RSS feed Forex Humor 2009-2013 RSS feed Forex Humor Funny Forex drawings and caricatures <![CDATA[US to lose its military power as Pentagon neglects AI technologies]]>

Referring to the Foreign Affairs periodical, the US is lagging behind Russia and China in terms of military artificial intelligence. 

Earlier, the US armed forces used to be at the forefront of AI technologies. However, Pentagon is ceding its superiority to its bitter rivals, Russia and China, the periodical underscores. The US Department of Defense was taking the lead in the field of AI development that took warfare technologies to a whole new level. 

At present, despite geopolitical jitters, Pentagon is unwilling to apply its expertise to the ongoing challenge in East Europe, for example. Most American projects on the AI application have ended up in failure. 

One of such failed ventures is the US Air Force project on designing X-45 and X-47 pilotless aircraft. Such drones are meant for conducting reconnaissance as well as launching missile and bomb strikes. The project dates back to 2003. However, the Air Force dropped out of the project because Pentagon viewed the drones as a threat to the F-35 fighter program. The US Navy also funded another large-scale project to develop X-47B, but it was terminated for the same reason. 

Experts at Foreign Affairs suppose that US armed forces rested on their laurels for too long, so the US might slip into the ranks of laggards. Analysts think that the lack of progress in US AI projects makes a striking contrast to the successful military research of its geopolitical rivals.       

If Pentagon does not integrate AI technologies into its combat strategies and weapons, Russia and China will take advantage of this weakness. Both countries are actively employing AI technologies in their armed forces. Their success could jeopardize the US military power.    


The material has been provided by portal -]]> Tue, 24 May 2022 13:23:23 +0000
<![CDATA[Japan bans exports of high-tech goods to Russia in latest sanctions]]>
Japan, one of the world’s most technologically advanced countries, has imposed a ban on the exports of high-tech goods to Russia. The Ministry of Economy, Trade, and Industry announced the decision to halt its cooperation with Russia in this field.Subject to the ban will be 14 items, including 3D printers, quantum computers, atomic force microscopes, petroleum refining catalysts, and semiconducting and electrically conductive polymers. In addition, new sanctions target over 130 Russian officials and 70 companies. Japan stands with the West and condemns Russia’s actions in Ukraine. Thus, Prime Minister Fumio Kishida backed up the decision of the Group of Seven (G7) to abandon oil supplies from Russia, despite the complexity of such a decision.“Japan relies on imports for most of its energy resources, so this is a very difficult decision, but right now the unity of the G7 is more important than anything else,” Mr. Kishida said. “We have decided to take the step of banning imports of Russian oil in principle.” In March, Tokyo revoked Russia's “most favored nation” trade status, depriving it of all trade preferences.The material has been provided by portal -]]> Tue, 24 May 2022 13:15:58 +0000
<![CDATA[Rising energy bills seen as ‘matter of life and death’ in Britain]]>

The British authorities have finally acknowledged their insolvency. The government has admitted that mounting energy prices are a growing factor in the squeeze on household budgets across the UK.

According to Jonathan Brearley, chief executive of Britain's energy regulator Ofgem, rising gas and electricity bills are "literally a matter of life or death" for many residents of the United Kingdom.

"I talk to customers on a regular basis, and I know how tough rising energy prices are for many households and businesses. For some, not being able to afford rising energy bills is literally a matter of life and death," he said.

Britain's government is concerned about surging gas and electricity bills. A major cost of living crisis is gradually gripping the nation. Ofgem has already tightened control over energy suppliers, Brearley recalled. However, this requires "fundamental changes to the British energy market," he added. Data from the Office for National Statistics confirms that an increasing number of the country's residents are struggling to afford their utility bills.

