EU upset with Russia's low-priced grain
The head of European diplomacy Josep Borrell resented Russia's efforts to offer cheap grain to developing countries. In his opinion, Moscow is trying to make them dependent in this way.
According to Borrell, EU had made every effort to ensure that the sanctions did not affect the food security of third countries.
The Kremlin has already denied these allegations.
"Russia has always been and remains a reliable supplier, fulfilling all its obligations. It could do even more, meeting the growing demand, if it were not for the sanctions restrictions that are illegal from the point of view of international law, which we have to face," said Dmitry Peskov, the Kremlin spokesman.
๐คก European grain is expensive - that's okay.
Russian grain is affordable - that's causing dependence.
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The head of European diplomacy Josep Borrell resented Russia's efforts to offer cheap grain to developing countries. In his opinion, Moscow is trying to make them dependent in this way.
According to Borrell, EU had made every effort to ensure that the sanctions did not affect the food security of third countries.
The Kremlin has already denied these allegations.
"Russia has always been and remains a reliable supplier, fulfilling all its obligations. It could do even more, meeting the growing demand, if it were not for the sanctions restrictions that are illegal from the point of view of international law, which we have to face," said Dmitry Peskov, the Kremlin spokesman.
๐คก European grain is expensive - that's okay.
Russian grain is affordable - that's causing dependence.
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๐ท๐บ US recognizes Russia as an example
Russiaโs ability to withstand sanctions imposed by Western countries will be a subject for analysts to study in the future, writes Wall Street Journal.
โHow Russia managed to avoid collapse and achieve some growth during the year despite an economic blockade by the West will become a future case study for analysts pondering when sanctions make sense as a policy tool,โ the publication states.
Nicholas Mulder, a professor of history at Cornell University, said the Westโs attempt to impose sanctions on a country as large as Russia could be an instructive example in the long run.
โRussiaโs huge size makes it impossible to cut it off from the global economy. It remains the main source of raw materials for developed economies, and for developing countries โ the most important supplier of food and fertilisers,โ the newspaper writes with reference to Mulder.
Russia has repeatedly stated that the country will cope with the sanctions pressure. Moscow noted that the West lacks the courage to recognize the failure of sanctions against it.
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Russiaโs ability to withstand sanctions imposed by Western countries will be a subject for analysts to study in the future, writes Wall Street Journal.
โHow Russia managed to avoid collapse and achieve some growth during the year despite an economic blockade by the West will become a future case study for analysts pondering when sanctions make sense as a policy tool,โ the publication states.
Nicholas Mulder, a professor of history at Cornell University, said the Westโs attempt to impose sanctions on a country as large as Russia could be an instructive example in the long run.
โRussiaโs huge size makes it impossible to cut it off from the global economy. It remains the main source of raw materials for developed economies, and for developing countries โ the most important supplier of food and fertilisers,โ the newspaper writes with reference to Mulder.
Russia has repeatedly stated that the country will cope with the sanctions pressure. Moscow noted that the West lacks the courage to recognize the failure of sanctions against it.
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UK raises rates to 5.25%
The Bank of England raised interest rates to 5.25% from previous 5%, signaling a prolonged period of tighter borrowing conditions.
The key rate was increased by a quarter point, a smaller hike than expected. The bank warned that further action may be needed if inflation persists and that their stance will remain sufficiently restrictive for a long time.
The bank also revised its growth and inflation forecasts, painting a bleak picture for the next general election.
There is growing division within the Monetary Policy Committee on how to respond to rising wages and prices alongside weakening economic activity.
The forecasts suggest the UK economy will avoid a recession, but there is still a significant risk of contraction.
The committee expects the economy to stagnate until 2025.
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The Bank of England raised interest rates to 5.25% from previous 5%, signaling a prolonged period of tighter borrowing conditions.
The key rate was increased by a quarter point, a smaller hike than expected. The bank warned that further action may be needed if inflation persists and that their stance will remain sufficiently restrictive for a long time.
