Daily Management Review
Economics

Reuters: China increases Russian oil imports to record levels

According to Reuters, China raised its oil imports from Russia by nearly 25% on a monthly basis and by 55 percent on an annual basis in May, bringing purchases to a record high. Oil shipments from Russia to China totaled about 8.42 million tonnes (or 1.98 million barrels per day) in May, according...

Withdrawals At Babel Finance Halted As Cryptocurrency Markets Fall

On Friday, Hong Kong-based Babel Finance briefly banned crypto asset withdrawals and redemptions as the crypto lender scrambled to pay its clients following the recent downturn in the digital currency market.   Cryptocurrency valuations have plummeted in recent weeks as investors flee...

EU Cannot Agree On Reforms In Corporate Tax Since Hungary Vetoes Changes

Hungary's Finance Minister, Mihaly Varga, informed his EU counterparts on Friday that his country could not support corporation tax reform at this time, essentially thwarting an agreement at the EU level.   An EU agreement was expected on Friday after Poland withdrew its opposition to...

Eurogroup approves Croatia's entry into the eurozone

Croatia's membership in the European Union will begin on January 1, 2023, according to the Eurogroup. This is the first stage in the EU Council's process of adopting legal measures that would allow Croatia to join the eurozone and profit from the euro's use. "Ministers agreed with the European...

Poland's PKN Orlen invests $435M in Czech energy sector

According to Czech Prime Minister Petr Fiala, Polish oil refiner PKN Orlen plans to spend more than 10 billion crowns (about $435 million) in the Czech energy sector. "During our discussions with PKN Orlen executives, we talked over a number of energy-related initiatives. The main topic of debate...

Europe's Central Banks Raise Interest Rates To Combat A Surge In Inflation

On Thursday, central banks across Europe hiked interest rates, a few by rates that shocked markets, and hinted at much higher borrowing costs to come in order to manage skyrocketing inflation, which is eroding savings and squeezing corporate profits.   Inflation has spread to...

Russia, The World's Largest Producer, Opposes A Move To Redefine "Conflict Diamonds"

Russia has thwarted a Western-backed initiative to investigate whether its diamonds are supporting war before of an international conflict diamond summit in Botswana, according to letters obtained by Reuters. The Russian effort was supported by Belarus, Central African Republic, Kyrgyzstan and...

People In Pakistan Are Being Encouraged To Drink Less Tea

People in Pakistan have been advised to drink less tea in order to keep the country's economy afloat. According to senior minister Ahsan Iqbal, drinking fewer cups of coffee per day will reduce Pakistan's hefty import expenses.   The country's short foreign currency reserves - currently...

Indian Cricket Tournament IPL’s Media Rights Auctioned For A Record-Breaking $6bn

The internet and television rights to the Indian Premier League, the world's richest cricket tournament, have been auctioned for a record $6.02 billion over the next five years.   For $3.05 billion, Viacom18, backed by Indian billionaire Mukesh Ambani, obtained streaming rights until 2027....

Fitch downgrades global GDP growth forecast for 2022

According to a press statement from Fitch, the international rating agency reduced its global GDP growth prediction for the current year to 2.9 percent from 3.5 percent. The forecast for the coming year has also been trimmed by 0.1 percentage point, to 2.7 percent. The agency decreased the United...
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