The material has been provided by portal -]]> Tue, 24 May 2022 12:59:28 +0000
<![CDATA[Europe to split up amid Russian gas issue]]>
Turkey suddenly realized that Russian gas might cause a split between partners. According to the report published by the Turkish economist, Radal Karagel, Europe has been divided over the issue of gas supplies from Russia.Turkish officials suppose that Nord Stream 2 and other gas pipelines are not just commercial projects, but a real means of political influence on buyers.  “Given that the European Union’s dependence on natural gas is about 40 percent, while many countries are completely dependent on Russia, differences remain between them about how and when to solve this problem,” Radal Karagel added. He also emphasized that the split in Europe was spurred by the Russian gas issue.  “Energy is in the ruble, and the European Union has not yet made a final decision. In other words, Europe is divided in two,” Radal Karagel pinpointed.The economist also said that the share of Russian gas in energy baskets of various countries differed significantly. For example, Germany purchases from Russia about 40% of its blue fuel consumption, whereas France buys about a quarter and Italy – about a half. Other countries, including the UK and Spain, are less dependent on Russian gas. However, there are such countries that totally depend on gas supplies from Moscow. They are North Macedonia, Bosnia and Herzegovina, and Moldova.The material has been provided by portal -]]> Tue, 24 May 2022 12:58:21 +0000
<![CDATA[Biden pledges to get Ukraine grain back to global market]]>

The United States wanted to end Russia's attempts to block shipments of Ukrainian grain. Otherwise, the situation may cause a global food crisis. According to the White House spokesperson, Ukraine will resume wheat exports in the near future.

US President Joe Biden has pledged that his administration will redouble its efforts to get Ukrainian grain back to the global market. Moreover, Biden noted that US allies were currently focused on this issue as well. The US President said that Ukraine had nearly 20 million tons of grain in storage. If it is brought back to world markets, inflation in the US and other countries will fall.

"We are exploring ways to bring this grain back to the world market and thereby bring prices down," Biden said.

He stated that Russia's invasion in Ukraine accounted for a sharp rise in US prices. The US president had repeatedly blamed his counterpart Vladimir Putin for soaring prices in the country. 

The material has been provided by portal -]]> Mon, 23 May 2022 15:07:22 +0000
<![CDATA[Elon Musk ready to reverse Trump’s Twitter ban]]>
Donald Trump’s ban from Twitter could be reversed, Elon Musk said. Musk, who has become the new owner of the social network, stated that the decision to block the former US president was “morally wrong”
Donald Trump was banned from Twitter after the US Capitol riots in January 2022. The former US president claimed his defeat in the presidential elections in November 2020 was the result of electoral fraud. The social network’s administration removed Trump’s account, stating that Trump’s tweets could “inspire others to replicate violent acts.” 
Elon Musk, known for being an advocate of unrestricted free speech, stated that Trump would be allowed to return to Twitter.
“Permanent bans should be extremely rare and reserved for accounts that are bots or scam accounts,” Musk said at a conference organized by the Financial Times. The billionaire commented that the decision was bad from a moral standpoint and alienated a significant part of the US. He added that it would be revised.The material has been provided by portal -]]> Mon, 23 May 2022 14:57:43 +0000
<![CDATA[HSBC Holdings caught in US-China crossfire]]>

As people say, the friendship between bankers is a myth. It is hardly surprising. In the banking sector, there is no place for such things as money and benefit rule everting. Largest UK bank HSBC has recently proved the veracity of this statement.

For many years, HSBC Holdings Plc. and Ping An Insurance Group Co. have enjoyed a cozy relationship, financially backing each other and staying in tune on many issues. The shock rippled through the market when the Chinese insurance giant called for the most dramatic split in banking history. It seems as if Ping An tends to bankrupt HSBC after 20 years of constant investments in the bank.  Ping An, led by Peter Ma, is urging HSBC Chairman Mark Tucker to consider options, including splitting the business and listing Asian operations separately on the stock market.

"Ping An understands the way regulatory winds are blowing,” said Isaac Stone Fish, founder of Strategy Risks, which specializes in corporate relationships with China. “Companies increasingly have to choose sides between the US and China, and we might see more corporations considering breaking up as a way to choose between the two powers," Isaac Stone Fish, the CEO and founder of Strategy Risks, a company which quantifies corporate exposure to China, noted.

"Any breakup would cost billions of dollars. It would also be a body blow to the City of London and a black eye for the global bank model," analysts at Barclays Plc said. They also pointed out that the changes could reap 3% to 8% off the group’s market value.

