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Egypt is facing challenges in finalizing a significant purchase of 430,000 tons of Russian wheat, originally scheduled for loading this month. As one of the largest wheat buyers globally, the state buyer indicated that delivery was expected by early November, raising concerns about the deal's progress.
Russia's central bank has raised its key interest rate by 200 basis points to 21% to combat higher-than-expected inflation, which stands at 8.4% as of October 21. The bank warns of ongoing inflation risks, citing persistently high inflation expectations and adverse foreign trade conditions.
Russia is advocating for a unified depository and clearance system among BRICS nations to enhance financial cooperation independent of Western influence. The proposal, presented at the summit in Kazan, aims to create a BRICS Clear framework to facilitate seamless cross-border securities transactions, serving as an alternative to existing systems like Euroclear and Clearstream.
Switzerland remains the top offshore financial center, managing $2,174 billion in cross-border assets, but faces increasing competition, particularly from the UK, with only an $8 billion lead. Factors such as the Credit Suisse crisis, a tarnished image of neutrality, and stricter regulations threaten its position, prompting calls for pragmatic reforms to maintain competitiveness. The overall offshore market is stagnating, reflecting broader challenges in the industry.
Sovcomflot PJSC has clarified that three liquefied natural gas tankers, Velikiy Novgorod, Pskov, and La Perouse, transferred to a new Dubai-based company, are not part of the shadow fleet. The management of these vessels was shifted to Matias Ship Management in September, according to shipping database Equasis.
Russia has reaffirmed its commitment to Iran amid escalating tensions with Israel, emphasizing the intention to deepen their alliance despite competing regional interests. As Iran faces potential military action from Israel, both nations are expected to strengthen cooperation, particularly in defense, during the upcoming BRICS summit. This partnership reflects a tactical alliance aimed at countering Western influence and addressing mutual security concerns.
Investors are increasingly favoring emerging market funds that exclude China, driven by concerns over geopolitical tensions and the perceived risks associated with the Chinese economy. This shift has led to a surge in "ex China" funds, which have attracted $10bn in net inflows this year, as clients seek greater exposure to markets like India and Taiwan. Political motivations, particularly among US investors, are influencing this trend, with some pension funds divesting from Chinese assets due to national security concerns.
U.S. Treasury Secretary Janet Yellen announced that G7 and European Union allies are nearing the finalization of a $50 billion loan to Ukraine, which will be backed by frozen Russian assets. The United States is expected to contribute approximately $20 billion to this effort.
Treasury Secretary Janet Yellen announced that the US is close to contributing $20 billion to a G-7-led loan program aimed at supporting Ukraine. The G-7 is expected to finalize a $50 billion loan deal for Ukraine, utilizing profits from frozen Russian central bank assets.
The EU has approved a loan of up to €35 billion to Ukraine as part of a broader G7 initiative to provide $50 billion in support for the war-affected economy by year-end. The loan will be repaid using profits from over €250 billion of Russian assets frozen in Western banks since February 2022. While the U.K. and Canada have pledged $3 billion and $3.6 billion respectively, the U.S. and Japan's contributions remain unclear, with the U.S. indicating a willingness to participate despite ongoing sanctions discussions.
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Egypt's Russian wheat deal faces delays raising market concerns
16:52 25.10.2024
Russia central bank raises key interest rate to 21 percent amid inflation concerns
12:48 25.10.2024
Russia proposes BRICS clearing system to enhance financial cooperation without the West
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switzerland's offshore financial dominance at risk amid emerging global competition
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