Markets & Industries
Share of dollar-denominated payments via SWIFT rises to record high in July - 08/25/2023
According to SWIFT data, the percentage of international payments made in dollars increased to a record 46%, reports Bloomberg. Ten years ago, the dollar made up slightly more than a third of all transfers. The agency notes that the U.S. dollar is currently in first place, followed by the euro, pound, yen, and yuan. The euro's power has decreased, which has largely led to a rise in the dollar's...
IMF notes record fossil fuel subsidies in the world in 2022 - 08/25/2023
The fund reports that the total number of subsidies reached $7 trillion. According to a research by the International Monetary Fund (IMF), global subsidies for fossil fuels reached a record $7 trillion in 2022. "Governments supported consumers and businesses during a period of sharp increases in energy costs," the study states. "Subsidies for fossil fuels rose to a record $7 trillion last...
Biden expects 81 per cent of US electricity generation to be clean by 2030 - 08/17/2023
The American president praised "bringing home" vital supply chains and technology for the manufacture of minerals, solar panels, wind turbines, and electric cars. 81% of the nation's electricity would come from clean sources by 2030, according to US President Joe Biden. In a speech to commemorate the Inflation Reduction Act's anniversary, the president said that by 2030, renewable energy would...
Analyst: Fitch may downgrade ratings of over 70 U.S. banks - 08/16/2023
All financial indications will need to be reevaluated if the rating is downgraded to A+, which is likely to result in a reduction in credit ratings, stated Chris Wolfe. Fitch rating agency may revise credit ratings of more than 70 U.S. banks, including eminent financial giants like JPMorgan Chase, Fitch analyst Chris Wolfe said in a CNBC interview. Wolfe noted that Fitch had downgraded the...
Iran's Central Bank: Iran’s $6 billion in assets unlocked in South Korea - 08/14/2023
Iran's frozen assets in South Korea have been unblocked, said Mohammad Reza Farzin, governor of the Iranian Central Bank. Iranian central bank governor Mohammad Reza Farzin declared unblocking of all of Iran's frozen assets in South Korea via his page on the X platform (formerly known as Twitter). About $6 billion would be sent to accounts at six Iranian banks in Qatar, the governor of the...
WP: US cuts nearly 25% of imports from China - 08/07/2023
According to the publication, Mexico became the United States' top trading partner by the end of May 2023. Amid tight relations between Washington and Beijing, American businesses reduced their purchases of goods from China by 24% from January through May 2023 compared to the same period last year, reports The Washington Post. Despite the leaders of the two nations' efforts to improve ties,...
Saudi state fund launches company to invest in sports - 08/07/2023
SRJ Sports Investment will pour money to arrange new athletic events and to secure commercial rights to host international tournaments. Saudi Arabia's sovereign fund announced foundation of SRJ Sports Investments to finance sports throughout the Middle East and North Africa. "The sovereign fund today announced the establishment of SRJ Sports Investment Company, a sports investment company that...
Saudi Arabia extends voluntary oil production cuts - 08/04/2023
According to a source in the energy ministry, Saudi Arabia is extending the 1 million bpd voluntary oil output cut that started in July through September. "An official source in the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of 1 million bpd, which took effect in July, for another month to include September," the message reads. The cut can be...
EU does not expect uranium supply problems after Niger coup - 08/02/2023
Spokesperson for the European Commission Adalbert Jahnz said that the EU possesses sizable stockpiles. After the coup in Niger, the EU does not anticipate any issues with uranium supply because it has ample reserves and there are now enough offers on the global market, said Adalbert Jahnz, a representative of the European Commission, during a briefing in Brussels. "In the near and medium terms,...
IEA: World demand for coal in 2023 will grow slightly - 07/28/2023
The International Energy Agency (IEA) forecasts that the world's coal demand will be roughly stable at 8.388 billion tonnes by the end of this year. "Total global coal demand in 2023 is expected to be unchanged at around 8.388 billion tonnes (+0.4%)," the agency stated in a report. "Weather conditions and the state of the economies of major coal consuming countries will determine whether coal...