The material has been provided by portal -]]> Mon, 23 May 2022 13:48:05 +0000
<![CDATA[Germany starts filling its biggest gas storage site]]>
Germany will not be led by Russia when it comes to energy supplies. The country is bent on resisting Russia’s “gas blackmail” and preparing to introduce a ban on its gas supplies.The European Union realized a long time ago that gas supplies from Russia are anything but a commercial project. Moscow has used gas as a political tool to threaten Europe with cold winters and the lack of heat and electricity for years. Russia’s demand for gas payments in rubles became a wake-up call for Germany. The country understood it was time to end this toxic relationship. Germany has no intention to pay for gas in rubles whatsoever. Instead, it contemplates abandoning Russian gas entirely. The government has introduced a set of measures aimed at providing loans and support for energy companies and taking over vital firms, like oil refineries, including foreign ones, even to point of their nationalization. Of course, it is about Russian companies only.At the same time, Germany is now actively expanding its gas reserves. Rehden, the largest underground gas storage facility in Western Europe, can hold about 4 billion cubic meters of gas. It is now being filled at an accelerated pace. The facility is currently 0.6% full, which is far below the 36% average for Germany's gas storage sites.The material has been provided by portal -]]> Mon, 23 May 2022 13:20:54 +0000
<![CDATA[Bloomberg analyst calls Europe's plan to ditch Russian oil 'economic suicide']]>

According to Bloomberg analyst Julian Lee, Europe's intention to reduce Russia’s oil exports to zero poses significant risks to economic stability in the region.

He believes that the Western countries’ plan to stop buying Russian oil is tantamount to economic suicide. In particular, Lee drew attention to the stance of Hungary, Slovakia, and Croatia, which refused to support the planned oil embargo against Russia in the next six months. The refineries were built there specifically to process the particular blend of crude pumped from Russia. Thus, the search for alternatives will be a big challenge for these countries, he explained.

Although imposing sanctions on Russia’s refined products exports raises a number of problems, Lee sees no reason to abandon the aim of ending Europe’s purchases of Russian crude. Given that oil products require crude of certain characteristics, the European Union should reduce its dependence on Russian oil supplies through a sequential reduction in those volumes, he added. 

The material has been provided by portal -]]> Mon, 23 May 2022 13:15:58 +0000
<![CDATA[Biogas production booming in France as great alternative to Russian energy]]>

Oddly, Russia indirectly paves the way for the EU’s transition to green energy. Moscow’s dodgy policy, including arm-twisting in gas sales and assertive rhetoric, forces Europe to shift focus away from fossil fuels toward alternative energy forces. For example, France is serious about replacing Russian gas with biogas from agricultural waste. 

The EU is forging ahead with its addiction to Russian gas. Several countries terminated their contracts with Russian energy suppliers. Other EU members are investigating options of energy sources. France intends to offset by 2030 a large share of Russian energy by biomethane produced from livestock manure. French farmers are in accord with European authorities to overcome the dependence on Russian fossil fuels. Small rural gas plants are launched across the country to provide energy for hundreds or thousands of nearby households. Indeed, biogas could be an efficient solution to reduce Europe’s energy dependence.  

France is among the first EU countries to embark on this path. According to industry statistics, biomethane accounted for nearly 1% of the country’s gas demand in 2021. Its share is expected to increase to 2% in 2022. Biofuel will represent almost 20% of the total gas consumption in 2023. This share will exceed the volume of France’s gas imports from Russia last year. 

Earlier, research direction at Vygon Consulting Maria Belova predicted that North Macedonia, the Netherlands, and Serbia will be able to reject contracts with Russian gas suppliers in the not-too-distant future.          

The material has been provided by portal -]]> Mon, 23 May 2022 12:59:42 +0000
<![CDATA[Bill Gates warns of global economic slowdown]]>

Bill Gates is concerned that the worst may still be ahead. The Microsoft co-founder predicts a global economic slowdown and notes that the world’s economy has already started to weaken. He is sure that rate hikes implemented by central banks worldwide will accelerate the economic downturn, triggered by the Russia-Ukraine conflict and the fallout from the COVID-19 pandemic. Speaking about those who bet on the falling market, Bill Gates says that he is afraid that “the bears on this one have a pretty strong argument that concerns me a lot.” The billionaire explains that Russia’s invasion of Ukraine, which sent commodity prices soaring, “comes on top of the pandemic, where government debt levels were already very high and there were already some supply chain problems.” Many countries, including the US, UK, and India, have raised interest rates in an attempt to tame galloping inflation. This will eventually result in an economic slowdown, Gates said.

The material has been provided by portal -]]> Fri, 20 May 2022 13:54:05 +0000
<![CDATA[World to face food crisis]]>

In the foreseeable future, popular food products such as different kinds of oil and cereals may be in short supply, Business Insider noted.

