Nilson Report: China's UnionPay has surpassed US-based Visa шn terms of card market share. China's UnionPay has for the first time surpassed the United States' Visa шn the market for debit cards, according to research by the international payments firm Nilson Report. Compared to 38.78% for Visa, UnionPay debit card transactions reached 40.03% in 2022. In 2022, the US payment system processed...

According to the IEA, global energy investments will amount to $2.8 trillion in 2023. A new annual study from the International Energy Agency (IEA) shows that global energy investment will increase 7.7 percent to $2.8 trillion this year, with solar energy investment overtaking oil production for the first time. "In 2023, the global energy market is predicted to receive investments of around...

Destatis: the German GDP shrank by 0.5 percent from the previous year in the first quarter. Germany, the largest economy in Europe, had its GDP fall 0.5 percent year over year in the first quarter, according to a final estimate from the Federal Statistical Office (Destatis). An early assessment indicated a 0.1% drop in GDP. The index decreased by 0.3% on a seasonally adjusted basis; an early...

The Russian government is considering placing a ban on gasoline exports In order to avoid a fuel shortage on the local market and an increase in prices following the decision to slow down the Ministry of Finance’s dampening mechanism for refineries, reports Reuters referring to sources in the government and the industrial market. The Russian government may also raise the minimum amount of...

Haitham Al Ghais, the secretary general of OPEC, stated at the annual Middle East Oil and Gas Conference in Dubai that the global oil business will require investments totaling more than $12 trillion by the year 2045. "By 2045, the global economy is projected to double in size, and there will be 1.6 billion people on the planet. Between now and 2045, it is anticipated that the demand for energy...

Japan's economy has been expanding at an annualized pace of 1.6% from January to March, marking the country's first expansion in three quarters, as a recovery in private consumption following the COVID pandemic countered adverse global trends. That was supported by official statistics made public on Wednesday. The outlook for Japan's export-driven economy did, however, slightly weaken due to...

According to a UN analysis on the state of the world economy and its prospects, the conflict has caused the Ukrainian economy to contract by 29.1 percent in 2022 and is projected to stagnate in 2023. The report stated that the war has caused a significant loss in Ukraine's industrial capacity and energy infrastructure, and that the country's economy would shrink by 29.1 percent in 2022....

According to economists, the platinum market may have its largest shortfall in the previous 50 years. The World Platinum Investment Council's (WPIC) forecasts that the platinum market may have its worst shortfall since the 1970s, the Financial Times writes. It mentions production issues in South Africa brought on by power constraints, acceleration of chemical and glass production in China, and...

According to Bloomberg, wholesale prices for Robusta coffee beans increased to their highest level in almost 12 years. Last week, according to Bloomberg, the price of Robusta coffee beans at wholesale levels worldwide reached its highest level in almost 12 years. The organization ascribed it to a rise in bean demand that growers haven't been able to keep up with. Robusta is frequently used to...