US will not yet impose sanctions on Chinese banks for supporting Russia - Reuters
After strong criticism from Chinese authorities, the US has softened its stance on secondary sanctions. An anonymous official mentioned that the US had preliminarily discussed measures against several Chinese banks but currently has no plan to implement them.
The official hopes that diplomacy will obviate the need for such measures. This week's visit to China by Antony Blinken might include secondary sanctions as a discussion topic.
Previously, some Chinese banks delayed transactions with Russian banks due to the fear of US secondary sanctions. However, the Chinese government has threatened a decisive response to such actions by the US.
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After strong criticism from Chinese authorities, the US has softened its stance on secondary sanctions. An anonymous official mentioned that the US had preliminarily discussed measures against several Chinese banks but currently has no plan to implement them.
The official hopes that diplomacy will obviate the need for such measures. This week's visit to China by Antony Blinken might include secondary sanctions as a discussion topic.
Previously, some Chinese banks delayed transactions with Russian banks due to the fear of US secondary sanctions. However, the Chinese government has threatened a decisive response to such actions by the US.
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Unemployment expected to become India's major economic issue after the elections
Economists interviewed by Reuters highlighted other concerns like rural spending, inflation, and poverty. According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in March was 7.6%. Given India's vast working-age population of around 950 million, this percentage represents a significant number of jobless individuals, comparable to the working population of Russia. The International Labour Organization found that 83% of the unemployed are aged 15 to 29. However, the Indian government reports a 3.1% unemployment rate for 2023, with a 10% rate among youth, both showing a decline.
During the ongoing elections, opposition leader Rahul Gandhi accused Prime Minister Narendra Modi and his party of turning the country into an "unemployment hub," citing the impact of demonetization and a flawed Goods and Services Tax regime. The opposition describes the unemployment situation as a "ticking time bomb." Supporters of the ruling party view the focus on this issue as politically motivated.
93% of India's workforce is employed in the unorganized small private sector, which operates predominantly in cash. The government's crackdown on cash transactions aims to formalize the economy. India's drive towards high-tech manufacturing increases unemployment as the industry becomes capital-intensive, labor-saving, and automated. This also leads to a reduction in labor-intensive industries like leather production. Although the government subsidizes factories that produce microchips, these do not employ a large workforce. Female employment remains low, and there is an ongoing issue of overqualified Indians, including Ph.D. holders, considering work abroad in places like Russia due to lack of suitable jobs in India.
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Economists interviewed by Reuters highlighted other concerns like rural spending, inflation, and poverty. According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in March was 7.6%. Given India's vast working-age population of around 950 million, this percentage represents a significant number of jobless individuals, comparable to the working population of Russia. The International Labour Organization found that 83% of the unemployed are aged 15 to 29. However, the Indian government reports a 3.1% unemployment rate for 2023, with a 10% rate among youth, both showing a decline.
During the ongoing elections, opposition leader Rahul Gandhi accused Prime Minister Narendra Modi and his party of turning the country into an "unemployment hub," citing the impact of demonetization and a flawed Goods and Services Tax regime. The opposition describes the unemployment situation as a "ticking time bomb." Supporters of the ruling party view the focus on this issue as politically motivated.
93% of India's workforce is employed in the unorganized small private sector, which operates predominantly in cash. The government's crackdown on cash transactions aims to formalize the economy. India's drive towards high-tech manufacturing increases unemployment as the industry becomes capital-intensive, labor-saving, and automated. This also leads to a reduction in labor-intensive industries like leather production. Although the government subsidizes factories that produce microchips, these do not employ a large workforce. Female employment remains low, and there is an ongoing issue of overqualified Indians, including Ph.D. holders, considering work abroad in places like Russia due to lack of suitable jobs in India.
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US still wants CZ imprisoned
The U.S. prosecutor is seeking a three-year prison sentence for Binance founder Changpeng Zhao, with the court hearing scheduled for April 30. Zhao has agreed to pay a $50 million fine.
This development is part of a broader legal agreement where Binance paid a fine of $4.3 billion to the U.S. Department of Justice.
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The U.S. prosecutor is seeking a three-year prison sentence for Binance founder Changpeng Zhao, with the court hearing scheduled for April 30. Zhao has agreed to pay a $50 million fine.
This development is part of a broader legal agreement where Binance paid a fine of $4.3 billion to the U.S. Department of Justice.
