Gold price could drop to $1,200 per ounce by 2023, warns Fitch

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International ratings agency Fitch predicts the price of gold will fall to $1,600 per ounce this year and slide further down to $1,400 in 2022 “on increased demand due to investment flows and central bank purchases.”

According to Fitch, prices for many commodities “will benefit in the short term from returning demand while the supply response remains slow and inventories are running low.”The ratings agency said it expects gold prices to drop to $1,200 per troy ounce by 2023. Also on
Central banks do not have the physical gold they pretend to have, fund manager tells Keiser Report

The price of the precious metal has been under some significant pressure lately. Gold prices fell below the $1,800 level this week, extending losses due to weak safe-haven demand and rising yields for US bonds, which push gold prices down. Prices slid more than one percent on Friday to $1,734 an ounce.For more stories on economy & finance visit RT’s business section

NYSE to delist oil giant CNOOC as Biden reviews Trump’s policies on China

After the initial delisting announcement, the NYSE actually changed its mind at one point, but finally moved to enforce the plan to suspend trading in their shares.Beijing has repeatedly warned Washington against hurting its businesses, saying that the delistings violate both market competition principles and international economic and trade rules. The decision will take effect on March 9, the US stock exchange said in a statement released after the closing bell on Friday. The NYSE said CNOOC, formally known as China National Offshore Oil Corporation, is “no longer suitable for listing” as it was one of the targets of Trump’s November order that banned investments into Chinese companies the US claims have ties with the Chinese military. 

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China may exercise ‘nuclear option’ against US defense industry with rare-earths export ban – reports

The delisting decision, which can be appealed by CNOOC, was enacted several months before the investment ban was set to officially come into force. In December, CNOOC ended up on the Pentagon’s blacklist, which prohibits investment into what it deems “communist Chinese military companies.” Just days before Biden’s inauguration in January, the oil group was also added to the infamous Entity List, which makes it harder for it to be supplied with exported US technology. 

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Full decoupling from China could wipe out hundreds of billions from economy – US Chamber of Commerce

The delisting of the oil major follows a similar Wall Street move to ditch three major telecommunications corporations – China Mobile, China Telecom, and China Unicom (Hong Kong) – that had been present on the US market for nearly two decades. Follow RT on

The New York Stock Exchange (NYSE) has decided to suspend trading in American depositary shares of China’s largest offshore oil producer CNOOC to comply with an executive order signed by former US President Donald Trump. Last month, the Biden administration pushed the deadline back from January to May 27.The extension came as the new administration was reviewing actions that Trump had taken against China, such as trade policies and the inclusion of dozens of Chinese firms in two blacklists that were repeatedly expanded. However, Chinese officials have stressed, while such removals from US stock markets may hurt American investors, they won’t cut off Chinese businesses from foreign capital inflows.For more stories on economy & finance visit RT’s business section

Indian economy finally returns to growth, beating Covid-driven recession

According to analysts’ projections, India’s economy may shrink 7.7 percent for the full fiscal 2021 year before growing by as much as 10 percent in the following year.For more stories on economy & finance visit RT’s business section In the following three months, India’s GDP fell by seven percent, in what the government says was the beginning of a V-shaped recovery. Also on
India to become world’s fastest-growing economy in 2022, says IMF

As the fiscal year finishes in March in India, the final results showing the scale of economic consequences from the coronavirus outbreak will be available in May, when the official GDP estimates for the January-March quarter are set to be published. India suffered a record contraction of 24 percent in the April-June quarter, when the government imposed strict lengthy lockdowns to contain the spread of the deadly virus. The eurozone economy shrank by 0.7 percent in that period, with even its strongest economies like France failing to post growth.The growth in India came after two consecutive quarters of decline, which is defined as a technical recession. Also on
Bitcoin out, digital rupee in: India cracks down on private cryptocurrencies while seeking to launch its own digital coin

The Asian economic powerhouse still performed better than most of its European peers in the final three months of the pandemic year. Follow RT on

Asia’s third-largest economy, India, managed to exit recession in the last three months of 2020, consolidating its recovery from the historic economic slump triggered by the coronavirus pandemic. India’s real gross domestic product (GDP) rose 0.4 percent in the third quarter of its fiscal year, returning the economy to “the pre-pandemic times of positive growth rates,” the Ministry of Finance said as the new data emerged.However, the growth rate was slightly smaller than analysts had expected, with those polled by Bloomberg having predicted a 0.6-percent expansion.

Unmasking mysterious bitcoin inventor may send cryptomarket into tailspin, Coinbase warns

Cryptocurrency slumps by 20 percent in worst week in almost a year

The creator, or a group of creators, are believed to hold around 1.1 million bitcoin, which account for around five percent of all bitcoins that can be ever mined. In its IPO filing sent to the Securities Exchange Commission earlier this week, Coinbase listed Nakamoto, an individual creator or a group of people thought to be behind the creation of the world’s largest cryptocurrency, as one of the recipients of the document. However, the same anonymous inventor could pose a risk to the entire “cryptoeconomy.” According to the filing, if the identity is revealed or if Nakamoto’s bitcoins are transferred, the prices of the most valued digital coins, bitcoin and ethereum, may deteriorate. Also on
Investing in bitcoin ‘less dumb’ than holding cash, but only slightly better – Elon Musk

For more stories on economy & finance visit RT’s business section Also on
Bye-bye bitcoin rally? However, little is still known about him. At bitcoin’s current value, Nakamoto’s fortune could exceed $50 billion, making him almost as rich as Chinese entrepreneur and the founder of Alibaba, Jack Ma.Since Nakamoto published the white paper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ in 2008, various theories have emerged about his identity. Follow RT on

The largest US cryptocurrency exchange Coinbase, which is getting ready to go public, has named bitcoin’s developer, known to the world as Satoshi Nakamoto, as one of the major risks to its business.

