Author: MD Editors

Riyadh alleges that Moscow hasn’t actually cut the 500,000 bpd that it promised, the media outlet reports Saudi Arabia has accused Russia of not entirely fulfilling its pledge to curb oil production in response to Western sanctions, the Wall Street Journal reported on Saturday, citing people familiar with the matter. Riyadh has reportedly complained to senior Russian officials about the matter and asked Moscow to honor the output cuts of 500,000 barrels per day (bpd) that the two biggest oil producers in the OPEC+ group agreed in April to make. The curbs, which took effect in May and are set…

The Model Y has outsold popular Toyota vehicles this year despite being almost double the price The Tesla Model Y electric crossover became the world’s best-selling car in the first quarter of this year, data from market research company JATO Dynamics published on Friday revealed. The Model Y surpassed Toyota’s RAV4 and Corolla models to emerge as the first ever all-electric vehicle to top global sales rankings. The Model Y saw 267,200 units sold globally in the first three months of the year, compared to 256,400 for the Corolla and 214,700 for the RAV4 in the same period. This is…

US policy mistakes could still threaten the greenback’s reserve status in the near term, according to the rating agency The US dollar’s dominance in global trade and finance will persist for decades despite the challenges, as there are no viable alternatives at the moment, according to Moody’s Investor Services rating agency. “We expect a more multipolar currency system to emerge over the next few decades, but it will be led by the greenback because its challengers will struggle to replicate its scale, safety and convertibility in full,” Moody’s analysts wrote in a note last week. According to the rating agency, the…

G7 plan to restrict gem exports from Moscow poses a threat to India’s polishing industry Restrictions on exports of Russian diamonds that the G7 countries have been considering for over a year pose a threat to India’s polishing industry, the Economic Times reports. The Indian diamond industry cuts and polishes nine out of ten diamonds in the world at a processing hub in Surat, the outlet said. A potential embargo is weighing heavily on Surat’s more than 4,000 diamond processing companies, which employ at least a million craftsmen, polishers, and traders, according to industry experts. The town of Surat imports…

US President Joe Biden and House Speaker Kevin McCarthy agree on terms to end the debt ceiling crisis days before the expected default. Following months of deeply polarized talks, the United States’ bipartisan leading figures, US President Joe Biden and House Speaker Kevin McCarthy reached an agreement “in principle” to raise the $31.4 trillion debt ceiling, just days before the expected default. US Treasury Secretary Janet Yellen said earlier that June 5 is the expected X-date when the federal government would have run out of money to pay its dues. “And after weeks of negotiations, we have come to an agreement in…

In addition to major cryptocurrencies like Bitcoin and Ethereum, the cryptocurrency market is also witnessing the rise of alternative coins that show significant potential for growth. One such coin is WSM (Wall Street Memes), which has been gaining attention for its unique approach to blending finance and humor. Another notable altcoin is yPredict, a platform that leverages blockchain technology to provide accurate predictions and insights. Additionally, Ecoterra aims to revolutionize the green energy sector through its eco-friendly blockchain solutions. Today, we turn our focus to Shiba Inu (SHIB), a meme-inspired cryptocurrency that has captured the attention of many investors. With…

In the volatile world of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) have recently shown a notable spike, with both digital assets experiencing a nearly 2% increase in their prices.  This upward movement has left investors wondering if there is further upside potential shortly. As the two leading cryptocurrencies continue to attract attention and dominate the market, it’s crucial to analyze the factors driving their recent surge and assess the possibilities for continued growth. Let’s delve into the current trends and predictions for Bitcoin and Ethereum. Bitcoin Price The current price of Bitcoin stands at $27,201, with a trading volume of $9.7 billion over the past 24…

At long last, the White House and House Republicans have reached a tentative agreement to raise the debt ceiling. But a deal isn’t over yet: Congress still needs to vote on the deal – far from a guaranteed outcome – and President Joe Biden would need to sign it before the US defaults or misses a scheduled payment. Every day that passes without a bill to raise the debt ceiling, the probability of the United States reaching the critical date that it can no longer meet its financial obligations steadily grows. If lawmakers fail to pass the tentative agreement, and they don’t…

You’d expect the stock market to surge after the White House and House Republicans reached a tentative deal to raise the debt ceiling, But markets may have other plans. The stock market, for the most part, has been ignoring the serious risks associated with the United States defaulting on its debt. Even if Congress passes a bill to raise the debt ceiling and President Joe Biden signs it, it could take months before stocks and other financial markets move on. “One of the concerns I have is that even in the run-up to an agreement, when one does occur, there…

Wall Street expects the Federal Reserve to raise interest rates in June. Not only that, it finally believes the central bank when it says it likely won’t cut rates this year. What happened? Two key pieces of economic data came in hotter than expected last week, raising investors’ hackles about what the Fed’s interest rate trajectory could look like: The economic data — along with recent calm in the regional banking sector after First Republic’s collapse earlier this month — has investors betting that the Fed could hike rates next month, says Mark Heppenstall, chief investment officer at Penn Mutual Asset…