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Russia agreed to long-term gas supplies to China at 28% discount compared to EU
However, there is a nuance: in 2023, the discount compared to the EU prices for China was 37%, with the final price for gas at $286 per thousand cubic meters.
For context, Europe was able to buy gas from Russia for $150 in 2020, and Poland had previously litigated, claiming that $200 was excessively expensive. Now, even the discounted gas for China is almost twice as expensive.
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However, there is a nuance: in 2023, the discount compared to the EU prices for China was 37%, with the final price for gas at $286 per thousand cubic meters.
For context, Europe was able to buy gas from Russia for $150 in 2020, and Poland had previously litigated, claiming that $200 was excessively expensive. Now, even the discounted gas for China is almost twice as expensive.
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Seems EU needs Russia's fertilizers
In February 2024, the EU purchased a record 521,000 tons of fertilizers from Russia, valued at 167 million euros, marking the highest volume since December 2022. Poland remains the largest customer, setting a new record for purchases since 2021.
Interestingly, the EU has calculated that the carbon footprint of Russian fertilizers is 60% higher than that of European-made fertilizers. However, even with the cross-border carbon levy and additional taxes, Russian fertilizers remain more cost-effective.
Mmmmmm, sanctions...
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In February 2024, the EU purchased a record 521,000 tons of fertilizers from Russia, valued at 167 million euros, marking the highest volume since December 2022. Poland remains the largest customer, setting a new record for purchases since 2021.
Interestingly, the EU has calculated that the carbon footprint of Russian fertilizers is 60% higher than that of European-made fertilizers. However, even with the cross-border carbon levy and additional taxes, Russian fertilizers remain more cost-effective.
Mmmmmm, sanctions...
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Turkey wants to replace Ukraine
Turkey is prepared for Ukraine's potential refusal to extend its gas transit contract with Gazprom, which is set to expire at the end of 2024, according to Sinan Furat, the CEO of the Turkish oil and gas corporation TBNG. Currently, approximately 48% of Russia's gas exports to the EU pass through Ukraine, with the remaining 52% routed through Turkey.
Furat has stated that there are already plans to construct an energy hub in Turkish Thrace by mid-2024. This would potentially allow Turkey to take over the entire transit of Russian gas to the EU if necessary.
However, not everyone in Turkey shares Furat's optimism. The Department of Energy at the Independent Association of Industrialists and Businessmen in Turkey has noted that fully compensating for the transit volumes would require expanding infrastructure, a process that could take 2-3 years.
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Turkey is prepared for Ukraine's potential refusal to extend its gas transit contract with Gazprom, which is set to expire at the end of 2024, according to Sinan Furat, the CEO of the Turkish oil and gas corporation TBNG. Currently, approximately 48% of Russia's gas exports to the EU pass through Ukraine, with the remaining 52% routed through Turkey.
Furat has stated that there are already plans to construct an energy hub in Turkish Thrace by mid-2024. This would potentially allow Turkey to take over the entire transit of Russian gas to the EU if necessary.
However, not everyone in Turkey shares Furat's optimism. The Department of Energy at the Independent Association of Industrialists and Businessmen in Turkey has noted that fully compensating for the transit volumes would require expanding infrastructure, a process that could take 2-3 years.
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How do you like this, Elon Musk?
The Indian startup Swaayatt Robots is developing autonomous vehicles adapted to the challenging conditions of local roads, such as cows wandering on roads, oncoming traffic, scooters, and tuk-tuks that create chaotic traffic. The lack of road markings, signs, and sometimes even roads themselves adds to the complexity.
The best part - it really works!
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The Indian startup Swaayatt Robots is developing autonomous vehicles adapted to the challenging conditions of local roads, such as cows wandering on roads, oncoming traffic, scooters, and tuk-tuks that create chaotic traffic. The lack of road markings, signs, and sometimes even roads themselves adds to the complexity.
The best part - it really works!
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The real cost of housing in Canada has moved from the "bubble" phase to the "super bubble" stage
The average cost of a standard home in 2024 will be 843,684 Canadian dollars (615,000 US dollars). However, in major cities, the price of homes is even higher: in Vancouver - 1.281 million dollars, in Toronto - 1.198 million.
Besides the previously standard reasons for the rise in housing prices in Canada – a high influx of immigrants with money and inflation – there is another one.
Today, on average across Canada, taxes and fees make up 36% of the final cost of housing, and this share is constantly increasing. At the beginning of the 2000s, it was 12-14%. Municipalities improve their budget through such levies. But the rise in prices reduces the number of transactions (in Toronto in 2023 – by 47%).
