Author: Steven Sahiounie

An El Salvador government-linked organization has rubbished claims that the nation’s ambitious plans to build a haven for Bitcoiners have been shelved. Late last month, a number of Twitter-based individuals claimed that they had come across documentary evidence that the Ministry of Public Works had confirmed that the Bitcoin City project “does not exist.” They claimed that the ministry had “made it clear” that the project, as announced by President Nayib Bukele in 2022, was “only a publicity [stunt].” But Escape to El Salvador, an organization that claims to “assist expats in gaining residency and citizenship in El Salvador,” refuted these claims. The organization claimed: “There…

Europe’s banks are pulling back access to credit, and a key measure of inflation in the region has cooled, bolstering the case for the European Central Bank to ease off its aggressive campaign of interest rate hikes when it meets later this week. Inflation among the 20 countries that use the euro ticked up in April, rising to 7% last month from 6.9% in March, according to an initial estimate released Tuesday by the EU statistics agency. But core inflation, which strips out volatile food and energy prices, unexpectedly fell to 5.6% from 5.7% — sending a positive signal that inflation, while…

JPMorgan Chase CEO Jamie Dimon’s assertion that recent turmoil in the banking sector was effectively ended by the resolution of First Republic may be premature, one analyst suggested. The Wall Street giant won a weekend auction for the embattled regional lender after it was seized by the California Department of Financial Protection and Innovation, and will acquire nearly all of its deposits and a majority of assets. First Republic’s demise marked the third of its kind among midsized banks since the sudden collapse of Silicon Valley Bank and Signature Bank in early March. This triggered a global crisis of confidence that eventually pushed Swiss stalwart Credit…

Expert Gary Korolev warned of a wave of bankruptcies in regional banks in the United States, and said that US regional banks are still under great pressure due to the outflow of deposits. The investor added, in an interview with “Novosti” agency, that the flow of depositors’ money outside the US regional banks may lead to a banking crisis or a collapse in lending. Korolev, who is the CEO of Sovereign Wealth Management, believes that the US authorities will not be able to completely stop the series of collapses. He said, “Inflation is still a big fear for the US…

The Egyptian Minister of Petroleum, Tarek El-Molla, discussed with the Spanish Ambassador to Cairo, Albaro Eranzo, the changes taking place in the energy industry and the role of Egypt and the eastern Mediterranean region in securing part of Europe’s needs. According to a statement from the Ministry of Petroleum today, Monday, the two sides discussed a review of investment opportunities available in Egypt in the fields of oil, gas and petrochemicals. During the meeting, El-Molla affirmed that Egypt is currently implementing an intensive drilling program with the aim of accelerating the achievement of new discoveries and increasing production, thus continuing…

Oil prices rose, in trading today, Tuesday, after a decline recorded on Monday by more than 1%, amid fears of an economic recession. And by 10:10 Moscow time, US crude futures rose by 0.30% to $75.89 a barrel, while Brent crude futures rose by 0.33% to $79.57 a barrel, according to Bloomberg agency data. And yesterday, black gold prices fell by more than 1%, amid fears of an economic recession, which will affect global demand for crude. This article was originally published by RT.

On Tuesday, Australia’s central bank raised interest rates by a quarter of a percentage point to 3.85% despite a halt in its climb last month and new evidence of slowing inflation. The increase brings the cash rate to 3.85%, the highest rate in Australia since April 2012, the Associated Press reported. The RBA meeting on April 4 was the first in a year to leave interest rates on hold to allow time for the bank’s board to monitor the effects of the latest increases. While most economists expected the liquidity rate to remain steady at 3.6% at the Bank’s meeting in…

The economist, Alexander Nazarov, believes that the banking crisis in the United States will continue, and as an indication of that, he pointed to the decline in the stocks of two American banks. The expert said in a post on his Telegram channel today, Tuesday: “The banking crisis continues in the United States, and the shares of some banks continue to decline and may go bankrupt in the near future. The total size of their assets is approximately equal to the size of the assets of the recently bankrupt First Republic.” He added that the United States will start printing…

Inflation rose in Europe last month, putting pressure on households and the European Central Bank to unleash another large increase in interest rates. The European Union’s statistics office, Eurostat, said consumer prices in the 20 countries using the euro jumped 7% in April compared to the previous year. Food prices witnessed a limited decline, falling from 15.5 percent in March to 13.6 percent annually, while energy prices rose by 2.5 percent. Core inflation, which excludes volatile food and fuel prices, slowed slightly but remained high at 5.6%, confirming expectations that the European Central Bank will press ahead with its campaign…

Turkish President Recep Tayyip Erdogan announced that the foreign exchange reserves in the Turkish Central Bank currently amount to 122 billion dollars. This came in a speech he delivered on Monday, during his participation in the seventh general assembly meeting of the Government Employees Union. In his speech, he touched on the general living conditions of citizens, indicating that his government will reconsider the salaries of retirees who earn more than 7,500 Turkish liras after the upcoming elections, with the aim of improving them further. The Turkish government recently raised the wages of all retirees who were receiving salaries below…