Author: Steven Sahiounie

Russia and China are seeing such impressive results “due to moving to a broader use of national currencies,” the foreign minister stressed KAZAN, September 8. /TASS/. Moscow and Beijing have a chance to reach the $200 bln mark in trade turnover by the end of this year, Russian Foreign Minister Sergey Lavrov said. “Significant growth in bilateral trade turnover has been observed recently. It has grown by a third for two years in a row,” the top Russian diplomat said. “With the dynamic expansion of our economic exchanges in mind, this year, ahead of schedule, we will be able to…

A single unit of exchange will emerge but the process will take time, an official in Russia’s foreign ministry says BRICS nations are moving towards the establishment of a single currency but it’s a long and “difficult” process, the head of the department for economic cooperation at Russia’s Foreign Ministry, Dmitry Birichevsky, said on Thursday. The group of emerging economies, which currently incorporates Brazil, Russia, India, China and South Africa, are evaluating ways to reduce their reliance on the US dollar and the euro, including alternative payment systems and trade in national currencies. “A single currency is something that may…

Beijing has opened the first branch of one of China’s 4 largest state-owned banks, the Bank of China, in Saudi Arabia.The Bank of China opened last Tuesday in the Saudi capital Riyadh, in the presence of the bank’s president, Liu Jin, the Chinese ambassador to Saudi Arabia, Chen Weiqing, the governor of the Saudi central bank, Ayman Al-Sayari, and other officials, according to Newspaper China’s Global Times. “Establishing a branch in Saudi Arabia to serve trade and investment exchanges is a strong initiative to promote high-quality construction of the Belt and Road Initiative with strong funding,” Liu said. “The bank will continue…

Through this graph, prepared by the Sputnik team, he learned about the countries that benefited from the increase in Russian grain exports in 2023. Russian President Vladimir Putin announced earlier this week that Russia’s withdrawal from the grain deal has not affected global food markets, grain prices are falling, and there is no food shortage. Speaking at a news conference following talks with Turkish President Recep Tayyip Erdogan, Putin said: “It is clear that the termination of the deal did not affect global food markets.” Russian Deputy Foreign Minister Alexander Grushko announced on Wednesday that Russia and Turkey had reached…

Judicial authorities in Algeria have opened a formal investigation into corruption allegations involving a mixed foreign-capitalized company engaged in passenger shipping at the port of Mostaganem.She said  Newspaper Algeria’s “Echourouk” said that the company is suspected of obtaining unjustified concessions at the expense of the port’s authority, which required new summonses for current and former officials to appear before the investigating judge at the Mostaganem court on September 17, where reports said that losses exceeded 36 billion centimes (360 million Algerian dinars) incurred by the public treasury, as a result of these unjustified privileges. Source: Sputnik

Saudi Crown Prince Mohammed bin Salman has launched the “General Plan for Logistics Centers”, which aims to develop the Kingdom’s infrastructure into a global logistics hub that enhances its position as an investment destination and contributes to diversifying the sources of the local economy. Saad bin Omar, head of the “Century Center for Studies” in Riyadh, described in an interview with “Sputnik”, the goal of this project is the Kingdom’s desire to expand its economy and change concepts that were prevailing until recently, saying: “Through Vision 2030, the Kingdom of Saudi Arabia seeks to expand its economy and change concepts…

Saudi Arabia decided on Tuesday to extend the voluntary cut in oil production by one million barrels per day for three months. Earlier on Tuesday, Russian Deputy Prime Minister Alexander Novak said Moscow would continue to cut oil exports, which began in August and extended to September, until the end of the year.On the decision of Saudi Arabia and Russia Reducing production And its impact on the rise in oil prices in the global market before the end of the year to exceed the $ 100 barrier, Mohammed Sorour Al-Sabban, senior adviser to the former Saudi Minister of Petroleum, told Sputnik,…

Fix Price is set to open its first stores in the UAE as early as next year Russian discount retailer Fix Price is planning to open its first outlets in the United Arab Emirates, company CEO Dmitry Kirsanov announced on Thursday. According to the chief executive, the first stores are expected to appear in the Gulf state as early as next year. Kirsanov pointed out that the retailer had continued to expand internationally in the second quarter of the current year by opening its first stores in Armenia under a franchising program. “We see significant potential to expand our brand…

Beijing has reportedly barred government officials from using iPhones or any other foreign-brand devices Apple’s market value has fallen by nearly $200 billion after reports that China has banned government workers from using iPhones or any other foreign devices for work purposes, or bringing them into the office. Shares in Apple fell almost 3% on Thursday and are down 6.4% over the last two days. Several major suppliers of the US tech giant have also seen their stocks plummet. Taiwan’s TSMC, the world’s biggest contract chipmaker and a major Apple supplier, has lost over 2%, while shares in ASE Technology…

Poland recorded the biggest drop in GDP among the 27 members of the bloc in the second quarter of 2023, according to Eurostat Poland’s economy saw a year-on-year decline of 2.2% in the second quarter of this year, marking the biggest decrease among EU member states, according to data released by Eurostat on Thursday. The report showed that the overall EU Gross Domestic Product (GDP), the measure of the bloc’s economic activity, saw a quarter-on-quarter increase of 0.2%, while GDP in the euro area edged higher by 0.1%. Year-over-year, seasonally adjusted GDP rose by 0.5% in the euro area and 0.4% in…