Author: Steven Sahiounie

Half of the country’s external transactions are now being made in other currencies. The share of the US dollar and the euro in Russia’s cross-border payments has fallen by more than a third since the beginning of the year, from 79% to about 50%, the country’s Central Bank announced this week. While the bulk of export and import settlements remain in dollars and euros, these payments are hampered by sanctions, as many Russian banks have been disconnected from the Western financial messaging system, SWIFT, and are now unable to carry out certain transactions. The use of China’s yuan by Russian…

Steven Sahiounie, journalist and political commentator Football diplomacy brought Egyptian President Abdel Fattah al-Sisi and Turkish President Tayyip Erdogan together in Doha for the opening of the World Cup 2022 in Qatar. Years of tension between the two were broken with a friendly handshake. The big differences between the two large countries centered on Erdogan’s support of the Muslim Brotherhood, a terrorist organization banned in Egypt, Syria, Russia, Saudi Arabia, and UAE, but not banned in America. Erdogan said later that the ministers of both countries will meet and begin a process that may develop into talks to build the…

Moscow has said it will ref.use to supply crude to states which attempt to implement the scheme. The Group of Seven nations, plus Australia and the EU, have agreed on a price cap for Russian seaborne crude oil at $60 per barrel, paving the way for official approval over the weekend. Moscow has repeatedly stated that it will not sell oil to nations that take part in the scheme, warning that the cap will wreak havoc in the energy markets and push commodity prices even higher. The measure will come into effect on December 5 or “very soon thereafter,” according to a…

The EU and G7 have agreed to a $60 per-barrel ceiling for the purchase of Russian crude. Moscow is not planning to recognize a Western-imposed price cap on Russian seaborne oil exports, Kremlin spokesman Dmitry Peskov said on Saturday, adding that the government is currently carrying out a review of the situation. “Now we are analyzing,” Peskov told journalists. “Some preparation was carried out for such a ceiling. We will not accept this ceiling, and we will provide further information on how the work will be organized after the review.” On Friday, the EU finally agreed to cap the price of Russian…

Most cryptocurrency companies will probably fold in the wake of the FTX collapse, the BlackRock boss says. The collapse of the FTX exchange threatens to topple more cryptocurrency companies, BlackRock chief executive Larry Fink warned during the New York Times DealBook summit. BlackRock, the world’s biggest asset manager, is among the financial firms affected by the bankruptcy of the Bahamas-based crypto exchange. Fink’s company manages $10 trillion in assets on behalf of clients ranging from huge pension funds to high-net-worth individuals. “I actually believe most of the companies are not going to be around,” the long-time skeptic of cryptocurrencies stated. Fink…

Peter Szijjarto says the measure will harm Europe’s economy. Hungary has been granted an exemption from the price cap on Russian oil set by the EU and the Group of Seven (G7) countries, Hungarian Foreign Minister Peter Szijjarto announced on Saturday. “During the negotiations on the oil price cap, we fought hard for Hungarian interests, and in the end we succeeded: Hungary was exempted from the oil price cap. Once again, we have succeeded in protecting the security of our country’s energy supply,” Szijjarto wrote on his official Facebook page. He also criticized the initiative, saying it is “high time”…

Spiraling inflation is not enough to cover soaring production costs, food producers say. Food prices in France may rise significantly starting next year, as producers have asked retailers for double-digit increases on their products, a representative of the French Federation of Trade and Distributors, Jacques Creyssel, said this week. The demand for product revaluation comes amid spiraling inflation and production costs that are “extremely high”, according to Creyssel. Food producers have requested price hikes of between 15% and 25% for a number of items. Such an increase is well above the tariffs negotiated last year when manufacturers asked for an average…

Half of the country’s external transactions are now being made in other currencies, the Central Bank says. The share of the US dollar and the euro in Russia’s cross-border payments has fallen by more than a third since the beginning of the year, from 79% to about 50%, the country’s Central Bank announced this week. While the bulk of export and import settlements remain in dollars and euros, these payments are hampered by sanctions, as many Russian banks have been disconnected from the Western financial messaging system, SWIFT, and are now unable to carry out certain transactions. The use of…

Software developers, data analysts, and cybersecurity jobs are bright spots in a rapidly moving IT employment landscape. Economic uncertainty, rising inflation, changing lifestyles and a volatile labor market are unprecedentedly influencing company hiring and prospective IT job markets. Businesses are intensifying recruitment in critical areas, such as AI and data analytics, yet pulling back on long-term IT positions and employment. At the same time, rising IT talent is pursuing more flexible and engaging work environments as new opportunities open up and desirable lifestyle options evolve. Software developers, data analysts and cybersecurity jobs are bright spots in a rapidly moving IT employment landscape. According…

Gujarat is the fastest-growing state for the last nine years (from FY12 to FY21), according to the latest data released by RBI. Gujarat’s Gross State Domestic Product (GSDP) at the constant price has increased at compounded annual growth rate (CAGR) of 8.2 per cent. It has grown from Rs 6.16 lakh crore in the Financial Year (FY) 2012 to Rs 12.48 lakh crore in FY21 (the latest data for FY22 is not available). Gujarat is also the second largest state in India, only behind Maharastra which has a GSDP of Rs 18.89 lakh crore. Karnataka is the second fastest-growing major state economy, with…