The bank also revised its growth and inflation forecasts, painting a bleak picture for the next general election.
There is growing division within the Monetary Policy Committee on how to respond to rising wages and prices alongside weakening economic activity.
The forecasts suggest the UK economy will avoid a recession, but there is still a significant risk of contraction.
The committee expects the economy to stagnate until 2025.
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Forwarded from Global Intel Watch
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Less oil from Saudi Arabia
Saudi authorities announced the extension of a voluntary cut in oil production by 1 million bpd (barrels per day) for September, SPA news agency reported.
At the same time, in the future the production cut may be extended and increased.
The report says that this reduction comes in addition to the earlier decision to reduce production by 500 thousand barrels per day. Thus, the total volume of production cuts in September will amount to 1.5 million barrels per day.
The cuts are said to be a precautionary measure aimed at maintaining stability and balance in the oil market.
This immediately supported oil prices, which rushed down after the downgrade of the US credit rating. Brent crude oil prices exceeded the $84 per barrel mark.
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Saudi authorities announced the extension of a voluntary cut in oil production by 1 million bpd (barrels per day) for September, SPA news agency reported.
At the same time, in the future the production cut may be extended and increased.
The report says that this reduction comes in addition to the earlier decision to reduce production by 500 thousand barrels per day. Thus, the total volume of production cuts in September will amount to 1.5 million barrels per day.
The cuts are said to be a precautionary measure aimed at maintaining stability and balance in the oil market.
This immediately supported oil prices, which rushed down after the downgrade of the US credit rating. Brent crude oil prices exceeded the $84 per barrel mark.
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Africa urges unblocking of Russian fertilizers in EU ports
African countries urge to unblock Russian fertilizers in the ports of the EU as soon as possible, stated Vincent Magwenya, the official representative of the President of South Africa, at a press briefing.
"African states, including South Africa, are pushing for a quick resolution of all issues so that more than 200,000 tons of Russian fertilizers blocked in European ports reach the world market, including Africa," he stressed.
Magwenya noted that this issue was discussed at the Russia-Africa summit held in St. Petersburg.
During the summit, Russian President Vladimir Putin noted that only two small shipments of 262,000 tons of Russian fertilizers blocked in Europe were sent to Malawi and Kenya.
So the rest remain blocked, despite the fact that many countries are in dire need of it.
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African countries urge to unblock Russian fertilizers in the ports of the EU as soon as possible, stated Vincent Magwenya, the official representative of the President of South Africa, at a press briefing.
"African states, including South Africa, are pushing for a quick resolution of all issues so that more than 200,000 tons of Russian fertilizers blocked in European ports reach the world market, including Africa," he stressed.
Magwenya noted that this issue was discussed at the Russia-Africa summit held in St. Petersburg.
During the summit, Russian President Vladimir Putin noted that only two small shipments of 262,000 tons of Russian fertilizers blocked in Europe were sent to Malawi and Kenya.
So the rest remain blocked, despite the fact that many countries are in dire need of it.
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Americans' financial vulnerability rising
An increasingly smaller proportion of Americans are able to cover a $400 bill in an emergency, according to a Bloomberg survey.
The survey found that the percentage of US adults who claimed they could handle an unexpected $400 expense in the third quarter without taking on debt decreased by two points, reaching 46%.
Just over one-third of respondents stated that they would need to resort to some form of debt, such as borrowing from credit cards, to cover such an expense. Additionally, close to one in five individuals admitted that they wouldn't be able to pay it at all.
These figures indicate that US adults are becoming more financially vulnerable due to high prices, despite reassurances of disinflation and strong consumer demand.
Furthermore, the majority of respondents across various categories reported an increase in actual emergency expenses. Notably, medical emergencies saw a significant rise, with a median expense of $380, an increase of $62 compared to the last quarter.
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An increasingly smaller proportion of Americans are able to cover a $400 bill in an emergency, according to a Bloomberg survey.
