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.
Follow us on Telegram and Twitter
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.
Follow us on Telegram and Twitter
๐ค28๐ฅ14๐12๐คก4โค2๐2๐คฌ2
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.
Follow us on Telegram and Twitter
Please open Telegram to view this post
VIEW IN TELEGRAM
๐ฅ85๐47๐28โค10๐8๐คก6๐ค5๐ฅด3๐คฉ1๐ฉ1
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.
Follow us on Telegram and Twitter
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.
Follow us on Telegram and Twitter
๐38๐ฑ10โค6๐4๐ฅ3๐ค2๐ฉ1
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
Follow us on Telegram and Twitter
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
Follow us on Telegram and Twitter
๐86โค13๐11๐ฅ6๐คฌ3๐ซก3โก2๐ค2โคโ๐ฅ1๐คฃ1
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?
Follow us on Telegram and Twitter
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?
Follow us on Telegram and Twitter
๐79๐11๐ญ8๐5๐2
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.
Follow us on Telegram and Twitter
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.
Follow us on Telegram and Twitter
๐31๐ค8๐8โค5๐5๐ฅ1
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.
Follow us on Telegram and Twitter
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.
Follow us on Telegram and Twitter
๐ค16๐10โค5๐ฅ3๐3
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.
Follow us on Telegram and Twitter
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.
Follow us on Telegram and Twitter
๐54โค14๐ฉ9๐8๐ฅ2๐ข1๐ค1
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.
Follow us on Telegram and Twitter
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.
Follow us on Telegram and Twitter
๐ฅ46๐18โค7๐ค7๐5๐3๐2๐1
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.
Follow us on Telegram and Twitter
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.
Follow us on Telegram and Twitter
โค34๐21๐14๐ฅ7๐ค5๐คฃ4๐พ4
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.
Follow us on Telegram and Twitter
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.
Follow us on Telegram and Twitter
๐50โค9๐6๐5๐ฅ3๐3๐3๐คฏ3๐2
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.
Follow us on Telegram and Twitter
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.
Follow us on Telegram and Twitter
๐30๐ฅด9๐ณ7๐ฅฐ3๐2โค1
Kenya started distributing Russian-supplied fertilizers
The Kenyan government has initiated the conversion of 34,000 tonnes of Russian fertilizer condensate into a final product weighing 100,000 tonnes, according to local media reports.
The finished product will be distributed to farmers as subsidized inputs. The distribution of this subsidized fertilizer has commenced this Tuesday, in preparation for the upcoming short rains season.
At the end of May, Uralchem-Uralkali Group (a Russian fertilizer producer) announced the arrival of a shipment of 34,000 tonnes of fertilizers for Kenya at the port of Mombasa.
This arrival was the second humanitarian shipment to developing countries, with the fertilizer coming from European ports and warehouses.
Follow us on Telegram and Twitter
The Kenyan government has initiated the conversion of 34,000 tonnes of Russian fertilizer condensate into a final product weighing 100,000 tonnes, according to local media reports.
The finished product will be distributed to farmers as subsidized inputs. The distribution of this subsidized fertilizer has commenced this Tuesday, in preparation for the upcoming short rains season.
At the end of May, Uralchem-Uralkali Group (a Russian fertilizer producer) announced the arrival of a shipment of 34,000 tonnes of fertilizers for Kenya at the port of Mombasa.
This arrival was the second humanitarian shipment to developing countries, with the fertilizer coming from European ports and warehouses.
Follow us on Telegram and Twitter
๐93โค30๐ค4๐ฅ3๐3๐2
Multipolar Market
BlackRock and MSCI face investigation for allegedly facilitating China investments A US congressional committee on China said asset management giant BlackRock and index provider MSCI were facilitating investments into blacklisted Chinese companies. Theseโฆ
The US politicians & BlackRock mystery
BlackRock, an asset management firm, is under investigation in the US. The congressional committee is looking into BlackRock's involvement in facilitating investments into Chinese companies that have been blacklisted by the US government due to security and human rights concerns.
And then it gets interesting: seems like a huge number of politicians have disposed of BlackRock stock in the last year. Not one, not even a small purchase transaction - sales only.
Looks awfully like someone knew, even though it's strictly illegal...
๐คก Good coincidence?
Follow us on Telegram and Twitter
BlackRock, an asset management firm, is under investigation in the US. The congressional committee is looking into BlackRock's involvement in facilitating investments into Chinese companies that have been blacklisted by the US government due to security and human rights concerns.
And then it gets interesting: seems like a huge number of politicians have disposed of BlackRock stock in the last year. Not one, not even a small purchase transaction - sales only.
