US blacklists tech giant Xiaomi & major oil producer CNOOC in Trump’s final push against Chinese firms

It forbids American businesses from dealing with blacklisted firms and transferring technology to them without special government permission. So, unlike Huawei, in theory it can acquire vital components like semiconductors, but it is unclear at this point how the military designation could further affect it.Beijing has repeatedly warned Washington that it will protect the interests of its businesses. Follow RT on

The outgoing Trump administration is using its final days to further escalate tensions with Beijing as it blacklists more Chinese firms, including one of the biggest global smartphone makers, Xiaomi, and oil giant CNOOC. Xiaomi, the Commercial Aircraft Corp of China (COMAC), as well as seven other entities, have been deemed “Communist Chinese military companies.” The move means that US investors will have to divest their stakes in the affected firms in accordance with an executive order signed by US President Donald Trump in November. Despite the ban, Xiaomi has not been put on the Entity List. Also on rt.com
China hits back at ‘unjustified’ foreign laws that hurt its businesses

Xiaomi recently beat its American rival Apple in global smartphones sales to become the world’s third-largest smartphone maker. The Commerce Department said that CNOOC was added to the economic blacklist for “helping China intimidate neighbors in the South China Sea.” The same order targeted state-owned Skyrizon, which the US agency says could make military items such as aircraft engines for its push “to acquire and indigenize foreign military technologies.”The blacklist includes Chinese tech giants Huawei and ZTE, as well as dozens of other companies. Earlier this month, it accused the US of abusing national security and state power “to suppress Chinese firms.” It also warned that these policies, which violate market rules, could backfire on foreign investors and could seriously undermine confidence in US capital markets.For more stories on economy & finance visit RT’s business section The Department of Defense expanded the list of Chinese companies with alleged military ties once again on Thursday. Read more

China’s Xiaomi overtakes Apple as world’s third-largest smartphone maker

While oil major China National Offshore Oil Corp (CNOOC) was already placed under the investment ban, it was also added to the infamous Entity List on Thursday. The company denies any links to the Chinese military, insisting it only manufactures products for civilian and commercial use. Xiaomi also pledged to protect the interests of its shareholders as its stock fell around 10 percent on the news of the investment ban.

US shale could be the biggest winner of the latest OPEC cuts

OPEC – and now OPEC+ – is trying to hang onto its own market share while maintaining adequate price levels for its members’ oil revenue-dependent budgets. Read more

The pandemic could lead to a major oil supply crunch

There is no question that US shale has increased its market share over the last few years. The United States lifted a 40-year ban on oil exports at the end of 2015. Read more

Russia’s oil output plunges to LOWEST in nearly a decade

Oil companies in the United States Tenth Federal Reserve District (Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and some parts of Missouri and New Mexico) reported in the fourth quarter of 2020 that they needed oil prices to be at $56 for a “substantial increase in drilling” to occur, according to the Kansas City Fed.In just the first two weeks of this year alone, the price of WTI has risen from sub $48 to more than $53 – well on its way to that sweet spot. India, too, takes a fair amount of US crude. But it looks like OPEC is taking even more strides to do it again. US oil is exported mostly to Mexico, Canada, and the largest destination – China. At that time, the global oil market was already saturated, and that’s really when the battle for the market share began.The market that was most affected was the US market, which used to get much of its oil from OPEC nations. Now, the United States is basically a net oil importer – importing some grades, and exporting others. Most – if not all – of this gain has to do with Saudi Arabia’s promise to OPEC and OPEC+ that it would cut another million barrels of oil production per day in February in March in an effort to bolster prices. Also on rt.com
Oil prices hit 10-month high as US dollar weakens & Saudi cuts loom on horizon

EIA’s dim viewOn January 12, the Energy Information Administration forecast a bleaker picture for the US oil industry. For 2021, it expects that figure to fall to 11.1 million bpd, before rising to 11.5 million bpd in 2022.That the EIA does not need US production picking up more than 400,000 bpd on average this year is noteworthy.OPEC is doing it again: The $56 MarkFor everything that OPEC has done for US shale up to this point, the industry surely thanks it. US shale, on the other hand, is operating in an every-man-for-himself mode, with less efficient producers folding under the crushingly low oil prices, and more efficient producers picking up assets for a song. Today, it’s more of a smoldering competition. And some of those improvements in the supply side of the equation for US shale are already upon us.“Market conditions have improved for US shale as oil prices have moved into a range where output is likely to recover at a higher-than-expected rate in 2H21,” the MOMR reads in part, adding that the US liquids supply forecast has been revised upward by 100,000 bpd, to average 18 million bpd in 2021. Follow RT on

OPEC’s major output cut may be a lifeline for US shale, which is struggling under the weight of the new pandemic world order. While Russia is keenly aware of this unfavorable position, the group is nearly powerless to maintain prices for themselves without also opening the door for US shale. That last one must hurt for OPEC. In the days of the oil embargo, the situation was sticky and heated. Frenemies at lastOPEC and the United States were once at bitter odds. OPEC itself now sees US shale’s supply outlook as slightly more “optimistic,” OPEC’s latest Monthly Oil Market Report showed on Thursday. The market had expected a small increase.Meanwhile, Russia was allowed a small increase in production – a sign that at least one powerhouse is done holding that door open for US shale, who only cuts production on a company by company basis when it is uneconomical to do so (and sometimes not even then).But this time around, US shale companies are expecting not to lift production, but to rake in the extra profits from the increase in price and pay down their debt and give more back to investors.That it might be different this time around may be what saves OPEC from losing even more market share.This article was originally published on Oilprice.com For 2020, the EIA now estimates that US crude oil production fell from 12.2 million bpd in 2019 to just 11.3 million bpd. It’s a lot to juggle. In October 2020, Asia’s second-largest crude importer took nearly a half a million barrels per day from the United States.And while this change was inspired in large part by the lifting of the export ban, it would not have been possible without OPEC’s help in the form of organized production cuts, which began just months after the US lifted its export ban.OPEC’s prognostication on US shaleThat OPEC’s policies are aiding US shale isn’t a secret, either.

