Author: MD Editors

US President Joe Biden signed a bill on Saturday that suspends Washington’s $31.4 trillion debt limit, averting what would have been a first-ever default, just two days before the deadline. The new law lifts the debt ceiling through January 1, 2025, and caps non-military spending, among other measures. “I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans,” Biden wrote in a tweet. The bipartisan debt bill passed the Senate on Thursday after moving through the House of…

Aggressive monetary tightening by central banks threatens the global economy, according to strategists A cycle of boom and bust will return this year and a wave of corporate debt defaults is imminent, particularly in the US and Europe, Deutsche Bank has warned. According to the bank’s annual study released on Wednesday, defaults by companies will become more commonplace compared with the last 20 years. Deutsche expects default rates to peak in the fourth quarter of 2024. The bank projected peak default rates to reach 9% for US high-yield debt, 11.3% for US loans, 4.4% for European high-yield bonds, and 7.3%…

Trade between Moscow and Ankara has continued to grow, with the volume of goods exported by Russia amounting to $4.17 billion in April, official data shows. According to the Turkish Institute of Statistics, Russia was Türkiye’s leading supplier, accounting for nearly 15% of the country’s total imports. It was followed by China, Germany, Italy, and the US, with the combined share of Turkish imports from these countries reaching 44% in April. The report also shows that in the first four months of the year, Türkiye imported Russian goods worth $17.2 billion. Moscow and Ankara have been aiming to deepen economic…

One of the world’s biggest e-commerce companies, Otto Group, has liquidated all of its assets in Russia, Kommersant newspaper reported on Friday, citing its sources on the real estate market. The German retailer sold its two warehouses in the Tver region to a local warehouse operator, Multicold. The assets were estimated to be worth an equivalent of just over $28 million but were reportedly sold at half the price. Multicold has confirmed the purchase and has already leased some of the storage space to Russian e-commerce giant Ozon. Otto Group, known mainly as a mail order and online retail company,…

The 15th annual BRICS summit, set to take place in Cape Town South Africa, is speculated to bring drastic changes to the world economy, as its member states seek to strengthen financial multipolarism, a report by The Post explained. The arrest warrant against Russian President Vladimir Putin has headlined reporting on the event in Western media outlets, which have downplayed the importance of the summit and its impact on global financing. South Africa has already made the necessary assurances to diplomats attending the proceedings as it has provided diplomatic immunity for attendees of the event, including President Putin. The Indian…

Criticism has arisen over a 25-year agreement recently unveiled by the Congolese government, which grants exclusive rights to a little-known UAE company for the export of artisanal gold at preferential rates. The deal, signed in late 2022 and made public on Monday, was allegedly intended to address issues in the Democratic Republic of Congo’s informal mining sector, where smuggling has resulted in the loss of huge sums of tax revenue and contributes to the funding of militant groups in the mineral-rich eastern provinces of the country. Under the contract, Primera Group, an Abu Dhabi-based conglomerate, receives a majority share in…

The national Security Council says it is focused on countering attempts to spark an economic crisis in Russia Russia’s Security Council stated on Saturday it views strengthening economic sovereignty as a top priority, and is seeking to offset Western attempts to trigger a financial crisis in the country. The Council is currently working on “improving the quality of life of Russians, ensuring macroeconomic stability and the balanced territorial development of the country.” “Developing measures aimed at blocking Western attempts to stage-manage an economic crisis in Russia, which carries the threat of social instability in the country, also acts as a…

Saudi Energy Minister Prince Abdulaziz bin Salman met in Vienna with his counterparts from the UAE, Kuwait and Iraq, ahead of the meeting of the Organization of Petroleum Exporting Countries (OPEC). And the “Tass” correspondent stated that the Saudi minister is staying at the Park Hyatt Hotel in the Austrian capital. UAE Energy Minister Suhail Al Mazrouei, Iraqi Oil Minister Hayan Abdul Ghani, Kuwaiti Oil Minister Badr Al Mulla and Algerian Energy Minister Mohamed Arkab arrived there this morning, ahead of the OPEC meeting scheduled for 13:00 Moscow time. The OPEC meeting that takes place every six months has not…

Iranian Deputy Oil Minister, Amir Hossein Zamannia, said that OPEC countries did not discuss at today’s meeting in Vienna the possibility of reducing oil production by “OPEC +” members. He stated that this issue is on the agenda of the organization’s general meeting tomorrow. He added, “We did not discuss this issue. This issue is on the agenda for tomorrow.” Earlier, Angolan Minister of Oil, Gas and Mineral Resources Diamontino Azevedo told reporters that OPEC countries discussed administrative issues at the meeting. It is noteworthy that the meeting of oil ministers in the member states of OPEC, was held today…

The kingdom’s foreign minister has called for further cooperation with the economic bloc The total value of bilateral trade between Saudi Arabia and BRICS member states topped $160 billion in 2022, making the kingdom the largest Middle Eastern trade partner of the bloc, Foreign Minister Prince Faisal bin Farhan bin Abdullah said on Friday. Speaking at a ministerial meeting of Friends of BRICS in the South African city of Cape Town, Prince Faisal also said the kingdom was planning to develop further cooperation with the BRICS group to achieve collective prosperity. “The kingdom remains the BRICS group’s largest commercial partner…