Author: Steven Sahiounie

The prices of key ingredients have soared along with overall inflation, according to the outlet The cost of a basket of goods used to make the traditional English breakfast has surged to over £35 ($43) due to a lack of fresh vegetables in supermarkets and accelerating inflation, Bloomberg reported on Thursday. According to the outlet’s monthly Breakfast Index, the prices of items that typically feature in the morning fry-up jumped by more than 22% in February compared to the same month of last year. It was the second straight month that the index – which measures standard packages of eggs,…

Credit Suisse and UBS could face serious penalties for violating Washington’s sanctions Swiss banking giants Credit Suisse and UBS are on a list of banks under scrutiny by the US Department of Justice (DOJ) for allegedly helping Russian businessmen to evade sanctions, Bloomberg reported on Thursday, citing people familiar with the matter. The Swiss banks, along with a number of American banking majors, were reportedly subpoenaed by the DOJ. The agency’s sources added that the requests had been sent before Credit Suisse was hit by the crisis that resulted in its takeover by rival UBS. The probe is aimed at…

It will be difficult to take advantage of low tariffs this year to add to stockpiles, US energy secretary says Oil prices slumped on Friday on concerns of oversupply after US Energy Secretary Jennifer Granholm announced that replenishing the country’s Strategic Petroleum Reserve (SPR) may take several years. Major global benchmarks were down more than 3% on Friday, extending losses from the previous day. Brent crude dropped 3.3% to $73.41 a barrel while US West Texas Intermediate (WTI) futures plunged 3.5% to $67.49 a barrel. “The lack of crude buying for the SPR represents a major blow to the oil-demand…

The greenback will remain the world’s reserve currency, Treasury Secretary Janet Yellen has predicted Russia and China will face substantial difficulty in their efforts to create an alternative to the US dollar in international trade, American Treasury Secretary Janet Yellen claimed on Thursday. Russia is conducting a rapid withdrawal from transactions in “unfriendly” currencies, against the backdrop of expanding EU and US sanctions. As part of the move, Moscow has shifted away from the dollar towards the ruble and local currencies in settlements with major trade partners such as China and India. “I certainly want to see the dollar remain as the…

Deutsche Bank and UBS have been hit by a sudden spike in the cost of default insurance Shares of European banking giants plummeted on Friday, with Deutsche Bank and UBS Group dropping 13% and 6%, respectively, after a sharp spike in credit default swaps was recorded on Thursday night. Shares of other lenders with high exposure to corporate lending were also down, with Commerzbank declining by 9% and Societe Generale shedding 7%. Credit default swaps, a form of insurance for corporate bondholders against a company’s default, surged to 173 basis points late on Thursday from 142 basis points the previous…

French home improvement chain Leroy Merlin is transferring its business in Russia to local management, parent company ADEO announced on Friday. ADEO began preparations for the move several months ago to comply with international regulations, a press release stated. It added that the transaction will be subject to approval by the relevant authorities in Russia. “After more than 18 years of activity in Russia, transferring control of Leroy Merlin to the local management should preserve the jobs of the 45,000 employees and ensure that the company’s activity remains at the service of the inhabitants,” the company said. Russia’s Ministry of Industry…

Moscow hopes to seal an agreement on the Power of Siberia 2 pipeline this year, deputy Prime Minister Aleksandr Novak says Talks between Moscow and Beijing on building the Power of Siberia 2 natural gas pipeline that will double existing transit capacity are at “the final stages,” TASS news agency reported on Thursday, citing a senior Russian official. According to Deputy Prime Minister Aleksandr Novak, China and Russia expect the deal to be struck by the end of this year. “Gazprom and China’s CNPC are finalizing their contractual obligations. A feasibility study and the project for the pipeline route through Mongolia are…

The agriculture ministry may discuss a halt in supplies with producers this week, the outlet reports Russia’s agriculture ministry may advise producers of sunflower oil and wheat to temporarily suspend exports due to a sharp decline in global prices, Vedomosti business daily reported on Thursday, citing sources familiar with the issue. Over the past week, sunflower oil prices dropped from $1,100 to $800 per ton, while sunflower wheat fell from $600 to $395 per ton. The regulator plans to discuss export restrictions at a meeting with producers this week, the outlet said, citing Deputy Agriculture Minister Oksana Lut. One of…

Consumers should continue efforts to conserve energy ahead of next winter, according to the national utilities regulator German businesses and households may need to further slash their natural gas consumption to avoid an energy crunch next winter, Klaus Mueller, the head of Germany’s Federal Network Agency, has warned. In an interview with the Financial Times on Thursday, Mueller talked about the risk of potential gas shortages, warning that Germany’s power crisis “isn’t over” and much depends on whether next winter is colder than the last. According to the official, the situation also largely depends on whether the government continues to limit the…

By: Dr. Javad Masoumi Geopolitical researcher Three years have passed since the Nagorno-Karabakh peace agreement between the Republic of Azerbaijan and Armenia, but tensions continue in the Caucasus and the military forces of the two countries exchange fire every day.  In recent weeks, the authorities of Azerbaijan and Armenia have accused each other of violating the ceasefire in Nagorno-Karabakh, and this issue has increased concerns about the start of a new round of conflicts.  In such a situation, the consequences of the position of the authorities of the Republic of Azerbaijan will cover not only the borders of Azerbaijan and…