Money

  • Photo of China has prepared to disconnect from dollar payment systems

    China has prepared to disconnect from dollar payment systems

    US, WASHINGTON (ORDO NEWS) — China is vulnerable to US sanctions due to the country’s dependence on systems in dollar settlements. This is the opinion of Fan Xinghai, head of the PRC Securities Control Committee. According to him, China needs to prepare in advance for the shutdown, and this is not only a psychological factor. It is emphasized that the issue concerns the CHIPS Interbank Electronic Clearing Settlement System and…

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  • Photo of China at an economic fork

    China at an economic fork

    US, WASHINGTON (ORDO NEWS) — In 2013, the Chinese government introduced a political program that promised the implementation of real economic reforms, overloaded with debts and skewed under the influence of a large sector of state-owned enterprises of the country. But China did not begin to implement this program, but chose to dodge the risks arising from the transition to market relations (marketization). The country has returned to the methods…

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  • Photo of IMF raised its forecast for oil prices in 2020 and 2021

    IMF raised its forecast for oil prices in 2020 and 2021

    US, WASHINGTON (ORDO NEWS) — The International Monetary Fund (IMF) raised its forecast for oil prices in 2020 and 2021 to $ 36.18 and $ 37.54, respectively, in connection with the new coronavirus pandemic. This is stated in the IMF’s July Bulletin, “Prospects for the Development of the World Economy,” published on Wednesday. In an April report, the IMF predicted that the average price of one barrel of oil would…

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  • Photo of WTO less pessimistic about trade decline in 2020

    WTO less pessimistic about trade decline in 2020

    US, WASHINGTON (ORDO NEWS) — The World Trade Organization (WTO) said Tuesday that global trade in goods this year due to the coronavirus pandemic is likely to decline less than under the worst-case scenario, but expected growth in 2021 may not live up to expectations. The WTO April forecast provides that in 2020 world trade in goods will decrease by 13-32%, and in 2021 it will recover by 21-24%. —…

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  • Photo of Gold stays at a monthly peak amid fears of a second wave of coronavirus

    Gold stays at a monthly peak amid fears of a second wave of coronavirus

    US, WASHINGTON (ORDO NEWS) — Gold prices on Tuesday are held near the maximum level for more than a month, reached a day earlier, as the increase in the number of cases of coronavirus infection has warmed up concerns about the second wave of the epidemic. The spot price of gold rose 0.08% to $ 1.755.82 per troy ounce by 13:41 GMT. On Monday, quotes reached the maximum since May…

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  • Photo of China is becoming a global power, and its banks are following it

    China is becoming a global power, and its banks are following it

    US, WASHINGTON (ORDO NEWS) — American bankers are brave bosses. From his spacious office in Manhattan, the boss of one of the country’s largest banks suggested at the beginning of February that he had few serious rivals – and all of them were located within one to two quarters. “American banks continue to increase their stakes in European banks,” he said. Asia is almost not worth mentioning. “Chinese institutions as…

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  • Photo of Trump escalates against ICC magistrates, threatened with economic sanctions

    Trump escalates against ICC magistrates, threatened with economic sanctions

    US, WASHINGTON (ORDO NEWS) — Already engaged in an unprecedented offensive against the International Criminal Court, Donald Trump raised his voice again on Thursday by announcing economic sanctions to dissuade the jurisdiction from prosecuting American soldiers for their involvement in the conflict in Afghanistan. “The president has authorized economic sanctions against officials of the International Criminal Court who would take a direct part in any effort to investigate or charge…

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  • Photo of Brent price drops below $ 39

    Brent price drops below $ 39

    US, WASHINGTON (ORDO NEWS) — The price of Brent crude during trading fell below $ 39 per barrel for the first time since June 3. The dollar and the euro rose by about a ruble, with the European currency peaking in almost three weeks. The cost of contracts for the supply of Brent oil with execution in August during the auction fell below $ 39 per barrel, according to the…

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  • Photo of US stock markets moved up after a sharp fall on the eve