Looks awfully like someone knew, even though it's strictly illegal...
๐คก Good coincidence?
Follow us on Telegram and Twitter
๐คก84๐17โค11๐7๐5๐ฉ2
Ukraine is down to negotiation?
Ukraine reportedly agrees to peace talks with Russia without the mandatory requirement of withdrawal troops from the territory that Kiev considers its own.
The Wall Street Journal quoted insiders as saying about the results of consultations, which were held on Saturday in the city of Jeddah in Saudi Arabia.
Ukraine reportedly agreed to resume negotiations with Russia during these talks. The WSJ also reported that Ukraine expressed its willingness to engage in peace talks with Russian delegates, without requiring Russia to withdraw its military presence from the territories that Kiev considers its historical lands.
Yet later Zelensky's office has denied willingness for peace talks without a demand for troop withdrawal. According to the source, Ukraine has not conceded a single point of the president's "peace formula".
Following the Jeddah talks, the participating countries did not submit a final declaration, citing the fact that the event was purely consultative in nature.
Follow us on Telegram and Twitter
Ukraine reportedly agrees to peace talks with Russia without the mandatory requirement of withdrawal troops from the territory that Kiev considers its own.
The Wall Street Journal quoted insiders as saying about the results of consultations, which were held on Saturday in the city of Jeddah in Saudi Arabia.
Ukraine reportedly agreed to resume negotiations with Russia during these talks. The WSJ also reported that Ukraine expressed its willingness to engage in peace talks with Russian delegates, without requiring Russia to withdraw its military presence from the territories that Kiev considers its historical lands.
Yet later Zelensky's office has denied willingness for peace talks without a demand for troop withdrawal. According to the source, Ukraine has not conceded a single point of the president's "peace formula".
Following the Jeddah talks, the participating countries did not submit a final declaration, citing the fact that the event was purely consultative in nature.
Follow us on Telegram and Twitter
๐คฃ74๐ฉ26๐คก17๐8โค4๐ค2๐1๐1
EU companies suffer โฌ100bn hit from leaving Russia
Direct losses of European companies associated with leaving Russia amounted to at least โฌ100 billion since the beginning of the Ukrainian conflict, the Financial Times reported.
Oil and gas companies have suffered the greatest losses. Firms from the UK, Germany and France have lost the most money.
A review of 600 European groups' annual reports and 2023 financial statements shows that 176 companies experienced asset impairments, exchange rate related charges and other non-recurring costs due to the sale, closure or downsizing of the Russian segment of their business.
Which industries suffered the most:
๐ Oil & gas โ BP, Shell and TotalEnergies alone suffered โฌ40.6 billion in losses;
๐ Financial sector (including banks, insurance and investment firms) โ โฌ17.5 billion;
๐ Utilities โ โฌ14.7 billion;
๐ Industry (including automotive industry) โ โฌ13.6 billion.
Should've stayed maybe?
Follow us on Telegram and Twitter
Direct losses of European companies associated with leaving Russia amounted to at least โฌ100 billion since the beginning of the Ukrainian conflict, the Financial Times reported.
Oil and gas companies have suffered the greatest losses. Firms from the UK, Germany and France have lost the most money.
A review of 600 European groups' annual reports and 2023 financial statements shows that 176 companies experienced asset impairments, exchange rate related charges and other non-recurring costs due to the sale, closure or downsizing of the Russian segment of their business.
Which industries suffered the most:
๐ Oil & gas โ BP, Shell and TotalEnergies alone suffered โฌ40.6 billion in losses;
๐ Financial sector (including banks, insurance and investment firms) โ โฌ17.5 billion;
๐ Utilities โ โฌ14.7 billion;
๐ Industry (including automotive industry) โ โฌ13.6 billion.
Should've stayed maybe?
Follow us on Telegram and Twitter
๐65๐คฃ27๐ฅ8๐ฅฑ5โค4๐4๐ค3๐ฉ3๐1๐ฅด1
Updates on the Niger situation
On Sunday, the ultimatum Economic Community of West African States (ECOWAS) gave Niger had expired.
Here's what's happened since then:
โช๏ธ Italy has reduced its military contingent in Niger, bringing back home 65 soldiers.
โช๏ธ Nigeria's Senate has urged the ECOWAS to seek diplomatic solutions to the coup.
โช๏ธ Thousands of Nigeriens defied the ECOWAS deadline for the return to power of the ousted president to rally in support of the rebel military in the national capital of Niamey.
โช๏ธ The militaries of the ECOWAS need more time to prepare for military intervention in Niger against the background of the military takeover in the country, The Wall Street Journal reported on Sunday, citing a senior commander from one of the ECOWAS countries.