Facebook banning free speech will lead people to find alternative platforms, Ron Paul tells Boom Bust

Intimidation and all of a sudden challenging of what we are doing,” he says. “I think it’s an incentive for people to look for alternatives. “I’m still optimistic that technology is going to come along, and there’s going to be alternatives; stations still do exist that allow us to speak, like your station.”The former representative says people need to just wake up. Follow RT on

Amid the wide blackouts of social media accounts in the wake of the Capitol Hill riots, some people have been caught in the crossfire, including former US Congressman Ron Paul. And I believe that people that are aware of what’s going on will develop technology that will be available to an individual like myself, so that we can have the safety and security of expressing ourselves.”For more stories on economy & finance visit RT’s business section I don’t know technology but I’m a believer in technology. He joins Boom Bust to describe his temporary ban from Facebook and what dangers the moves could have, if any, on free speech.“The whole thing was anti-American for that matter.

Bitcoin recoups most of its losses after wild rollercoaster ride

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He’s convinced: World’s richest man Elon Musk wants to be paid in bitcoin

The drop, accompanied by the losses of others, wiped out nearly $200 billion from the cryptocurrency market.“It should come as no surprise to anyone that Bitcoin has bounced back so quickly,” senior market analyst at Oanda Europe Craig Erlam said as quoted by Bloomberg. Bitcoin started to climb back to the psychologically important $40,000 mark and briefly traded above it on Thursday, according to CoinDesk data. He pointed out that the asset has always been extremely volatile, and this time only the absolute numbers are different due to the recent enormous gains.Some crypto bulls say bitcoin will overcome this volatility to surge in the long term. Also on rt.com
US dollar demise will soon be attributed to bitcoin rise – Max Keiser

Most of the other top cryptocurrencies also rose on Friday, with the second-largest cryptocurrency, ethereum, adding over seven percent.Bitcoin has smashed one record after another since the start of the year and reached its new all-time high of $41,940 last week. If it manages to avoid these wild swings, bitcoin could be worth $146,000, JPMorgan previously predicted. However, critics still say that the world’s top crypto asset rose too fast, warning of a huge bubble. A strategist at Bank of America Securities, Michael Hartnett, earlier said bitcoin looks like “the mother of all bubbles,” and its rally may be another case of speculative mania. It started to plummet on Sunday and fell even deeper on Monday, losing around quarter of its value in a 24-hour period to trade just above $30,000. The most popular digital currency, which accounts for around 70 percent of the entire market, slid to $38,547 as of 10:30am GMT on Friday, but was still up around half a percent over the 24-hour period. Follow RT on

The price of bitcoin has bounced back from the lows seen at the beginning of the week, when the world’s top cryptocurrency plunged around 20 percent amid massive outflows from the crypto market. He explained that the digital currency skyrocketed roughly 1,000 percent since the beginning of 2019, while other assets such as gold were not even close to such gains in the past few decades.For more stories on economy & finance visit RT’s business section

The pandemic could lead to a major oil supply crunch

But the coronavirus also accelerated a structural decline in upstream oil investments as all E&P firms. “The world may be sleepwalking into a supply crunch, albeit beyond 2021. Also on rt.com
Oil prices hit 10-month high as US dollar weakens & Saudi cuts loom on horizon

This year, global upstream investment will stay low, just like they were in 2020, Wood Mackenzie said last month, expecting upstream oil and gas investment at a 15-year low of just US$300 billion, down by 30 percent from the pre-crisis level of investment in 2019. “Peaking of oil demand does not mean the end of oil. Follow RT on

It may be counterintuitive to say that the oil demand crash and the resulting glut in 2020 could lead to an oil supply crunch in just a few years. If the industry doesn’t raise upstream investments in coming years, the oil market could be headed to a supply crunch after oil global demand recovers, analysts and forecasters warn.Upstream Investment At Multi-Year LowsInvestments in new oil supply have never been able to achieve the highs seen in 2014, just before the previous oil crisis of 2015-2016 pushed the oil industry to reassess the way it spends on big projects.But 2020 investments hit a new low.The International Energy Agency (IEA) expected that global investment in upstream oil and gas to crash 32 percent year over year to US$328 billion in 2020, after three consecutive years of investment growth. A recovery in oil demand back to over 100 million b/d by late 2022 increases risk of a material supply gap later this decade, triggering an upward spike in price,” says Simon Flowers, Chairman and Chief Analyst at WoodMac.Oil Deficit In 2021This year, especially in H2, could see monthly oil supply deficits at their highest level in years, according to a December analysis of Rystad Energy. Oil supermajors, US shale producers, and national oil companies alike slashed capital expenditures in the wake of the price crash.Investments in new oil supply have now slumped to a more-than-a-decade low. Yet, a growing number of experts and international agencies warn that the world could be headed for an oil shortage when oil demand finally recovers from the COVID-inflicted crisis in late 2022 or 2023.   Last year, the pandemic slashed global oil demand, which is not expected to return to pre-crisis levels for at least another year and a half. Also on rt.com
Will oil demand recover in 2021? But if the world wants to avoid a supply crunch, more investments will be necessary in conventional oil projects which, unlike shale, can pump oil for decades to come.Analysts say that a lasting change of oil consumption after the pandemic and the energy transition will accelerate the peak oil demand timeline—the day after which global oil demand will stop growing.Even if we have already hit peak oil demand—which most analysts now peg at around 2030 or a bit sooner—the world will continue to need oil. The expected rate of decline in 2020 investment was larger than the 25-26 percent decline in the 2015-2016 period, while the value of 2020 investments was down by around 60 percent from the peak of US$779 billion in 2014. Part of that supply could come from US shale, oil prices permitting, but another part is set to come from conventional oil developments.  If the upstream capex crunch of 2020 persists for a few more years, the oil market could be sleepwalking into a supply crunch and a price spike in the mid-2020s.  This article was originally published on Oilprice.com Oil will be around for a very, very long time,” BP’s chief executive Bernard Looney said last October, even as the company he leads has pledged to reduce its oil production within a decade.With many maturing oilfields around the world, new supply will be needed just to keep the current rate of production. The IEA also warned that if investments were to stay at the 2020 levels over the next five years, it would reduce the previously expected level of oil supply in 2025 by nearly 9 million bpd. According to the consultancy, the current lockdowns were set to create a surplus of 500,000 bpd in February, 1.4 million bpd in March, and a minor surplus in April, after which the market is expected to recover.This forecast was published before Saudi Arabia surprised the market last week by saying it would cut another 1 million bpd beyond its OPEC+ quota in the next two months, when demand is expected to be at its weakest this year with lockdowns across Europe and a slow start to the vaccine rollout.More acute deficits later this year could keep oil prices high enough to warrant more US oil production than the currently expected level of around 11 million bpd. “As we have warned our clients before, shale is a monster that can slowdown, but cannot kill,” Bjornar Tonhaugen, Head of Oil Markets at Rystad Energy, said last month.Oil Supply Amid Peak DemandUS shale is a fast-return investment. The decline in investment in 2020 already takes an estimated 2.1 million barrels per day (bpd) away from anticipated oil supply in 2025, the IEA said.

