Author: Steven Sahiounie

Sweden’s GDP is forecast to drop more than previously expected, the Finance Ministry has warned The Swedish economy will shrink more in 2023 than previously expected, according to official data released on Monday. Gross domestic product (GDP) is now forecast to contract by 1%, compared to the 0.7% contraction predicted by the Finance Ministry in December. Unemployment in the Nordic region’s largest economy is projected to jump to 7.9% this year. “We are in a very challenging economic environment,” Finance Minister Elisabeth Svantesson stated. “Many people are struggling to make ends meet, so it is important for the government to fight inflation…

The bloc of developing countries will be a larger driver of development than the Western Group of Seven major economies Members of the BRICS group – Brazil, Russia, India, China, and South Africa – are expected to outpace the US-led G7 in terms of their contribution to the world’s economic growth, from this year, Bloomberg reported on Monday. According to the outlet’s calculations – based on the latest IMF data –the BRICS countries will contribute 32.1% of the world’s growth, compared to the G7’s 29.9%. The Group of Seven nations (G7) – consisting of the US, UK, Canada, France, Germany, Italy,…

Washington’s sanctions watchdog claims some crude exports from Russia may be trading above $60 a barrel The US Treasury Department issued an alert note on Monday warning US companies about possible circumvention of the price cap on Russian oil being exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports in Russia’s Far East.   The ministry’s Office of Foreign Assets Control (OFAC) suspects that some crude exports taken from the ESPO and shipped through Pacific ports, particularly Kozmino, may be trading above the Western price cap imposed last year. In December, the EU, G7, and allied countries imposed a…

The first quarter saw the fastest recovery pace in a year as consumer spending surged, official data shows China’s economy saw higher than expected growth of 4.5% in the first quarter of 2023, official data released on Tuesday showed. After three years of severe Covid-related restrictions, consumers went on a spending spree, while exports, infrastructure investment and a rebound in property prices drove the recovery. The expansion exceeded analysts’ expectations of a 4% increase for the period. Last month, retail sales saw a surge of 10.6% from a year earlier, the largest monthly gain since June 2021. In January to…

A chief strategist of the Wall Street bank has pointed to a big drop in lending amid tightening standards The collapse of Silicon Valley Bank (SVB) and the ensuing banking crisis have triggered a credit crunch in the US, claims Morgan Stanley’s top stock strategist Mike Wilson. He pointed to data that shows a tightening of lending standards by financial institutions. The warning comes over a month after massive deposit runs caused two lenders, Silicon Valley Bank and Signature Bank, to fail within days. A third lender, First Republic, ended up being the recipient of a $30-billion rescue from top…

Binance, the world’s largest cryptocurrency exchange by trading volume, has lifted some of the limits for Russian accounts, RBK business daily reported on Tuesday, citing the company’s technical support service. According to the outlet, Binance’s tech support has been responding to inquiries from Russian users, saying that there are “no restrictions on the accounts, you can make a deposit without worrying about the limit of funds.” Users have reportedly been allowed to deposit amounts of more than €10,000 ($11,000) and conduct operations with them. In April 2022, the company placed limitations on Russian accounts that had crypto assets worth over €10,000. In…

The global organization says the action carried out by the United States is inconsistent with Washington’s obligations The United Nations expressed its concerns over recent information revealed by one of the leaked US classified documents that Washington was spying on UN chief Antonio Guterres. “The UN officially expressed its concern regarding recent reports that the communications of the Secretary-General and other senior UN officials have been the subject of surveillance and interference by the US government,” spokesperson Stephane Dujarric said. Such practices “are inconsistent with the (US) obligations… enumerated in the UN charter and the Convention on the Privileges and…

Israeli media say there is a Saudi indication of a change in policy regarding Saudi Arabia’s relationship with the Hamas movement. Israeli media reported on Tuesday that the change in Saudi policy in the region has caused a state of anxiety in “Israel”. The Israeli KAN channel said there is a Saudi indication of a change in policy regarding the Kingdom’s relationship with the Hamas movement. “When we connect all the dots regarding reconciliation with Iran and rapprochement with Syrian President Bashar Al-Assad and Sanaa, this, from Israel’s point of view, is definitely a cause for concern,” the channel pointed out. The…

The Sudanese army accuses the Rapid Support Forces of violating the 24-hour humanitarian truce. The Sudanese army accused the Rapid Support Forces (RSF) on Tuesday of violating the internationally-mediated 24-hour humanitarian truce between the two parties, stressing that the RSF did not stop their skirmishes in several regions of the country. The Sudanese Armed Forces revealed, in a statement on Facebook, that “a proposal for a 24-hour humanitarian truce was presented by international parties, and we agreed on it, but the rebel militia (the RSF) did not abide by it and did not stop its skirmishes around the command HQs…

Lauding the Iranian Armed Forces’ contribution to regional security, Iranian President Ebrahim Raisi emphasized that the American and other extra-regional forces should withdraw from the region. Addressing a military parade held in Tehran on Tuesday in celebration of the National Army Day, Raisi praised the Iranian Army as a courageous force that has outperformed the regional armies in terms of science and technology and has developed up-to-date capabilities. The Iranian Armed Forces create security in the region, he stated, adding that the message of the Iranian Army Day is “peace and friendship” with regional states. The president said that the Iranian Armed…