Author: Steven Sahiounie

Mastercard Inc. and Visa Inc. stepped back from their card partnerships with Binance Holdings, distancing themselves from the cryptocurrency platform that’s under threat from regulators worldwide. Visa stopped issuing new co-branded cards with Binance in Europe as of July, a spokesperson for Binance said. Mastercard Inc., meanwhile, will end its card partnership with Binance entirely in September. Mastercard declined to give a reason for the move. Visa didn’t respond to requests for comment. Binance has come under heavy scrutiny from financial watchdogs across the globe, with pressure intensifying amid a crackdown on the industry after a series of blowups and…

Mansouri took the helm at the central bank on August 1, after the previous governor, Riad Salameh, ended his 30-year tenure with his legacy in tatters over corruption allegations, which he denies, and with the financial sector in turmoil.Since Lebanon’s economy began to unravel in 2019, the pound has severely devalued, depositors have been locked out of their bank savings and families have been pushed into poverty.But the country has failed to enact reforms demanded by the International Monetary Fund to gain access to $3 billion in aid.Mansouri said that further delaying reforms “risks isolating the country from the global…

“We have noted that there is global momentum for the use of local currencies, alternative financial arrangements and alternative payment systems,” Cyril Ramaphosa noted on Thursday. “As BRICS, we are ready to explore opportunities for improving the stability, reliability and fairness of the global financial architecture,” he added, TASS reported. “The Summit agreed to task the BRICS Finance Ministers and/or Central Bank Governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to the BRICS leaders by the next Summit,” Ramaphosa said. The summit of BRICS members is taking place in Johannesburg from August 22 to 24.…

Iran, which has a cooperation agreement with Turkmenistan, will serve as a corridor for the natural gas due to be supplied to Iraq through its land as regional cooperation expands. The state information website Turkmenistan – Golden Age reported on Thursday that the nations of Turkmenistan and Iraq convened to discuss organizing the swap supplies of natural gas from Turkmenistan to Iraq through Iran. The discussion occurred during talks in Ashgabat between representatives of the Turkmengas state concern and an Iraqi delegation. “The sides exchanged views on expanding cooperation in such an important area as the fuel and energy sector. Particular attention was paid…

Turkey steps in as a mediator to resolve a dispute between Baghdad and the semi-autonomous Kurdish administration over the resumption of oil exports through Turkey. In a bid to resolve a longstanding dispute, Turkey has taken on the role of mediator between the central Iraqi government and the semi-autonomous Kurdish administration regarding the resumption of Iraqi crude oil exports through its territory, two Turkish officials revealed on Friday. According to Turkish officials, discussions are underway to find common ground and restore the flow of oil, which had been disrupted due to a legal dispute. The conflict originated when an arbitration…

The regulation blocking imports expires in September, but countries neighboring Ukraine want the restrictions to stay in place Five EU member states want the bloc’s ban on Ukrainian grain imports extended until the end of the year, Polish Agriculture Minister Robert Telus announced on Friday. The nations pushing for the measure are Ukraine’s neighbors Poland, Bulgaria, Hungary, Romania, and Slovakia. The ban, which was imposed by the EU in May, allowed the five countries to restrict domestic sales of Ukrainian wheat, maize, rapeseed, and sunflower seeds, although transit of the goods through the five countries is still allowed. The measure is…

The new BRICS group now accounts for 47% of the world’s population and 37% of its GDP by PPP. A report by the Financial Times on Friday detailed the implications that BRICS expansion may have on the G7, noting that from a Chinese perspective, the inclusion of six countries into the bloc would serve to undermine Western hegemony. On Thursday, the BRICS group announced that six countries were added to the bloc, namely Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The report states that China has been spearheading efforts to “build a club” that would mark a shift…

The group will soon control nearly half of the world’s total oil output, calculations show The BRICS group of nations is on course to change the power balance in the global energy market, the InfoTech news outlet reported on Thursday, citing calculations based on 2022 OPEC oil exports and production data. According to the calculations, once the group expands after adding six new nations to its ranks, it will control nearly half of the world’s oil production and reserves. BRICS currently consists of Brazil, Russia, India, China, and South Africa. However, at the group’s summit in Johannesburg this week, it…

Economists have warned of a “dire” situation on the housing market   American home loan rates have surged to their highest level in more than two decades, moving close to 8% this week after the Federal Reserve’s aggressive campaign to hike interest rates. The average 30-year fixed mortgage rate hit 7.49% on Tuesday for the first time since late 2000, putting a strain on the post-Covid housing market, data from Mortgage News Daily revealed. Home-purchase applications fell for a sixth week to the lowest level since 1995, as rising costs placed homeownership increasingly out of reach for many Americans, according…

The EU strongly condemned the comments by Israeli National Security Minister Itamar Ben Gvir on the freedom of movement of Arabs in the occupied West Bank. The EU, in a statement, recalled that relations between Israel and the EU shall be based on respect for human rights and democratic principles. “All human beings are equal and should be treated the same way. In this context, the values of democracy and respect for human rights stand central to the EU-Israel partnership, including as regards the people living under occupation in the Palestinian territory.” The EU recalled that settlements are illegal under…