Chinese exports soar despite Covid-19 pandemic & US trade war

December imports saw a 6.5-percent year-on-year increase, beating expectations for a five-percent growth, and rising from the November growth of 4.5 percent. Follow RT on

China’s trade surplus has hit $535 billion, its highest level since 2015, amid the global coronavirus pandemic and an ongoing trade war with Washington. Also on rt.com
Beijing vows to take necessary measures after Trump’s latest attack on Chinese payment apps

Trade surplus in December alone amounted to $78.17 billion, the highest reading on Refinitiv records going back to 2007, whereas economists had expected the trade surplus to fall to $72.35 billion from $75.40 billion in November.Over the full year, Chinese exports grew 3.6 percent, while imports fell 1.1 percent, making China the only major economy to see positive growth in 2020.Chinese exporters managed to benefit from the earlier reopening of the economy and demand for masks and other pandemic-related goods made in the country. The trade imports and exports were significantly better than expected, and the scale of foreign trade hit a record high,” a Chinese spokesman said.Despite a prolonged tariff war with Washington, China posted a $3 billion surplus in trade with the US, as December exports were $4.6 billion, while imports of American goods totaled $1.6 billion.For more stories on economy & finance visit RT’s business section Also on rt.com
Freight traffic between China & Europe hit all-time high in 2020

“China has become the only major economy in the world to achieve positive economic growth [in 2020]. According to the latest customs data, China’s exports rose 18.1 percent in December from a year earlier, slowing from a 21.1-percent surge in November but exceeding the forecast growth of 15 percent.

Gold likely to be the money of the future, economist tells RT’s Keiser Report

It is the only means by which they can get that currency going again, so that government can continue,” he says.For more stories on economy & finance visit RT’s business section “It could be that the market decides that bitcoin is a favorable form of money compared with gold; we don’t know this for certain. All we can do is prognosticate.”“The reason I’m suggesting that gold is likely to be the money of the future is not only has it always been the money of the past when everything fails, but central banks have it. Nevertheless, in a practical world, governments will continue to exist, and in order to exist they need financing, he adds.According to Macleod, for governments to continue after a currency collapse, what they need to do is accept the fact that money has got to be decided not by them, but by the market. “Central banks have created so much misery for all of us by transferring wealth, by debasing the currency,” says Macleod. Follow RT on

Max Keiser and Stacy Herbert explore what will happen when inflation hits “dangerous levels.” They talk with Alasdair Macleod of goldmoney.com about the US dollar, gold, and bitcoin.

Wildberries ripe for further expansion as Russian e-commerce giant launches sales in Germany

The company announced plans for entering other markets of the European Union in the near future. In the near future, Wildberries is also planning to enter the markets of France, Italy and Spain. Follow RT on

Russia’s largest online retailer, Wildberries, has started sales in Germany. The German branch of Wildberries sells around four million items provided by nearly 40 thousand brands. Germany has become the 10th country for Wildberries. Delivery is carried out through its 40 million partners’ pick-up points or by courier services.In 2019, the retailer launched sales in Poland, Slovakia, Ukraine and Israel. Read more

Russia’s largest online retailer looks to conquer European market

German online shoppers may order goods via the separate website de.wildberries.eu, as well as by the mobile application. Our new customers will have access to a wide range of goods both at affordable prices and in the premium segment,” the company’s director of development, Vyacheslav Ivashchenko, said. The company’s trade volume surged 87 percent from January through September 2019 against the same period in the previous year, and totaled $4 billion.Forbes Magazine included the founder of the company in the list of the 10 most notable new billionaires in 2019, estimating Bakalchuk’s fortune at around $1 billion.For more stories on economy & finance visit RT’s business section “We are pleased to announce our entry into one of the largest e-commerce markets in Europe. Moreover, Wildberries operates in Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia.The firm, founded in 2004 by Tatyana Bakalchuk while on maternity leave from teaching, managed to significantly expand after the financial crisis as foreign companies sought to offload their excess inventory at a steep discount.Wildberries became Russia’s number one online retailer in 2017, and attracted over two million daily visitors the following year.

Russia’s Nord Stream 2 is ‘part of a reliable gas supply system’ for Europe for years to come – German MP

“This is the only goal of the institution, namely, to support measures for the protection of climate and the environment not only in Mecklenburg-Vorpommern, but also on the entire coast of the Baltic Sea, in the territories of the countries with access to the Baltic Sea,” he said.For more stories on economy & finance visit RT’s business section Follow RT on

Allegations that the Nord Stream 2 project’s implementation could lead to Europe’s over-reliance on Russian energy supplies are groundless, says a member of Germany’s Social Democratic Party (SPD), Jochen Schulte. “We, here in the federal state, adhere to the point of view that in the coming years we will have a need for gas, not only for gas from Russia, but also, for example, from Norway or the Netherlands.”

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German region approves creation of fund to bypass US sanctions designed to stop Gazprom’s vital Nord Stream 2 gas pipeline

“And this gas pipeline is part of a reliable gas supply system for Europe for the coming years. But this is a long way, and it cannot be done in a short time,” said Schulte, a member of the Mecklenburg-Western Pomerania state parliament.READ MORE: US threatens sanctions against European firms working on Russia’s Nord Stream 2 pipelineTalking about the Nord Stream 2-linked fund that has been approved by parliament this month, the politician said that it was not designed with the aim of completion of the pipeline’s construction. Although the goal of our federal state, of course, is ultimately self-sufficient energy supply, to a greater extent with the help of renewable energy sources. “These two statements do not fit together,” he said.Schulte pointed out that either such project does not play any role in gas supplies to Europe,“since we don’t need this gas pipeline,” or if there is such a need, “it won’t be able to create dependence on Russia.”Therefore, those who accuse Moscow of monopolizing the European energy market, should finally decide what position they really take, he said. He told RT that those who claim that there’s no need for Nord Stream 2 gas supplies to Europe and at the same time say that the project could increase dependence on energy deliveries from Russia, are inconsistent.

