Author: Steven Sahiounie

The collapse of the FTX exchange has sent shockwaves across the industry as clients demand their money. Crypto brokerage Genesis Global Capital is preparing to file for bankruptcy as early as this week, Bloomberg reported on Wednesday, citing sources familiar with the situation.Financial pressure at the cryptocurrency lending unit of Digital Currency Group (DCG) began to emerge last summer following the collapse of hedge fund Three Arrows Capital. In November, Genesis suspended withdrawals of funds shortly after crypto exchange FTX, in which Genesis invested some $175 million, filed for bankruptcy.The failures have had a ripple effect across the industry, exerting…

France’s second-largest trade union suggests cutting electricity to lawmakers and billionaires ahead of nationwide strikeFrench authorities say they will deploy thousands of police officers on Thursday in response to major nationwide protests organized by the General Confederation of Labor (CGT), the country’s second-largest trade union. The organization has also threatened to cut off electricity supply to MPs and billionaires.Union members in sectors such as transportation, education and energy announced last week that they would go on strike and hold rallies after the government proposed a bill that would see the retirement age raised from 62 to 64. Polls have shown…

The sides are reportedly developing cooperation strategy to replace the US dollar and the euro in settlements Russia and African nations are moving towards settlements in national currencies, Russian Foreign Minister Sergey Lavrov revealed on Wednesday, adding that the parties are preparing documents on rearranging the mechanism of cooperation under Western sanctions. Lavrov’s announcement was made during a press conference on the results of the activities of Russian diplomacy in 2022. The official earlier stated that Russian and African partners are working on reducing, though gradually, trade in the US dollar and the euro in mutual trade payments. “As you…

Exports of Russia’s seaborne crude oil soared to 3.8 million barrels last week, hitting their highest level since April, Bloomberg reported on Monday. In the week to January 13, aggregate volumes of Russian seaborne crude reportedly surged 30%. In physical terms, the growth amounted to 876,000 barrels per day. Baltic shipments expanded by 626,000 barrels per day compared to the previous week, while cargoes shipped from the Black Sea and the country’s Pacific ports were up as well. At the same time, growth of daily volume through ports on the Black Sea amounted to 47%. Overall seaborne exports grew by…

The EU wants Russia to stop charging foreign airlines to use the airspace over Siberia once restrictions on flights imposed as a result of the conflict in Ukraine are lifted, Henrik Hololei, the director general for mobility and transport at the European Commission, said on Monday. Russian airspace, which spans 11 time zones and provides the shortest route from Europe to Asia, was closed to Western airlines in response to sanctions introduced shortly after the start of Russia’s military operation in Ukraine last February. Hololei repeatedly pointed out the impact caused by the closure of Russian airspace to many Western…

US e-commerce giant grabs top slot despite a $51-billion value loss, research has found. Amazon has regained its position as the world’s most valuable brand despite a 15% decrease in value this year, according to the annual Brand Finance Global 500 ranking, which features 48 tech companies.According to the valuation, though Amazon reclaimed the top spot its brand value dropped more than $50 billion this year, from $350.3 billion to $299.3 billion. Its rating went from AAA+ to AAA as consumers “evaluate it more harshly in the post-pandemic world.”The perception of the company’s customer service dropped as delivery times became…

Surging commodity prices have boosted the country’s energy exports, the central bank has said. Russia’s current account surplus almost doubled last year and hit a record high amid rising global energy prices and despite the imposition of Western sanctions, the country’s central bank reported on Tuesday.The current account – which measures the difference between outgoing funds and money coming into the country through trade, investment and transfers – grew by almost 86% year-on-year in 2022 to $227.4 billion, the regulator’s preliminary data showed.The central bank said soaring commodity prices throughout 2022 had helped push the current account balance higher, while…

The US tech giant will axe 10,000 employees by the end of March amid concerns over a global economic slowdown. Microsoft announced on Wednesday it will eliminate 10,000 jobs worldwide, almost 5% of its workforce, and take a $1.2-billion charge as global growth is slowing down.In a note to employees seen by Reuters, the company’s chief executive Satya Nadella said the layoffs would conclude by the end of March, with notifications beginning Wednesday.According to the CEO, the company was grappling with a slump in the personal computer market as customers that were accelerating their spending on digital technology during the…

New energy sources and lower demand due to unusually warm weather are expected save the EU’s biggest economy from contraction. Accelerated efforts towards diversifying energy sources away from Russia, along with an unusually mild winter, will help the EU’s largest economy to avoid recession this year, according to German Chancellor Olaf Scholz.Germany is weathering the winter energy crunch better than was feared a few weeks ago, the country’s leader said on Tuesday in an interview with Bloomberg, adding that a swift pivot to new non-Russian energy sources had become a decisive factor in bolstering the nation’s economy.“I’m absolutely convinced that…

Moscow and Beijing are trying to rely less on Western financial instruments as their relationship grows stronger, Russia’s foreign minister says. Half of the trade turnover between Russia and China is conducted in national currencies and their share is growing rapidly, Russian Foreign Minister Sergey Lavrov announced on Wednesday.Speaking at a press conference on the results of the activities of Russian diplomacy in 2022, Lavrov stated that without “moves that could undermine our relations” and harm market players, Russia and China are cutting back on dependence on “Western instruments and unreliable partners.”In recent years, Russia and its trade partners, including…