What is more, analysts at Business Insider believe that the world is now shifting to the era of food protectionism. Mounting protectionism is fueling chaos in global food markets with countries clamping down on exports of staples including grains, cooking oil, and pulses. They have to take such steps to protect their inventories against the backdrop of rising inflation.

Russia and Ukraine have already introduced restrictions on the exports of wheat and sunflower oil. Indonesia, Argentina, and Kazakhstan halted overseas sales of essential products to curb soaring domestic prices.

Governments may exacerbate protectionist measures because of growing food prices. In the Asian countries, there could be a new spike in inflation and food costs, Nomura economists stressed.

Notably, record high prices of crops occurred during the global financial crisis of 2008. At that time, Ukraine and other major suppliers reduced grain exports, whereas India and Vietnam restricted rice exports. Business Insider fears that the past may repeat itself. Such measures will only inflate prices, bringing the world closer to a food crisis.

According to the US Department of Agriculture (USDA), Russia is currently the largest global wheat exporter, accounting for 20% of global grain exports. Against the backdrop of the Russia-Ukraine conflict, the country has imposed a number of restrictions on food exports, including a temporary ban on wheat supplies.

Sugar and sunflower seeds are other crucial products whose exports from Russia has been suspended. The restrictions will be valid from April to August 2022. Apart from that, the country has introduced an export quota for sunflower oil in order to curb surging inflation.

Ukraine, the fifth-largest global wheat exporter, also banned overseas sales of some staples. The government refused to export essential products such as wheat and oats.

Indonesia, the world's top palm oil producer, banned exports of the most widely used vegetable oil. The halting of shipments of the cooking oil and its raw material came as a measure to avoid oil shortage in the domestic market. Retail prices for palm oil skyrocketed by 40% in 2022.

Argentina, the world's fifth-largest beef exporter, temporarily halted its export of beef in a move to quell a runaway inflation in the country. In 2021, inflation in Argentina hit 50.9%, Reuters pointed out.  

Kazakhstan also restricted the exports of wheat and wheat flour following a 30% increase in domestic prices. The ban will remain in force until June 15 of this year. Kazakhstan is the largest exporter of wheat, accounting for 4% of global supplies.


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<![CDATA[US inflation may spiral out of control]]>
Some analysts suppose that the US may face an inflationary spiral due to unresolved problems, the main of which is surging inflation.Most experts are sure that the Federal Reserve is not able to cope with the existing problems. Being unable to tamp down the skyrocketing inflation, the regulator has no way to boost confidence in the US economy. The key reason is that the Fed failed to retain inflation at a stably low level. In other words, it has lost control over the situation.Notably, the Fed has a wide spectrum of financial instruments that may limit inflation. However, it is not applying them in an appropriate way. Against the backdrop, the US economy has overheated. Some economists believe that inflation has already reached its peak, whereas the targeted level of 2% remains unattainable. In March 2022, the US consumer prices were 8.5% higher than a year ago. Thus, inflation has touched its highest level last seen 40 years ago.However, record paces of inflation growth were recorded not only in the US but also in the eurozone. There, consumer prices soared by 7.5%, while the UK reported a 7% jump. A rise in Europe’s CPI was caused by more expensive energy resources. Sanctions on Russia imposed amid the Russia-Ukraine conflict only added fuel to the fire. In the US, inflation was also boosted by a rise in energy prices as well as higher prices of food, houses, and new cars. At the same time, food is getting more expensive against the background of problems with fertilizers supply. The US market was also hit by global supply chain disruptions.Low unemployment rate and rising wages are other reasons for climbing inflation. Such conditions were created during the pandemic when the US authorities were pumping up the economy with money.To stabilize the current situation, the Federal Reserve has to aggressively tighten its monetary policy by raising the benchmark rate and reducing the volume of bond purchases. This is how the regulator is trying to limit the amount of money supply and consumer spending.Nevertheless, the US targeted inflation level is still at 2% per annum. Some analysts think that the regulator is doing everything in its power to achieve this level. Recent estimates unveiled that inflation may return to 2% only in 2024. In addition, the economic recession anticipated in 2023 will hardly affect the current prices. To reach the targeted inflation level, the regulator will hike the key interest rate to 2.5% by the end of 2022.Meanwhile, some experts suppose that the regulator should take some additional measures to cope with soaring inflation. For example, it may rebalance the economy, thus increasing prices amid bigger companies’ expenses.At present, most countries are combating galloping inflation. However, alarming trends in the US economy have a negative effect on other states, which have to buy much more expensive US goods. Therefore, rising import prices are a double-edged sword, which makes suffer both the US and other countries.The material has been provided by portal -]]> Fri, 20 May 2022 12:43:52 +0000
<![CDATA[Swiss voters back Netflix tax and Frontex funding boost]]>
Swiss citizens approved a tax on streaming services and an increase in funding for the European border agency Frontex in a referendum held on Sunday, May 15.
The first proposal, commonly known as Lex Netflix in Switzerland, would see streaming services invest 4% of their revenue into Swiss film-making, in line with requirements already in place for national television broadcasters. The proposal was supported by 58.42% of the voters, while 41.58% voted against it.
The second proposal involved raising Switzerland’s annual contribution to the Frontex border agency to $61 million from $24 million. 71.48% of voters backed the increase and 28.52% opposed it. Earlier, the Swiss government expressed concern that a failure to provide funding could result in Switzerland being excluded from the Schengen treaty.
Furthermore, Swiss voters approved a law establishing that all citizens would be a possible source of organ donations when they die unless they explicitly opt out. Earlier, potential organ donors were required to give consent during their lifetime. It was supported by 60.2% of the vote, whereas 39.8% of voters opposed it.
The material has been provided by portal -]]> Fri, 20 May 2022 06:25:41 +0000
<![CDATA[Apple loses position as world’s most valuable company]]>