Like it or not, US no longer holding world in its palm, China is – Professor Richard Wolff to RT’s Boom Bust

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With less than a week left before the inauguration of Joe Biden, Washington is getting ready for the event with 15,000 members of the national guard in the streets of the capital, with closures and roadblocks. After seeing what most Americans are used to seeing in other countries, the host of RT’s Boom Bust, Christy Ai, asked Professor Richard Wolff what is ahead for the dollar, markets, and the US political system.READ MORE: China soon to rival NY & London as world’s financial center – Ray Dalio“There’s no question in my mind that the whole world is looking at the US and it’s seeing too many signs of decline and decay,” the economist said, stressing that the process would be long.“Whether it’s the extraordinary failures around being prepared for containing Covid, we are four percent of the population of the world, and we have 20 percent of the deaths from coronavirus. There’s no dancing around this,” Wolff said.The expert added that the US is currently in a depression with 25 million unemployed Americans, riots in the capital, and a fracturing of the political system, which is expected to percolate into the currency’s value and investment patterns.“There’s sense that whatever the US was as the kind of premier capitalist country, holding the world in its palm, holding it together, center of the free world… All those phrases do not apply anymore, we are not the rising power economically in the world,” he said. “That’s China, you may not like it, but it’s the reality.”For more stories on economy & finance visit RT’s business section

Massive new gas field discovered in Russia’s Far East

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Russia looking to bolster oil supplies to India for decades ahead

Rosneft recently announced discoveries of large oil and gas fields in the Kara Sea, saying that overall, more than 30 “prospective structures” were identified there. Follow RT on

Russian energy giant Rosneft has announced the discovery of a huge gas condensate field in the Far Eastern republic of Yakutia. The results of the drilling prove “the discovery of a new Kara offshore oil province,” the energy giant said.For more stories on economy & finance visit RT’s business section It contains over 75 billion cubic meters of natural gas and 1.4 million tons of condensate. The new deposit is part of the company’s drilling campaign to explore the region’s oil and gas potential.The discovery was made by Rosneft’s subsidiary Taas-Yuryakh Neftegazodobycha. A joint venture between Rosneft (50.1 percent), BP and a consortium of Indian companies, Taas-Yuryakh Neftegazodobycha operates in 10 license areas. Among those is the Srednebotuobinskoye oil and gas condensate field, which is one of the largest assets of Rosneft in Eastern Siberia.

Russia to win back crown of world’s top wheat exporter despite looming quotas & export tax

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Russia will retake the lead in global wheat exports in spite of an upcoming grain export quota and wheat export tax, the US Department of Agriculture (USDA) said in the latest industry outlook. According to the forecasts of global grain and oilseed production, Russia will become the top exporter in the 2020-2021 season that ends on June 30. Also on rt.com
Moscow Exchange sows seeds of potential with launch of wheat futures contracts

The step is expected to protect domestic supply and stabilize prices of several commodities such as flour and bread amid the economic upheaval from the Covid-19 pandemic and a plunge in oil prices.According to the USDA, the step that has resulted in growing prices for grains won’t prevent the country from taking the leading position in exports of its wheat.Earlier this week, the head of the Russian Union of Grain Exporters told Reuters that Moscow is considering raising its wheat export tax from the currently planned $30 per ton.For more stories on economy & finance visit RT’s business section The measure includes imposing an export tax on wheat of $30.40 per ton. In the previous season, sales of wheat from Russia, which had been the world’s number one exporter for several years in row, was outpaced by the EU.In December, Russian authorities introduced an export limit of 17.5 million tons for certain grains, including wheat, rye, barley, and corn for the remainder of the marketing year during the current season.

China soon to rival NY & London as world’s financial center – Ray Dalio

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It is only a matter of time before China’s financial system becomes a contender for Wall Street and the City of London’s supremacy, according to the founder of investment firm Bridgewater Associates, Ray Dalio. In an interview with the Financial Times, he said 2020 was a “defining year” for the Chinese financial markets. The Covid crisis had highlighted the country’s economic outperformance, and spurred a trillion yuan ($155 billion) of investment inflows.Although China’s financial system remains less developed than its Western peers’, it “will eventually vie for having the world’s financial center,” Dalio said, adding that the country “already has the world’s second-largest capital markets.”

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Market value of Chinese companies reaches record high

The founder of the world’s biggest hedge fund pointed out that “throughout history, the largest trading countries evolved into having the global financial center and the global reserve currency. When you see the transition from one empire to another, from the Dutch to the British to the American, to me, it just looks like that all over again.”The billionaire said China could, in time, account for a “very meaningful” part of Bridgewater’s business, which has about $150 billion in assets under management. “I’ve been immersed in China since 1984 and bullish on China for a long time … and all the time I got skepticism – up until now,” Dalio said.For more stories on economy & finance visit RT’s business section

Russian ruble ranked world’s most undervalued currency against US dollar

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The Russian ruble has been ranked the world’s most underrated currency against the US dollar by the 2021 Big Mac Index, which provides an assessment of the purchasing power of currencies compared to each other. In 2020, the ruble saw another 20-percent slump due to the Covid-19 pandemic, constantly expanding anti-Russian sanctions and a drop in oil prices.The ruble’s plunge also means Russia now boasts the cheapest Big Macs in the world. This shows that the Russian ruble is undervalued by 68 percent, and that one dollar should cost 28.85 rubles, compared to Wednesday’s exchange rate of around 74 rubles per dollar.Based on differences in gross domestic product (GDP) per person, a Big Mac should cost 39 percent less. Also on rt.com
Share of gold in Russian national reserves beats US dollar holdings for first time ever

The Russian currency had been rated as highly undervalued against the US dollar over the past nine years. The index, created by The Economist, represents a light-hearted guide to alignment of world currencies in regard to the greenback. It is based on comparative study of price for a McDonald’s Big Mac in different countries.The Big Mac Index, published by the magazine twice a year, helps to estimate purchasing-power parity of national currencies, as well as their ‘real’ exchange rate. It stems from the fact that the same product is to be sold at the same price in all the countries. According to the index, this means the ruble is 47.3 percent undervalued. Russia is the only one among the 55 nations tracked by the index, where a Big Mac costs under two dollars.For more stories on economy & finance visit RT’s business section Also on rt.com
Russian stock market at all-time high as ruble shows stable growth

The latest data reveals that a Big Mac costs about $5.66 in the US, while the price of the benchmark burger in Russia totals 135 rubles ($1.81).

