Economy

Monday, February 28th 2022 - 20:05 UTC
South Africa becoming a welfare state, finance minister tells Congress

South Africa’s new Finance Minister Enoch Godongwana has told Congress the country was becoming a welfare state fast and he sought Parliamentarian approval for his first budget.
Monday, February 28th 2022 - 09:24 UTC
Paraguayans rush to bordering city to buy fuel smuggled in from Argentina

Hundreds of Paraguayans rushed over the weekend to the coastal town of Nanawa – formerly Puerto Elsa – in the Presidente Hayes province to buy cheaper fuel smuggled from Clorinda, Argentina, it was reported.
Sunday, February 27th 2022 - 13:53 UTC
Russia banned from leading global banking network

Western powers have decided to ban Russia from the SWIFT banking payments system as part of the sanctions against the Government of President Vladimir Putin for invading Ukraine, it was announced during the weekend in a joint statement from countries adopting the measure.
Saturday, February 26th 2022 - 09:54 UTC
Russia and China bilateral trade moving to the Yuan, gradually replacing the US dollar

The Ukraine war which has impacted on Russian markets and particularly the plunge of the ruble, should not be a major cause of concern for China-Russia bilateral trade since a growing percentage of business is done with the Chinese currency Yuan, as the two countries move towards de-dollarization, according to financial circles in Beijing.
Saturday, February 26th 2022 - 09:44 UTC
China to begin selling soybean reserves; plans to ensure food security and self sufficiency

China will begin the sale of state-owned reserves to increase supply in the world’s largest oilseed market, the National Food and Strategic Reserves Administration announced, although no auction volumes or dates were advanced.
Saturday, February 26th 2022 - 09:20 UTC
US inflation in January at a four decades high, and still has to peak

No peace for president Joe Biden absorbed by the Ukraine war, and for US consumers, inflation keeps surging and is expected to peak sometime midyear, before it begins to weaken. An inflation gauge closely monitored by the Federal Reserve effectively jumped 6.1% in January compared with a year ago.
Saturday, February 26th 2022 - 09:18 UTC
UEFA moves Champions League final from St Petersburg to Paris; Gazprom sponsorship cancelled

The Union of European Football Associations, UEFA finally decided on Friday to move the 2022 Champions League final from Saint Petersburg to Saint-Denis in the wake of Russia's invasion of Ukraine.
Thursday, February 24th 2022 - 09:40 UTC
Boris Johnson at business roundtable to discuss limiting Russian access to UK financial services

The Prime Minister on Wednesday met with some of the UK’s leading city firms, regulators and trade associations, to discuss the first package of economic sanctions being implemented against Russia, due to their recognition of Donetsk and Luhansk.
Thursday, February 24th 2022 - 09:25 UTC
Soybeans above US$ 615 in Chicago but Argentine producers angry

The threat of a full-scale war has increased fears of shortages in the near future, driving prices up. The ton of soybeans rose 2.4% and closed at US$ 615.45, while corn grew 1.3% to close at US$ 269.19 and wheat climbed 3.6% and to reach US$ 321.87, it was reported.
Thursday, February 24th 2022 - 09:10 UTC
World Trade Organization back to business in June for the twice suspended Ministerial Conference

World Trade Organization members agreed on Wednesday that the postponed 12th Ministerial Conference (MC12) will now take place during the week of 13 June in Geneva. The decision at a meeting of the organization’s General Council was taken following the easing of COVID-19 pandemic restrictions in the host country Switzerland.