Oil giant Saudi Aramco, Apple’s primary competitor,  surpassed the iPhone maker and regained the top spot as the world’s most valuable company.

Saudi Aramco is a state-owned company generating record profits compared to the largest commercial tech giants. According to Bloomberg, Saudi Aramco’s market capitalization totaled $2.43 trillion. By comparison, the market value of Russia's largest oil company Rosneft is a little over $100 billion. This is 2.5 times less than the Walt Disney Company’s market capitalization of above $250 billion. However, the company is not concerned with the oil industry. 

Apple is ranked second on the list of the world’s most valuable companies and is now worth $2.38 trillion. The key reason for it is a jump in oil prices and high inflation causing a decline in the shares of technology companies. Experts note that if Apple manages to regain its top position, the global economy will change dramatically.

Notably, at the start of 2022 Apple became the world’s first company to reach a market value of $3 trillion. However, this figure dropped significantly after Apple’s shares fell.

The material has been provided by portal -]]> Thu, 19 May 2022 14:22:22 +0000
<![CDATA[“Golden era” of cheap food is over, ex-Sainsbury's CEO says]]>
The “golden era” of cheap food in the UK is coming to an end, the Guardian reported, citing former Sainsbury’s boss Justin King.Mr. King says UK households should prepare for higher grocery bills in the long term. The ex-Sainsbury's CEO who is now a non-executive director at Marks & Spencer believes supermarkets would not be able to cope with surging food prices nor will they be capable of protecting consumers from it. Mr. King warns British consumers would face difficult choices as to what they want to buy. The situation is made worse by galloping inflation and the side effects of the Russia-Ukraine conflict. “I suspect what we will see is a higher proportion, across the piece, spent on food for the longer term. It won’t actually be that high in historical terms but it will require adjustments in terms of how we all prioritize our family budget spending,” he summarized.According to Mr. King, many UK families would hardly be able to cover higher grocery bills. So, the government would have to step in and provide financial support for struggling households. This, in turn, would raise the burning issue of rising inflation. Earlier, the Bank of England said inflation could soar above 10% in 2022 to its highest level in 40 years.The material has been provided by portal -]]> Thu, 19 May 2022 13:32:28 +0000
<![CDATA[Russia-Ukraine conflict seen as biggest threat to global financial stability]]>

According to US Federal Reserve officials, the events taking place in Ukraine pose a threat to the global financial system. The Russia-Ukraine conflict is fueling economic worries and geopolitical uncertainty. Moreover, it is already having a serious negative impact on many countries.

The financial market did not have time to get over the coronavirus pandemic but faced a new tough challenge. The Ukrainian crisis coupled with surging inflation put global economic growth at risk. At present, COVID-19 is no longer seen by the Fed as the biggest threat to the world financial system.

