Author: MD Editors

Yango, a local subsidiary of Yandex, is expanding its taxi business in the UAE’s largest city Yango – a ride-hailing, delivery and e-grocery company with Russian origins – is gaining popularity and challenging industry majors Uber and Careem in Dubai, Bloomberg reported on Wednesday, citing sources. Its share of the local ride-hailing market in May amounted to between 4% and 8%, less than a year after the company started operations in the UAE’s most populous city, according to the report. Yango launched in Dubai in September 2022. It’s operated by Netherlands-based company Ridetech International, formerly Yandex Taxi, a subsidiary of…

Exports of Russian oil to India grew fourteenfold in the 2022-2023 fiscal year compared to the same period last year, the Reserve Bank of India (RBI) said in its annual report released on Wednesday. According to the Indian regulator, supplies surged from $2.2 billion in 2021 to $31.02 billion during the most recent fiscal year, which ended on March 31. The share of Russian hydrocarbons imported by the South Asian country increased from 2% to 19.1%, the report said. Supplies from Russia reached 50.84 million tons of crude, making it India’s largest supplier, replacing Iraq, Saudi Arabia, and the United…

Inflation has risen for two months in a row, the government statistics service has reported Annual inflation in the Netherlands rose for the second month in a row and reached 6.1% in May, preliminary data from Statistics Netherlands (CBS) released on Thursday showed. Growth in consumer prices has accelerated in recent months, increasing from 4.4% in March to 5.2% in April on an annual basis. The trend has largely been driven by energy prices, which fell less significantly in May than in the previous month, the report said. The costs of food, beverages and tobacco have also contributed to the…

The country has managed to retain its status as a net supplier despite sanctions, the agriculture minister says Russia has reoriented its agricultural exports to countries that have not supported Western sanctions against Moscow, with 87% now going to those nations, the agricultural minister has said. “Shipments of Russian agricultural produce to China, Turkey, Egypt, Bangladesh, Algeria and Pakistan have seen a significant increase,” Dmitry Patrushev said on Friday, speaking at a ministerial panel. Patrushev stressed that Russian producers have been steadily building ties with reliable and responsible foreign partners. Russia retained the status of a net exporter of agricultural…

After more than a month of consolidatory ranging, Ethereum (ETH) price remains steadfast in a tightly fought range. Currently trading at $1,858 (a 24 hour change of -0.79%), Ether appears to have once again been rejected by a tough ceiling of resistance at $1,925. Now in a minor -3.60% retracement move, markets are on edge as ETH heads for a retest of support at the tricky MA20. Ethereum (ETH) Price Prediction: Rain or Shine? With technical structure fighting to resume, and on-chain signalling suggesting a shift in market sentiment from distribution to accumulation, the ostensible downside slide of Ethereum might not…

Bitcoin’s recent price movement has dived to the $27,000 level, sparking concerns among traders and investors. As the market sentiment shifts, all eyes are now on a crucial support level at $26,600. The cryptocurrency’s ability to hold this support level will determine its next move and could potentially set the tone for the near-term price action. In this Bitcoin price prediction, we delve into the factors influencing the market and analyze the significance of the $26,600 support level. Bitcoin Price Prediction Bitcoin is currently priced at $26,858 as of June 1st, showing a decrease of nearly 1%% in the past 24…

Central Bank of Iran (CBI) Governor Mohammad Reza Farzin explains that Iran could soon have access to $6.7 billion of its funds at the IMF. On the margins of his discussions with senior IMF officials in Washington, DC, Central Bank of Iran (CBI) Governor Mohammad Reza Farzin revealed that Iran would soon have immediate access to $6.7 billion of its financial resources held by the International Monetary Fund (IMF). According to the CBI Governor, Iran has acquired, at this time, Special Drawing Rights (SDRs) worth 4.8 billion, or $6.7 billion, and these funds may be used right away to help…

A former US Secretary of the Treasury criticizes the United Kingdom and lambasts its economic policies, saying the country is on the verge of a recession. Brexit will be memorialized as a “historic economic error” that has damaged the UK’s economy after having helped inflation surge, former US Treasury Secretary Larry Summers said. The UK leaving the European Union led to higher consumer costs, and the country’s economic policy has been for several years “substantially flawed”, Summers said. The former US economic chief underlined that Brexit “reduced the competitiveness of the UK economy, put downwards pressure on the pound and…

Inflation in Europe has fallen to its slowest pace , bolstering the case for the region’s central bank to bring interest rate hikes to an end soon. Consumer prices in the 20 countries that use the euro rose 6.1% last month compared with a year ago, easing from 7% in April, according to an initial estimate Thursday from the European Union’s statistics agency. That’s the lowest rate of inflation since February 2022, when Moscow launched a full-scale invasion of its neighbor, sending global energy prices soaring. The pace of food price rises eased for the second month running in May,…

Policymakers at the Federal Reserve signaled last month that they were considering a pause in their 14-month long regimen of hiking interest rates to cool the economy and bring down inflation. But the US economy is like an engine that won’t quit — it just keeps on pumping out jobs. New data out Wednesday showed that job openings and hiring both rose in April, while unemployment sits near 53-year lows. With just two weeks left until the central bank’s next policy decision, it appears that more rate hikes could be coming after all. Investors — already contending with fallout from…