    US stock markets moved up after a sharp fall on the eve

    US, WASHINGTON (ORDO NEWS) — Trading on the US stock markets on Friday opened with growth. The main indices in the first half hour added 2-3%, oil rose above $ 39 per barrel. On the eve of the indices and fuel fell due to fears of the second wave of coronavirus and a restrained Fed forecast. US companies resumed growth after stock markets opened on Friday. Oil prices also moved…

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  • Photo of Eurozone GDP decline estimate in I quarter revised up to 3.6%

    Eurozone GDP decline estimate in I quarter revised up to 3.6%

    US, WASHINGTON (ORDO NEWS) — The eurozone economy in the first quarter of 2020 contracted less sharply than originally expected, although the decline was still the largest in the history of observations. The GDP of 19 countries of the currency block in January-March fell by 3.6% compared with the previous three-month period, according to the final data of the Statistical Office of the European Union (Eurostat). This is the sharpest…

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  • Photo of Green economy could accelerate Arctic development after corona crisis

    Green economy could accelerate Arctic development after corona crisis

    US, WASHINGTON (ORDO NEWS) — Participants in the online meeting of the Arctic as a Pole for Attracting Green Investment discussion club, hosted by the Arctic Development Project Office (PORA), believe that a green economy could accelerate Arctic development after the coronavirus pandemic. The director of the Arctic direction at the Far East Agency for attracting investments and export support Dmitry Fishkin noted that now the whole world is undergoing…

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  • Photo of France’s GDP drop in 2020 will exceed 10%

    France’s GDP drop in 2020 will exceed 10%

    US, WASHINGTON (ORDO NEWS) — The French economy will shrink by more than 10% this year against the backdrop of the coronavirus pandemic and recover to the level reached last year, only around mid-2022, the country’s central bank predicts. According to the basic forecast of the French GDP regulator, it will grow by 7% in 2021 and by 4% in 2022. Despite the growth of the economy in the next…

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  • Photo of Top 10 cities in China on the dynamics of economic recovery

    Top 10 cities in China on the dynamics of economic recovery

    US, WASHINGTON (ORDO NEWS) — The COVID-19 pandemic has dealt a severe blow to the global economy. The first country to experience the effects of the new disease was China. The presented ranking contains ten Chinese cities that have demonstrated the best dynamics of economic recovery. 10. Changsha In tenth place, the urban district in Hunan Province of China – the city of Changsha. Changsha is a large industrial center…

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  • Photo of US economy goes into recession

    US economy goes into recession

    US, WASHINGTON (ORDO NEWS) — The National Bureau of Economic Research (NBER) said Monday that the US economy, the largest in the world, is in a recession. “The committee recognizes that the pandemic and public health responses have led to a downturn with characteristics and dynamics different from previous recessions,” the NBER business cycle dating committee said in a statement. “Nevertheless, he concluded that the unprecedented scale of the decline…

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  • Photo of China allowed the yuan to fall to a five-month low

    China allowed the yuan to fall to a five-month low

    US, WASHINGTON (ORDO NEWS) — China admits a gradual weakening of the renminbi against a basket of major currencies due to the aggravation of political confrontation with the United States and difficult economic prospects, writes the South China Morning Post, citing analysts. Beijing could also let the yuan weaken against the dollar if US President Donald Trump’s administration imposes tough sanctions on China for pushing Hong Kong’s new national security…

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  • Photo of Saudi Arabia records higher oil sales prices

    Saudi Arabia records higher oil sales prices

    US, WASHINGTON (ORDO NEWS) — Saudi Arabia recorded a record increase in export prices: the cost of the Arab Light reference mix for consumers in Asia was immediately increased by $ 6.10 per barrel – a maximum of at least two decades. On average, state-owned Saudi Aramco raised July supply prices for all of its grades in the range of $ 5.60-7.3 per barrel, well above the expected increase of…

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  • Photo of China set new oil import record in May

    China set new oil import record in May

    US, WASHINGTON (ORDO NEWS) — In May, China increased oil imports by 19.2% compared with the same period last year to a record 11.34 million barrels per day, or 47.97 million tons, the data from the General Customs Administration of the country showed. Imports in May exceeded the previous record by 1.5% – 11.18 million barrels per day – established in November 2019. China bought large quantities of oil at…

