The Japanese yen soared on Thursday, experiencing its largest single-day gain since late 2022. Traders attributed the surge primarily to dollar selling triggered by a weak US inflation report. The report fueled expectations of an …
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Russia Approves Tax Hikes to Fund War in Ukraine
Russia’s ongoing war in Ukraine has taken a significant toll on the country’s economy. To offset the financial strain and fuel its war effort, the Russian government has taken a drastic step: approving sweeping tax …
Continue readingTreasury Tightens Grip on Foreign Land Purchases Near Military Sites
The US Treasury has announced a significant expansion of its security review authority over foreign purchases of real estate near military bases. This move, which adds 56 facilities across 30 states to the review list, …
Continue readingUS Wholesale Inventories Rise in May, Boosting Hopes for Q2 Economic Growth
US wholesale inventories saw a solid increase in May, rising by 0.6% according to the Commerce Department’s Census Bureau. This positive development suggests that inventory investment could contribute to economic growth in the second quarter. …
Continue readingOPEC Maintains Strong Oil Demand Forecast: Summer Travel, Economic Growth Key Drivers
The Organization of the Petroleum Exporting Countries (OPEC) has stuck to its prediction of robust global oil demand growth for 2024 and 2025. OPEC attributes this strong outlook to a resilient global economy and a …
Continue readingFed Chair Powell Hints at Rate Cut: “More Good Data” Needed for Easing Monetary Policy
Fed Chair Jerome Powell signaled a potential shift in monetary policy on Tuesday, suggesting that “more good data” would strengthen the case for interest rate cuts. While inflation remains above the Fed’s 2% target, recent …
Continue readingRussia and India Deepen Ties Amidst Western Sanctions: Nuclear Power, Shipbuilding, and Payment Challenges
Amidst the backdrop of Western sanctions imposed on Russia due to the conflict in Ukraine, Moscow has been actively seeking to strengthen ties with “friendly” nations like India. This week, Prime Minister Narendra Modi’s two-day …
Continue readingCanada’s Jobless Rate Surges to 29-Month High, Boosting Rate Cut Bets
Canada’s unemployment rate climbed to a 29-month high of 6.4% in June, raising concerns about a potential recession and increasing expectations of a rate cut by the Bank of Canada (BoC) this month. The rise …
Continue readingSouth African Rand Strengthens as Dollar Weakens on Rate Cut Hopes
The South African Rand continued its upward trend against the US dollar on Friday, fueled by expectations of interest rate cuts by the Federal Reserve later this year. The Rand traded at 18.2250 against the …
Continue readingCanada Approves Glencore’s $6.93 Billion Takeover of Teck Coal Unit with Strict Conditions
The Canadian government has approved Glencore’s $6.93 billion acquisition of Teck Resources’ steelmaking coal unit, with stringent conditions to protect jobs and Canadian interests. Industry Minister François-Philippe Champagne announced the approval on Thursday, emphasizing the …
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