The survey found that the percentage of US adults who claimed they could handle an unexpected $400 expense in the third quarter without taking on debt decreased by two points, reaching 46%.
Just over one-third of respondents stated that they would need to resort to some form of debt, such as borrowing from credit cards, to cover such an expense. Additionally, close to one in five individuals admitted that they wouldn't be able to pay it at all.
These figures indicate that US adults are becoming more financially vulnerable due to high prices, despite reassurances of disinflation and strong consumer demand.
Furthermore, the majority of respondents across various categories reported an increase in actual emergency expenses. Notably, medical emergencies saw a significant rise, with a median expense of $380, an increase of $62 compared to the last quarter.
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๐ธ๐ฆ๐ท๐บ Saudi Arabia and Russia extend oil output cuts ahead of OPEC+ meeting
OPEC+ leaders Saudi Arabia and Russia are continuing oil production cuts into the fall, announcing August 3 they will extend supply cuts through at least September.
Saudi Arabia will continue its 1 million barrels per day (bpd) cut, which keeps crude production at a two-year low of 9 million bpd, while Russia will cut export supplies by 500,000 bpd for August to 300,000 bpd for September.
Saudi Arabia's energy ministry said in a statement that the kingdom's output could go even lower if necessary.
Key OPEC+ ministers will discuss output strategy and market conditions at an August 4 meeting of the Joint Ministerial Monitoring Committee.
Analysts believe that maintaining the production cuts will keep oil prices above $80 per barrel through the end of the year, though any upside would be capped by high levels of OPEC spare capacity and non-OPEC supply growth.
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OPEC+ leaders Saudi Arabia and Russia are continuing oil production cuts into the fall, announcing August 3 they will extend supply cuts through at least September.
Saudi Arabia will continue its 1 million barrels per day (bpd) cut, which keeps crude production at a two-year low of 9 million bpd, while Russia will cut export supplies by 500,000 bpd for August to 300,000 bpd for September.
Saudi Arabia's energy ministry said in a statement that the kingdom's output could go even lower if necessary.
Key OPEC+ ministers will discuss output strategy and market conditions at an August 4 meeting of the Joint Ministerial Monitoring Committee.
Analysts believe that maintaining the production cuts will keep oil prices above $80 per barrel through the end of the year, though any upside would be capped by high levels of OPEC spare capacity and non-OPEC supply growth.
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Russia became one of the five largest economies in the world and the first economy in Europe - World Bank Group data.
The World Bank has updated its estimate of the GDP of the world's countries at the end of 2022. According to the organization's estimates, Russia was among the five largest economies in the world.
Russia also became the first European country in this list, surpassing Germany.
The GDP data are based on official country data published by the World Bank and the IMF, converted to purchasing power parity.
๐คก Sanctions keep working. Backwards.
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๐พ Global rice prices hit 11-year highs
Rice prices in Asia jumped to the highest level after India, the biggest rice supplier, banned a significant portion of its exports.
Restrictions on supplies of non-basmati white rice are aimed at curbing domestic prices.
The move came amid growing concerns over the impact of extreme weather, soaring temperatures in Europe and the halt of a grain deal.
The Asian benchmark (called Thai white rice 5% broken), surged to $572 a ton, according to the Thai Rice Exporters Association.
In addition, Thailand, the second largest exporter of rice, is facing a widespread drought and has asked growers to harvest only one crop this year.
The food supply difficulties for major rice consumers are therefore far from over.
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Rice prices in Asia jumped to the highest level after India, the biggest rice supplier, banned a significant portion of its exports.
Restrictions on supplies of non-basmati white rice are aimed at curbing domestic prices.
The move came amid growing concerns over the impact of extreme weather, soaring temperatures in Europe and the halt of a grain deal.
The Asian benchmark (called Thai white rice 5% broken), surged to $572 a ton, according to the Thai Rice Exporters Association.
In addition, Thailand, the second largest exporter of rice, is facing a widespread drought and has asked growers to harvest only one crop this year.