โช๏ธ The rebels announced the closure of airspace in Niger due to the threat of military intervention. The rebels promised that any attempted invasion would receive a "vigorous and immediate response."
โช๏ธ Against this backdrop, France suspended aid to Burkina Faso, which had supported the Niger rebels.
โช๏ธ There were also reports that the rebels had approached the Wagner Group for help, and that Wagner would launch their presence in Niamey. But there is no confirmation yet.
โช๏ธMali & Burkina Faso to send delegations to Niger.
Follow us on Telegram and Twitter
On Sunday, the ultimatum Economic Community of West African States (ECOWAS) gave Niger had expired.
Here's what's happened since then:
โช๏ธ Italy has reduced its military contingent in Niger, bringing back home 65 soldiers.
โช๏ธ Nigeria's Senate has urged the ECOWAS to seek diplomatic solutions to the coup.
โช๏ธ Thousands of Nigeriens defied the ECOWAS deadline for the return to power of the ousted president to rally in support of the rebel military in the national capital of Niamey.
โช๏ธ The militaries of the ECOWAS need more time to prepare for military intervention in Niger against the background of the military takeover in the country, The Wall Street Journal reported on Sunday, citing a senior commander from one of the ECOWAS countries.
โช๏ธ The rebels announced the closure of airspace in Niger due to the threat of military intervention. The rebels promised that any attempted invasion would receive a "vigorous and immediate response."
โช๏ธ Against this backdrop, France suspended aid to Burkina Faso, which had supported the Niger rebels.
โช๏ธ There were also reports that the rebels had approached the Wagner Group for help, and that Wagner would launch their presence in Niamey. But there is no confirmation yet.
โช๏ธMali & Burkina Faso to send delegations to Niger.
Follow us on Telegram and Twitter
๐61๐ฅ6๐ฅด4๐คฃ3โค1๐ฉ1๐ค1
US turns down imports from China
US cuts imports from China by nearly 25% despite attempts to mend relations, The Washington Post reported.
US companies, including HP and Lego, are seeking to reduce their dependence on Chinese suppliers and restructure their supply chains to avoid being "sandwiched between rival superpowers."
As a result, Mexico has already become a major US trading partner by late May 2023.
Additionally, Mexico, Vietnam and Thailand are also trying to challenge China's dominance, according to the publication, though they lack its size and world-class infrastructure.
Follow us on Telegram and Twitter
US cuts imports from China by nearly 25% despite attempts to mend relations, The Washington Post reported.
US companies, including HP and Lego, are seeking to reduce their dependence on Chinese suppliers and restructure their supply chains to avoid being "sandwiched between rival superpowers."
As a result, Mexico has already become a major US trading partner by late May 2023.
Additionally, Mexico, Vietnam and Thailand are also trying to challenge China's dominance, according to the publication, though they lack its size and world-class infrastructure.
Follow us on Telegram and Twitter
๐ฉ32๐ค17๐8๐คก5๐4โค3๐2๐คฃ2๐1
Saudi Arabiaโs oil to get more expensive
Saudi Arabia raised almost all oil prices for Asia and Europe for September as supply constraints and rising demand tighten the crude market.
State-owned Saudi Aramco raised the price of Arab Light crude for sale to Asia by 30 cents to $3.50 a barrel above the benchmark, it said in a price list.
Aramco sells about 60% of its crude to Asia, mostly under long-term contracts whose prices are renegotiated every month. The biggest buyers are China, Japan, South Korea and India.
Arab Light crude in the Mediterranean was raised by $1 to $4.50 a barrel more than ICE Brent, and the price for it to Northwest Europe was raised by $2 to a premium of $5.80 to the benchmark.
All prices for the US were left unchanged for September.
Follow us on Telegram and Twitter
Saudi Arabia raised almost all oil prices for Asia and Europe for September as supply constraints and rising demand tighten the crude market.
State-owned Saudi Aramco raised the price of Arab Light crude for sale to Asia by 30 cents to $3.50 a barrel above the benchmark, it said in a price list.
Aramco sells about 60% of its crude to Asia, mostly under long-term contracts whose prices are renegotiated every month. The biggest buyers are China, Japan, South Korea and India.
Arab Light crude in the Mediterranean was raised by $1 to $4.50 a barrel more than ICE Brent, and the price for it to Northwest Europe was raised by $2 to a premium of $5.80 to the benchmark.
All prices for the US were left unchanged for September.
Follow us on Telegram and Twitter
๐53๐ค11โค8๐ฅ4๐ฅด3๐คฌ2