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Reasons Behind The Poor Central African Republic Adopting Bitcoin

Many people were surprised by the Central African Republic's decision to make Bitcoin legal tender, but the government claims that it will ensure the country's financial independence, according to a report by the BBC.    The president appeared to be mimicking Elon Musk's mysterious...

While State Refiners Suffer, Indian Private Refiners Benefit From Cheap Russian Oil

A rift is forming in India's refining sector, with private refiners tapping cheap Russian crude to improve export profits while domestically focused state refiners are constrained by high oil costs and government-capped domestic fuel prices.   While many Western consumers are shunning...

Oil Companies React To The EU's Russian Oil Restriction And The Conclusion Of The Shanghai Lockout

On Wednesday, oil prices rose as European Union leaders agreed to a partial and phased ban on Russian oil, and China terminated its COVID-19 lockdown in Shanghai.   By 0817 GMT, Brent crude was up $1.71, or 1.5 per cent, to $117.31 per barrel. West Texas Intermediate (WTI) crude in the...

Russia Extends Gas Cutbacks To Europe As Gazprom Suspends Delivery To Dutch Traders.

On Tuesday, Russia expanded its gas cuts to Europe, with Gazprom cutting off supply to prominent Dutch trader GasTerra, deepening the economic struggle between Moscow and Brussels and driving up European gas prices. more info   The move comes just a day after Denmark signalled the end of its...

VW China Investment Guarantees Denied By Germany Due To Human Rights Concerns: Report

According to German newspaper Der Spiegel , Germany's Economy Ministry has refused to provide Volkswagen with guarantees to cover future investments in China due to worries over human rights breaches in the Xinjiang area.   The ministry said that it had rejected four applications from a...

Long-Term COVID Restrictions In China Resulting In Slow Demand, Warns Global Firms

China's economy is stumbling back to its feet two months after draconian COVID-19 lockdowns crippled global supply lines, but industries from retailers to chipmakers are warning of poor sales as people in the country slam the brakes on spending.   As protracted COVID limits squeeze spending...

India To Expend $26 Billion Out Of Budget To Combat Inflation

The Indian government is considering investing an additional 2 trillion rupees ($26 billion) in the fiscal year 2022/23 to protect consumers from rising costs and combat multi-year high inflation, according to report quoting information from unnamed government officials.   The additional...

Twitter CEO Warns Staff That The Company Is In The Dark About Its Future Under Musk

Twitter Inc Chief Executive Officer Parag Agrawal told employees of the company on Monday that the social media company's future is currently unknown, in reference to the plans to take the social media firm private under billionaire Elon Musk is completed.   According to reports, Agarwal was...

Price Shocks Linked To The Ukraine Endanger Cuba's Already Sluggish Recovery

According to economic analysts and merchants, the Russian invasion of Ukraine is worsening Cuba's three-year-old foreign exchange problem as import costs rise, jeopardising an incipient recovery and threatening additional misery for citizens.   Prices for essential imports such as fuel and...

Suppliers In China Are Being Squeezed By COVID Restrictions, Which Are Causing Delays For Apple And Others

Analysts predict that if China's COVID-19 lockdowns continue, shipments of some Apple goods, as well as Dell and Lenovo laptops, may be delayed, as assemblers are forced to shut down and closed-loop arrangements become more difficult to maintain.   China's race to contain COVID-19 has...

Poorer Countries Reject AstraZeneca COVID Vaccine – Reports

Poorer countries of the world have declined to accept tens of millions of AstraZeneca Covid-19 vaccines from the worldwide COVAX programme, according to reports citing information from a WHO document. This is the latest hint that the vaccine's short shelf life is sapping demand.  ...

Brazil's Inflation Rises Faster Than Expected In March, Highest In 28 Years

Brazil's inflation rose faster than expected in March for the first time in 28 years, according to official numbers released on Friday, as rising fuel prices weighed on the economy, which was hit by an oil shock following the Ukraine conflict.   The IPCA consumer price index increased 1.62...
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