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  • Photo of BP announces massive cuts

    BP announces massive cuts

    US, WASHINGTON (ORDO NEWS) — BP, the oil company, plans to cut about 15% of its workforce amid an outbreak of coronavirus and, as part of CEO Bernard Looney’s plan, to transfer the company to work with renewable energy sources, reports Reuters. Looney told employees that a London-based company will cut 10,000 jobs out of the current 70,100, with most cuts to be made before the end of this year.…

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  • Photo of China cancels some deliveries of agricultural products from the US

    China cancels some deliveries of agricultural products from the US

    US, WASHINGTON (ORDO NEWS) — Chinese state-owned companies have canceled some shipments from US agricultural exporters as tensions between Washington and Beijing increase. It is reported by The Wall Street Journal, citing sources familiar with the situation. “Several batches of feed for livestock, corn, pork, cotton and some imported meat supplies are being postponed,” an unnamed manager of a shipping company involved in agricultural imports to China told the publication.…

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  • Photo of Saudi Aramco took a break OPEC+ meeting will be held in the coming days

    Saudi Aramco took a break OPEC+ meeting will be held in the coming days

    US, WASHINGTON (ORDO NEWS) — OPEC + countries will discuss the parameters of an agreement to reduce production in the coming days, the country’s energy minister Mohammed Arkab told reporters. “We achieved a production decline of 9.7 million barrels in two months,” the minister said, adding that countries positively assessed the results of the agreement. According to him, the largest contribution was made by Russia, Kuwait, Saudi Arabia and the…

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  • Photo of US ready to tighten control over Chinese media on its territory

    US ready to tighten control over Chinese media on its territory

    US, WASHINGTON (ORDO NEWS) — The United States can recognize at least four state media in China as foreign agents, which will increase restrictions for them in the United States. Sources said the State Department’s measures, which will undoubtedly lead to further fueling tensions between the US and China, could be taken as early as June 4. This follows from President Donald Trump’s statement on retaliatory measures against Beijing in…

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  • Photo of Demand for steel in the world in 2020 will fall by 6.4%

    Demand for steel in the world in 2020 will fall by 6.4%

    US, WASHINGTON (ORDO NEWS) — Global steel demand this year will fall by 6.4% due to the impact of the COVID-19 pandemic on industrial and construction activities, but demand will recover next year, the World Steel Association predicted, reports Reuters. A number of industrial enterprises, such as car makers, closed during the blockages to fight against coronavirus, which reduced the demand for steel and stimulated the closure of many blast…

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  • Photo of What does Warren Buffett make and why does he beat the market

    What does Warren Buffett make and why does he beat the market

    US, WASHINGTON (ORDO NEWS) — The legendary investor Warren Buffett and his company Berkshire Hathaway seem to refute the idea that no investor is able to beat the market over a long interval. An analysis of the company’s investments by economists Elena Chirkova and Anastasia Emelkina shows that Buffett is still a classic “value” investor, making money in an “unfashionable” way – by investing in undervalued shares. Warren Buffett –…

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  • Photo of Oil game who is interested in revising the OPEC + deal

    Oil game who is interested in revising the OPEC + deal

    US, WASHINGTON (ORDO NEWS) — The main beneficiaries of toughening the OPEC + transaction will be Saudi Arabia, the United States and large banks, said Leonid Krutakov, assistant professor of the Financial University under the Russian government. The deadline for the first stage of the OPEC + deal is approaching. Since July, the maximum reduction in production under the transaction should decrease by 2 million bpd (from 9.7 to 7.7…

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  • Photo of Rosneft created a new “daughter” to replace the US sanctioned

    Rosneft created a new “daughter” to replace the US sanctioned

    US, WASHINGTON (ORDO NEWS) — Rosneft has registered in Switzerland a new trading “daughter” in return for being under US sanctions, Reuters learned. The new company does not plan to conduct operations with Venezuela. Rosneft created a new trading company, Energopol SA, having registered it in Geneva, Reuters reported citing four sources. According to the agency’s interlocutors, the new organization will take over most of the business of the Swiss…

