According to the annual joint research of the Swiss bank UBS and the Art Basel exhibition, the global art market in 2021 will be much higher than in 2020, surpassing the pre-pandemic year of 2019. In 2021, the market volume was $65.1 billion, up 29% from 2020 and $0.7 billion from the previous year. Art Basel and UBS' own estimates of the turnover of several dozen of the world's major galleries,...

Executive Director Leo Power: Canada's LNG project could be accelerated. Leo Power, executive director of LNG Newfoundland and Labrador Limited, told Bloomberg that an LNG project in eastern Canada could be accelerated because of increased demand for gas in Europe. He said the C$5.5 billion project at Grassy Point could be pushed from 2030 to 2028. The shipping terminal would produce up to...

The Governing Council of the Bank of Mexico raised its key rate by 50 basis points for the second time in 2022; now it stands at 6.5 percent, according to a statement on the organization's website. "The Governing Council of the Bank of Mexico has decided to raise its target overnight interbank interest rate by 50 basis points to 6.5 percent effective March 25, 2022," the communiqué reads. The...

Coffee producers have found themselves in the critical situation due to rising fertilizer prices, writes Bloomberg. Farmers are trying to find alternatives to fertilizers, the prices of which are rising worldwide due to supply disruptions, including from Russia and Belarus (both countries are among the world's leading suppliers of fertilizers). As for other inputs needed for agriculture, they,...

Prices for various types of building materials made of steel rose in Japan to a 13-year high, the Nikkei newspaper reported. Various types of steel building materials required in the construction of high-rise buildings have risen to maximum values against the background of the conflict in Ukraine. Imports of this type of products from Russia and Ukraine amount to 11% of the world figures. The...

American entrepreneur Elon Musk said that his companies SpaceX and Tesla are facing inflationary pressures in raw materials and logistics. In his Twitter account, the businessman invited his followers to speculate on what inflation will be in the next few years. "Tesla and SpaceX have seen significant inflationary pressures in raw materials and logistics lately. And we're not alone," Musk...

The International Monetary Fund (IMF) has not yet seen any preconditions for a global financial crisis due to the events in Ukraine and sanctions imposed on Russia, said IMF Managing Director Kristalina Georgieva. "Right now we don't. When we look at the contingency of banks with Russia, it's about $120 billion. Not to call it a negligible amount, but definitely not systemically significant," she...

Uranium exchange prices soared to new highs not seen since the Fukushima nuclear disaster in 2011, says Bloomberg referring to data from the UxC company. The price of Ux U3O8 reference uranium has risen to $59.75 per pound. According to the agency, this could have happened as a result of impending penalties against Russian Rosatom. At least 35% of the world's uranium enrichment is done by the...

The U.S. stock market rose sharply on Wednesday, breaking a four-day decline amid the conflict in Ukraine. The Dow Jones Industrial Average rose 2.00% to 3,3286.25 points, the NASDAQ high-tech index rose 3.59% to 1,3255.55 points and the S&P 500 broad market index rose 2.57% to 4,277.88 points. The indices posted their biggest gains since June 2020. Analysts suggest that bidders were buoyed...