Author: Steven Sahiounie

The agency says social unrest over pensions could limit the government’s ability to pass new structural changes Rating agency Fitch has downgraded France’s sovereign credit rating, warning that public resistance to a recent pension reform could take a toll on the economy. The agency lowered the rating from “AA” to “AA-,” with a stable outlook. The downgrade means France is considered a more risky venture for investors, which could lead to higher borrowing costs. “Fitch believes that social and political pressures illustrated by the protests against the pension reform will complicate fiscal consolidation,” the agency wrote. It added that the government’s decision…

Western sanctions have led to increased demand for safe-haven assets in the country Russian gold miners boosted output by 26.5% year-on-year in March, according to the latest data from the Federal State Statistics Service (Rosstat). Compared to February, gold production jumped by more than 30%. The first quarter figure was 9.1% higher than in the same period of last year. Meanwhile, the production of the key metals silver, platinum, and palladium in Russia rose by 14.1% in March in annual terms, Rosstat data showed. The country’s bullion stockpile has also continued to grow over the past year, according to the…

Authorities are trying to secure the sale of struggling First Republic Bank before a government takeover The Federal Deposit Insurance Corporation (FDIC), a principal federal regulator of US banks, has set a deadline of Sunday for bids to buy struggling First Republic Bank, several media outlets reported on Saturday, citing sources. Earlier this week, the FDIC asked a number of institutions, including the country’s largest bank JPMorgan Chase, to submit bids for the failing bank in an effort to secure a buyer before it enters receivership. As receiver, the FDIC would temporarily manage the bank’s affairs until its assets are…

The regulator expects the country’s GDP to increase by up to 2% this year and return to 2021 growth levels next year The Bank of Russia kept the key interest rate unchanged and improved the country’s economic growth forecast at a regulatory meeting on Friday. The key rate has been kept at 7.5% amid falling inflation and lower inflation expectations, as well as the swift growth of economic activity. The rate has remained unchanged since September of last year. “Economic activity is growing faster than the Bank of Russia assumed in February’s forecast. This reflects both an expansion in domestic…

Local energy resources can be used to partly compensate, President Nikos Christodoulidis believes Cypriot President Nikos Christodoulidis has proposed that the EU use natural gas from the eastern Mediterranean as a replacement for Russian supplies, which make up a shrinking percentage of the bloc’s energy sources since Ukraine-related sanctions came into effect last year. In an interview on Friday, the head of the island nation said that the region could cover about 15%-16% of the bloc’s gas needs over the next 25 years. “Europe’s greatest weakness in the current crisis with Ukraine… is its energy dependence on Russian gas. The eastern Mediterranean…

For the ninth day in a row, the ancient city of Jericho in the occupied West Bank remains under a suffocating Israeli military siege, with checkpoints stifling Palestinian traffic on all the entrances to the city. Temporary military checkpoints have been set up by the Israeli occupation army at all the main entrances to Jericho since last week, resulting in traffic jams and unusually long queues of vehicles as soldiers thoroughly inspect drivers and commuters’ identity cards and their belongings. Palestinians trying to leave the city or enter it and those wanting to travel abroad who have to go through…

The UK has already provided Kiev with a whopping £2.3 billion in military assistance, remaining its second largest donor after the US. Russia has repeatedly warned that such aid is only prolonging the Ukrainian conflict. Britain plans to purchase long-range missiles for Kiev within the framework of the UK­­-led International Fund for Ukraine, according to an announcement published on the British government’s website. In line with the Urgent bidding round initiative, which expires on May 4, No 10, in particular, expects to gain so-called expressions of interest from “suppliers across the globe for land, sea or air launch missiles or…

During Russia’s presidency “all events implied by the Council’s mandate and reporting and cycle in April were held,” the Russian Foreign Ministry noted The Russian side managed to ensure the efficient work of the UN Security Council despite the heated environment due to Western delegations’ efforts, according to a statement released by the Russian Foreign Ministry on Sunday following Russia’s UN Security Council presidency in April 2023. “On April 30, Russia’s UN Security Council presidency ends. Despite the very heated environment in the Security Council due to Western delegations’ efforts, we managed to ensure the efficient work of this crucial…

Meanwhile, Moscow expects return moves as well, Chairman of the Russian State Duma Foreign Affairs Committee Leonid Slutsky noted Russia will not leave Cuba alone with problems connected with grain and fuel provision, while Moscow expects return moves as well, Chairman of the Russian State Duma Foreign Affairs Committee Leonid Slutsky told reporters on Saturday. “We are ready to offer much to Cuba, and we will not leave [Cuba] alone in what concerns fuel, what concerns grain, what concerns things the republic seriously need today,” he said. Meanwhile, Moscow expects return moves as well, the lawmaker noted. “We have relevant…

Aoun says that the process of integrating displaced Syrians into the Lebanese society is “a dangerous matter.” Lebanese Former President Michel Aoun said that Lebanon, in coordination and agreement with Syria, returned 500,000 displaced Syrians to their homes, indicating that the Syrians breaking Lebanese law are not considered political refugees. Aoun stressed that “most European countries do not want to return the displaced Syrians to their country,” pointing out that the attempts made by some countries to integrate them into Lebanese society is “a dangerous matter.” Likewise, Aoun believed that “whoever destroyed Syria and funded the war against it must…