China’s Xiaomi wants to create global manufacturing hub in India

“Once we meet 100% of the local demand is when we will start thinking of further increasing out-export.”For more stories on economy & finance visit RT’s business section One of the facilities, located in the northern state of Haryana and owned by DBG, is already operational. Follow RT on

Chinese tech giant Xiaomi is planning to boost its presence in India by building three new facilities there. Xiaomi did not elaborate on when the third of the new plants is set to open. Also on
China’s Xiaomi overtakes Apple as world’s third-largest smartphone maker

The company has been the top smartphone and TV brand in India and already runs several plants in the country, including those in partnership with Foxconn and Flex. When it meets growing local demand, the firm may use India’s production capacities for exports. “We hope to play a small role in building India as a global manufacturing hub,” Xiaomi India Head and Global Vice President Manu Jain said in a statement. He said that last year the company exported India-made products to nearby countries like Bangladesh and Nepal.“We would love to see India as an export hub,” Jain said. Xiaomi teamed up with two local companies, BYD and DBG, to set up mobile phone manufacturing plants, the Chinese firm announced on Thursday. Also on
China to build over 600,000 new 5G stations in 2021

In a separate interview with Indian daily Mint, Jain noted that India could become an export hub for Xiaomi in the future. Boosting local production will allow the tech giant to manufacture over 99 percent of its smartphones as well as all of the televisions it sells in India. The other plant in Tamil Nadu is set to go online within the first half of this year.A television manufacturing plant has been set up in partnership with Radiant Technology in Telangana.

World’s wealthiest clash over bitcoin: Gates advises to stay away, while Musk causes cryptocraze

The Microsoft co-founder, who boasts the third-largest fortune in the world and calls himself a “bitcoin skeptic,” took on the world’s most popular cryptocurrency several times this week. Also on
Bill Gates wants ‘rich nations’ to switch to 100% SYNTHETIC beef to save the planet

As the token started to tumble this week, Gates said in an interview with Bloomberg that, while price fluctuations might not be a concern for the likes of the “sophisticated” and wealthy Tesla CEO, the risks would be worrisome for other people. “I do think people get bought into these manias who may not have as much money to spare. His company, Tesla, recently piled $1.5 billion into the cryptocurrency and explored the option of accepting the token as payment. Follow RT on

While Elon Musk has been driving a buying frenzy in the cryptomarket, anyone who has less money than the richest person on the planet should avoid investing in bitcoin, multi-billionaire Bill Gates says. One of his recent tweets included an image of the coin’s mascot, the meme-famous Shiba Inu, standing on the Moon. However, those dogecoin-related tweets have reportedly triggered an investigation by the US Securities and Exchange Commission (SEC). Despite defining the move as “adventurous,” he still believes investing in bitcoin is less “dumb” than investing in fiat money, he has said.Musk has also been busy tweeting about another token, the joke cryptocurrency dogecoin, triggering another trading frenzy. My general thought would be that if you have less money than Elon, you should probably watch out,” he said.This week saw a halt to bitcoin’s record rally, as it plunged from a near-record $58,000 to its current level of around $47,300, according to data from CoinDesk. Musk is no stranger to drawing the ire of the regulators – in 2018, the SEC filed a lawsuit against him after he announced he had secured funding to take Tesla private.For more stories on economy & finance visit RT’s business section Also on
‘Who let the Doge out?’ Musk’s favorite canine-crypto smashes another record high as celebrities jump on board

Meanwhile, Musk has been actively promoting the use of bitcoin, predicting it could soon win wider recognition. In one of his recent chats on the popular Clubhouse app, he pointed out that the production of bitcoin is harmful to the environment. “Bitcoin uses more electricity per transaction than any other method known to mankind,” Gates said.The statement came around two weeks after researchers at the University of Cambridge found that bitcoin mining consumes more electricity than some countries do – for example, Argentina.

Bye-bye bitcoin rally? Cryptocurrency slumps by 20 percent in worst week in almost a year

By dropping to this level, the digital coin shaved over 20 percent off its price this week, which it started close to its record of $58,000, marking the worst slump since March 2020. This contradicts bitcoin bulls’ argument that the flagship cryptocurrency is the best store of value and a great hedge against inflation.For more stories on economy & finance visit RT’s business section Also on
Bitcoin’s HUGE daily drop sends cryptocurrency market crashing

Despite the plunge, bitcoin is still up over 60 percent this year, thanks to more interest from prominent investors, banks and large companies. Others explain the recent plunge with negative sentiment in the stock market and fears of inflation, among other factors. Follow RT on

The world’s most prominent cryptocurrency is heading for its biggest one-week fall in nearly a year after an explosive rally that saw its price hitting new historic highs. Bitcoin fell nearly 12 percent in 24 hours to trade below $45,000 on Friday, according to data from CoinDesk. The digital currency reached $1 trillion in market value for the first time last week, but the recent losses have dropped it to its current $850 billion. However, even one of its most vocal supporters, Elon Musk, recently said that the price of top cryptocurrencies bitcoin and ethereum “do seem high.” The comment came shortly after Tesla revealed its $1.5 billion investment in bitcoin and said that it could even accept it as payment. 

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Bitcoin at $50k is the BIGGEST BUBBLE of them all, says gold bug Peter Schiff

Some analysts still insist that the crypto bubble is ready to pop like it did in 2017.

Short-sellers lose another $2 BILLION on GameStop as independent traders take on Wall Street again

The entire US fixed income market’s about to blow due to insolvency & inflation, strategist tells Boom Bust

The latest surge is nothing like the market mayhem we saw in January when shares of the retailer jumped around 1,800 percent at some points. The trading frenzy was fueled by retail investors based on Reddit, including the now-notorious WallStreetBets group, who declared a full-fledged war on big Wall Street sharks. The sudden rally brought $664 million in mark-to-market losses for investors betting against GameStop, according to financial analytics firm S3 Partners. The frenzied buying continued on Thursday, with GameStop stock surging as high as 84 percent in intraday trading and closing with 19 percent gains. Thursday’s intraday moves booked another $1.19 billion in losses for short-sellers, S3 Partners’ calculations show. 

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‘The war continues’: Small investors up in arms after GameStop stock trades halted amid price surge & reports of Reddit outages

As of Friday morning, GameStop’s shares were slightly up again in pre-market trading. Given the latest gains in GameStop stock, short-sellers’ year-to-date mark-to-market losses now amount to $10.75 billion, according to the analytics firm. Last week, lawmakers on the House Financial Services Committee questioned top executives of companies that played a role in the GameStop saga, including the head of Robinhood, the app which was at the epicenter of the trading frenzy and restricted trading in volatile shares.For more stories on economy & finance visit RT’s business section Those small investors gobbled up GameStop shares, pushing its price to historic highs and forcing a short squeeze on big hedge funds that had to cover the negative bets or face massive losses.The Reddit crowd also bought other stocks, also called “stonks” or “meme stock,” including theater operator AMC, telecom company Nokia and smartphone maker turned security services vendor BlackBerry.The so-called “meme-trading” drew the attention of politicians and regulators. Follow RT on

Those betting on GameStop stock’s price decline, or short-sellers, lost around $1.9 billion in just two days as the Reddit crowd’s favorite “meme stock” renewed its enormous rally. However, even billions in losses don’t stop investors from further betting on the company’s decline, with the number of GameStop shares shorted over the past week rising by 15 percent to 1.97 million. 
Read more

Forget GameStop! Shares of the video game retailer skyrocketed over 100 percent on Wednesday, with the enormous volatility even prompting trading halts.