“Further adverse surprises in inflation and interest rates, particularly if accompanied by a decline in economic activity, could negatively affect the financial system,” the central bank said in a statement.

Notably, in early March, the Fed assessed the ability of the US economy to respond to the crisis. Federal Reserve Chair Jerome Powell noted that amid geopolitical turmoil, it would not be easy for the government to achieve a “soft landing” of the national economy and ensure a fall in inflation while preventing an increase in the unemployment rate.

The material has been provided by portal -]]> Thu, 19 May 2022 13:31:19 +0000
<![CDATA[Japan's national debt exceeds $9.5 trillion]]>

Japan's national debt ranked first among countries with the highest debt levels in the world, surpassing even the US. 

According to the latest data, Japan is the clear front-runner in terms of public debt growth. The figure is impressive. Japanese national debt has exceeded $9.5 trillion, about 234% of gross domestic product. For instance, in the US, this figure stands at 160%. In the UK, public debt amounted to 144% of GDP, while in the Eurozone it is equivalent to 120.4% of GDP. Japanese internal debt has also hit a new historic high, according to the Ministry of Finance of the country. According to the agency, the total public debt of Japan at the end of the fiscal year 2021 (March 31, 2022) reached 1,241.3 trillion yen (more than $9.5 trillion).

The coronavirus pandemic was the main catalyst for debt growth. Massive economic support measures have led to rising inflation in a number of states. However, even with such borrowing levels, large countries are unlikely to have problems with public debt service in the near future.

The material has been provided by portal -]]> Thu, 19 May 2022 10:47:23 +0000
<![CDATA[Bloomberg: Recession threatens EU economy]]>
Bloomberg analysts note that major central banks and EU policymakers avoid using the term “recession” in their statements. However, while they are beating around the bush, it does not help solve the current problems. The European Union’s economy is under pressure. On the one hand, inflation threatens to turn into a recession or stagflation. On the other hand, the negative consequences of the Russian-Ukrainian conflict continue to pose dangers. Bloomberg reports that the word “recession” is out of European policymakers’ vocabulary. Meanwhile, a threat of an actual recession persists. In addition, major investment companies and leading investors confirm the risks of an economic downturn. According to the agency, major financial institutions such as JPMorgan Chase, HSBC, and Goldman Sachs have already warned about hard times for the EU economy. At the same time, continued soaring inflation, the Russian-Ukrainian conflict, and the ongoing energy crisis in the eurozone exacerbate the situation. Bloomberg says that European companies are signaling distress amid record inflation and a stubborn supply squeeze, aggravated by strict lockdowns in China. Investors fear that external and internal pressure will push the fragile European economy into recession, Bloomberg concludes.The material has been provided by portal -]]> Thu, 19 May 2022 10:23:45 +0000
<![CDATA[Georgia Attorney General accuses Biden administration of destabilizing US energy security]]>

In some countries, the responsibility of the president and his administration is thought to be rather limited. However, things are different in the US.

Georgia's Attorney General Christopher Carr said the White House administration was responsible for destabilizing US energy security. Carr addressed the secretary of state, the interior minister, and the energy minister on the situation of high fuel prices and inflation. He accused US President Joe Biden of creating the crisis. Carr said that instead of admitting that his climate agenda was destabilizing the country's energy security, the president would rather blame rising petrol prices on Russia, the coronavirus pandemic, and even the oil companies. 

Georgia Attorney General recalled that Biden had canceled the Keystone XL pipeline, a critical infrastructure facility, limiting oil and gas production, and had announced a ban on Russian liquefied natural gas supplies. “Temporary measures will not solve the problem, and that is why I am calling on the Biden administration to immediately increase and incentivize domestic energy production and to insulate consumers from times of volatile gas prices today and beyond,” Carr said.

