China may topple US as world’s largest economy sooner than expected

Statistics showed that global output dropped 4.2 percent last year, pushing China’s share of it to 14.5 percent at 2010-dollar prices.Economists pointed out that Beijing is deepening economic ties within Asia and Europe and looking to domestic consumption to power its next phase of growth. That is two years faster than he had previously estimated.The country’s share of the world economy rose at the fastest pace this century. Globally, FDI flows are said to have fallen 30-40 percent year-on-year in 2020, according to UNCTAD.“Not only China’s growth, but also the pattern of its growth matters for the global economy. It is now on course to pass the US as the biggest economy in 2028, said Homi Kharas, deputy director for the global economy and development program at the Brookings Institution. China continues to strive to move towards greater reliance on consumption for growth. China is the only major economy to have avoided contraction in 2020. Also on
Chinese exports soar despite Covid-19 pandemic & US trade war

The pandemic could help China “solidify its position in the global economy,” Ka Zeng, director of Asian studies at the University of Arkansas, told Bloomberg. This week, President Xi Jinping said that “time and the situation” were on the country’s side in a new year while Washington was struggling with domestic turmoil. US and European companies are likely to focus more on China due to the “potential for the country to be the only large source of growth in the post-pandemic world.”Already the world’s top exporter, China’s shipments increased 3.6 percent in 2020, according to official data. For the rest of the world, China will increasingly become a consumer in addition to the producer role it has long played,” said Chang Shu, chief Asia economist.For more stories on economy & finance visit RT’s business section Follow RT on

The world’s second-largest economy China’s GDP is projected to expand 8.2 percent this year, continuing to outpace global peers including the United States, according to a Bloomberg survey of economists. Total world trade likely contracted 5.6 percent, according to estimates from the United Nations’ trade and development body UNCTAD. 

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

Meanwhile, China has likely regained the title of the world’s top destination for foreign investment as more than $129.5 billion have settled in the country through November 2020.

One more European firm caves to US pressure on Nord Stream 2 project – media

The insurance provider could become the third firm to ditch the gas pipeline in the final stages of construction in less than three weeks, following similar steps by Norwegian certifier Det Norske Veritas Holding AS and Danish engineering firm Ramboll.Zurich Insurance declined to comment on the potential pull-out from Nord Stream 2, citing the confidentiality of its relations with specific customers. The company’s plans to turn its back on the $11 billion project were revealed by Bloomberg and Reuters. Follow RT on

One of the largest insurers in Switzerland, Zurich Insurance Group, has decided to sever ties with the Russian-led Nord Stream 2 gas pipeline project amid US sanctions pressure, according to media reports. Also on
Russia’s Nord Stream 2 is ‘part of a reliable gas supply system’ for Europe for years to come – German MP

The Swiss-based firm is one of a number of insurers linked to the pipeline. According to Reuters, it conducts a substantial amount of business in the US, and could risk losing access to the US market in light of the new sanctions. Earlier this month, the US stepped up efforts to derail the energy project that would deliver Russian gas to Germany and other European customers – a market that the US has its own plans for with its liquefied natural gas (LNG) supplies. In January, it warned European firms involved in the construction of the pipeline that they risk sanctions and should pull out before it’s “too late.”For more stories on economy & finance visit RT’s business section Earlier, it told media that the company is in compliance with any applicable sanctions regulations.