Natural gas production plunged 45% during the Texas freeze

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Natural gas production in Texas collapsed by 45 percent during the cold snap last week, primarily due to freeze-offs, the Energy Information Administration (EIA) said on Thursday, citing estimates from IHS Markit. According to analysts, some of the lost production may never return because it would be too expensive to restart some smaller wells. Also on
Texas winter storm highlights the importance of fossil fuels

The Texas Freeze also knocked out as much as 4 million bpd of the total US crude oil production, IHS Markit said last week, as well as almost six million bpd of refining capacity, including 5.2 million bpd of the capacity in the Gulf Coast and 730,000 bpd of refining capacity in the Midwest.Shale producers in Texas, including Occidental and Diamondback Energy, expect a slow recovery in production as frozen pipelines and well equipment reduced oil production. The restart of refineries is also a mixed bag—some have slowly restarted units with power back up, but others could take until April to restart refining operations.This article was originally published on Natural gas production in Texas dropped to a daily low of 11.8 billion cubic feet per day (Bcf/d) on February 17, down by nearly 45 percent compared to 21.3 Bcf/d during the week ending February 13, the estimates showed.Total US dry natural gas production during the Freeze in Texas and much of the central part of the United States declined by 21 percent, to as low as 69.7 Bcf/d on February 17.The temperatures in Texas averaged nearly 30 degrees Fahrenheit lower than normal during the week of February 14, which led to freeze-offs in the natural gas stream at the wellheads or gathering lines near production activities.The infrastructure in Texas is more susceptible to extreme cold snaps, unlike the relatively winterized natural gas production infrastructure in the northern parts of the United States, the EIA said.READ MORE: Texas halts natural gas exports as states scrambles to end power outagesSince the low in the middle of last week, natural gas production in Texas is nearly back to pre-Freeze levels, reaching an estimated 20.9 Bcf/d on February 24, only about 0.3 Bcf/d lower than the average in the week ending February 13, the EIA noted.

Covid-19 pandemic pushed French economy into worst recession since World War II – report

Its year-on-year decline was moderate when compared to the drop in Q2, when the first lockdown occurred (–18.6 percent year-on-year),” INSEE said.The French economy grew 1.5 percent in 2019, putting it among the best performers in Europe. However, the downturn last year marks its worst recession since World War II.For more stories on economy & finance visit RT’s business section Follow RT on

Coronavirus-related economic and social restrictions led to a “historic” drop of 8.2 percent in French GDP in 2020, data by the National Institute of Statistics and Economic Studies (INSEE) shows. Previously, the institute assumed that the decline would be 8.3 percent.It said in a report, issued on Friday, that “On average in 2020, the economic activity unprecedentedly fell, by −8.2 percent after +1.5 percent in 2019.” According to the report, in the fourth quarter of last year, the country’s gross domestic product (GDP) shrank by 1.4 percent, while preliminary data indicated a decline of 1.3 percent. 

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Eurozone business activity slows as stricter lockdowns take heavy toll on service sector

“In Q4, during which the second national lockdown and curfews were enforced, GDP stood 4.9 percent below its level in Q4 2019 (year-on-year evolution).

Who is the winner in Facebook v Australia news battle? RT’s Boom Bust finds out

“Even though both are claiming victory, which they should, it’s really Facebook, who I think is a real victor here.”On the other hand, small publishers could be the real losers, the expert noted. While both sides are claiming victory in a long-standing clash over media space, RT’s Boom Bust spoke to international regulatory attorney Myles Edwards to discuss who benefited most.“If you look at it in reality…Facebook won,” Edwards said, explaining that the social media giant has actually made a large sovereign nation amend their news media bargaining code. The final version of the law won approval only after some last-minute amendments that followed a week-long blackout of news content on Facebook in Australia. Those media have been “left out from the process” when the bill was going through, and made small and regional publications unnecessary for the likes of Facebook and Google as they can strike agreements with large media outlets.For more stories on economy & finance visit RT’s business section Follow RT on

Australian lawmakers finally passed a hotly-debated law that forces tech giants to pay publishers for their content, potentially setting the stage for similar legal action in other countries.

Oil prices may return to $100 per barrel, Bank of America predicts

The price spike could come thanks to improving fundamentals for the commodity and global stimulus measures, the bank said as cited by Bloomberg. The bullish bet comes as oil prices continue rising from coronavirus lows. Also on
Global oil prices top 13-month high on slow restart of US output

The bank also forecasts West Texas Intermediate (WTI) crude to average $57 a barrel this year. Read more

Time for record global oil demand may have already passed, Russia says

Oil futures rallied beyond one-year highs as winter storms hit some regions in the US. The upward revision was spurred by the deep freeze in Texas, which temporarily affected US crude production, as well as the still effective output curbs imposed by the members of the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+. The average price for Brent crude is expected to settle at $60 per barrel, the bank said, raising its previous estimate by $10. US crude rose 0.7 percent to trade just under $63 per barrel.BofA is not alone in its optimism over the recovery of the energy market. Follow RT on

Crude prices may return to levels unseen since 2014 and hit $100 per barrel over the next few years, Bank of America analysts predict. It now expects Brent to reach $70 next quarter and $75 in the third quarter.The last time the world saw oil trading above $100 per barrel was in 2014 before prices started rapidly sliding amid a global supply glut. One of the world’s biggest energy trading houses, Azerbaijan’s Socar Trading, does not rule out the possibility of Brent hitting $80 a barrel before the end of the year and going above $100 a barrel in the next 18 to 24 months.Earlier this week, Goldman Sachs raised its Brent forecast by $10 a barrel due to growing oil demand that could recover to pre-pandemic levels. As of Thursday, Brent crude was up around one percent above $67 and was still close to its highest levels since the start of the coronavirus crisis. Additionally, Bank of America (BofA) earlier revised its 2021 outlook for oil, forecasting that global benchmark Brent may temporarily hit $70 a barrel in the second quarter of the year. This led to the creation of the OPEC+ alliance by major oil exporters led by Russia and Saudi Arabia to stabilize global crude prices.For more stories on economy & finance visit RT’s business section

