Author: Steven Sahiounie

The great stagflationary debt crisis will hit markets this year, the famed economist warns The world is facing a “perfect storm” of high inflation, rising interest rates and a recession in 2023, with people who are currently employed likely to be hit hardest by the crisis, famed economist and New York University professor Nouriel Roubini told Australia’s ABC on Thursday. One of the first economists to predict the financial crisis of 2008-09, Roubini has been warning now for months of a stagflationary debt crisis, which would combine the worst elements of 1970s stagflation and the 2008 debt crisis. “I do believe that…

Participants in the annual meeting of the Presidential Council of the World Federation of Trade Unions (WFTU), which was held in the Cypriot capital, Nicosia, called on the governments of the world to put pressure on the US administration to lift the unjust siege and stop the unilateral coercive measures imposed on the Syrian people. In its closing statement on Saturday, the Council condemned the practices of the Israeli occupation in the occupied Arab lands, the illegal presence of the US and Turkish forces on Syrian lands, and their plundering of the Syrian people’s wealth. In a speech during the…

The oilfield in the Bohai Sea contains 100 million tons of reserves, according to the China National Offshore Oil Corporation Chinese state-owned oil and gas corporation CNOOC has announced the discovery of a major oilfield with light crude reserves of 100 million tons in the Bohai Sea, which stretches along the country’s northern coastline. According to a statement from the company on Wednesday, the Bozhong 26-6 oilfield lies in the south of the Bohai Sea, with an average water depth of 22 meters. The discovery well was drilled and completed at a depth of 4,480 meters, and encountered a total of 321.3…

EU should ‘get ready’ for stagflation – US economist The Eurozone is on the verge of stagflation, renowned US economist Jeffrey Sachs has warned on his YouTube channel. Stagflation refers to a period of stagnant economic growth combined with persistently high inflation and a sharp rise in unemployment. According to Sachs, who was the mastermind behind “shock therapy” reforms in the 1990s in Russia, the recent slowing in headline inflation in the euro area is a temporary occurrence, as it includes highly volatile fresh food and energy prices, which change quickly. However, core inflation, which excludes these readings and therefore gives a clearer picture…

United States Army General Mark Milley made an unannounced visit to an undisclosed base in northeastern Syria on March 4 to assess the mission against ISIS and to review safeguards for American troops against attacks. During the visit, Milley, who serves as the Chairman of the Joint Chiefs of Staff, met with the commander of the U.S.-led coalition, Army Maj. Gen. Matthew McFarlane. Asked by reporters traveling with him if he believed the deployment of some 900 U.S. troops in Syria was worth the risk, Milley tied the mission to the security of the United States and its allies, saying:…

Production can be maintained due to steady demand from Asia, the Wall Street bank says Russian oil drillers can maintain high production despite numerous rounds of Western sanctions, JPMorgan projected this week, according to Reuters. The Wall Street bank pointed to growing demand for crude oil from China and India which is expected to increase collectively by 1 million barrels per day (mbd) this year. “We believe Russia will be able to maintain its oil production at pre-war levels of 10.8 mbd but will have difficulties getting back to peak pre-Covid volumes of 11.3 mbd,” JPMorgan reportedly stated. The US bank…

Elon Musk, Tesla CEO, on a stage at the Tesla Gigafactory in Grünheide, Germany. Picture Alliance | Picture Alliance | Getty Images Tesla recently announced a strategy shift away from Europe as it seeks to benefit from unprecedented subsidies in the United States. But it’s not the only company reviewing investment decisions vis-à-vis Europe. Many multinationals are reconsidering plans to deploy new money into Europe. It comes after U.S. President Joe Biden last year presented the Inflation Reduction Act, or the IRA, which includes a record $369 billion in spending on climate and energy policies. The landmark legislation, which features green subsidies for businesses,…

Norilsk Nickel is selling its metal on the spot market in yuan using a mix of London and Shanghai prices in deals, the outlet reports Russian mining giant Norilsk Nickel is selling some of its metal to China in yuan at prices set in Shanghai in a sign of a reshape in global commodity trade, Bloomberg reported this week. According to people with knowledge of the matter, certain volumes of nickel were sold on the spot market at a mixed price of London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE), with cargoes priced in Shanghai paid for in yuan.…

Russian oil exports to India, the world’s third-largest crude importer after China and the US, climbed to a record 1.62 million barrels per day (bpd) in February, making Russia India’s largest crude supplier for the fifth straight month, The Hindu reported on Sunday, citing cargo tracker Vortexa. According to the report, Moscow’s oil exports to the country surged 28% month-on-month and surpassed combined deliveries from Iraq and Saudi Arabia, India’s main suppliers for decades. Imports from Saudi Arabia dropped 16% month-on-month to 647,800 bpd, while deliveries from Iraq amounted to some 939,900 bpd. Russia now supplies 35% of all India’s…

The world’s second biggest economy is strengthening following the lifting of pandemic restrictions Chinese services sector activity jumped sharply in February as the economic recovery picked up speed following the lifting of most Covid-19 pandemic restrictions, a Caixin survey showed on Friday. According to the agency, the services purchasing managers’ index (PMI), which measures activity in the services sector, rose to 55 points last month from a January reading of 52.9, growing at its fastest pace in seven months. The 50-point mark separates growth from contraction. The Caixin survey focuses on smaller, private companies, which, according to the findings, mostly…