The food supply difficulties for major rice consumers are therefore far from over.
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Putin signs law on blocking funds of foreigners under Russian sanctions
Russian President Vladimir Putin has signed a law on blocking the funds of foreign citizens who fell under Russia's restrictions. The law will come into force in six months.
The blocking of funds may apply both to foreign states and entities, as well as to citizens and stateless persons.
Additionally, funds may be frozen in legal entities controlled by them, where they have more than 50% of votes in a supreme governing body.
All financial institutions will have to block transactions with their funds and property, otherwise their license could be revoked. The process is controlled by the Bank of Russia.
Even bookies and sweepstakes are prohibited from working with blacklisted persons.
Fighting fire with fire
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Russian President Vladimir Putin has signed a law on blocking the funds of foreign citizens who fell under Russia's restrictions. The law will come into force in six months.
The blocking of funds may apply both to foreign states and entities, as well as to citizens and stateless persons.
Additionally, funds may be frozen in legal entities controlled by them, where they have more than 50% of votes in a supreme governing body.
All financial institutions will have to block transactions with their funds and property, otherwise their license could be revoked. The process is controlled by the Bank of Russia.
Even bookies and sweepstakes are prohibited from working with blacklisted persons.
Fighting fire with fire
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US to seize French reactor parts supplier, France objects
France wants to prevent local nuclear reactor equipment supplier Velan SAS from falling into US hands - Bloomberg reported.
Velan SAS, a French subsidiary of Velan, Inc., is being targeted by Flowserve Corp, a Texas multinational specializing in oil, gas, and chemical industry products and services. Flowserve aims to buy Velan SAS for $247 million.
The deal was expected to close by the end of the second quarter but has been delayed.
French nuclear-submarine parts supplier Segault SAS has already been carved out of that deal earlier. All this is a part of government efforts to bring a key technologies into domestic ownership.
France is one of the few countries in Europe that has not fallen into an energy crisis amid Western sanctions against Russia thanks to its nuclear power plants, which provide it with up to 70% of its electricity. And they're making a desperate effort to keep it that way.
๐คก Don't they trust their NATO friends anymore? How so?
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France wants to prevent local nuclear reactor equipment supplier Velan SAS from falling into US hands - Bloomberg reported.
Velan SAS, a French subsidiary of Velan, Inc., is being targeted by Flowserve Corp, a Texas multinational specializing in oil, gas, and chemical industry products and services. Flowserve aims to buy Velan SAS for $247 million.
The deal was expected to close by the end of the second quarter but has been delayed.
French nuclear-submarine parts supplier Segault SAS has already been carved out of that deal earlier. All this is a part of government efforts to bring a key technologies into domestic ownership.
France is one of the few countries in Europe that has not fallen into an energy crisis amid Western sanctions against Russia thanks to its nuclear power plants, which provide it with up to 70% of its electricity. And they're making a desperate effort to keep it that way.
๐คก Don't they trust their NATO friends anymore? How so?
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If you want to learn more about cryptocurrency security, news regarding crypto vulnerabilities, and the methods by which they occur (including brute-forcing, etc.), subscribe to:
t.me/cryptohunter_Adam
It's Adam's channel, where he, as a software developer and crypto enthusiast, shares various cases of hacking crypto wallets and other related topics. He also discusses a popular method called brute-forcing.
If you are a crypto enthusiast who enjoys challenging and solving puzzles (Bitcoin, Ethereum, etc.), or if you are simply interested in crypto security and vulnerability, join Adamโs channel:
t.me/cryptohunter_Adam
t.me/cryptohunter_Adam
It's Adam's channel, where he, as a software developer and crypto enthusiast, shares various cases of hacking crypto wallets and other related topics. He also discusses a popular method called brute-forcing.