China turns away Australian wine amid escalating trade row

The winemaker suffered a 43 percent slump in first-half net profit, it revealed earlier this month, adding that it might be forced to sell some of its assets to cut costs. Read more

Russia may benefit from trade rift between China and Australia

Wine is not the only product caught up in the trade conflict. Canberra also drew Beijing’s ire last year when it called for an international inquiry into the origins of the coronavirus outbreak.While the two nations have recently become members of Asia’s biggest trade pact, the Regional Comprehensive Economic Partnership (RCEP), the deal has not resolved existing trade issues between them. Several batches totaling around 20,000 liters from Australian winery Badger’s Brook Estate, as well as 3,000 liters of wine from Penfold, part of Treasury Wine Estate, were detained in ports in Shenzhen and Chongqing in January, according to recent Chinese customs data. Follow RT on

Thousands of bottles of wine from two Australian producers were stopped at Chinese ports last month as Beijing continues to restrict billions of dollars of Australian exports amid simmering row between the two nations. Last year, China imposed sweeping tariffs ranging from over 100 percent to more than 200 percent on Australian wine imports in response to alleged price-dumping.Punitive duties hit Australian winemakers hard, as China was once their biggest importer, accounting for nearly 40 percent of Australia’s wine exports. Relations further deteriorated when Australia became the first country to ban China’s Huawei from its 5G network in 2018. He added that Australia could do more to restore trust and cooperation.For more stories on economy & finance visit RT’s business section Goods such as barley, coal, and beef have also faced difficulties entering the Chinese market.Tensions between the two countries have been growing since 2017, after the Australian government introduced foreign interference laws considered to be aimed at China. Chinese customs said that both shipments were stopped at the ports due to labeling issues, without giving further details. Also on
Beijing accuses Australia of politicizing business as Chinese bid for major builder is blocked for ‘security concerns’

Australia’s billion-dollar wine industry has been one of the targets of the trade war between Beijing and Canberra. For one of the biggest listed winemakers in the world, Treasury Wine Australia, China used to account for around a third of the company’s profit. The Chinese government insists that Australia “adopted restrictive or even discriminatory measures which have ruined the co-operative atmosphere between us,” Vice Commerce Minister Wang Shouwen said on Wednesday.

Iran and Venezuela swap jet fuel & gasoline cargoes

The 1.116 million barrels of petroleum on the four tankers were seized and sent to US custody.Earlier this year, US Department of Justice said it had completed the sale of the 1.116 million barrels of gasoline that Iran tried to ship to Venezuela last year. Follow RT on

Venezuela and Iran, both sanctioned by the United States, have found a way to help each other as shipping companies stay away from dealings with the two oil-producing countries for fear of running afoul of the US. Also on
US sells over a million barrels of seized Iranian fuel headed for Venezuela

Iran explained last year the tanker traffic between Venezuela and Iran with the shipment of “a cargo of mangos and pineapples to Iran as part of “win-win commercial relations,” Reuters reports.Neither of the two countries has revealed details about the fuel swap that has been going on, but Iran has been caught red-handed shipping gasoline to Venezuela.In August last year, the US Administration said it had seized the fuel cargo of four vessels, alleging that the fuel came from Iran and was going to Venezuela. The supertanker, the Achilleas, is carrying 2 million barrels of what the United States believes is Iranian crude oil.This article was originally published on Venezuela is shipping jet fuel to Iran in the same tankers in which Iran delivers gasoline and spare parts for the refineries in Venezuela, Reuters reported on Wednesday, citing sources familiar with the matter and documents of Venezuela’s state oil firm PDVSA it had seen.Venezuela, which has an excess of jet fuel with flights grounded in the country over the past year due to the coronavirus, is sending aviation fuel to Iran, after having received gasoline from the Islamic Republic, according to Reuters’ sources.Despite holding the world’s largest crude oil reserves, Venezuela has been suffering from acute gasoline shortages in recent years, as a result of lower production of crude and years of mismanagement at refineries, as well as US sanctions, which have cut off gasoline imports from the United States. Also on
Iran sends BIGGEST EVER fleet of oil tankers to Venezuela, defying US sanctions – report

The US Administration is now looking to detain another tanker it believes is part of an Iranian scheme to covertly ship Iranian oil to a foreign customer.The Department of Justice alleges that the Islamic Revolutionary Guard Corps (IRGC) has created a scheme to covertly ship Iranian oil to a customer outside Iran.

Max Keiser: What if bitcoin is not the bubble, but the pin?

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Keiser Report looks at the Washington Post editorial on whether Fed chairman Jerome Powell and Treasury Secretary Janet Yellen will do something about bitcoin revealing the flaw of money printing. “What if bitcoin is not the bubble, but the pin?”For more stories on economy & finance visit RT’s business section “So, what if Elon Musk is escaping these negative interest rates, the zero percent interest rates by buying bitcoin.”He explains that “capital will always go to where it gets the best return, that’s a law of nature.”According to Max, “What we had in the last 25 years or so, was collusion on the global central bank level, who kept interest rates low and offered no competing rates anywhere else in the world.” But bitcoin came around and offered that escape valve. “What did Christine Lagarde mean when she said that bitcoin is offering an escape valve?” asks Max Keiser.

Russia inks long-term deal to supply China with liquefied natural gas from Arctic

It includes the construction of three LNG liquefaction trains, which will have a total annual capacity of 19.8 million tons. The project has attracted several foreign investors, including Chinese companies CNOOC and CNPC, France’s Total and a consortium of Japan’s Mitsui and Jogmec, which each have a 10 percent share in the project.For more stories on economy & finance visit RT’s business section “The Chinese market is one of the key regions in our LNG marketing strategy, and we plan to further increase our supplies of liquefied natural gas to this country.”Arctic LNG 2 is Novatek’s second large-scale LNG project in Russia’s Arctic. Follow RT on

Russia’s largest independent gas producer, Novatek, has signed a long-term contract with a Chinese partner as it aims to expand its presence in the fast-growing Asian-Pacific region. The deal with Shenergy Group will see Novatek deliver over three million tons of liquefied natural gas (LNG) to terminals in China over 15 years, Novatek announced on Thursday. 

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Russia invites BRICS partners to join country’s massive Arctic oil & gas projects

“Our LNG commercial strategy is to diversify our client base and target end consumers in the fast-growing Asian Pacific region,” the head of Novatek, Leonid Mikhelson, said in a statement.