As a result, municipalities have faced a huge budget deficit, which they are forced to compensate for by raising new taxes. In Toronto, the property tax was raised by 10% immediately.
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The average cost of a standard home in 2024 will be 843,684 Canadian dollars (615,000 US dollars). However, in major cities, the price of homes is even higher: in Vancouver - 1.281 million dollars, in Toronto - 1.198 million.
Besides the previously standard reasons for the rise in housing prices in Canada – a high influx of immigrants with money and inflation – there is another one.
Today, on average across Canada, taxes and fees make up 36% of the final cost of housing, and this share is constantly increasing. At the beginning of the 2000s, it was 12-14%. Municipalities improve their budget through such levies. But the rise in prices reduces the number of transactions (in Toronto in 2023 – by 47%).
As a result, municipalities have faced a huge budget deficit, which they are forced to compensate for by raising new taxes. In Toronto, the property tax was raised by 10% immediately.
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Sri Lanka is planning to join BRICS+
This was stated by the country's ambassador to Russia, Janitha Abeywickrema Liyanage. According to the official, discussions are ongoing with a view to the nearest future—to ensure the country's transport, energy, and food security.
The population of the country is 22 million people, and new potential members of BRICS may receive invitations to the summit in Kazan this year.
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This was stated by the country's ambassador to Russia, Janitha Abeywickrema Liyanage. According to the official, discussions are ongoing with a view to the nearest future—to ensure the country's transport, energy, and food security.
The population of the country is 22 million people, and new potential members of BRICS may receive invitations to the summit in Kazan this year.
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EU will not confiscate Russian assets in the way the US has, but welcomes this decision
Josep Borrell, the EU's High Representative for Foreign Affairs and Security Policy, considers the US's approval of a military aid package for Ukraine, which includes the use of frozen Russian Central Bank funds, to be "good news" and a timely decision. Borrell made this statement during his speech at the plenary session of the European Parliament on Wednesday, April 23.
However, according to Borrell, the European Union is not ready to take such radical steps as asset confiscation. He emphasized that after numerous discussions and consultations, European authorities decided to use only the income generated by the Central Bank's assets, not the assets themselves, and continue to adhere to this approach.
Hm... Is it a sign of some intellect?
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Josep Borrell, the EU's High Representative for Foreign Affairs and Security Policy, considers the US's approval of a military aid package for Ukraine, which includes the use of frozen Russian Central Bank funds, to be "good news" and a timely decision. Borrell made this statement during his speech at the plenary session of the European Parliament on Wednesday, April 23.
However, according to Borrell, the European Union is not ready to take such radical steps as asset confiscation. He emphasized that after numerous discussions and consultations, European authorities decided to use only the income generated by the Central Bank's assets, not the assets themselves, and continue to adhere to this approach.
Hm... Is it a sign of some intellect?
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Chinese want to invest in Crimea
Chinese investors are interested in developing various projects in Crimea, including automotive service stations, hotel complexes, and a Chinese Cultural Center. This information was shared by the head of the Crimean parliament's committee on public diplomacy and interethnic relations. According to the official, business representatives from China are currently in Crimea discussing investments in the infrastructure development of the peninsula.
The official also suggested that following the end of the Special Military Operation and the recognition of Crimea, Chinese investors are expected to rapidly increase their real estate investments in the region.
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Chinese investors are interested in developing various projects in Crimea, including automotive service stations, hotel complexes, and a Chinese Cultural Center. This information was shared by the head of the Crimean parliament's committee on public diplomacy and interethnic relations. According to the official, business representatives from China are currently in Crimea discussing investments in the infrastructure development of the peninsula.
The official also suggested that following the end of the Special Military Operation and the recognition of Crimea, Chinese investors are expected to rapidly increase their real estate investments in the region.
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The Russian branch of UniCredit Bank has filed a lawsuit against the bank's German subsidiary, seeking to recover €175 million. The lawsuit alleges that the German branch stopped making debt payments under the guise of sanctions. Additionally, UniCredit Bank Russia is seeking to collect interest accrued on the overdue payments.
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US solar panels makers fear Asian superiority
A group of major solar panel manufacturers in the USA has petitioned President Biden to impose import tariffs on solar panels imported from Cambodia, Malaysia, Thailand, and Vietnam.