The material has been provided by portal -]]> Thu, 19 May 2022 07:52:17 +0000
<![CDATA[Russia closely watches peaking gasoline prices in US]]>
The Russian media reported that gasoline prices in the US were peaking. The news reporters in Russia are closely watching the situation around high fuel prices in the US while disregarding climbing prices at pumps in Russia. Notably, the country obtains the highest gasoline reserve in the world. Meanwhile, the US is facing a really difficult problem of soaring gasoline prices that have recently hit $4.4 per gallon. People around the country are witnessing fuel prices hitting all-time highs and continuing to increase. According to the American Automobile Association (AAA), the average price was $4.374 per gallon, which was $0.04 higher than the day before. In March, US President Joe Biden blamed the Russian government for a surge in gasoline costs. He said that the country was hit by a crisis and Americans faced rising prices at the pump because of “Putin's Price Hike.”The material has been provided by portal -]]> Wed, 18 May 2022 15:10:54 +0000
<![CDATA[Russia’s halt of gas supplies unites Europe]]>
The EU countries decided to support supplies of natural gas within the region if Russia suspends gas imports. Earlier, the Russian government took several actions that made the EU countries forget about existing controversies and rallies. Notably, the Union has never been more united. The countries have reached a unanimous agreement on energy which is an important issue for every member state. The European Commission has introduced a joint action plan to be implemented if Russia halts gas supplies. The plan suggests mutual support in the energy sphere. This means that countries with alternative gas imports will share fuel with other states. These actions are aimed to avoid consumption restrictions and supply chain disruptions. The EU is likely to take the new measures as quickly as possible because Russia has already stopped exporting gas to several EU countries. In addition, Gazprom informed its European customers assuring them that they could pay for gas without breaching imposed sanctions. The letter refers to a new decree, according to which payments for Russian gas will be accepted in foreign currency and then converted to rubles through the National Clearing Center accounts.The material has been provided by portal -]]> Wed, 18 May 2022 12:08:58 +0000
<![CDATA[Musk plans to increase Twitter’s revenue to $26.4 billion by 2028]]>

Elon Musk, the world’s richest person, is well-known for his ambitious goals. After the acquisition of social network Twitter, he intends to increase its annual revenue to $26.4 billion by 2028. 

Mr Musk shared his plans for the future of the popular social network and made a presentation for investors. The billionaire intends to boost Twitter's annual revenue to $26.4 billion by 2028. Notably, the company's revenue totaled only $5 billion by the end of 2021. The entrepreneur wants to increase it by more than five times. It is also reported that Musk plans “to cut Twitter's reliance on advertising to less than 50% of revenue”. Moreover, he expects the social network to reach 931 million users by 2028.

Earlier, the news came that Twitter could become partly paid. However, Musk noted that “Twitter will always be free for casual users, but maybe a slight cost for commercial or government users”.

The material has been provided by portal -]]> Wed, 18 May 2022 09:12:59 +0000
<![CDATA[Adidas revenues drop due to lockdowns in China]]>
Adidas revenues slumped by 35% due to lockdowns in China, the sportswear manufacturer said.
Lockdowns in major cities such as Shanghai forced the company to close some of its stores. Due to severe supply chain disruptions, the German sportswear manufacturer lost about $210 million.  
Despite the pessimistic results of the first quarter, Adidas expects its revenues to increase by 11%-13% in 2022 and forecasts net income to reach $1.89-$1.99 billion.
“In this environment, characterized by severe external challenges, it is imperative to stay focused on our strategic objectives,” CEO Kasper Rorsted said. “While we will remain agile, we will not jeopardize our long-term growth opportunity for short-term profit optimization,” he added. Rorsted sees net sales grow by more than 20% in the second half of 2022. Unconstrained supply, strong momentum in Western markets, and major sporting events are expected to boost the company’s performance.The material has been provided by portal -]]> Tue, 17 May 2022 16:30:46 +0000
<![CDATA[Boeing posts $1.2 billion loss in Q1]]>

US aircraft giant Boeing Co. made huge financial losses. The company's net loss increased twice at the end of the first quarter and totaled a record $1.2 billion. Currently, Boeing’s shares are plummeting amid this shocking news.

The company’s management reported a net loss of $1.242 billion in the first quarter. It is twice as much as a year ago. GAAP loss per share is $2.06 versus $0.92 for January-March 2021. The core loss per share is $2.75 compared with analysts' expectations of $0.19. Boeing's quarterly revenue fell by 8% to $13.991 billion. The manufacturer's shares predictably collapsed after the publication of the quarterly report. 

However, the company's executives remain optimistic despite the disappointing results. "While the first quarter of 2022 brought new challenges for our world, industry and business, I am proud of our team and the steady progress we're making towards our key commitments," Boeing President and CEO Dave Calhoun said in the release.

The material has been provided by portal -]]> Tue, 17 May 2022 14:10:58 +0000