Natural gas is driving decarbonization in India

He earlier inaugurated the Kochi-Mangaluru gas pipeline, on January 5th, by video-conference. A shy investment in clean gasesIn parallel, a nation-wide program dedicated to biofuels has also been announced earlier in 2020. The Ministry of Oil and Gas recently released a new plan aiming at enhancing the country’s regasification capacity, and notably promoting LNG for the transport sector (specifically for long-haul trucks). The option of hydrogen is not actively explored, although a report by the Energy and Resources Institute (TERI) predicted a drop in costs of 50 percent for hydrogen production by 2030, which will be likely to boost demand. Until now, the country has been taking advantage of low spot prices on the Asian LNG hub, concluding deals at levels below $10 per MbBtu before this winter surge in prices. Also on
India will drive global energy demand – PM Narendra Modi

But beyond industries and transport, the sector of fertilizers is also a key driver for this natural gas demand in India. Although Qatar is India’s historic supplier, the United States and the United Arab Emirates are also becoming increasingly important partners. Amounting to around half of the gas basket in India, LNG constitutes a major part of this “gas-revolution”. This is precisely the aim of the “One Nation, one grid” program, launched in 2019, and planning to extend the gas network from 17 000 km to 35 000 km. Indian energy demand is expected to grow by some three percent per annum until 2030, the Minister of Oil and Gas Dharmendra Pradhan said at the 11th IEF-IEA-OPEC Symposium on energy outlooks. To power this dynamic growth, Modi outlined the objective of a “gas-fired economy,” under which the share of gas in the energy mix would jump from six percent today to 25 percent by 2030. One thing appears clear: for India, natural gas is the most pragmatic solution to balance the grid amid ambitious targets in renewable generation, and at the same time seizing momentum in the growth of the blue fuel. This article was originally published on On February 18th, Prime Minister Narendra Modi dedicated the Ennore-Ramanathapuram pipeline. With the promise of double-digit economic growth in 2021, India is set to become the world’s largest energy consumer – particularly for fossil fuels – along with China – in the coming years. Most of the existing LNG terminals are located in the West, accounting for around 75 percent of India’s import capacity, and leaving the Eastern region marginalized from gas. Modi thus hopes to embark on the sustainability road by betting big on natural gas as a base-load fuel, while developing renewable energy at the same time.  As announced in 2019, a total budget of $60 billion will be dedicated to modernizing the gas infrastructure of India, which currently occupies the world’s third spot in terms of GHG emissions. While the International Renewables Energy Agency believes that natural gas will peak around 2025, the Gas Exporting Countries Forum expects the gas share to increase to 28 percent in the world energy mix by 2050, mainly driven by the Asia-Pacific market. This ambitious target was revised from the 15 percent goal announced earlier in 2020. This is why the Urja Ganga pipeline project aims at solving that issue and connecting the Eastern region to the national gas grid. 

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India to overtake EU as world’s 3rd-largest energy consumer by 2030, says IEA

The major challenge is now making energy accessible throughout all the Indian territory, and particularly in rural areas. This regasification capacity is expected to increase from 41 million cbm per annum to 57 million cbm, according to Minister Pradhan’s statement during the 11th IEF-IEA-OPEC symposium. The challenge of grid extension Today, however, India lacks pipelines that could transport gas from LNG terminals to the final consumption points, and access to natural gas is unequal in the Eastern and Western parts of the country. In fact, methane is used as a feedstock for the fabrication of fertilizers and other chemicals, and new plants will be installed for that purpose in the coming years. LNG on the rise India’s steady decline in domestic gas production created the need to import LNG. “Come and invest into India’s energy sector.” Indian Prime Minister Narendra Modi’s words, pronounced at the inauguration of a new gas pipeline on February 17th, sent a clear message: the country’s energy landscape is undergoing fundamental transformations and will seek to attract foreign investors. After the Covid-19 crisis ravaged the country and caused massive disruptions in local industries, India is slowly getting back on its feet. Follow RT on

India is on course to become the world’s largest energy consumer, and Prime Minister Modi is now making natural gas the centerpiece of the nation’s energy plans. However, subsequent investment will be required in CCS infrastructure, which is far from being developed in India. All this being said, scenarios for future natural gas demand are far from being certain. In 2019, India was ranked fourth in the world in terms of volumes of LNG imported, with 20 million metric tons. Furthermore, PM Modi announced on February 17th his intent to include natural gas into the Goods and Services Tax regime, which will make gas prices harmonized across the country and facilitate investment. As 53 percent of natural gas consumed in the country is currently imported, several pipeline projects are already planned, slowly paving the way for India’s energy independence.

Square doubles down on crypto, buying $170mn more in bitcoin

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Jack Dorsey’s financial services company Square extended its crypto holdings by $170 million as part of an ongoing commitment to the cryptocurrency, the firm announced. Square said it has further plans “to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”The firm more than tripled the previous investment it made in October 2020. The world’s largest cryptocurrency surged to a new high of over $58,000 over the weekend. Its CEO, Jack Dorsey, has long been an advocate of the digital currency. Square purchased approximately 3,318 bitcoins, it revealed on Tuesday before announcing its financial results for 2020. Despite the drop this week, bitcoin is still up nearly 70 percent for the year.Bitcoin has recently started gaining broader acceptance among mainstream investors and corporations, including Elon Musk’s electric carmaker Tesla, America’s oldest lender Bank of New York Mellon, and US asset manager BlackRock.For more stories on economy & finance visit RT’s business section Also on
Bitcoin’s HUGE daily drop sends cryptocurrency market crashing

Bitcoin was trading at around $48,000 at the time of the announcement on Tuesday, and rose to the current price of around $50,000 since then. The investment brings the firm’s bitcoin holdings to around five percent of its cash and cash equivalents. Also on
Short and sweet: Musk sends eggplant emoji in response to Peter Schiff’s Twitter jab over bitcoin

“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” the company said in a statement. Back then, Square piled $50 million into bitcoin, with the purchase amounting to about one percent of the company’s assets.