US threatens sanctions against European firms working on Russia’s Nord Stream 2 pipeline

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The outgoing administration of US President Donald Trump is reportedly preparing a final round of penalties against Nord Stream 2, a natural gas pipeline that will connect Russia and Germany. The pipeline goes to Germany through the maritime territories of Russia, Finland, Sweden and Denmark. The measures hit firms providing insurance and verifying works that are necessary for completing the pipeline. Earlier this month, Washington reportedly warned European firms suspected of taking part in the construction the gas pipeline that they face the risk of sanctions.”We are trying to inform companies of the risk and urge them to pull out [of the project] before it’s too late,” a US government source told Reuters on condition of anonymity.As early as this week, the US State Department is expected to reveal the list of businesses that could become subject to punitive measures for working on the pipeline. Also on rt.com
Norwegian company turns its back on Nord Stream 2 under threat of US sanctions

The project has been criticized by the White House, which has warned the European Union about over-reliance on Russian energy supplies, while accusing Moscow of monopolizing the European energy market.In an attempt to increase sales of US liquefied natural gas to Europe, Washington introduced special guidelines for its Protecting Europe’s Energy Security Act (PEESA), which enable the State Department to impose sanctions on each and every enterprise cooperating with the energy project.For more stories on economy & finance visit RT’s business section The list will reportedly include enterprises providing insurance, helping to lay the undersea pipeline, and verifying the project’s construction equipment. The gas route, which runs under the Baltic Sea, is set to double the existing pipeline’s capacity of 55 billion cubic meters annually via two 1.2km lines. Also on rt.com
Germany may set up special fund to fend off Russia’s Nord Stream 2 from sweeping US sanctions

In December, the US Congress approved a fresh package of sanctions against the project. Companies that are engaged in the modernization and installation of welding equipment on vessels involved in the construction works are also subject to the penalties, which came into force on January 1.In November, Norwegian certifier Det Norske Veritas-Germanischer Lloyd pulled out the project under the threat of US sanctions.The pipeline is being constructed by Gazprom subsidiary Nord Stream 2 AG in close cooperation with several European energy majors.

Goodbye, Big Tech? People are losing trust in social media platforms, economist tells Boom Bust

The rival apps have now been uploaded millions of times worldwide. RT’s Boom Bust is joined by Jeffrey Tucker from the American Institute for Economic Research, who believes it’s “a glorious moment” in the history of technology. According to Tucker, after 20 years of ignoring terms and conditions, people have finally wised up to what these companies are about. Follow RT on

WhatsApp users have been turning to other encrypted messaging services, particularly Telegram and Signal, since the Facebook-owned app updated its privacy terms. “They don’t trust them in the same way they did in the past,” Tucker says, when everybody uploaded all their information and trusted Big Tech to keep it secure.“Now people are losing faith and respect for and credulity towards Big Tech companies,” Tucker says, adding, “It’s a big moment, actually, in the market for social media technology.”For more stories on economy & finance visit RT’s business section

India to see quickest economic rebound in Asia, says UBS

However, the country’s economic activity recovered more than expected in the third and fourth quarters of 2020.According to the report, financial conditions have now eased to levels better than those registered during the pre-Covid period (January/February 2020), which is also helping support economic recovery. The bounce-back in India’s economic growth will be largely led by continued improvement in consumption, stronger global growth, success in rolling out a Covid-19 vaccine, and the focus on growth supportive reforms, said UBS.“Of these, the corporate tax rate cut, incentives for manufacturing, easier labor laws, and encouraging FDI [foreign direct investment] inflows bode well for India’s medium-term growth, in our view,” Gupta said.For more stories on economy & finance visit RT’s business section Follow RT on

A new report by UBS Global Research has projected India’s economic growth as reaching a multi-decade high in 2022. We expect India’s real GDP growth to rebound to +11.5 percent year-on-year in FY22 (consensus +9.2 percent year-on-year),” reported Tanvee Gupta Jain, economist at UBS Securities India. “While economic growth in FY22 could be at a multi-decade high, this largely reflects the rebound from deeper contraction in FY21 GDP (-7.5 percent year-on-year),” Jain said.Growth will moderate to six percent year-on-year in FY23 as domestic and global financial conditions begin to normalize. 

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India stocks on record run as vaccination drive & economic prospects boost sentiment

UBS had earlier estimated that the Indian economy would lose 10.6 percent of its GDP due to pandemic-related restrictions. Its economy is expected to clock the fastest growth of all Asian nations, it said. “The Covid situation in India has stabilized for now.

Share of gold in Russian national reserves beats US dollar holdings for first time ever

At the same time, the share of US dollar shrank to 22.2 percent from 24.2 percent, while the share of the euro dropped to 29.5 percent from 30.6 percent. Follow RT on

The gold share of Russia’s foreign exchange holdings rose to 22.9 percent over the year to June 30, 2020, according to data revealed by the country’s central bank. Also on rt.com
Russia second in Bloomberg rating of economies expected to beat expectations in 2021

According to the statistics, which is commonly published with a six-month lag, the value of gold in the country’s forex reserves is higher than the value of the US dollar for the first time ever. The regulator also decreased its holdings of Chinese yuan to 12.2 percent from 13.2 percent. The forex reserves totaled $593.6 billion by the end of last year. However, global prices for gold have seen a massive growth of nearly 25 percent over the past 10 years, inevitably boosting the price of Russia’s vast holdings.For more stories on economy & finance visit RT’s business section In monetary terms, holdings of the precious metal totaled a reported $128.5 billion against $124.6 billion nominated in US currency.Russia’s international reserves are highly liquid foreign assets comprising stocks of monetary gold, foreign currencies, and special drawing right assets, which are at the disposal of the Central Bank of Russia and the government.The assets have been steadily growing over recent years and have exceeded the half-a-trillion-dollar target set by the regulator. The regulator also started gradually selling US Treasury securities, decreasing its share of the assets from $100 billion in 2018 to just $3.8 billion in March 2020.The country’s monetary regulator stopped purchasing gold in April 2020, with the holdings of the precious metal remaining at 73.9 million ounces. Also on rt.com
Russia’s weekly gold & foreign currency reserves jump by $6.5 billion

The Central Bank of Russia had been increasing the euro and yuan holdings since March 2018, when Washington introduced sanctions against Russian individuals, forcing the regulator to eliminate the reliance of the Russian economy upon the US dollar.

