By Tom Lydon What started as a wild week for the Global X FTSE Greece 20 ETF (NYSEArca: GREK) will end that way as the lone Greece ETF is tumbling by 3.7% after Standard & Poor’s pared its rating on the country’s sovereign debt to B- from B. The ratings agency is keeping the long- and … Continue reading
Global debt has soared by $57 trillion since the outbreak of the financial crisis in 2007, with the debt to GDP ratio jumping to above 500 percent in Japan. This raises questions about financial stability and poses a threat of another crisis. “After the 2008 financial crisis and the longest and deepest global recession since … Continue reading
The world economy could fall into a new global financial crisis in the next few years, China’s Dagong Rating Agency Head Guan Jianzhong told TASS News Agency during an interview on Wednesday. “I believe we’ll have to face a new world financial crisis in the next few years. It is difficult to give the exact … Continue reading
After scrapping the Supreme Council for Petroleum and Minerals, King Salman of Saudi Arabia gives his sons for key positions for oil oversight in the kingdom. By Ovunc Kutlu Saudi Arabia’s King Salman empowers two of his sons for key positions after abolishing the supreme council of petroleum, as new bureaucratic streamlining takes place in … Continue reading
The Russian energy giant’s investments in the Arctic region’s development may reach $500 billion in the next 20-25 years, Energy Minister Alexander Novak said Friday. By Sputnik News Russian energy giant Rosneft will invest some $500 billion in the exploration of the Arctic over the next 20-25 years, Russian Energy Minister Alexander Novak said Friday. “Rosneft alone will … Continue reading
According to the New York Times (NYT), Saudi Arabia had promised to cut oil production if the Kremlin agreed not to support Syrian President Basharal al-Assad. The NYT reported that Saudi Arabia was pressuring Vladimir Putin to abandon his support for Syrian President Basharal al-Assad, however an agreement has yet to be met. In November of … Continue reading
By Michael Lelyveld As China struggles to meet its goals for shale gas development, there are signs that the government will face pressure to subsidize the costs, perhaps for years. The industry came close to meeting the government’s target for extracting natural gas from shale rock formations last year, producing 1.3 billion cubic meters (bcm) … Continue reading
By Stratfor Global Intelligence Over the past six months, declining oil prices have sent shockwaves through the global economy, providing much-needed relief to consumers and factories in some countries while slashing export revenues and undermining currencies and government budgets in others. But the longer oil prices hover near six-year lows, the more they will affect … Continue reading
By Simone Orendain The Philippines lodged diplomatic protests with China over two alleged fishing-related incidents at Scarborough Shoal in the South China Sea, the site of a tense standoff between the two countries three years ago. The Philippine Department of Foreign Affairs released a statement saying the country “strongly protested China’s continuing actions to harass and … Continue reading
By Paolo Sorbello Kazakhstan produces around 22 tons of gold each year, a figure comparable to neighboring Kyrgyzstan (18 tons), but only a quarter of Uzbekistan’s production (92 tons). Gold is not a major feature of Kazakhstan’s mining industry, which is dominated by chromium, copper, zinc, and uranium, but it is becoming a key asset … Continue reading