Russia expects to win big from rapidly expanding LNG market

Given that Russia boasts one of the largest gas reserves, the growth of the LNG market opens up even more prospects for the country.Russia is the fourth largest global LNG exporter. Follow RT on

Global liquefied natural gas (LNG) is set to grow in the next three decades and will outpace the share of pipeline gas supplies, Russian Deputy Prime Minister Alexander Novak believes. Last year, it boosted LNG production by over three percent to 30.5 million tons, while in 2019 its LNG output surged over 47 percent. “What the market and analysts definitely agree on is that the LNG market will at least double by 2050,” Novak, who previously served as Russia’s energy minister, told the Gas Exporting Countries Forum (GECF) on Wednesday. There are several other projects that can help to further boost Russian LNG exports, including the Arctic LNG 2 project, the first line of which is set to be launched in 2023.For more stories on economy & finance visit RT’s business section Novak says that the country aims to increase its annual LNG production to 120-140 million tons by 2035, amounting to around a fifth of the forecasted global LNG production. Also on
Russia plans earliest-ever shipment of Arctic LNG to Asia

Gas is the most promising and environmentally friendly type of hydrocarbon fuel, according to the deputy PM. Also on
Russia invites BRICS partners to join country’s massive Arctic oil & gas projects

Most of Russia’s LNG comes from the Yamal LNG project, majority owned and operated by the country’s biggest privately owned natural gas producer, Novatek.

China announces MASSIVE oil & gas discovery in Bohai Sea

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China National Offshore Oil Corporation (CNOOC) revealed this week that its newly discovered oil and gas field in the Bohai Sea contains proven geological reserves of 100 million metric tons of oil and gas equivalent. Also on
Russia ramps up natural gas supplies to China via Power of Siberia mega-pipeline

The Bohai oilfield is likely to start production in 2023 and achieve a peak output of 1.2 million tons of oil equivalent.According to industry experts, the Bohai Sea natural gas and oil discoveries will boost CNOOC’s annual output to above 80 million tons of oil equivalent by 2025.The company said in 2019 that its Bohai discoveries contain 100 billion cubic meters of proven geological reserves of natural gas. That makes Bozhong 13-2 one of the biggest crude oil production bases in the country, according to the company.The new field is located 140 kilometers off the coast of Tianjin at an average water depth of 23.2 meters, according to Zhou Xinhuai, general manager of the oil exploration department at CNOOC. The company expects daily crude oil and natural gas generation from the well to reach 300 tons and 150,000 cubic meters, Zhou was cited as saying by China Daily. It expects the increased capacity from the new finds to help meet the surging demand for natural gas in northern and eastern China and reduce the country’s reliance on costly imports.China’s natural gas production reached 188.8 billion cubic meters in 2020, up 9.8 percent on a yearly basis, according to data by the National Bureau of Statistics. The Bozhong 13-2-2 well, where the reserve was discovered, was drilled and completed at a depth of 5,223 meters, and encountered oil pay zones with a total thickness of approximately 346 meters.The well was tested to produce an average of approximately 1,980 barrels of crude oil per day. Natural gas imports rose to 102 million cubic meters, up by 5.3 percent on a yearly basis.For more stories on economy & finance visit RT’s business section

Could Boeing win back public trust, or is it lost forever? RT’s Boom Bust explores

Boom Bust talks to retired American Airlines captain Mark Weiss, who provides his analysis of the incident and the role the engine played in the malfunction.“This was not an airplane issue; this was an engine issue. But the name that you’re going to hear is Boeing… and that’s what sticks in people’s mind,” says Weiss.For more stories on economy & finance visit RT’s business section Follow RT on

An investigation is underway into an incident that saw one of the engines of a United Airlines Boeing 777 suffer a catastrophic failure and explode mid-flight over the US city of Denver this past weekend.

British pound extends relentless rally to multiyear highs amid hopes of economic recovery

If the currency keeps rising against the euro during Wednesday’s trading, it would mark its longest winning streak in five-and-a-half years, according to Bloomberg. At the same time, there is optimism that the British economy may have a relatively strong 2021 after suffering an unprecedented slump last year due to the coronavirus outbreak.Earlier this week UK Prime Minister Boris Johnson revealed a plan to reopen the economy and gradually lift coronavirus restrictions over the next four months.Analysts and banks are also bullish on sterling, especially in light of the Brexit deal. Banks upgraded their forecast for the currency, with Bank of America projecting the euro-pound pair to reach 0.88 instead of 0.94 by year-end. After last week’s surge, the British pound rose nearly 0.2 percent on Wednesday to bring its monthly gains against the dollar to around three percent.The pound also gained against the common European currency, moving higher for a ninth consecutive session and spiking to a one-year peak of €1.17. Follow RT on

Sterling has extended gains against both the US dollar and the euro this week amid news of the UK’s vaccination progress and hopes of economic reopening after strict pandemic lockdowns. Also on
British economy crashes nearly 10% in 2020 due to Covid pandemic

For more stories on economy & finance visit RT’s business section Also on
UK government to hike corporation tax to offset expense of Covid-19 aid – report

The rally was apparently fueled by vaccine optimism, as the Covid-19 vaccine rollout in the UK appeared to be going faster than in the rest of Europe. The UK currency topped $1.42 on Wednesday morning, marking its highest level against the greenback in almost three years, since April 2018.

India on track to have its largest wheat harvest ever

This is also helping us to push sales in the last quarter,” said Angshu Mallick, deputy chief executive of Adani Wilmar.“In the long run, prices will see another fall in May-June after the crop is harvested and the grain dried of its moisture content,” added Udit Jain of the Delhi-based Rajdhani Group.Wheat production in India has been increasing steadily since 2016-17. He told the Economic Times that “Production of the food grain is likely to reach 115 million tons compared with 107 million tons in the previous year, looking at the crop position in major growing states of Uttar Pradesh, Madhya Pradesh, Punjab and Haryana.”The current crop year runs from July 2020 to June 2021, and wheat harvesting in the country is set to begin by the first week of March. Government data showed the acreage under wheat has increased by three percent over the previous year, to 34.63 million hectares.According to Prerana Desai, the head of rural and corporate services research at Edelweiss, higher production of the food grain can make India a competitive player in the export market, as well as ensuring stable domestic prices. Over the last two weeks, wheat flour manufacturers have reduced prices by up to 12 percent. Desai, however, warned that a sudden increase in temperature or rainfall during the harvest period in March and April could impact the crop position.For more stories on economy & finance visit RT’s business section Also on
Global food prices soar to 6-year high, UN agency says

“With expectation of a higher crop over the previous year, there is pressure on the market and prices remain low, which we are passing on to the consumers. Follow RT on

India is set for record wheat output in the current crop year, due to higher acreage, conducive weather, and fewer crop pest attacks, according to the chief of the Directorate of Wheat Research at Karnal, Gyanendra Pratap Singh. According to Singh, there have been no reports this year of any crop diseases or pest attacks, and the current weather conditions will lead to higher yields.Analysts say the bumper production in the rabi season (crops are sown in mid-November and harvested in April/May) and higher carryover stock by government procurement agencies should ease pressure on households.

