Author: Steven Sahiounie

it supplies of semiconductors, robots and gas exploration equipment. Japan announced additional Ukraine-related sanctions against Russia on Friday, banning exports of technology products and freezing assets belonging to officials, businessmen and companies from the country.The new round of penalties targeted 36 individuals and 52 organizations in Russia. Tokyo will prohibit Russia-bound shipments of goods that can be used “to enhance military capability” to 49 organizations.The ban on exports by Japanese companies extends to a range of technology products such as semiconductor equipment and components, robots, power generators, explosives, and vaccines, as well as X-ray inspection gear and gas exploration equipment,…

Hungarian Prime Minister Viktor Orban has said new penalties will only accelerate inflation. Hungary will veto any EU sanctions that may affect collaboration with Russia’s nuclear energy sector, Prime Minister Viktor Orban said on Friday in an interview with state radio.Kiev has repeatedly called on the 27-nation bloc to include the Russian nuclear industry on its list of sanctions, with some member states supporting the idea.Hungarian authorities had previously said that cooperation with Russia on nuclear energy is essential for Budapest, which is planning to expand a Russian-built nuclear power plant.“We will not allow the [EU’s] plan to include nuclear…

Brussels reportedly wants to use the seized assets to rebuild Ukraine. The European Union has told member states that it has legal authority to temporarily leverage a hefty amount of Russian Central Bank assets to pay for the rebuilding of Ukraine, Bloomberg reported on Thursday, citing people familiar with the matter.The mechanism could reportedly involve as much as €33.8 billion ($36.8 billion) of the funds frozen by the bloc as part of the Ukraine-related sanctions imposed on Moscow.According to the EU’s Council Legal Service, the plan is legally feasible if the assets aren’t expropriated and certain conditions are met. These…

China’s reopened borders and renewed focus on boosting the sagging economy have brightened the deals outlook, with bankers starting to field interest for mergers, acquisitions and fundraising involving the world’s second-largest economy.The prospect of a revival in deals comes as Chinese policymakers try to restore private-sector confidence and growth, which has been ravaged by the COVID-19 pandemic and a sweeping regulatory crackdown.Although consumer, retail and travel-related firms are expected to bounce back after an almost three-year lockdown, advisers say sectors linked to strengthening China’s economic prospects will be at the centre of dealmaking this year.”We see strategic sectors, hardcore industrial…

The economic forecast for Beijing is moderate, but better than the “sharply deteriorated” outlook for the EU. China will outpace Western economies this year, having abandoned its zero-Covid rules and eased monetary and fiscal policy, a United Nations’ report has predicted.Growth in the world’s second-largest economy is projected to “moderately” improve in 2023 after a weaker-than-expected performance last year, hampered by severe lockdowns.Beijing’s GDP growth is projected to pick up from 3% last year to 4.8% in 2023, The World Economic Situation and Prospects report, published on Wednesday, predicts. The UN expects the reopening of the Chinese economy to be “bumpy”…

The messaging app will have to pay more than $236,000 for not suspending accounts of the former president’s supportersBrazilian Supreme Court Justice Alexandre de Moraes has fined messaging app Telegram for failing to comply with a previous court order, which required it to suspend accounts belonging to the former president’s supporters.The previous ruling was made in January as part of an inquiry into acts of vandalism in public buildings in the country’s capital. It obliged the messaging service to block five different accounts belonging to congressman-elect Nikolas Ferreira and others “to stop the spread of criminal manifestations.”According to the Supreme Court,…

Production of liquefied natural gas surged by as much as 10% last year, the operator of Sakhalin-2 saysThe Sakhalin-2 liquefied natural gas (LNG) project is expected to generate twice as much revenue in 2023 compared to its earnings before the Ukraine-related sanctions rained down on Russia’s energy sector, Reuters reported on Thursday, citing industry analysts.The boost is attributed to long-term contracts with clients from the Asian region, along with higher global energy prices. Renewed deals with Asian buyers are expected to secure demand for up to 6.5 million tons of the super-chilled fuel annually from Sakhalin 2, according to calculations by…

The company says its move is a result of asset sales rather than a sign of weakness in its business. IBM Corporation has joined the wave of layoffs by tech giants saying it will slash some of its global workforce. The company described the move as being mainly a result of earlier asset sales.The announcement came on Wednesday during a conference call when the company revealed it will cut 3,900 jobs or about 1.5% of its employees worldwide.   IBM explained that the layoffs were related to the previously announced spinoff and sale of its Kyndryl business and a part of AI…

Toyota’s CEO to step down from post, effective April 1 Toyota Motor Corporation’s President and Chief Executive Akio Toyoda will step down from his post on April 1, to be replaced by current Chief Branding Officer Koji Sato, the Japanese automaker said. Toyoda will become the new chairman of the board, while the current Chairman Takeshi Uchiyamada will continue as a member of the board. “I thought the best way to further Toyota’s transformation would be for me to become chairman in support of a new president, and this has led to today’s decision,” Toyoda said in a webcast. Tokyo-listed…

On Thursday, the government will issue its advance estimate of the nation’s economic output for the fourth quarter of 2022. The report on gross domestic product will likely show the economy grew at an annual pace somewhere around 2.6% or so, down from the 3.2% in the third quarter. The Federal Reserve’s campaign to arrest inflation by raising interest rates is working and the consequences of the higher borrowing costs are a slowing economy that will be reflected in the GDP data. But for those looking for more evidence of a slowdown and even the possibility of a recession in…