If you are a crypto enthusiast who enjoys challenging and solving puzzles (Bitcoin, Ethereum, etc.), or if you are simply interested in crypto security and vulnerability, join Adamโs channel:
t.me/cryptohunter_Adam
๐13๐คฎ5โค4๐ฅ4๐ฅด3๐คก2๐ฉ1
EUโs manufacturing activity fell at fastest pace
In July 2023, manufacturing activity in the EU declined at the fastest pace since May 2020, Reuters reported, citing data from the Hamburg Commercial Bank (HCOB) and S&P Global business activity index (PMI) in the EU manufacturing sector.
The index fell to 42.7 from June's 43.4. An index below 50 indicates a contraction in activity in the sector. The decrease in the index is primarily due to the reduction in demand, despite the decrease in prices in the industrial sector.
HCOB chief economist Cyrus de la Rubia also states the recession in the eurozone's pro-market sector appears to be persisting and a "bumpy road" awaits the EU's economy in the second half of the year.
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In July 2023, manufacturing activity in the EU declined at the fastest pace since May 2020, Reuters reported, citing data from the Hamburg Commercial Bank (HCOB) and S&P Global business activity index (PMI) in the EU manufacturing sector.
The index fell to 42.7 from June's 43.4. An index below 50 indicates a contraction in activity in the sector. The decrease in the index is primarily due to the reduction in demand, despite the decrease in prices in the industrial sector.
HCOB chief economist Cyrus de la Rubia also states the recession in the eurozone's pro-market sector appears to be persisting and a "bumpy road" awaits the EU's economy in the second half of the year.
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Indian MFs' overseas assets fall 13.5% in FY23
According to the Reserve Bank of India (RBI), Indian mutual funds (MF) reported a 13.5% decrease in their overseas investments in March 2023, reaching $5.6 billion. This decline was primarily driven by reductions in equity holdings.
Conversely, foreign investors increased their investment in Indian MFs by 1.6% ($18.7 billion). Consequently, the net foreign liabilities of MFs rose from $11.9 billion to $13 billion.
The decrease in foreign assets for MFs can be attributed to significant corrections in foreign equity markets, particularly in the US, as a substantial portion of Indian MFs' foreign investments are allocated to US equities. The Nasdaq index concluded the 2023 fiscal year with a 14% YoY decline.
The report also reveals that 81% of overseas investments are concentrated in the US and Luxembourg.
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According to the Reserve Bank of India (RBI), Indian mutual funds (MF) reported a 13.5% decrease in their overseas investments in March 2023, reaching $5.6 billion. This decline was primarily driven by reductions in equity holdings.
Conversely, foreign investors increased their investment in Indian MFs by 1.6% ($18.7 billion). Consequently, the net foreign liabilities of MFs rose from $11.9 billion to $13 billion.
The decrease in foreign assets for MFs can be attributed to significant corrections in foreign equity markets, particularly in the US, as a substantial portion of Indian MFs' foreign investments are allocated to US equities. The Nasdaq index concluded the 2023 fiscal year with a 14% YoY decline.
The report also reveals that 81% of overseas investments are concentrated in the US and Luxembourg.
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China to make sure Ukraine talks don't turn โanti-Russianโ
China has confirmed that its special representative, Li Hui, will be attending a two-day conference in Jeddah this weekend, with Ukraine expected to seek additional international support. Over 30 countries have been invited, yet Russia was excluded from the invite list.
Wang Yiwei, a professor of international relations at Renmin University, said the presence of Li Hui, who went on a peace mission to Europe in May, shows China's commitment to seeking a peaceful settlement.
Beijing could also prevent the event from turning into an "anti-Russian and Western-led multilateral occasion to isolate Russia."
The expert added that "China is often able to serve as a liaison to convey the position of both sides" and could seek common ground with other countries and work with Russia to negotiate an early ceasefire.
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China has confirmed that its special representative, Li Hui, will be attending a two-day conference in Jeddah this weekend, with Ukraine expected to seek additional international support. Over 30 countries have been invited, yet Russia was excluded from the invite list.