Global oil prices top 13-month high on slow restart of US output

The rigs in the US were forced to close following abnormal cold weather in Texas and the Plains states.According to the latest outlook by Morgan Stanley, prices for Brent crude will reach $70 per barrel in the third quarter on “signs of a much improved market.”

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At the same time, Goldman Sachs Commodities Research raised its expectations for Brent crude by $10 for the second and third quarters of the current year. Also on
Can Oil And Electric Vehicles Coexist In Modern Markets? “The positive momentum continues in the oil complex, with investors unabashedly predisposed to a bullish view,” chief global markets strategist at Axi Stephen Innes said in a note seen by Reuters. Brent for April settlement climbed 1.2 percent to above $66 per barrel on the ICE Futures Europe exchange after dropping more than two percent over the previous two sessions. West Texas Intermediate for April delivery gained 1.18 percent to above $62 per barrel. “Several significant oil price revisions were announced overnight and may have contributed to the rally of over three percent.”Shale oil producers in the southern United States will reportedly restart the output of over two million barrels per day (bpd) in two weeks at the earliest. The experts cite lower expected inventories, higher marginal costs to restart upstream activity, and speculative inflows.For more stories on economy & finance visit RT’s business section Follow RT on

Crude oil futures secured further gains on Tuesday, with both global benchmark Brent and US West Texas Intermediate (WTI) climbing to the highest levels since January 2020. The bank says that prices will climb to $70 per barrel in the second quarter from the $60 it previously predicted, and $75 in the third quarter from $65 earlier.

Europe’s rare earth dependency dilemma

In addition to that, government officials had asked industry executives how badly companies in Europe and the United States would be affected by a curb on rare earth exports.In all fairness, the US is the more likely target if China ever decides to go from researching the subject of rare earth export curbs to applying it in practice. It even made it its biggest trade partner recently. Also on
US & Australia to unveil rare earths plan to challenge China’s dominance

What’s more problematic is that there is no alternative to these minerals. Also on
China may exercise ‘nuclear option’ against US defense industry with rare-earths export ban – reports

“Europe is heavily dependent on imports of rare earths from China. China has very big and good quality resources of rare earth elements. And it produces next to none of these critical rare earths.Like lithium, rare earths are abundant. The first time was when European electronics makers and car manufacturers allowed themselves to become dependent on imported rechargeable batteries. Europe doesn’t even figure in the list of rare earth producers globally. And this domination is not good news for Europe—or the United States, for that matter.In 2020, China mined 140,000 tons of rare earths. That’s not just because recycling could ensure some local production but because it also eliminates the processing stage of the rare earth-bearing ore, where China is dominant, too. The Financial Times reported earlier this month, citing unnamed sources, that China’s Ministry of Industry and Information Technology had proposed new controls on the production and export of the group of 17 minerals known as rare earths. After all, the Chinese already did it once, back in 2010, when they cut off rare earths supplies to Japan for a month after the detention of a Chinese boat captain, Bloomberg recalls in a recent article. In this respect, Europe’s recycling efforts make good sense. Incidentally, these are also four of the things the EU is basing its future on. It also led to the establishment of a European Raw Materials Alliance to promote wide collaboration on boosting European rare earth output. Apparently, it has yet to find this economical way.So far, Europe has been good to China. Also on
What are rare earth metals & why they are China’s ‘nuclear option’ in trade war with US

This is the second time the European Union has underestimated the importance of domestic supply. These are just four of the things that need one or more of a group of minerals known as rare earths. But their relationship is nowhere near a relationship of equals. The United States was a distant second with an output of 38,000 tons, and Burma was third with 30,000 tons. Possibly the most massive phosphate deposit in the world, Norge Mining’s discovery in southwestern Norway contains not just phosphate—which is on the EU’s critical materials list—but also battery-essential vanadium and titanium.This discovery must have certainly drawn applause from Brussels and from the HQs of carmakers that are getting ready to churn out millions of EVs—once the chip shortage is solved, that is. Melodramatic as it sounds, Europe’s green energy future hangs by a thread. However, chances are that the Norwegian rare earths will be costlier than Chinese rare earths: after all, China has the most of these and can afford to produce, process, and export them more cheaply than Norway, where production is just beginning, and labor costs are substantially higher. Wind turbines. Compared to that, the threat of Russia turning the gas tap off is a minor inconvenience, especially for a continent that relies more on wind and solar power than gas.The threat is not just a hypothetical one, either. This thread is made of the 17 elements that constitute what we commonly call rare earths, and it’s in the hands of China.By Irina Slav for During the one-month supply cut, shipments to Europe and the US were also affected, which goes to show just how essential Chinese rare earths have become globally. Or rather, it would have enough for self-sufficiency if there was an economical way of extracting and processing the rare earths it has. So dominant, in fact, that rare earths mined elsewhere, including the US, are sent to China for processing because China has the large-scale facilities to do it economically.Europe, according to 2015 estimates, has enough rare earth reserves to be self-sufficient in their supply. In a bid to reduce that dependence, the European Union devised an action plan to boost domestic production of rare earths.The action plan listed research and development of new mining and processing methods, sustainable financing of new mining projects, and recycling opportunities among the steps to be taken to reduce the rare earth dependence on China. Follow RT on

Europe is basing its future on high-tech products and applications, but while it requires vast amounts of rare earth metals to do so, it produces next to none of these critical elements. Yet the very fact Beijing has the rare earths weapon and can yield it at will should cause insomnia in Brussels. China was lucky in this case,” one academic from the Technical University of Athens told Euronews last year. But the problem with rare earths is bigger: China may simply decide to stop exporting the minerals. Besides, one discovery might not be enough to secure all the rare earths Europe will need to make its Green New Deal dream come true. Electric vehicle batteries and motors. Deposits large enough to make economic sense, however, are only found in a limited number of areas around the world, with the largest deposits discovered so far in China. Rare earth exports are a lucrative business for Asia’s biggest economy, where it has virtually established world domination. Yet all this is, for now, more talk than action. Meanwhile, a mining company made a discovery in Norway that could go a long way towards reducing Europe’s dependence on China. Solar panels. Now they are trying to fix this by building local manufacturing facilities.

