Markets & Industries
Bank of England foresees global crisis of 2008 levels due to rise of cryptocurrencies - 10/15/2021
The world may face a new financial crisis comparable to the 2008 collapse, the deputy governor of the Bank of England warned. The cause will be the uncontrolled growth of cryptocurrencies, whose market reached $2.3 trillion in just a few years. The world may face a new financial crisis comparable to the collapse of the global economy in 2007-2008, said Deputy Governor of the Bank of England, Jon...
IEA: Demand for fossil fuels will decline beyond the 2030s - 10/14/2021
The global community's plans to cut greenhouse gas emissions will not radically reduce demand for fossil fuels, according to the International Energy Agency's (IEA) global outlook to 2050. However, even the agency's most conservative scenario now foresees a drop in overall demand for gas, coal and oil beyond the 2030s for the first time. In the baseline scenario, however, fossil fuel demand will...
JPMorgan Chase head: Bitcoin is fool's gold - 10/13/2021
Bitcoin's prospects are rather dubious. And even more so: the largest by market value cryptocurrency likely has no future. That's what CNBC reports, citing a comment from Jamie Dimon, CEO of investment bank JPMorgan Chase. Dimon revealed that he personally holds the view that bitcoin is worthless. But his clients don't always follow his philosophy. "Our clients are adults. They don't agree....
IMF cuts global growth forecast due to supply problems and pandemic - 10/13/2021
The International Monetary Fund has lowered its forecast for global economic growth this year, citing supply problems in rich countries as well as health threats from the spread of the highly contagious delta strain of coronavirus. The IMF also raised its inflation forecast, urging regulators to be prepared to act quickly if the recovery is faster than expected or if inflation risks become more...
Reuters: World coffee prices could rise due to Colombian suppliers - 10/12/2021
World coffee prices have already risen 55% this year due to a poor harvest in Brazil. They are expected to be even higher because Colombian farmers have decided to hold back supplies in order to sell their products at a higher price, Reuters reports. Colombia is the world's second-largest supplier of arabica. According to the agency, producers in that country have not delivered up to 1 million...
US IT giants boost assets in commercial real estate - 10/11/2021
The biggest US technology companies - Google, Amazon and Facebook - are buying up office buildings. Investing in new space has become a lucrative way for them to invest record amounts of cash amid low interest rates, experts say. Major US technology companies such as Google, Amazon and Facebook are increasingly acquiring commercial real estate. During the pandemic, IT -companies have joined...
Goldman Sachs warns of US default threat - 10/08/2021
Goldman Sachs has warned clients that Congress is unlikely to resolve the debt ceiling issue before October 18, risking the first default in US history, reports CNN. "It seems unlikely that Congress will tackle the debt ceiling issue until the last minute, and the risk that it won't take necessary action before the October 18 deadline is real," the bank's economists said in a letter to its...
The US names a way to avoid rising gasoline prices - 10/07/2021
The US could release crude oil from the government's strategic reserves to avoid rising petrol prices, Energy Secretary Jennifer Granholm said. "This is a tool we are currently considering," she was quoted by Finanñial Times. The publication notes that gasoline prices are rising in the US, reaching their highest level in seven years. According to Granholm, a ban on the export of crude oil...
Cotton prices hit a ten-year high - 10/06/2021
Cotton futures on the US commodities exchange ICE hit $1.05 a pound. According to The Wall Street Journal, this is a record high for the period since September 2011. Analysts believe that the rise in cotton prices is due to increased demand from Chinese producers, despite restrictions on the supply of some goods and raw materials from the United States imposed during the Donald Trump...
IATA: Air industry losses will amount to $11.6B in 2022 - 10/05/2021
The International Air Transport Association (IATA) has issued a forecast for the global air transport market in 2022. The association expects industry losses to amount to $11.6bn, which is 4.5 times less than the current year's total of $51.8bn. Earlier IATA estimated losses for 2021 at $47.7 billion. It also revised upwards the losses incurred by global air carriers in 2020 - from the previous...
