Cyprus has revoked 77 more "golden" passports, primarily from Russian citizens, including notable figures like oligarch Alexei Kuzmichev and metals baron Oleg Deripaska. The revocations stem from false declarations, criminal backgrounds, and failure to meet naturalization requirements, bringing the total to 286. The controversial citizenship scheme, suspended in 2020, has faced increased scrutiny following Russia's invasion of Ukraine.
The St. Galler Kantonalbank forecasts further interest rate cuts by the Swiss National Bank, but not below zero, while emphasizing the attractiveness of high-dividend equities in a low-rate environment. Bitcoin is deemed a speculative asset unsuitable for strategic allocation, contrasting with gold, which remains a reasonable hedge. Geopolitical risks are acknowledged but viewed as short-term fluctuations rather than decisive factors.
ECB President Christine Lagarde has urged EU leaders to collaborate with the new U.S. president, advocating for increased purchases of U.S. goods to mitigate trade tensions. She warned that a full-scale trade war could harm global economic growth and recommended a "checkbook strategy" over retaliatory tariffs, emphasizing the need for diplomatic engagement to stabilize the trade landscape.
The ruble has plummeted over 9% against the dollar and 6% against the yuan since the US imposed sanctions on approximately 50 Russian banks on November 21. This decline is intensifying pressure on the Bank of Russia to implement a significant interest rate hike to combat rising inflation.
Kazakhstan's central bank is intervening in the market to address the tenge's decline, which has reached its lowest point since March 2022. Officials aim to prevent destabilizing fluctuations, ensure a stable foreign-currency supply, and restore a fair exchange rate. The National Bank is prepared to continue these interventions to maintain normal currency market operations.
Brazil's real has plummeted to an all-time low, trading at 6 per dollar, as the government's $12 billion spending cuts failed to reassure investors amid rising concerns over the budget deficit. The currency's decline surpassed the previous low of 5.97 per dollar recorded during the Covid pandemic, while swap rates surged nearly 40 basis points and the benchmark stock index fell to its lowest level since August.
Nigerian security forces reportedly used excessive force during protests against soaring living costs, with evidence indicating they were "shooting to kill," according to Amnesty International. Demonstrators, expressing their frustrations over high inflation and economic reforms by President Bola Tinubu, marched through various cities from August 1-10, chanting "we are hungry." The protests were fueled by a significant rise in food prices and the naira's devaluation following the removal of fuel subsidies and changes to foreign-exchange controls.
Trump's tariff threats have unsettled Europe's auto industry, but Ferrari remains largely unaffected, as it produces exclusively in Italy and can pass on potential tariff costs to its affluent customers. Analysts believe that even significant tariffs would not deter demand for Ferrari's luxury vehicles, contrasting with the challenges faced by competitors like Porsche, which may struggle to absorb higher costs.
Russia's economy is facing severe challenges as the ruble plummets, hitting its lowest level since March 2022, amid ongoing sanctions and a war-focused domestic economy. The central bank has halted foreign currency purchases to stabilize the market, but inflation continues to soar, exacerbating economic instability. Despite some growth driven by oil and gas exports, the situation is deteriorating, with experts warning of a potential currency crisis.
Minister Goyal expressed optimism about India's relationship with the incoming Trump administration, despite Trump's previous claims of high tariffs imposed by India. He highlighted Prime Minister Modi's successful navigation of ties with three US administrations and looks forward to continued collaboration. Goyal emphasized the need to wait for the new government's official stance before making any assumptions.
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