Author: Steven Sahiounie

BEIJING — China plans to overhaul its financial regulatory system by consolidating aspects of the central bank and securities regulator under a new entity, while doing away with the existing banking regulator. That’s according to a draft released late Tuesday as part of China’s ongoing annual parliamentary meeting, known as the “Two Sessions.” Delegates are set to approve a final version on Friday. The changes follow similar adjustments to China’s government structure that have occurred roughly every five years over the last few decades. The moves also come as Beijing has increased regulation on parts of the economy that had…

President Joe Biden will welcome Ursula von der Leyen to the White House this week, with the European Union’s top official eager to gain concessions amid a tense subsidy spat between the two giant trading blocs. Both sides of the Atlantic have been embroiled in a trade dispute in the wake of Biden’s Inflation Reduction Act, which has allocated more than $300 billion in climate and green energy policies. While EU officials have said they support the U.S.’s efforts to have a more sustainable economy, they are worried some subsidies and provisions of the law will divert investment away from Europe. “We want…

The bloc is hoping to clinch first deals in June with suppliers from the US, the Middle East and Africa, the outlet reports EU member states are moving towards joint gas-buying by launching the first tender next month, Bloomberg reported on Tuesday. The measure is aimed at reining in last year’s surges in the price of gas, which occurred as a result of anti-Russia sanctions and of the EU policy of abandoning Russian energy. The bloc expects first contracts with suppliers from the US, the Middle East and Africa to be signed around June, according to the media outlet. “We…

Saudi Arabian energy giant Aramco has announced it will raise its shipping prices for Asia and Europe for April as it sees demand there picking up. Aramco revealed on Sunday that prices for its flagship Arab Light crude will rise up to $2.50 a barrel above the regional benchmark, which is 50 cents more than the level for March. The official selling price for Arab Heavy, a medium sour crude containing more sulphur than Arab Light, will be raised by $2.50 a barrel from March. It’s the second month in a row that the world’s largest oil company has increased…

A Czech company that produces inflatable imitation weapons, including fake American HIMARS rocket systems and Abrams tanks reportedly used as decoys in Ukraine, announced on Monday that production orders have dramatically increased. According to Inflatech, which produces more than 30 types of life-size inflatable military decoys, its business soared by 30% last year. The company’s chief executive Vojtech Fresser told the Associated Press that he expects growth to continue rising by double digits for at least another three to five years. Fresser refused to comment on whether the company’s decoys were being used by Ukrainian forces. However, he said: “I can…

Financial losses arising from the earthquakes that hit southern and central Türkiye last month will exceed $100 billion, UN Development Programme official Louisa Vinton said on Tuesday. The sum does not include Syria. On February 6, Türkiye and neighboring Syria were rocked by major earthquakes. As of March 6, Turkish Interior Minister Süleyman Soylu estimates the death toll to be 45,960, including 4,267 Syrians. The 7.8 and 7.5 magnitude quakes – the most deadly in modern Turkish history – left millions in need of humanitarian aid, while many remain homeless after thousands of buildings collapsed. “It’s clear from the calculations…

The cost-of-living crisis may lead to massive failures, according to new research Around 630,000 small and microbusinesses in Britain have raised concerns that they may have to fold this year due to spiraling costs, Sky News reported on Monday, citing a study by website builder GoDaddy. Their collapse could reportedly wipe £12 billion ($14.4 billion) out of the economy. More than three-quarters of survey respondents described the cost-of-living crisis as the biggest challenge they have ever faced, calling the price of energy their single biggest concern. Microbusinesses, which are typically firms with fewer than 10 employees, represent 96% of all…

A growing number of countries have reportedly opened Indian currency accounts to boost trade Eight more countries have opened Special Rupee Vostro Accounts (SRVA) aimed at facilitating cross-border trade settlements in the Indian currency, news website Firstpost reported on Tuesday. A vostro account is commonly opened at a domestic bank on behalf of a foreign bank in the former’s domestic currency, in this case, the rupee. So far, 49 vostro accounts have been opened with countries including Russia, Sri Lanka, Mauritius, Malaysia, Singapore, Myanmar, Israel and Germany. Detailed guidelines on international trade transactions in the Indian rupee were released by…

The strike comes about a month after an earthquake devastated the city An Israeli airstrike hit Syria’s Aleppo International Airport early Tuesday, damaging the runway and putting the airport out of service At 2:07 a.m., the Israeli enemy carried out an air attack from the sea towards the international airport in Aleppo, which caused material damage to it, and as a result it was not operating,”  SANA So far, there have been no reports of any casualties in the strike. Israel hasn’t commented on the incident and typically doesn’t take credit for individual airstrikes in Syria. The strike comes about…

Iran’s ambassador to the United Nations called on the OPCW to conduct an impartial, professional, credible, and objective investigation into Syria’s file, stressing that the political approach towards the Arab country has been a failed strategy. Addressing a session of the UN Security Council on “The situation in the Middle East: (Syria – Chemical)”, held in New York on March 6, Saeed Iravani warned that politicization of Syria’s chemical file would jeopardize the process aimed at resolving outstanding issues. The Iranian envoy also underscored that any investigation must be impartial, professional, credible, objective, and fully comply with the Chemical Weapons…