US facing PEASANT REVOLT as Americans demand free cash – Max Keiser

The government now wants to print actual money and “distribute it to the peasants of America, let’s be honest – that’s what we’re talking about,” Max says.“The peasants are upset because they’ve had their country stolen from them,” he adds. Follow RT on

The hosts of the Keiser Report, Max Keiser and Stacy Herbert, look at demands for free money for the people, which are rising fast and furiously as lockdowns and quantitative easing continue. “And now we have a genuine peasant revolt, like we had in France – we had the Bolshevik revolution, we had many revolutions over the centuries. And now America is finally having its first major peasant revolution.”For more stories on economy & finance visit RT’s business section

Global corporate giants turn their backs on Trump & his supporters

The protesters occupied parts of the building for several hours. Read more

Just the beginning? Read more

Amazon says it will SUSPEND donations to lawmakers who objected to Biden’s victory certification, joining a growing list of firms

“The actions by President Donald J. Trump violate our Acceptable Use Policy, which prohibits promotion or support of organizations, platforms or people that threaten or condone violence to further a cause,” according to the company’s statement, as cited by Yahoo Finance.Deutsche Bank, Trump’s most important lender, with about $340 million in loans outstanding to The Trump Organization, said it won’t do business with the US president or his companies, the New York Times reports, citing an unnamed source close to the bank.On January 6, Trump’s supporters breached the protective barricade around the US Capitol in an attempt to disrupt the vote count at the joint session of Congress convened to officially confirm Democrat Joe Biden the next president. The revolt led to the evacuation and lockdown of the building and resulted in five deaths.Moreover, the Republican Party lawmakers who voted to challenge Biden’s victory have also faced growing blowback from the US corporate titans that pledged to cut off campaign contributions.US multinational hotelier Marriott International said in a statement that it “will be pausing political giving from our Political Action Committee to those who voted against certification of the election.”Michigan-based commodity chemical company Dow Incorporated, along with American Express and Amazon are among those who’ve threatened to cut off funding for Republicans who are soon to leave the White House and both chambers of Congress.“Given the unacceptable attempt to undermine a legitimate democratic process, the Amazon PAC [political action committee] has suspended contributions to any member of Congress who voted to override the results of the US presidential election,” Amazon spokesperson Jodi Seth said, as cited by CBC. Corporate speech-policing fears grow as US senator loses book deal over election objections

Hallmark Cards, the company that makes greeting cards, and MasterCard have both said they will suspend donations to those who did not support the certification of Biden’s election victory. “The recent actions of Senators Josh Hawley and Roger Marshall [of Kansas] do not reflect our company’s values,” Hallmark Cards said, adding that it had “requested Sens. Shortly after Twitter and Facebook banned Trump from their platforms, depriving the president of his crucial loudspeaker, Stripe, a financial services and software company, said it will stop processing payments for Trump’s campaign website.READ MORE: Twitter stock crashes after company permanently bans Trump’s accountAt the same time, the Professional Golfers’ Association of America (PGA) has announced plans to cut ties with the president, by moving its 2022 championship away from Trump’s Bedminster golf course in New Jersey.“Our feeling was, given the tragic events of Wednesday, that we could no longer hold it at Bedminster,” CEO of the PGA Seth Waugh told the Associated Press.Canadian e-commerce company Shopify joined the move by taking down stores selling Trump merchandise online. Facebook, Microsoft, and Alphabet also pledged to freeze their political spending.For more stories on economy & finance visit RT’s business section Follow RT on

JPMorgan Chase, Marriott and other major corporations are cutting ties with outgoing US President Donald Trump, and are freezing political donations to his supporters in the wake of last week’s unrest on Capitol Hill. Hawley and Marshall to return all HALLPAC campaign contributions.”Commerce Bank, a regional lender with branches from Texas to Michigan, confirmed it had “suspended all support for officials who have impeded the peaceful transfer of power.”JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley have reportedly introduced a temporary ban on all political donations to both Democrats and Republicans.Meanwhile, Bank of America said it had contributed to both parties before, adding that “in the next election cycle the PAC will review its decision-making criteria in light of the actions that contributed to the appalling violent assault on the US Capitol.”Similar measures were announced by investment management firm Blackrock, investment adviser Vanguard Group and a food-processing company, Smithfield Foods.

Technology will enable tests to track Covid mutations, preventive medicine expert tells Boom Bust

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The US Federal Drug Administration has issued an alert warning that a new coronavirus variant could trigger false positives. Dr. “There would be a little bit of a gap there, but you can be sure the technology is there that would enable the tests to change very quickly.”For more stories on economy & finance visit RT’s business section He says that false positives from new variants could cause difficulties “because then we would lose the ability to make individual diagnoses and also to track things from a public health perspective.” “But I think what would happen very quickly is that the manufacturers of these tests would change their tests so that they would work,” he explained. William Schaffner of the Vanderbilt University Medical Center analyzes the newest Covid strains.

Oil prices hit 10-month high as US dollar weakens & Saudi cuts loom on horizon

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Crude oil flow from Saudi Arabia to US falls to ZERO

The latest gains were also boosted by another planned output cut of an extra million barrels by Saudi Arabia. West Texas Intermediate (WTI) crude for February grew 1.13 percent to $52.84 per barrel.The ICE US Dollar Index, which tracks the greenback against a basket of six major currencies, was flat after bouncing from a two-and-a-half-year low. According to the agreement, most producers will hold output steady in February. Deliveries of the global benchmark, Brent, had risen 1.2 percent for March to $56.33 per barrel at 2:16pm GMT. Last year, record cuts by OPEC and allied producers helped oil recover from historic lows.For more stories on economy & finance visit RT’s business section Moreover, the latest reports on US supply is expected to show crude stocks falling for the fifth straight week.The upcoming production cap by Riyadh offset concerns over rising coronavirus cases globally, which dragged crude prices down earlier this week since the previous lockdowns dramatically undercut demand.The Saudi cut comes as part of a deal clinched by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Follow RT on

Global prices for crude were pushed to new multi-month highs as the recent bounce by the US dollar appeared to lose its steam, increasing the appeal of commodities priced in the currency. The measure, scheduled for February and March, is expected to stop inventories from building up.