Is bitcoin moving to another rally cycle after latest price swings? RT’s Boom Bust has the answer

The most popular digital currency plunged again on Sunday, losing around nine percent in value over the last 24 hours and trading below the $35,000 level. RT’s Boom Bust explores the moves of the world’s top cryptocurrency. “This is a very healthy move for the market after that parabolic move up past 40,000 [dollars].”She noted that the recent drop in the price of bitcoin coincided with a rise in the dollar caused by another massive coronavirus stimulus package in the US. While some analysts say the price of bitcoin is correcting, it could actually be consolidating, which is a healthy market reaction after enormous growth, Christy Ai of RT’s Boom Bust explains. Follow RT on

Bitcoin has seen wild price movements this week, rising from just above $30,000 to nearly $40,000 and then sliding again.  “We see bitcoin forming a nice consolidation pattern,” she said on the latest episode of the show, adding that $35,000 could become another medium-term support level for the cryptocurrency. However, the greenback’s bounce could be short-lived due to the inflationary consequences of stimulus measures.“When they start firing up the printing presses, we can expect further depreciation, which will lead to another bitcoin rally cycle,” Ai said.For more stories on economy & finance visit RT’s business section

Coronavirus to push Hong Kong’s jobless rate beyond 16-year peak

Last year, arrivals to Hong Kong plunged by over 90 percent after the virus started spreading across the country. Hong Kong’s jobless rate was already at the highest level in nearly 16 years in the third quarter, when it rose to 6.4 percent from 6.1 percent seen in the previous three months. Also on
China soon to rival NY & London as world’s financial center – Ray Dalio

If the epidemic situation does not improve, the city will see more business closures soon, Chan added.After becoming the first country to suffer from the rapidly spreading virus, China has largely contained the outbreak. Also on
Hong Kong slaps Goldman Sachs with record fine over looting of Malaysia’s state fund

The drop in employment levels comes despite relief efforts, including a series of measures to support the labor market, Chan said. Follow RT on

The economy of the leading Chinese and global financial center, Hong Kong, is still reeling from the pandemic, and its unemployment rate could reach a new multi-year high, the city’s financial secretary said. He said that retail companies and restaurants usually see booming demand during the holiday, but they are still “severely affected” by the pandemic. The city is also closed for the bulk of foreign tourists, depriving it of a vital source of revenue. Hong Kong also saw a sudden rise in cases at the end of last year, forcing it to scrap plans to open the long-anticipated travel bubble with Singapore.For more stories on economy & finance visit RT’s business section However, some local coronavirus spikes have been detected. He noted that last year’s riots in the city still have an impact on the jobs sector, in addition to the consequences of the pandemic, especially for graduates.The financial secretary also warned that more layoffs could come after what is usually a busy business period, the Lunar New Year, which is celebrated in China next month. Although its economy started to rebound from the Covid-19 crisis and is set to grow this year, Hong Kong’s labor market is still under tremendous pressure, Financial Secretary Paul Chan Mo-po wrote on his website on Sunday. He said the number of unemployed people in the city could have been a 16-year high in the last quarter of 2020.The official data for the October-December period is set to be released on Tuesday.

Libya’s worn-out pipelines may give more relief to battered oil market

As the country’s oil production went back online last year, it created hurdles for the oil alliance as it attempted to cut global oil supply to boost oil prices that fell dramatically in 2020. The sudden drop in Libya’s crude production comes on top of the recent voluntary cuts by the world’s largest oil exporter, Saudi Arabia, and could give another boost to the oil market that is still suffering from the consequences of the Covid-19 pandemic. They are also under the threat of having to reduce their production and to even halt it completely,” it said in a statement. 

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

Libya boasts Africa’s largest proven crude oil reserves and is one of the few members of the Organization of the Petroleum Exporting Countries (OPEC) that are exempt from the group’s output cuts. Also on
Libya throws ONE MILLION barrels of oil into already oversupplied market

The recent drop in production wiped out around 16 percent of the nation’s daily oil output, bringing it to around one million barrels per day (bpd). The troubled pipeline, linking the Samah and Dahra fields to the Es Sider oil terminal, was closed for maintenance on Sunday, the National Oil Corporation (NOC) said. Oil prices rose to multi-month highs after Riyadh revealed its intention to reduce its output by one million bpd for February and March on top of the OPEC caps. However, the NOC warned that it lacks funds to carry out the repairs at some other sites that were left unattended or damaged during years of war and some companies are facing the same problems as Waha Oil.“What happened with Waha today happens daily with other companies that suffer from a budget shortage. Follow RT on