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  • Photo of Turkey needs help, but from IMF

    Turkey needs help, but from IMF

    US, WASHINGTON (ORDO NEWS) — Turkey’s economy is in decline. But President Erdogan will not turn to the IMF for help in obtaining a loan, because its conditions may deprive the President of Turkey of unlimited influence. The Turkish economy is a dam that is about to break through. Over the past three years, the lira has lost 90% of its value against the dollar, Ankara depleted its net international…

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  • Photo of American left work early and got rich

    American left work early and got rich

    (ORDO NEWS) — A resident of the American district of Bladen, North Carolina, claims that a shorter working day turned into an unexpected wealth for her. It is reported by the UPI portal. Bernice Jessup, a public utility worker, was released earlier from work, so she stopped by the store on the way home. There, the American decided to try her luck and bought three Cash 5 lottery tickets. Jessup…

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  • Photo of Iraq announced commitment to OPEC + deal

    Iraq announced commitment to OPEC + deal

    US, WASHINGTON (ORDO NEWS) — Iraq is committed to the OPEC + agreement and despite financial and technical problems has already reached a “good share” of fulfilling its obligations, is in contact with OPEC Secretary General and ministers of the countries of the alliance, the representative of the country’s oil ministry Asem Jihad said. Oil prices began to decline on Wednesday amid doubts that the June meeting of OPEC +…

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  • Photo of Russia and Saudi Arabia agree to extend oil production cuts for at least a month

    Russia and Saudi Arabia agree to extend oil production cuts for at least a month

    US, WASHINGTON (ORDO NEWS) — Russia and Saudi Arabia agreed on the need to extend the maximum level of reduction in oil production in OPEC + by at least one month. Future plans will depend on the situation on the market, a source in the negotiations said. “We agreed that it is necessary to extend for at least a month. We will continue to look at the situation,” he said.…

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  • Photo of Loss of Lufthansa reached 2.124 billion euros in Q1

    Loss of Lufthansa reached 2.124 billion euros in Q1

    US, WASHINGTON (ORDO NEWS) — Net loss of Deutsche Lufthansa AG almost quadrupled in the I quarter to 2.124 billion euros against 342 million euros in the first quarter of 2019, the airline said. Revenue decreased by 18% to 6.441 billion euros compared to 7.838 billion euros a year earlier. The loss before tax and interest payments (EBIT) increased by 3.6 times to 1.22 billion euros compared to 336 million…

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  • Photo of Top 10 big payouts to former company directors

    Top 10 big payouts to former company directors

    US, WASHINGTON (ORDO NEWS) — A golden parachute is a bonus that is paid to an employee of a company, usually a manager, in the event of his dismissal or resignation of his own free will. This payment allows former company executives to resign with good money in the account, even if their departure was associated with a scandal or in some way damaged their reputation. Below we will talk…

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  • Photo of Saudi Arabia and Russia preparing for new oil confrontation

    Saudi Arabia and Russia preparing for new oil confrontation

    US, WASHINGTON (ORDO NEWS) — The countries participating in the OPEC + agreement to reduce oil production are preparing for the meeting on June 10, when they will have to choose between extending the current terms of the agreement or tightening them. According to Olga Solovyeva, the author of an article published by the Russian Independent Newspaper, some countries prefer to extend the system of maximum quotas by the end…

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  • Photo of CBO: economic shock from coronavirus will be felt for a long time

    CBO: economic shock from coronavirus will be felt for a long time

    US, WASHINGTON (ORDO NEWS) — The economic impact of the coronavirus pandemic will be long-term, the US Congressional Budget Office (CBO) warned. In a report issued in response to a request from Senate Democratic leader Chuck Schumer, the CBO said real-time GDP is expected to be about 3% less between 2020 and 2030 than it forecast in January. Adjusted for inflation, this drop will be equivalent to $ 7.9 trillion.…

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