Tag Archives: Economy

Turkey's Erdogan says attack on economy no different from attack on flag

An attack on the Turkish economy is no different from a strike against the flag, Turkish President Recep Tayyip Erdogan stated in a video message ahead of the Muslim Eid al-Adha festival. “The attack on our economy has absolutely no difference from attacks on our call to prayer and our flag,” he said referring to the recent Turkish currency crisis, ...

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US can’t force trade rules on others, Germany must invest more in Iran – economy minister

Washington cannot dictate trade rules to others, Germany’s economy minister said, adding that his country should be more assertive and defy American sanctions – particularly by investing more in Iran. “We don’t let Washington dictate [their will] on trade relations with other countries,” German Economy Minister Peter Altmaier told Bild newspaper on Saturday. He said the US sanctions on Iran ...

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Booming agriculture transforming Russia’s energy driven economy

Russia’s agriculture exports have surged by almost a third in the first five months of the year. Food is Russia’s second biggest export after oil and gas, helping to diversify the economy away from energy. The country exported 29.5 percent more agriculture and food products, worth $ 9.5 billion, than in the same period last year. In particular, the export ...

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China to invest $15 billion in South African economy

Beijing has pledged to bankroll $ 14.7 billion in South Africa and provide the country’s power utility and logistics corporation with loans. The South African rand firmed by more than one percent on news of the investment. The announcement followed a meeting between the two countries’ leaders President Cyril Ramaphosa and Chinese President Xi Jinping in Pretoria. Xi’s state visit ...

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Russia ditching US Treasuries for gold in bid to protect economy & diversify – analysts to RT

Russia has left the top-30 list of top lenders to the United States by radically slashing US Treasury bills ownership. RT-polled analysts have shared their opinion on the move. “Both political and economic reasons could be found here. The Central Bank may have thought that Russia-owned Treasuries could be frozen because of geopolitical tensions. The regulator announced in spring that ...

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Russia set to wean economy off US dollar as Washington ratchets up sanctions

The Russian finance ministry is working on a broad set of measures to protect the country’s economy amid growing pressure from the United States, Kommersant daily reports. The main part of the reforms is a plan to reduce the use of the US dollar in foreign trade transactions in favor of national currencies, according to the news outlet. Russia has ...

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US trade war could cost global economy $430 billion, IMF warns

The risk of current trade tensions escalating further is the greatest near-term threat to global growth, said the International Monetary Fund (IMF) in its latest World Economic Outlook report. “Our modeling suggests that if current trade policy threats are realized and business confidence falls as a result, global output could be about 0.5 percent below current projections by 2020,” the ...

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Russia speeds up dumping the dollar from economy

One of Russia’s largest banks, VTB is seeking to decrease the share of US dollar transactions at home as locals are choosing the Russian ruble over the greenback. “There is one interesting thing I wanted to highlight. Since the beginning of this year, people seem to be less interested in making dollar deposits or taking out dollar loans, compared to ...

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India's economy overtakes France to become sixth largest in the world

India has become the world’s sixth-biggest economy, pushing France to seventh place, according to recent data from the World Bank. Read more The country’s gross domestic product (GDP) surged to $ 2.597 trillion at the end of 2017, compared to France’s $ 2.582 trillion. India has doubled its GDP in the last ten years, but with 1.34 billion people – ...

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Russia will respond to US protectionism affecting China & global economy – Kremlin

US tariffs on Chinese goods is all about US protectionism, which can hurt the global economy as a whole, according to Russian presidential spokesman Dmitry Peskov. “We are now seeing a number of measures exclusively of protectionist nature, which are being imposed by the United States of America and the retaliatory measures taken by various partners in trade and economic ...

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