Bitcoin’s HUGE daily drop sends cryptocurrency market crashing

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The world’s highest-valued digital currency, bitcoin, has seen its biggest drop ever, plummeting below $46,000 per coin from the weekend record of over $58,000 in a span of just 19 hours. Also on
Meteoric growth: Bitcoin keeps beating its own best, shooting past $57,000

The second-biggest cryptocurrency by market value, ether, also plunged by more than 20 percent to around $1,400, down nearly 30 percent from last week’s record high.The crypto markets have been unprecedentedly bullish this year since digital assets started attracting capital from big money managers and corporate giants. The acceptance by big investors drove confidence among smaller speculators. Despite the nearly 16-percent drop, the cryptocurrency is still up around 500 percent in the past year.The decline triggered a major sell-off across cryptocurrency markets due to growing concerns over volatility, jeopardizing the jaw-dropping rally. Also on
Deutsche Bank quietly moves to bring crypto into play after producing numerous reports bashing its bubble nature

Earlier this month, Tesla revealed that it had made a $1.5 billion investment in bitcoin, pledging to start accepting it as a form of payment for its electric vehicles. Bank of New York Mellon, the US’ oldest lender, announced plans for storing bitcoin and other cryptocurrencies for their clients.At the same time, Mastercard said it would support the use of some cryptocurrencies on its network in 2021, while US asset manager BlackRock and payments company Square have outlined plans for supporting digital currencies.For more stories on economy & finance visit RT’s business section

Janet Yellen’s policies have caused the greatest wealth inequality in history, investor tells Keiser Report

“And this economic mess that we’re in is going to cause the biggest financial crisis and disaster to come.”For more stories on economy & finance visit RT’s business section “We’ve got a disorganized government. She was given almost $8 million in funds from biggest banks and corporations in ‘speaking fees,’ which were nothing more than legalized kick-backs.”He goes on, explaining that all of those banks put Yellen into this position. Follow RT on

Max Keiser talks to Mitch Feierstein of about the non-stop money printing in the United States and the new “financial type” of oligarchy. She is there “for the banks, for the corporations, not for the people.” Her policies have caused the greatest wealth inequality in history, Feierstein says. We’ve got Janet Yellen, who’s a life-time Federal Reserve employee – almost 20 years at Fed,” Feierstein says, adding: “Now she is the treasury secretary.

Short and sweet: Musk sends eggplant emoji in response to Peter Schiff’s Twitter jab over bitcoin

Euro Pacific Capital CEO Peter Schiff, who’s known as a bitcoin detractor and a gold bug, took to Twitter this week to share that Tesla has actually been losing its share price after purchasing bitcoin – a downslide some have blamed on the carmaker’s chief, Elon Musk.“Two weeks after @elonmusk announced that he spent $1.5 billion of shareholder money buying bitcoin, #Tesla stock entered a bear market, plunging 20 percent from its all-time high set on January 25th, and 16 percent since disclosing the bitcoin buy,” Schiff wrote, adding: “Not an example other CEOs will likely follow!”🍆— Elon Musk (@elonmusk) February 23, 2021Schiff’s tweet followed bitcoin’s volatile start to the week, with the cryptocurrency dropping from $58,000 to as low as $46,000 on Tuesday.Musk responded to Schiff’s tweet with an eggplant emoji, which some inferred was his way of dismissing the comment. I must have hit a nerve with that Tweet. The symbol for an eggplant, or aubergine, is blocked from some platforms – but not Twitter – because of its phallic symbolism.“So, you’re basically calling me a dick,” Schiff said in a followed-up tweet. On Tuesday, he responded to a critical Twitter post by investor Peter Schiff in a veggie way, using only one emoji: an eggplant. Does this mean our clubhouse conversation is not happening?— Peter Schiff (@PeterSchiff) February 23, 2021For more stories on economy & finance visit RT’s business section Does this mean our clubhouse conversation is not happening?”So you're basically calling me a dick. For someone of your intellect I would have expected a more thoughtful reply, not something one would hear at a playground. For someone of your intellect I would have expected a more thoughtful reply, not something one would hear at a playground. Follow RT on

Elon Musk certainly has a weak spot for emojis when it comes to expressing himself. “I must have hit a nerve with that Tweet.

Will latest drop stop bitcoin’s fevered rally? RT’s Boom Bust finds out

RT’s Boom Bust is joined by Ben Swann to discuss what’s next for the cryptocurrency whose market value increased nearly 400 percent in 2020.Although bitcoin’s price was significantly boosted by Tesla’s decision to buy $1.5 billion worth of the asset, the surge of the world’s most valued digital currency was impacted by a wide range of additional factors, according to Swann. Follow RT on

After nearly doubling in value this year alone, bitcoin took a hit this week, falling around 10 percent to under $50,000 over the last 24 hours. Also on
Bitcoin’s HUGE daily drop sends cryptocurrency market crashing

“That [Tesla’s move] gets a lot of media attention… but MicroStrategy… just went out and raised $1 billion to buy a billion dollars worth of bitcoin,” he said, highlighting that this means MicroStrategy will be buying $2,000 worth of bitcoin every second.The journalist stressed that despite the latest drop, and taking into account the incredible amount of interest in the cryptocurrency, the trajectory continues upward and onward, and at a fevered pitch.For more stories on economy & finance visit RT’s business section

Boeing backs decision to suspend 777s with P&W4000 engines by US and Japan, recommends airlines follow suit

The accident reportedly left two people slightly injured, with one of them requiring hospitalization. The US aircraft manufacturer has also voiced its full support for the decision by the Federal Aviation Administration to launch extra inspections for models equipped with Pratt & Whitney PW4000 engines. The aircraft landed safely with all 231 passengers and 10 crew on board unharmed. The falling debris reportedly caused damage to several cars and buildings.For more stories on economy & finance visit RT’s business section Follow RT on

Boeing has urged global carriers to temporarily halt flights of its planes with engines similar to that which suffered a catastrophic failure and exploded mid-flight over the US city of Denver at the weekend. Also on
US & Japan ground all Boeing 777 jets with P&W4000 engines following fiery emergency landing in Denver

Moreover, Boeing urged airlines the follow the example of Japan Airlines and All Nippon Airways, which grounded their 32 passenger jets of the same model shortly after the incident, before Japanese regulators issued a similar flight ban.On Saturday, a United Airlines Boeing 777 was forced into an emergency landing at Denver International Airport after one of its engines was seen engulfed in flames, scattering debris on a residential area. Also on
Two people injured in Netherlands as ANOTHER Boeing jet rains down debris due to engine fire (PHOTO)

A similar case occurred in the Netherlands the same day, when a Boeing cargo plane started shedding metal parts shortly after takeoff from Maastricht-Aachen airport.