Author: Steven Sahiounie

UBS reported a 52% annual drop in net profit on Tuesday amid a legacy litigation matter, but maintained it is a “source of stability” for its clients during periods of high uncertainty. These are the bank’s first results since announcing its takeover of rival Credit Suisse. UBS said net profit came in at $1.03 billion for the first quarter, coming in well below analyst expectations of a net profit near $1.75 billion for the period, according to Refinitiv. The hit in net income came from increased provisions of $665 million following a U.S. residential mortgage-backed securities litigation matter. Speaking to CNBC’s…

The new legislation would affect remote workers who have lost their tax residency status Russian authorities are preparing to introduce a higher tax rate for citizens who work outside the country. A draft law submitted to the State Duma on Monday would oblige companies to levy a 30% personal income tax on payments to Russians who have lived abroad for more than six months and have lost their tax residency status. If adopted, the amendments will reportedly come into effect from January 1, 2024, and will apply to employees who use the Russian segment of the internet for work. Russia’s…

Russian oil supplies now account for 30% of total imports to India, the world’s third-biggest crude consumer, Nikkei reported on Sunday citing analysis of shipping data for March. New Delhi previously relied on Middle Eastern oil but purchased over 6 million tons of crude from Russia in March, according to data tracked by UK-based researcher Refinitiv and shared by Nikkei. The number reflects the tracked amount of crude oil, fuel oil and refined petroleum products transported by tankers from Russian ports to India by the end of last month. The reported 30% dependence on Russian oil, which is expected to…

French luxury goods giant LVMH became the first European company to surpass $500 billion in market value on Monday due to a surge in its share price and a strengthening euro. The luxury group, controlled by billionaire Bernard Arnault, reported a 17% increase in revenue in its first-quarter results earlier this month – more than double analyst expectations. Shares of the parent company of Louis Vuitton, Moët & Chandon and Hennessy as well as brands including Givenchy, Christian Dior, Bulgari and Sephora, soared following the results. Shares in the Paris-listed company climbed 0.3% to €903.70 ($996.19) on Monday morning, valuing…

The EU’s short-sighted policy is hurting the bloc more than Moscow, Anton Siluanov claims The West is running out of options for targeting Moscow after multiple rounds of sanctions backfired instead of crippling the Russian economy as intended, Finance Minister Anton Siluanov told RT on Monday. “All these restrictions have boomeranged,” he argued, noting the worsening cost-of-living crisis in Western countries, soaring inflation, and a decline in living standards. “Therefore, these countries are pursuing a short-sighted policy, introducing regular packages of restrictions and sanctions,” Siluanov added. According to the finance minister, Russia is pursuing an independent policy, trying to minimize the impact of…

South Korea has restored Japan’s preferred trade status, the South Korean Ministry of Trade, Industry and Energy announced on Monday through a government gazette. The move comes three years after the two nations downgraded each other’s trade status amid a diplomatic row stemming from wartime labor and compensation, along with concerns over sharing sensitive technology. The whitelisting will allow businesses involved in the export of strategic items to Japan to enjoy a shorter period of time for review and simpler paperwork to carry out the procedure. In particular, the review period for approval of strategic goods heading to Japan will…

Supplies via the Power of Siberia pipeline will grow by 50% this year, Deputy PM Novak has announced Russia will increase natural gas exports to China by nearly 50% this year, as Moscow is steering towards greater energy cooperation with Beijing, Russian Deputy Prime Minister Aleksandr Novak said on Sunday. In an interview with the Russia-1 TV channel, Novak declared that last year Moscow supplied 15 billion cubic meters (bcm) of gas to China and pledged to increase deliveries to 22 bcm this year. Novak also announced that, in the next two years, supplies via the Power of Siberia gas…

The exchange rate of the Russian ruble rose against the US and European currencies on the Moscow Stock Exchange today, Monday, and the dollar traded below the level of 81 rubles for the first time since the beginning of April 2023. By 12:35 Moscow time, the dollar exchange rate fell by 60 kopecks (rule = 100 kopecks) to 81.06 rubles, and minutes before that, the US currency was trading below the level of 81 rubles. The euro exchange rate fell by 42 kopecks to 89.33 rubles, according to Moscow Stock Exchange data. In the stock market, the Moscow Stock Exchange…

The global rating agency Standard & Poor’s took a more pessimistic view of Egypt’s financial conditions than the International Monetary Fund and predicted a further depreciation of the local currency. Bloomberg says that despite projecting enough net inflows to cover Egypt’s current account deficit during fiscal year 2026, Standard & Poor’s expects total central bank reserves to average about $32 billion during the period — half the level the International Monetary Fund expects Egypt to reach. to it during the same period, despite the increase in stocks to more than $ 34 billion in recent months. S&P also expects the…

Oil prices rose, in trading today, Tuesday, and thus prices continued to record gains, as they rose over two sessions. By 09:32 Moscow time, US West Texas Intermediate crude futures were trading at $78.81 a barrel, a slight increase of 0.06% from the previous session’s settlement. Brent crude futures were traded at $82.79 a barrel, a slight increase of 0.07% from the previous closing price, according to Bloomberg agency data. Black gold prices rose today amid expectations of strong demand for travel during the coming weekend in China, which may boost demand for fuel. This article was originally published by…