Russian company Rosneft plans to invest $500 million in the development of oil fields in the Orinoco oil belt in Venezuela. The agreement on additional investment was signed on Friday night, Feb. 19, in the presence of the President of the Bolivarian Republic Nicolas Maduro, Venezolana de Television TV channel said. “According to the law … Continue reading
By Alyssa Anderson, Jane Ihrig, Ellen Meade, and Gretchen Weinbach * At its December 2015 meeting, the Fed’s policymaking committee, the Federal Open Market Committee (FOMC), announced an increase in the target range for the federal funds rate of 25 basis points, the first increase in the policy rate since June 2006. In a previous FEDS … Continue reading
The stage is set for further tensions in the South China Sea as Beijing announced on Friday that it has adopted its first law on deep sea exploration, in the nation’s latest move to assert itself as a maritime power. On Friday, China’s top legislature passed the country’s first law on deep seafloor resource exploration to “protect the maritime environment” and “ensure … Continue reading
By Egon Von Greyerz, Goldbroker.com Central Bank heads believe they are magicians who can wave their magic wand to create whatever economic conditions they desire. But the problem is that they are consistently wrong in their assessment of the economy so they don’t know what to do with the wand. Also, the wand is not magic … Continue reading
By Daniel Schearf A financial crisis in Moldova, one of the poorest countries in Europe, has exposed deep-rooted corruption that is boosting pro-Russia parties and threatening Moldova’s stability. Monthslong protests around government buildings have raised comparisons with the uprising in neighboring Ukraine. Western backers are withholding financial support until the government makes much-needed reforms, but … Continue reading
Venezuela is no stranger to high drama. The concern in the financial world this week was that the government in Caracas was poised to default on a $1.5 billion bond payment that came due on Friday. But while that crisis was, in the end, averted, Venezuela is far from out of the woods. There is still … Continue reading
By John Browne, Euro Pacific Capital On February 16th, The Washington Post printed the article, “It’s time to kill the $100 bill.” This came on the heels of a CNNMoney item, the day before, entitled “Death of the 500 euro bill getting closer.” The former cited a recent Harvard Kennedy School working paper, No. 52 by Senior … Continue reading
By Fabius Maximus The great struggle to manage or even control oil prices again dominates the world economy and the news headlines. Yet even the basics are poorly understood, cloaked in myths and misunderstandings. Here is a quick sketch of how the oil boom brought us here, how the bust will end, who will win, and … Continue reading
The already strained relations between Moscow and Ankara have taken a turn for the worse. Gazprom has cut gas supplies by nearly a quarter after failing to reach an agreement with Turkish importers on discounts for Russian natural gas. Delivery is down 23 percent, compared to the same period last year, Interfax reports, quoting data … Continue reading
By Marc Chandler, Marc to Market Blog 1) PBOC appears to have confirmed a somewhat easier monetary stance 2) Malaysian Prime Minister Najib is consolidating his grip on power 3) Hungarian central bank Vice Governor Nagy hinted at more rate cuts 4) Press reports suggest South African Finance Minister Gordhan threatened to resign last week 5) Brazil … Continue reading