Crude output of OPEC member Libya has fallen by up to 200,000 barrels a day due to a leaking pipeline, the country’s oil major has announced, noting that production levels can further decrease. However, prices for both Brent and WTI were subdued at the end of the week, falling around two percent.For more stories on economy & finance visit RT’s business section The company explained that multiple leaks were found in the “worn out” pipeline, and it could take up to two weeks to fix it. However, it hopes that the operator of the link, Waha Oil company, can finish the work earlier, in seven to ten days.

Trump wants US government to restrict more goods & services from China

Those firms are presented in the list provided by the Pentagon. On Thursday, the Department of Commerce added energy major Chinese National Offshore Oil Corporation (CNOOC) to the blacklist.Another ban prohibits US investors from putting their money into Chinese enterprises the US alleges have military ties. The designation resulted in barring US government agencies from using federal funds to purchase equipment from Huawei and ZTE among other restrictions.Dozens of other Chinese companies found themselves in the infamous Entity List, that essentially prohibits American firms from doing business with listed enterprises without getting a green-light from the US government. China’s imports have previously been targeted amid the trade war between the world’s two largest economies and in two separate blacklists of Chinese enterprises that Washington considers a security threat. The action, announced by National Security Adviser Robert O’Brien on Friday, implies reviewing laws and regulations and potential “executive actions.” This comes in response to what the US sees as China’s attempts to target information systems of the American government for personnel records, military plans, and other data through cyber and other means. 

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

“For this reason, the United States must take corresponding actions to protect American interests,” O’Brien said in a statement, adding that China poses “the single greatest national security threat.” He further stated that the US must “adjust regulations and policies and take other necessary actions” to reduce the risk of technical and human espionage activities from the Asian power. 
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Beijing warns of retaliation over US delisting of Chinese firms, which runs ‘against market rules & logic’

The statement stops short of naming the products that can fall under the measures, while it is also unclear how they can be implemented. Follow RT on

With just days left in office, US President Donald Trump, has taken another swipe at Beijing, ordering government agencies to look for ways to minimize procurement of Chinese goods and services. The Department of Defense added nine companies to it, including major smartphone maker Xiaomi and the Commercial Aircraft Corp of China (COMAC), that is developing a narrow body jet that could potentially compete with the Boeing 737 family.For more stories on economy & finance visit RT’s business section The latest expansion to that list came earlier this week.

Russia’s Nord Stream 2 gas pipeline gets closer to finish line, first link expected to be completed by June

Germany’s Federal Maritime and Hydrographic Agency (BSH) said on Friday that work on the Nord Stream 2 pipeline in the nation’s exclusive economic zone can continue. According to the company’s representative, it will further decide when it can restart work at the end of January or in early February.The $11 billion gas project in the Baltic Sea, developed by Russia and supported by its European partners, has been largely criticized by the US, which has its own interests in the lucrative European energy market. The Russian-flagged pipe laying vessel Fortuna is reportedly expected to complete work in Danish seas by the end of May, where some 120 kilometers are unfinished, and then lay around 30 kilometers of pipes in German waters. 
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Germany may set up special fund to fend off Russia’s Nord Stream 2 from sweeping US sanctions

However, the operator later clarified that the green-light from the European regulators does not necessarily mean that work will start immediately. “We have permission from the Danish energy agency to start work from Friday. The agency expanded the previous timeframe as requested by the operator, ruling that the construction of the remaining kilometers of the gas route can be extended until the end of May. Germany’s go-ahead came after similar permission from Danish authorities. Norwegian certifier Det Norske Veritas–Germanischer Lloyd (DNV GL) announced the decision to sever ties at the beginning of the year, while Dutch consulting group Ramboll was reported to have quit the project earlier this week.For more stories on economy & finance visit RT’s business section The document reportedly shows that one section of the two-string pipeline could be largely finished as soon as June. However, this does not mean that we will also resume laying pipes on Friday,” Handelsblatt quoted the Nord Stream 2 spokesman as saying. Follow RT on

