Author: Steven Sahiounie

The switch to air fryers and heat pump tumble dryers is reportedly aimed at lowering energy billsUK shoppers have been snapping up energy-efficient appliances in an effort to lower energy bills amid the worsening cost-of-living crisis in the country, the Financial Times has reported, citing retailers.Consumers have been increasingly opting for devices such as air fryers and heat pump tumble dryers, as well as loft insulation for their homes, the report said. Sales of air fryers at Argos are up 420% so far year-on-year, while Currys is selling 18,000 to 20,000 air fryers a week, versus just 1,000 to 2,000…

Residents sent record amounts abroad throughout the year, Central Bank data shows. New foreign currency deposits held by Russian residents in overseas banks hit a record 1.47 trillion rubles ($19.9 billion) in the third quarter of 2022, data published on the Bank of Russia website on Friday showed. According to the regulator, transfers nearly tripled against the previous quarter, when they amounted to 551 billion rubles. They also surged by 26 times compared to the third quarter of 2021, when residents moved only 57 billion rubles to overseas accounts.Earlier, the Bank of Russia reported that as of November 1, residents…

The Tesla boss has seen his wealth more than halved in little over a year on poor performance of the carmaker’s stock. Tesla owner Elon Musk has lost some $200 billion in the past year, becoming the first person ever to lose that much money, Bloomberg reported on Saturday, citing calculations from its Billionaires Index.According to the report, Musk had a net worth of $340 billion after Tesla’s market capitalization topped $1 trillion late last year. However, his fortune is now worth $137 billion.Analysts say the losses were attributable to the poor performance of Tesla stock, which plummeted by 65%…

For Modi, who’s had a decidedly rocky 2022, the headlines generated by the London-based consultancy’s prediction couldn’t be better timed. CEBR’s contention that India will leapfrog to the top three globally assumes it grows about 6.5% annually over the next decade.As CEBR argues, “this growth trajectory will see India rise from fifth place on the World Economic League Table in 2022 to third in the global rankings by 2037.” And as early as “2035, we forecast that India will become the third $10 trillion economy. Although there are political factors that could hold India back, it has demographics on its…

.China’s economy has had a bumpy ride throughout 2022. More than two years into the Covid-19 pandemic, headwinds including the worst outbreaks and a prolonged property sector crisis continued to put a brake on growth.Faced with faltering demand at home and abroad, China’s GDP has been expanding well below target this year. While policymakers, desperate to boost growth, have launched an array of fiscal and monetary stimulus, the measures have not done much to prop up sagging consumer spending or business confidence. Meanwhile, local governments’ fiscal woes have intensified as their land sales and tax revenues have slumped.Left with few…

China is preparing to launch its first state-backed non-fungible token (NFT) marketplace as it continues to embrace blockchain technology, according to media reports.Dubbed the ‘China Digital Asset Trading Platform’, the NFT platform will be launched in Beijing on January 1, 2023. The platform will be a secondary market allowing users to trade digital copyrights, property rights, and collectibles.It will reportedly be run by the state-owned China Technology Exchange in collaboration with the government-backed Art Exhibitions China and a private company, Huban Digital Copyrights.The platform’s underlying blockchain is called ‘China Cultural Protection Chain’, according to the reports.Despite being crypto-skeptic, China was…

The same rule applies to the country’s crude, according to earlier guidance from the department. Seaborne deliveries of Russian petroleum products that are ‘substantially transformed’ outside Russia will not be subject to a price cap, the US Treasury Department said in preliminary guidance on the measure on Friday. The cap on Russian oil products is set to come into force on February 5. In order to be exempt from the price limit, Russian oil products must undergo one of a number of processes abroad, according to the document. These include distillation, thermal or fluid coking, catalytic cracking, hydrotreating, de-waxing, as…

The assets will reportedly be held until the court allows their return to customers and creditorsThe Bahamian Securities Commission (BSC) says it took control of FTX deposits valued at more than $3.5 billion, shortly after the crypto exchange filed for Chapter 11 bankruptcy protection in November.According to a media release published late Thursday by the commission, all digital assets in FTX’s Bahamas unit FTX Digital Markets were seized due to a risk of their “imminent dissipation.”The report highlighted that shortly after FTX filed for bankruptcy, about $372 million worth of tokens were stolen from the exchange by an unknown actor…

Countries that support the measure will have a difficult time trying to substitute lost Russian supplies, Mamdouh Salameh says. Western countries have failed in their attempts to stem the surge in global oil prices with a cap on Russian crude exports, Mamdouh Salameh, a prominent oil economist and World Bank energy consultant, told the Oilprice news outlet this week.According to Salameh, none of the major oil-producing countries would agree to sell their crude at a price much lower than the market average, which would effectively deprive the West of oil supplies.“The Western price cap on Russian oil exports has already…

The country has sold over 700,000 tons this year. Russia’s wheat flour exports tripled in 2022, the country’s agricultural watchdog, Rosselkhoznadzor, said in a statement on Thursday. According to the statement, the volume of wheat flour exports reached 722,000 tons this year, up from 259,000 tons in 2021. Overall exports of processed grain products rose to 1.3 million tons, which is 69% higher than last year. Sales of Russian oats also jumped by 37% to 163,000 tons.The volume of grain and grain product exports increased by 3% compared to last year. According to Rosselkhoznadzor, Russia supplied these products to 126…