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Japanese banks trying to hold on to savings of dead clients

In an attempt to keep billions in funds left by deceased customers, Japanese regional banks are using special trusts to enter into banking relationships with the heirs of the departed. The step comes as the country’s local lenders have been losing 60 percent of funds that are subject to inheritance, Bloomberg reports, citing estimates by Fidelity Investor Education Institute. Smaller ...

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Chinese coffee startup to sue Starbucks over market monopoly

China’s new coffee brand, Luckin Coffee, has accused Starbucks of monopolizing the market. It said the US firm has been pushing out other coffee shops and pressuring industry suppliers. In an open letter to Starbucks, the company pointed out that the Seattle-based coffee chain has signed exclusive contracts with many property owners in China. The startup argued that many of ...

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Turkish lira touches record low as Erdogan pledges more govt control of economy

President of Turkey Recep Tayyip Erdogan has announced more state control in the country’s fiscal and economic policy. This triggered a further sell-off in the Turkish lira. Erdogan announced the measures in a recent interview with Bloomberg. They will come after the presidential election in July, which will end Turkey’s transition to a presidential republic and is set to consolidate ...

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Russian bank helps Venezuela defy US sanctions on cryptocurrency

The world’s first state-backed digital currency ‘el petro’ launched by Venezuela this year to circumvent US sanctions is reportedly getting help from a Russian bank. According to Associated Press, Russia’s Evrofinance Mosnarbank has become the first international financial institution so far willing to back the petro after US authorities warned potential investors over related risks. Investors who registered with Venezuela’s ...

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Anti-Russia sanctions won’t spook Chinese investors – Beijing

Washington’s latest economic penalties against Moscow will not have any impact on Chinese investments in Russia as Beijing plans to back bilateral cooperation in trade, the Chinese Ministry of Commerce (MOC) has said. “Over the years, the US has repeatedly unilaterally imposed sanctions against other states. The Chinese side is firmly against this,” a senior MOC official Liu Xuesong told ...

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US sanctions designed to impede development of successful nations, says Russian Duma chief

The main purpose of United States sanctions is to slow the progress of rapidly developing nations, Russian State Duma speaker has said as the parliament began looking at bills on Russia’s response to the latest restrictions. “The USA is conducting its sanctions policy against the countries that are actively developing. This includes not only Russia, but also China, Iran and ...

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Sanctioned Rosneft sees net profit jump sevenfold on higher oil prices

Russia’s largest oil producer, state-controlled Rosneft, reported on Monday a sevenfold jump in its net profit for Q1 2018, on the back of significantly higher oil prices compared to the same period of 2017. Rosneft’s net income soared to $ 1.3 billion (81 billion Russian rubles), more than seven times higher compared to Q1 2017, and exceeding a Reuters forecast of $ ...

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Bridge from mainland Russia to Crimea hours away from opening

The bridge across the Kerch Strait, which will connect the Crimean Peninsula and Krasnodar Region is set to open on Tuesday. Construction of the bridge, the longest in Russia with a span of 19 kilometers, has been carried out since February 2016, and it is opening for cars more than half a year ahead of schedule. The bridge capacity is ...

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Quality of Chinese-built cars better than European ones, Volvo executive admits

Swedish car maker Volvo says its vehicles built in China might actually be superior in quality to those it makes in Europe. In an interview with Australia’s Go Auto, Volvo’s senior vice-president of design, Robin Page, admitted that some were concerned about the automaker’s decision to build many of its vehicles in China. “What we’re finding is that the quality ...

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