The operator of Russia’s natural gas pipeline to Europe, Nord Stream 2 AG, has secured permission to continue work in the Baltic Sea and may finish one of the two branches of the route in the first half of the year. In the last three weeks, two more firms turned their back on the project due to the US restrictions. This week, the Danish Energy Agency (DEA) said that it had received a new schedule from the Nord Stream 2 operator that showed that work could have started on Friday, 15 January. 

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

The same timeframe for the resumption of pipe laying was earlier mentioned in a Bloomberg report, which cited the company’s schedule and people familiar with the matter. The firm withdrew its vessels from the pipe laying site in the Baltic Sea at the end of 2019, forcing Russia to dispatch its own ships to complete the remaining section of the offshore pipeline. As Washington kept increasing pressure on the contractors, more companies pulled out of the project. While claiming that Nord Stream 2 would deepen Germany and Europe’s dependence on Russia, Washington has been trying to derail the project, threatening the companies involved in it with sanctions. The first company to ditch Nord Stream 2 due to looming US restrictions was offshore contractor Allseas.

Banker Benjamin de Rothschild, owner of the Edmond de Rothschild Group, dies aged 57 – family to media

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Banker and chairman of the Edmond de Rothschild Holding S.A. company, Benjamin de Rothschild, has passed away at the age of 57, his family revealed to French media. “Ariane de Rothschild and her daughters are deeply saddened to announce the death of husband and father, Benjamin de Rothschild, following a heart attack in the family home in Pregny (Switzerland) in the afternoon of January 15, 2021” the family said in a press release on Saturday.⚫️🇫🇷DISPARITION – 22ème fortune de France, le Baron Benjamin de Rothschild a succombé hier à une crise cardiaque à l’âge de 57 ans (famille à l’AFP). Benjamin de Rothschild was chairman of the board of directors at Edmond de Rothschild Holding SA, the umbrella entity of the Edmond de Rothschild Group, specializing in private banking and asset management.The financial group also confirmed his death on Saturday, offering condolences to his wife and children. In a statement on its website it said that the entrepreneur developed the entity “in an exceptional way during all these years.” It also noted that the late businessman was also “an active philanthropist,” as he developed “innovation within the Adolphe de Rothschild Foundation Hospital.”For more stories on economy & finance visit RT’s business section— 🌐Le Globe (@LeGlobe_info) January 16, 2021The Chateau de Pregny, sometimes called the Rothschild Castle, where the banker spent his last hours, is located near Lake Geneva. The estate has belonged to the family since the middle of the 19 century.Born on July 30 1963, Benjamin de Rothschild was the son of Edmond and Nadine de Rothschild. He headed the group created by his father since 1997.

Global smartphone market shrinks almost 9% in 2020 – report

The market also saw a double digit drop in the second quarter of the year. Also on
Say what? For the whole 2020, companies shipped 1.24 billion units – which is 8.8 percent less than in the previous year, according to the report. The steepest decline was registered in the first three months of 2020, when global smartphone shipments declined around 20 percent year-on-year. The latter previously predicted a 9.5 percent decline in the global smartphone market, with shipments totaling 1.2 billion units in 2020.For more stories on economy & finance visit RT’s business section The two brands, which battle for the title of the world’s third largest smartphone maker, ramped up year-on-year supplies by over 10 percent in 2020, while shipments of the top two producers, Samsung and Huawei, saw a double-digit drop. 