Wang Yiwei, a professor of international relations at Renmin University, said the presence of Li Hui, who went on a peace mission to Europe in May, shows China's commitment to seeking a peaceful settlement.
Beijing could also prevent the event from turning into an "anti-Russian and Western-led multilateral occasion to isolate Russia."
The expert added that "China is often able to serve as a liaison to convey the position of both sides" and could seek common ground with other countries and work with Russia to negotiate an early ceasefire.
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The evolving Niger situation
The situation continues to evolve, so we will briefly list what is known at the moment.
โช๏ธThe halting of uranium and gold shipments from Niger to France could be seen as retaliation for "years of brutality" against Africans by Paris, said Erdoฤan.
โช๏ธ Orano, a French company engaged in uranium mining in Niger, announced that it will continue operations despite the evacuation of French citizens. The company said that 99% of its employees are Niger's nationals and operations continue.
โช๏ธ The US is not planning to evacuate its citizens from Niger, it sees no threat to them, the White House said.
The US has 1,000 military personnel in Niger and has no plans to involve them in the evacuation of foreigners or to send additional forces to the region.
โช๏ธItalian Foreign Minister ruled out Western military intervention in Niger, said it would be perceived as a "new colonization".
โช๏ธItaly's Foreign Minister also saw no Russian trace in Niger coup. There is no evidence of Moscow's involvement in organizing the rebellion, he said.
โช๏ธ Niger declared Thursday, August 3, as Independence Day.
โช๏ธBroadcasting of French radio station RFI (Radio France Internationale) and TV channel France24 in Niger was stopped.
โช๏ธRebels in Niger denounced military agreements with France. There are 1,500 French military personnel stationed in Niger who were sent there to fight terrorism in the region.
โช๏ธPresident Bazoum, who was overthrown by the rebels, asked the US and the international community in his Washington Post column to help restore order.
โช๏ธOn August 6, the ultimatum that ECOWAS gave to the rebels expires. According to it, if President Bazoum is not released, ECOWAS will launch a military intervention.
โช๏ธECOWAS has drawn up a plan for possible military intervention in Niger, including the order and timing of force deployment, Reuters reported.
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The situation continues to evolve, so we will briefly list what is known at the moment.
โช๏ธThe halting of uranium and gold shipments from Niger to France could be seen as retaliation for "years of brutality" against Africans by Paris, said Erdoฤan.
โช๏ธ Orano, a French company engaged in uranium mining in Niger, announced that it will continue operations despite the evacuation of French citizens. The company said that 99% of its employees are Niger's nationals and operations continue.
โช๏ธ The US is not planning to evacuate its citizens from Niger, it sees no threat to them, the White House said.
The US has 1,000 military personnel in Niger and has no plans to involve them in the evacuation of foreigners or to send additional forces to the region.
โช๏ธItalian Foreign Minister ruled out Western military intervention in Niger, said it would be perceived as a "new colonization".
โช๏ธItaly's Foreign Minister also saw no Russian trace in Niger coup. There is no evidence of Moscow's involvement in organizing the rebellion, he said.
โช๏ธ Niger declared Thursday, August 3, as Independence Day.
โช๏ธBroadcasting of French radio station RFI (Radio France Internationale) and TV channel France24 in Niger was stopped.
โช๏ธRebels in Niger denounced military agreements with France. There are 1,500 French military personnel stationed in Niger who were sent there to fight terrorism in the region.
โช๏ธPresident Bazoum, who was overthrown by the rebels, asked the US and the international community in his Washington Post column to help restore order.
โช๏ธOn August 6, the ultimatum that ECOWAS gave to the rebels expires. According to it, if President Bazoum is not released, ECOWAS will launch a military intervention.
โช๏ธECOWAS has drawn up a plan for possible military intervention in Niger, including the order and timing of force deployment, Reuters reported.
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Apple falls, causing $160 billion selloff
Apple Inc. posted its third consecutive quarter of declining sales in its report and expects a similar performance in the current quarter.
A s a result the companyโs market value has immediately fallen below $3 trillion.
