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Financial Threats Due To Climate Change Is Exaggerated, Claims Senior HSBC Banker 05/22/2022

G7 Agrees To Spend $18.4 Billion To Keep Ukraine Functioning, With More Money On The Way 05/21/2022

Apple to reduce dependence on manufacturing in China 05/23/2022

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Economics

Bank of Mexico raises key rate by 50 points

According to a statement on the Bank of Mexico's website, the Governing Council hiked the key rate for the third time in 2022, by 50 basis points to 7%. "From 13 May 2022, the Bank of Mexico's Governing Council has decided to raise its target overnight interbank interest rate by 50 basis points to...

IEA Now Believes The World Will Tide Over Lost Russian Oil Supply

Even with lower output from sanctions-hit Russia, the world will not run out of oil, the International Energy Agency (IEA) declared on Thursday, in a U-turn from its March prediction of a probable "global supply shock." After warning on March 16 that 3 million barrels per day (bpd) could...

Crypto Crisis Worsens As Tether, A Stablecoin, Falls Below The Dollar's Peg

On Thursday, the collapse of TerraUSD, one of the world's largest stablecoins, sent shockwaves across cryptocurrency markets, plunging Tether below its dollar peg and driving bitcoin to 16-month lows. Cryptocurrencies have been swept up in a sell-off in higher-risk assets that has gained...

UK GDP up 8.7% in first quarter

UK GDP in the first quarter of 2022, according to preliminary estimates, grew by 8.7% year-on-year and by 0.8% quarter-on-quarter, according to the country's national statistics office. Analysts surveyed by DailyFX believed that the figure grew by 9% in annual terms and by 1% in quarterly terms....

Germany Develops Crisis Plan To Manage Sudden End To Russian Gas – Reuters

According to a report published by the news agency Reuters based on source information, German officials are secretly developing an emergency package for any sudden halt in Russian gas supply, which could involve taking control of crucial enterprises. The Ministry of Economic Affairs'...

Ukraine Crisis Shuts Russian Gas Route To Europe, Supply Drop By A Quarter

For the first time, shipments of Russian oil and gas via Ukraine have been blocked since the start of the Russian invasion of Ukraine. That has resulted in Russian gas flows to Europe via Ukraine decreasing by a quarter on Wednesday after Kyiv stopped the use of a vital transit...

Putin Instructs Experts To Work On Trade Payments With Allies And 'Enemies'

Russian President Vladimir Putin established an international payments working committee, tasked with determining terms for transactions with "unfriendly" countries. Putin warned in March that Russia, the world's largest natural gas producer, would oblige hostile countries to pay for fuel...

Profit Projections In The US Have Weakened As Corporates Examine Inflation Threats

Corporate growth projections for the current quarter and 2022 are mainly dropping as oil and other supply costs rise and interest rates rise, as first-quarter results near their end. High oil prices have bolstered profit projections for energy companies while raising profit margin concerns...

Tesla agrees to buy nickel from Brazilian Vale

Tesla signed a long-term contract with Brazilian mining company Vale to supply nickel. It is used in batteries of electric cars. Brazilian mining company Vale has signed a long-term contract with Tesla for the supply of grade 1 nickel (with almost 100% metal content). This is according to a...

Bank of England raises interest rate to 13-year high

The Bank of England raised its benchmark interest rate to 1% from 0.75% per annum at Thursday's meeting, a 13-year high, and maintained its buyback programme from the market, according to a press release from the regulator. The central bank left the volume of asset purchases from the market...