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Bitcoin’s skyrocketing growth was ‘fraud and manipulation’ – report

The record growth in bitcoin last year was actually a coordinated market manipulation, according to recent research by University of Texas Finance Professor John Griffin. Read more Griffin, who has 10 years of experience in detecting financial fraud, examined millions of transactions on cryptocurrency exchange Bitfinex. In his paper, Griffin says that the US dollar-pegged cryptocurrency tether was used to ...

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Russia & Belarus ditching dollar trade in favor of national currencies

The Belarusian Prime Minister, Andrey Kobyakov, has called for a complete shift away from the US dollar towards national currencies in Russia-Belarus trade and price-setting. “That would be great if the entire trade turnover, as well as price-formation were set in national currencies,” Kobyakov said during the session of the Council of Ministers of the Union State of Russia and ...

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Get out of jail card: Russia plans penal work option for prisoners with non-felony convictions

The Russian government is considering legislation which will allow those convicted of offences which do not constitute a felony to work instead of serving out their sentence in prison. The bill, that has been introduced in the State Duma, seeks to reduce the minimal term after which inmates can be let out early to do penal work. Under the current ...

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Russia & Saudi Arabia to talk oil on World Cup sidelines as teams meet on pitch

Russian President Vladimir Putin plans to meet Saudi Crown Prince Mohammed bin Salman at the opening of the FIFA World Cup in Russia. They plan to discuss oil, amongst other things. The world’s top crude producers are key partners in the OPEC+ deal, which is designed to prop up oil prices by cutting global output. Read more However, oil dipped ...

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US paper gold suppression allowing Russia & China to buy real gold at discount prices

Efforts by the US to suppress gold prices in order to prop up the dollar are allowing Russia and China to build up huge reserves of physical gold by purchasing large quantities of the precious metal at significantly lower prices. Net central bank purchases in the first quarter of the current year surged by 42 percent compared to the same ...

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North Korea presents a ‘tremendous opportunity’ – investment guru Mark Mobius

There are colossal resources in North Korea that could be exploited, said investment mogul Mark Mobius, following the historic meeting of North Korean leader Kim Jong-un and US President Donald Trump. The country’s population of 25 million could be a boon for investors if it were to be added to South Korea’s market of 50 million, Mobius told CNBC. “That ...

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Musk to fire 9% of staff in ‘difficult reorganization’ of perpetually unprofitable Tesla

In an effort to try and hit production targets and probably even make the first profit in Tesla’s 15-year history, Elon Musk has announced a major round of layoffs, that will affect nine percent of the company’s 37,000 employees. “As part of this effort, and the need to reduce costs and become profitable, we have made the difficult decision to ...

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Digging to China: Russia’s mega gas pipeline nears completion

One of the world’s longest gas pipelines, the Power of Siberia, which aims to deliver Russian natural gas to China, is nearly 85 percent complete. According to the Russian energy giant Gazprom, the section from the Chayandinskoye field (Yakutia) to the border with China is already built. The second tunnel of the underwater crossing of the pipeline through the Amur ...

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Iraq moves to create its own oil tanker fleet

OPEC’s second-largest producer Iraq has taken steps toward selling its crude oil on a delivered basis after it is looking to build its own tanker fleet. At present, most of Iraq’s crude oil and oil products are being sold on a so-called ‘free on board’ basis, in which the seller pays for transportation of the goods to the port of ...

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Foreign tourists to shell out almost $2bn in Russia during World Cup

Russia will get a significant boost as a result of increased tourist flow during the FIFA World Cup, the Russian Ministry of Economic Development said. “According to our estimates, foreigners will spend over 100 billion rubles ($ 1.6 billion) during the World Cup in Russia,” Minister of Economic Development Maxim Oreshkin told Sovetsky Sport newspaper. He expressed confidence Western sanctions ...

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