India stocks on record run as vaccination drive & economic prospects boost sentiment

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The launch of a nationwide vaccination program, along with highly positive reports on quarterly earnings by Indian technology giants, have sent Indian stocks to record-breaking highs. Also on rt.com
Indian’s appetite for gold grows as price for metal hangs near multi-month low

In addition, the Indian government has announced plans to start mass vaccination against Covid-19 as soon as this week. The S&P BSE Sensex had advanced 0.65 percent to 49,093.76 as of 06:02 GMT, while the NSE Nifty 50 Index climbed 0.6 percent. Both indices had been triggered by the strong performance of technology corporations, after the country’s multinational tech consultancy Tata revealed a quarterly earnings report that beat expectations and forecast double-digit growth for the next financial year. The start of the vaccination drive is positive for sentiment and is continuing globally,” Deven Choksey, a strategist at KRChoksey Investment Managers, in Mumbai, told Bloomberg.For more stories on economy & finance visit RT’s business section The nation has recorded the second-highest number of Covid-19 infections in the world, after the US.“December quarter results look promising and have been boosted by a recovery in the economy. Also on rt.com
Foreign inflows send Indian stocks to new highs as investors shift to emerging markets

Meanwhile, both multinational business consultancy Infosys and information technology firm Wipro climbed over two percent.The yield on the benchmark 10-year government bond rose five basis points to 5.92 percent as the rupee weakened 0.3 percent against the US dollar.The rise was driven by foreign investors, who had been piling into Indian stocks amid signs of recovery in the economy, even with the country’s GDP on the way to its worst annual contraction since the 1950s. Its shares grew 3.5 percent to a new record high.

Cryptocurrencies lose almost $200 BILLION in 24 hours as bitcoin plummets

They also said that the reason for bitcoin’s remarkable recent price rise was massive investor outflow from another popular inflation hedge, gold.According to JPMorgan, bitcoin could hit $146,000 in the long term as it competes with gold as an “alternative” currency. As of Friday, a single bitcoin was worth more than a 20-ounce gold bar. The investment bank’s strategists, however, added that bitcoin, which is known for wild price swings, would have to become substantially less volatile to reach that price. The narrative surrounding bitcoin as an inflation hedge is gaining legs “in the face of a highly unconventional monetary policy environment,” said Coinshares chief revenue officer Frank Spiteri. “It seems like we’re in the middle of a simultaneous awakening among institutions to bitcoin as an uncorrelated store of value assets,” he told Bloomberg.For more stories on economy & finance visit RT’s business section Bitcoin hit an all-time high last week, rising to almost $42,000. It is still up over 340 percent in the last 12 months. Also on rt.com
Bitcoin continues to break records after pushing through $40,000 milestone

Analysts have attributed bitcoin’s resurgence to a number of factors including more buying from large institutional investors. The sell-off could signal some profit-taking by investors, experts say. The world’s largest cryptocurrency, bitcoin, collapsed by over 16 percent from a day earlier to $33,400.The second-biggest crypto, ether, was down by more than 20 percent to $1,072.19.The sell-off in cryptocurrencies comes after a huge rally and could signal some profit-taking by investors, analysts said. The value of the cryptocurrency market was $932.20 billion as of 8:10 GMT, down from $1.1 trillion a day earlier, according to Coinmarketcap. Follow RT on

Bitcoin and other digital coins tumbled on Monday, wiping some $190 billion from the entire cryptocurrency market.

Tesla is making a major push for Chinese market share

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Tesla is shaking up the competition once again with the release of its new Model Y in China for a lower-than-expected price that’s reportedly causing a run of advance orders. Also on rt.com
Norwegian electric-vehicle sales overtake petrol & diesel models for first time, but Tesla beaten to top spot

Further sweetening the deal for the Chinese consumer, Tesla is giving the Shanghai factory Model Y higher specifications than their California-made brethren. The Chinese government offers attractive subsidies, and Tesla is using this to its clear advantage. According to the Wedbush analyst Daniel Ives, due to demand from China, Tesla could deliver one million vehicles in 2022, which could account for 40 percent of its global sales, prompting Ives to opine that China is the “heart and lungs” of Tesla’s demand growth story”, Ives said last month.As for 2020, Tesla delivered 499,550 vehicles, slightly missing its most recent guidance of 500,000 vehicles, but still beating Wall Street expectations.For this year, analysts are predicting even better results. Loup Ventures analyst Gene Munster expects the delivery growth rate for 2021 to be in the region of 40 percent on a year-on-year basis. Despite successive positive results in quarterly earnings figures, the company is yet to make a profit for a single financial year.This article was originally published on Oilprice.com Also on rt.com
He’s convinced: World’s richest man Elon Musk wants to be paid in bitcoin

 For the past nine months, Tesla has been expanding Gigafactory Shanghai to prepare for the production of the electric SUV. Since then, the plant has more than doubled in size.With the new Model Y, Tesla is stepping into the center of the booming EV startup scene in China, and ready to take on its rivals, including Nio, Xpeng, and Li Auto, which all have small electric SUVs.In the first 11 months of 2020, Tesla’s China sales stood at 111,600 vehicles, nearly 20,000 vehicles more than all three Chinese competitors combined.That’s despite the fact that Tesla’s local competitors offer starting price tags of around $40,000–around $12,000 cheaper than the new Tesla, and about $20,000 cheaper than the average European EV, starting at around $60,000. According to local media, the start of production and lower-than-expected price have attracted a lot of customers already.The planned production capacity is unknown, but it is expected to be over 200,000 units per year at its peak. On the first day of 2021, the company announced the official launch of the Model Y SUV at its expanded Shanghai factory and began taking orders from customers with the deliveries to start in late February.Prices start at $52,074, not counting a government subsidy for prospective buyers, representing a 30-percent discount to prices for the car listed six months earlier. Also on rt.com
Elon Musk discloses his bitcoin kink and messes with crypto-enthusiasts via cheeky tweets

During 2020, Tesla saw an eightfold jump in share price which boosted it into the world’s eighth-biggest company by value, larger than the combined capitalization of Toyota Motor, Volkswagen, Ford, General Motors and Fiat-Chrysler.Tesla’s stock has now soared over 95 percent over the past three months and well over 740 percent year to date, boosting the company’s market capitalisation–as of market Monday–to nearly $720 billion.In late December, the company joined Wall Street’s S&P 500 share index, becoming its sixth-largest member accounting for 1.69 percent of the index.

Freight traffic between China & Europe hit all-time high in 2020

In total, 76,000 metric tons or 9.31 million units of epidemic prevention and control supplies were delivered from China to Italy, Germany, Spain, the Czech Republic, Russia, Poland, Hungary, the Netherlands, Lithuania and Belgium.The solid performance of the China-Europe freight trains could facilitate global cooperation to fight the Covid pandemic, China State Railway Group said.For more stories on economy & finance visit RT’s business section That’s up 50 percent from the previous year, the railway operator said. According to the group, last year’s traffic marked the first time when freight-train trips between the two destinations exceeded 10,000 per year.Data shows that this record number of trains transported the equivalent of 1.14 million twenty-foot container units last year, up 56 percent year-on-year. 

