet, which is used in building facades, truck trailer bodies, and street signs, were announced hours after the Senate voted to confirm Rhode Island Governor Gina Raimondo as the new commerce secretary.Germany reportedly had the highest anti-dumping rate, ranging from 49.4 percent to 242.8 percent. It is the biggest exporter of aluminum sheet to the US, with $286.6 million worth in 2019. Also on rt.com
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Bahrain, which exported $241.2 million worth of aluminum sheet, received a 4.83-percent anti-dumping duty rate and an anti-subsidy rate of up to 6.44 percent.The country reportedly benefited from pricing below the cost of production or the local market of 83 percent, while imports from India, worth $123 million in 2019, benefited from subsidies for 35 to 89 percent.The list of countries facing aluminum tariffs includes Brazil, Croatia, Egypt, Greece, Indonesia, Oman, Romania, Serbia, Slovenia, South Africa, South Korea, Spain, Taiwan, and Turkey.The final decision is expected to receive approval from the US International Trade Commission (ITC) by April 15. The tariffs come as a result of an anti-dumping and anti-subsidy investigation launched under the Trump administration.

How to hold Big Tech accountable for violating facial recognition privacy law? Boom Bust finds out

It allows basically tech companies to be held accountable, and there’s some consequences there financially which impact smaller companies more than bigger companies like Facebook, but there are some consequences.”“So, these tech companies are still sort of hopping from state to state if you will, finding the best laws that suit what they do.”For more stories on economy & finance visit RT’s business section Mollye Barrows of America’s Lawyer joins RT’s Boom Bust to talk about growing concerns over AI technology.“It’s the first law that actually regulates biometric data and it’s the only law that allows individuals to bring a case to the court that says, ‘Hey, my privacy was violated even though no harm was done to me,’” she said.Barrows explains that “there was a violation under this Illinois law and it allows individuals to be able to pursue claims of either negligence or they were deliberate in invading their privacy. Follow RT on

US tech giant Facebook has been ordered to pay $650 million to settle a class action lawsuit in Illinois for violating a landmark state law aimed at protecting people from invasive privacy practice.

Russian investments in Iraqi energy projects exceed $10 BILLION

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Cooperation between Russia and Iraq in the oil sector is “very active” in spite of all the restrictions and the impact of the Covid-19 pandemic, according to Russian Deputy Prime Minister Alexander Novak. Novak, who previously served as Russia’s energy minister, met on Wednesday with Iraqi Oil Minister Ihsan Abdul Jabbar to discuss the prospects of the two countries’ oil and gas projects, as well as the situation on the global oil market. He noted the fruitful cooperation between Russia and Iraq in the oil sector, saying: “Our interaction is very active, despite the current restrictions and the impact of the coronavirus pandemic.” While talking about the existing projects by Russian oil firms in Iraq, Novak said: “Our companies are actively implementing a number of successful projects on the territory of the republic. To date, the accumulated investments of Russian oil and gas companies in Iraqi projects have exceeded $10 billion.”

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According to Russian First Deputy Chair of the Federation Council Committee on Economic Policy, Yury Fedorov, the companies plan to spend up to $20 billion on oil projects in Iraq.In 2019, Russia and Iraq resumed cooperation in energy infrastructure, and in the electricity sector in particular. Some Russian firms could help Baghdad with the restoration and development of electric power facilities, while negotiations are underway over the construction of thermal power plants using the assistance of Russian companies.Iraq’s proven oil reserves stand at over 145 billion barrels, while gas reserves exceed 3.7 trillion cubic meters.For more stories on economy & finance visit RT’s business section

India wants to lure Tesla by offering cheaper production costs than China

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“The government will make sure the production cost for Tesla will be the lowest when compared with the world, even China, when they start manufacturing their cars in India. According to Nitin Gadkari, Indian authorities would give higher concessions, if the electric vehicle (EV) pioneer started making the entire product in the country, hiring local vendors, instead of just assembling the cars. Bitcoin investments bring Tesla more returns than sales of electric vehicles

India’s EV market is in the early stages of development. Follow RT on

As part of an effort to boost Indian production capacity the country’s transport minister has made a bold offer to US electric car maker Tesla: the cheapest manufacturing cost in the world, even lower than China. We will assure that,” Gadkari said in an interview with Reuters.The offer comes several weeks after the government of the country’s south eastern state of Karnataka revealed that Tesla was planning to set up an electric-car manufacturing unit in the region. Also on rt.com
What a twist! Just 5,000 out of a total 2.4 million cars purchased in the country in 2020 were electric.Competition with China, where Tesla already produces cars, is expected to be tough. Last year, a reported 1.25 million new energy passenger vehicles, including EVs, were sold in China, out of the total sales of 20 million cars. The company reportedly incorporated Tesla Motors India and Energy Private Limited with its registered office in the state capital of Bengaluru.Gadkari added that India could become an export hub for Tesla’s products, highlighting that some 80 percent of components for lithium-ion batteries are currently being made locally. Moreover, China accounted for more than a third of Tesla’s global sales.For more stories on economy & finance visit RT’s business section