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

Other analyst firms such as Counterpoint and the International Data Corporation (IDC) have not published data for the whole pandemic year so far. However, data from Digitimes, which is backed by tech industry heavyweights, corresponds with the IDC’s predictions. Apple unveils headphones priced at $549! Follow RT on

Worldwide shipments of smartphones tumbled nearly nine percent last year as the coronavirus pandemic took its toll on the global economy, according to analysis by Digitimes Research. The decline narrowed to single digits in the July-September period, before the market finally started to rebound in the last three months of the year, Digitimes Research’s figures, released earlier this week, show. Despite the overall market decline, 5G-enabled phones were in high demand last year as the super-fast networks are rapidly developing across the globe. The shipments of such phones rose more than tenfold to 280-300 million units.The only companies that managed to perform against the market trend were Apple and Xiaomi.

EU wants to shield itself from US sanctions & cut dependence on dollar – reports

The broader use of the single European currency in financial markets may “shield the economy from foreign exchange shocks,” secure the resilience of the international monetary system and make the global economy less vulnerable, according to the draft. In a policy paper set to be adopted as soon as next week, the European officials highlighted that “global financial markets are too reliant on the US dollar,” the Financial Times reported on Saturday citing the document. Given the lessons of the pandemic, Brussels is looking for ways to strengthen global positions of the euro instead. The measures to promote the euro could include a review of EU regulation of financial benchmarks, encouraging them to be denominated in euros instead of the dollar basis, among other measures. In an attempt to save the accord, officially known as the Joint Comprehensive Plan of Action (JCPOA), the EU had to come up with a special financial mechanism to facilitate trade with Tehran. 

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Euro beats US dollar as world’s most used currency, SWIFT says

“The EU should develop measures to shield EU operators in the event a third country compels EU-based financial-market infrastructures to comply with its unilaterally adopted sanctions,” the policy paper says. Other proposed measures include boosting the bloc’s self-reliance in a number of sectors, including in finance, and tightening policy on foreign takeovers.For more stories on economy & finance visit RT’s business section Follow RT on

Frustrated by US unilateral sanctions under the Trump administration, the European Commission is reportedly working on a plan to assert its financial and economic autonomy and limit the bloc’s reliance on the greenback. While European officials earlier said they hope for cooperation with the new US administration, the plan signals that they were at least getting ready for the worst.The paper highlights that Brussels is concerned about its “vulnerability” to the US extraterritorial economic restrictions, as was seen in the situation with Iran after Washington abandoned the multilateral nuclear deal and reimposed sanctions against the Islamic republic. Also on
US sanctions may lead to dollar’s demise, Russian central bank warns

The rule can be still amended before its official release scheduled for Tuesday, just one day before US President-elect Joe Biden’s inauguration.

Russia’s foreign exchange reserves reach almost $600 BILLION

The international funds grew by $5 billion, or nearly 0.8 percent, from December 25 to January 1, the regulator said, adding that the volume practically did not change by January 8. Also on
‘The world is going back to a GOLD STANDARD as the US dollar is about to collapse’ – Peter Schiff

The country has also been reshaping its international holdings, cutting the share of the US dollar in favor of other currencies and gold. The growth was driven by “positive exchange rate revaluation and higher gold prices,” it noted.Russia’s international reserves are highly liquid foreign assets comprising stocks of monetary gold, foreign currencies and Special Drawing Rights (SDR) assets, which are at the disposal of the Central Bank of Russia (CBR) and the government.The holdings have been steadily growing in recent years and have exceeded the half-trillion-dollar target set by the regulator. Follow RT on

Russian gold and foreign currency holdings have increased to a total of $597.4 billion as of January 8, according to the latest data released by the country’s central bank. The recent record rally in gold prices drove Russia’s international holdings to all-time highs in August, when they surpassed the $600-billion level. Last year, growth totaled $43 billion, while in 2019 and 2018 it was nearly $86 billion and around $33 billion respectively. The previous record of $598.1 billion was reached in August 2008, right before the global financial crisis.For more stories on economy & finance visit RT’s business section

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
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
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 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
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
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
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 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
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
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 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, 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

Also on
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
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
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
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).

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

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
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
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.

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
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
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