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First train with medical supplies for Europe leaves Wuhan as China eases Covid-19 lockdown

The freight trains covered more than 90 cities in over 20 European countries, greatly enhancing international cooperation in epidemic control and prevention, CCTV reported. Follow RT on

A record 12,400 freight-train trips between China and Europe were made in 2020, according to the China State Railway Group.

Twitter stock crashes after company permanently bans Trump’s account

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Pinterest cracks down on ‘hateful’ pro-Trump content in latest Big Tech purge of US president

The crucial decision followed the last week rally in support of Trump that ended in the storming of the Capitol as Congress was voting to confirm the results of the election. Follow RT on

Twitter shares dropped over eleven percent on Monday after the social networking service permanently removed US President Donald Trump from its platform, following last week’s violent protests by his supporters on Capitol Hill. However, the company removed his tweets. The accounts of former national security adviser Michael Flynn and Trump lawyer Sidney Powell were also removed from Twitter. Also on rt.com
Was that 1992 or ‘1984’? The riot resulted in the deaths of five people, including one police officer.Shortly after the ban, Trump sent a tweet from a separate account @POTUS, which belongs to the office of the president and has about 33 million followers. The account that had been used by Trump since his first days in the Oval Office was followed by 88 million users and was the president’s preferred channel for commenting on topical events and communicating to his electorate.“After close review of recent Tweets from the @realDonaldTrump account and the context around them – specifically how they are being received and interpreted on and off Twitter – we have permanently suspended the account due to the risk of further incitement of violence,” Twitter said in a blog post last week. Trump haters call on Hollywood to DIGITALLY REMOVE president’s cameo appearance from Home Alone 2

Meanwhile, Facebook and several minor platforms followed Twitter’s lead, banning Trump’s accounts on their platforms. For more stories on economy & finance visit RT’s business section

Russian Arctic sea route shipping tops 33 million tons in 2020

In Soviet times, it was used mainly to supply goods to isolated settlements in the Arctic.For more stories on economy & finance visit RT’s business section According to Rosatom, which is NSR’s infrastructure operator, freight traffic along the route was 33 million tons, up from the 31.5 million tons transported in 2019.The figure exceeded the targeted 29 million tons’ level, Rosatom said. Follow RT on

The volume of cargo transported via Russia’s Northern Sea Route (NSR) is constantly growing and has increased by 4.7 percent year-on-year in 2020, said the State Atomic Energy Corporation Rosatom. It expects that by 2024 the volume of freight transportation via the NSR could reach 92.6 million tons.The Northern Sea Route, which stretches the entire length of Russia’s Arctic and Far East regions, is expected to become a major trade route for goods shipped between Europe and Asia. According to President Vladimir Putin, the route is “the key to the development of the Russian Arctic regions of the Far East,” and the goal is to make it a “truly global, competitive transport artery.”The Arctic route from Southeast Asia to Europe cuts transportation time in half, compared to traditional routes through the Suez or Panama canals.

Covid-19 sinks Indian demand for fuel for first time in over two decades

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Why India is the most exciting renewable market in the world

The figures show, however, that demand was slowly rebounding in the last four months of the year as Asia’s third-largest economy accelerated its recovery. Despite improvements in the July-September quarter, with gross domestic product (GDP) down 7.5 percent, the country could not escape falling into technical recession.According to some estimates, India could see positive GDP figures in the last three months of 2020, and further stabilize in the January-March quarter. The country is still on track to see its biggest annual economic contraction since 1952. Follow RT on

Demand for petroleum products in India has tumbled to multi-year lows following its first contraction in consumption since 1999, as the coronavirus pandemic rattles the world’s third-largest oil importer and consumer. Total petroleum consumption was down for the whole year of the pandemic, falling by over 10 percent to 193.4 million tons, according to provisional data published by the Oil Ministry’s Petroleum Planning and Analysis Cell on Saturday. Despite still being slightly lower year-on-year, in December consumption reached 18.59 million tons – almost double the figure for April, when the country was in the middle of a nationwide Covid-19 lockdown.In another positive sign, fuel consumption reached an 11-month peak at the end of the year. The ministry had earlier said that petroleum-products consumption recovered over 85 percent from April to November 2020 compared to a year ago. Also on rt.com
Digitization will double incomes in India, Asia’s richest man says

India’s economy suffered a record 23.9-percent contraction in the first quarter of the financial year, which starts April in the country. The government expects the nation’s GDP to fall 7.7 percent for the whole financial year.For more stories on economy & finance visit RT’s business section

Musk’s wealth keeps soaring, but he wants to ditch worldly possessions to colonize Mars

Thanks to skyrocketing Tesla shares, Musk’s net worth surpassed $200 billion dollars for the first time, and now stands at $209 billion, according to Bloomberg Billionaires Index. Also on rt.com
‘On the way to Mars’: Boom Bust observes China’s space race as it launches world’s 1st 6G satellite into orbit

Shortly after news about Musk topping the list of the world’s wealthiest people made headlines earlier this week, the tycoon apparently decided to reiterate what he’s going to do with his massive fortune. Since Thursday, he has extended his lead over the previous leader of the rich list, Amazon founder Jeff Bezos, who now trails Musk by $23 billion. He pinned an old tweet for a while, which said that about half of his money is earmarked for helping to “establish a self-sustaining city on Mars to ensure continuation of life,” while the other half is for Earth’s problems.For more stories on economy & finance visit RT’s business section However, he downplays the importance of material wealth and wants to spend his fortune colonizing Mars. In an interview with Business Insider, the tycoon said that building a city there would require a lot of resources and capital, and that he is willing to contribute to this mission.“I’m also just trying to make clear that I’m serious about this,” Musk said, referring to Mars. While the billionaire said that he is in the process of getting rid of his property – he sold multiple houses in Los Angeles and wants to sell some others – he also noted that he wants to have “basically almost no possessions with a monetary value, apart from the stock in the companies.” The stock is quite a big part of his net worth, as he owns around 20 percent of the electric carmaker’s shares. Follow RT on

SpaceX and Tesla founder Elon Musk has added over $20 billion to his fortune since he became the richest man on Earth. Also on rt.com
SpaceX will land on Mars in two years, humans in four-to-six years, Musk says

While both billionaires have far-reaching space exploration plans, the Tesla CEO is more dedicated to bringing humanity to the Red Planet.