The company's shares dropped by 4.8% on Friday, resulting in a market capitalization of around $2.85 trillion. This decline, the largest since September, led to a decrease of over $160 billion in market value.
Rosenblatt Securities downgraded the stock to neutral, stating that Apple is currently experiencing a slowdown.
Analyst Barton Crockett believes that the future of Apple's performance is uncertain and provides little reason to invest, especially considering the high multiples at which the shares are currently trading.
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Apple Inc. posted its third consecutive quarter of declining sales in its report and expects a similar performance in the current quarter.
A s a result the companyโs market value has immediately fallen below $3 trillion.
The company's shares dropped by 4.8% on Friday, resulting in a market capitalization of around $2.85 trillion. This decline, the largest since September, led to a decrease of over $160 billion in market value.
Rosenblatt Securities downgraded the stock to neutral, stating that Apple is currently experiencing a slowdown.
Analyst Barton Crockett believes that the future of Apple's performance is uncertain and provides little reason to invest, especially considering the high multiples at which the shares are currently trading.
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Vietnam seeks to grow 9%
Vietnam aims to boost economic growth to โabout 9%โ in the second half of the year as the government will maintain its GDP growth target for 2023, Prime Minister Pham Minh Chinh said.
In order to achieve this, the government will prioritize economic growth by focusing on investment, consumption, and exports, while aiming to strike a balance between interest rates and currency exchange rates.
Vietnam, heavily reliant on trade, has faced challenges due to a global decrease in demand for goods, which, coupled with high interest rates, puts the country at risk of falling short of its 6.5% economic growth target for this year.
In an effort to salvage this goal, the government is exploring various options, including urging the central bank to reduce borrowing costs to stimulate credit and stimulate economic activity.
Chinh told the central bank โto pursue flexible monetary policiesโ and โto continue lowering commercial lending interest rates, increasing money supply, lifting credit limits for banks, and delaying loan payments for borrowers,โ according to the government posting.
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Vietnam aims to boost economic growth to โabout 9%โ in the second half of the year as the government will maintain its GDP growth target for 2023, Prime Minister Pham Minh Chinh said.
In order to achieve this, the government will prioritize economic growth by focusing on investment, consumption, and exports, while aiming to strike a balance between interest rates and currency exchange rates.
Vietnam, heavily reliant on trade, has faced challenges due to a global decrease in demand for goods, which, coupled with high interest rates, puts the country at risk of falling short of its 6.5% economic growth target for this year.
In an effort to salvage this goal, the government is exploring various options, including urging the central bank to reduce borrowing costs to stimulate credit and stimulate economic activity.
Chinh told the central bank โto pursue flexible monetary policiesโ and โto continue lowering commercial lending interest rates, increasing money supply, lifting credit limits for banks, and delaying loan payments for borrowers,โ according to the government posting.
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Argentina's regulator hit by hackers
Local market operators in Argentina are concerned about confidential trading information being shared on social networks.
This information includes details about which entities are making specific trades and the timing of these orders. The posts started appearing on social media platforms such as Twitter (which Elon Musk is renaming X) and WhatsApp on Thursday.
Sebastian Negri, the president of the CNV (the government regulator), confirmed that this data was stolen from their institution.
He further indicated that the information accounts for approximately 10% of the total data stored by them.
The CNV does not know the origin of the breach but plans to issue a statement and expand a complaint already filed with local courts for the hack.
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Local market operators in Argentina are concerned about confidential trading information being shared on social networks.
This information includes details about which entities are making specific trades and the timing of these orders. The posts started appearing on social media platforms such as Twitter (which Elon Musk is renaming X) and WhatsApp on Thursday.
Sebastian Negri, the president of the CNV (the government regulator), confirmed that this data was stolen from their institution.
He further indicated that the information accounts for approximately 10% of the total data stored by them.
The CNV does not know the origin of the breach but plans to issue a statement and expand a complaint already filed with local courts for the hack.
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