Author: Steven Sahiounie

JPMorgan is acquiring the embattled regional lender First Republic to avoid another failure The frailties of the US financial sector may be much more profound than bankers and policymakers suggest, an analyst told CNBC on Tuesday. The warning follows a wave of turmoil in regional US banks. David Pierce, director of strategic initiatives at Utah-based GPS Capital Markets, raised questions over the way US financial regulators are tackling problems faced by First Republic, the latest US lender hit by deposit runs. “If you listen to the political side of this, you would have them tell you that it really is…

Germany’s retail sales dropped in March, against market expectations, data published by the national statistics service Destatis revealed on Tuesday. Price-adjusted retail turnover fell by 2.4% in March compared to February, despite a predicted 0.4% rise. On an annual basis, sales were down 8.6% in real terms following a 7.1% decline in February, according to Destatis. Food sales plunged 10.3% in March in the largest year-on-year decline since data began in 1994. Food retail contracted 1.1% on the month, while non-food sales slipped by 2.3%, and online sales were down 8.4%. High prices remain a drag on inflation-adjusted retail data,…

Supplies to the EU have already dropped by two-thirds, Deputy Prime Minister Aleksandr Novak says Russia remains committed to a voluntary oil production cut of 500,000 barrels per day (bpd), Deputy Prime Minister Aleksandr Novak stated on Thursday, commenting on “speculation in the media.”  Bloomberg claimed on Tuesday that there was no evidence that Moscow was implementing a production cut, citing tanker-tracking data. Aggregate flows of Russian crude jumped to 4.08 million bpd in the seven days to April 28, according to the outlet. Novak argued that the media had failed to take into account a “significant reduction” in pipeline supplies to…

PacWest is the latest American bank to see its stock plunge following the collapse of several rivals Regional lender PacWest Bancorp has become the latest American bank to be caught up in the worst crisis in the sector since 2008. The bank has confirmed it is in talks with potential partners and investors about strategic options, following a 60% stock rout. Shares in the bank nosedived in after-hours US trading on Wednesday over reports the Los Angeles-based lender was mulling a sale. PacWest’s shares were down as much as 48% in early trading on Thursday. “The bank has not experienced…

“Otherwise, if NATO were to drift into this conflict, it would carry the risk of the outbreak of World War II,” Peter Szijjarto noted Hungary’s Foreign Minister Peter Szijjarto on Thursday called on NATO to make every effort to stay out of direct involvement in the armed conflict in Ukraine or direct confrontation with Russia. In an interview with CNN’s international business programme, Quest Means Business, he said, “We must do everything to ensure that NATO does not become part of the conflict and does not come into direct conflict with the Russian Federation.” “We insist on this decision, and…

Sen. Charles Grassley and Rep. James Comer ask the Bureau to provide them with a record that may contain a report of interactions with a confidential source.  Two top US Republicans subpoenaed the FBI on Wednesday after they received “legally protected and highly credible unclassified whistleblower disclosures” pointing to the possible involvement of US President Joe Biden in a bribery scheme back when he was vice president. In a letter addressed to the FBI Director Christopher Wray and Attorney General Merrick Garland, Sen. Charles Grassley and Rep. James Comer requested the Bureau provide them with “an FBI-generated FD-1023 form,” a record which they say may…

Syria has strongly condemned targeting the Kremlin with drones by the Ukrainian regime, affirming support for Russia’s right to defend itself in the face of such dangerous terrorist attacks. “Syria strongly condemns targeting the Kremlin with drones by Ukrainian regime which is operated by the US and its allies, and considers it a terrorist act and foolish behavior,” the Foreign and Expatriates Ministry said on its Twitter account. The ministry added that Syria supports Russia’s right to defend itself in the face of such dangerous terrorist attacks and to ensure that they are not repeated. On Wednesday, the Russian forces…

Engaging in a battle under the slogan of “A Call of Pride”, Palestinian prisoner, Izz Al-Din Amarneh, who is blind, continues his open hunger strike for the 13th day in a row. Prisoner Izz Al-Din Amarneh, who is blind and in need of continuous health care and follow-up, continues his open-ended hunger strike for the 13th day in a row, in rejection of his arbitrary administrative detention. Amarneh’s family warned, earlier, of the deterioration of his health condition if he continued his hunger strike, in light of the diseases he already suffers from. Amarneh announced that he had embarked on…

The Iranian Foreign Ministry Spokesperson reacts to the United States’ concerns over Iranian President Ebrahim Raisi’s visit to Syria. Iranian Foreign Ministry Spokesperson Nasser Kanaani considered on Thursday that the anger of the US regime over Iranian President Ebrahim Raisi’s visit to Syria is natural. “The US has expressed concern about the Iranian president’s visit to Syria and its results and described them as malign!” Kanaani tweeted. “Of course, the anger of the malign regime, whose horns have been broken in Syria and the entire region by Iran and the axis of resistance, and which must end its aggressive presence in Syria,…

Dutch media say Ukrainian President Volodymyr Zelensky will visit the International Criminal Court and is expected to deliver a speech there. Ukrainian President Volodymyr Zelensky arrived at Amsterdam’s airport late Wednesday for an unannounced visit to the Netherlands, with a trip to the International Criminal Court (ICC) on his agenda, local media reported. Dutch news agency ANP said Zelensky, making his first visit to the Netherlands, landed at Schiphol airport after attending a Nordic summit in Helsinki. ANP published a dark photo of an aircraft, claiming it was the Dutch government plane probably carrying the Ukrainian leader. Zelensky will visit the ICC, which is based…