The likely imposition of tariffs against solar panels from these East Asian countries is indicated by the fact that several American and foreign manufacturers are planning to open new production facilities for solar farms within the USA itself. Meyer Burger, a Swiss businessman and member of the newly formed trade committee of the American Solar Manufacturing Alliance, announced plans to build new panel manufacturing plants in two U.S. states, Arizona and Colorado.
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A group of major solar panel manufacturers in the USA has petitioned President Biden to impose import tariffs on solar panels imported from Cambodia, Malaysia, Thailand, and Vietnam.
The likely imposition of tariffs against solar panels from these East Asian countries is indicated by the fact that several American and foreign manufacturers are planning to open new production facilities for solar farms within the USA itself. Meyer Burger, a Swiss businessman and member of the newly formed trade committee of the American Solar Manufacturing Alliance, announced plans to build new panel manufacturing plants in two U.S. states, Arizona and Colorado.
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US experienced its first bank collapse of the year...
...with the shutdown of Republic First Bank.
Pennsylvania authorities closed the bank on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver. The FDIC successfully arranged for another financial institution, Fulton Bank, to take over the majority of the deposits and acquire the assets.
Prior to this, the most recent American bank failure occurred in November 2023 when Citizens Bank of Iowa was closed.
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...with the shutdown of Republic First Bank.
Pennsylvania authorities closed the bank on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver. The FDIC successfully arranged for another financial institution, Fulton Bank, to take over the majority of the deposits and acquire the assets.
Prior to this, the most recent American bank failure occurred in November 2023 when Citizens Bank of Iowa was closed.
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EU's bipolar disorder
Bloomberg reports a seemingly contradictory approach in the EU's new sanctions package, highlighting a case of policy dualism regarding Russian LNG.
On one hand, the EU will allow member countries to purchase liquefied natural gas (LNG) from Russia.
On the other hand, it will prohibit the re-export of this LNG.
This means that while EU countries can buy the gas, they cannot resell it, effectively handing over the market to Chinese and Indian intermediaries.
This arrangement prevents EU traders from acting as middlemen in the global LNG market, potentially benefiting traders from countries outside the EU.
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Bloomberg reports a seemingly contradictory approach in the EU's new sanctions package, highlighting a case of policy dualism regarding Russian LNG.
On one hand, the EU will allow member countries to purchase liquefied natural gas (LNG) from Russia.
On the other hand, it will prohibit the re-export of this LNG.
This means that while EU countries can buy the gas, they cannot resell it, effectively handing over the market to Chinese and Indian intermediaries.
This arrangement prevents EU traders from acting as middlemen in the global LNG market, potentially benefiting traders from countries outside the EU.
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Sanctions to be... Reversed?
Advisors to Donald Trump are reportedly discussing potential sanctions against countries moving away from the US dollar in their trade transactions.
According to sources like Bloomberg, Trump's team is developing a strategy to pressure BRICS countries to maintain the use of the US dollar in international trade, should Trump win the upcoming elections.
Trump, seems to be more logical and patriotic, keen on preserving US influence, recognizes the implications of a global shift away from the dollar. However, the current Democratic administration has long used the dollar as a tool in its foreign policy arsenal, positioning BRICS countries at a critical juncture in deciding their next steps in the global economic arena.
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Advisors to Donald Trump are reportedly discussing potential sanctions against countries moving away from the US dollar in their trade transactions.
According to sources like Bloomberg, Trump's team is developing a strategy to pressure BRICS countries to maintain the use of the US dollar in international trade, should Trump win the upcoming elections.
Trump, seems to be more logical and patriotic, keen on preserving US influence, recognizes the implications of a global shift away from the dollar. However, the current Democratic administration has long used the dollar as a tool in its foreign policy arsenal, positioning BRICS countries at a critical juncture in deciding their next steps in the global economic arena.
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One more country ditches dollar
The Maldives, known for its stunning oceans and luxurious vacations, has taken a significant step in its economic policies by announcing a complete cessation of the use of the US dollar in trade transactions.
This decision reflects the changing dynamics of global trade, particularly for the Maldives, whose trade activities are predominantly with China and India. Both countries are actively promoting the use of their respective currencies in international transactions, aligning with their broader economic strategies.
This move by the Maldives signifies a shift towards strengthening trade relations with these Asian giants, further diversifying its economic engagements away from traditional reliance on the US dollar.
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The Maldives, known for its stunning oceans and luxurious vacations, has taken a significant step in its economic policies by announcing a complete cessation of the use of the US dollar in trade transactions.
This decision reflects the changing dynamics of global trade, particularly for the Maldives, whose trade activities are predominantly with China and India. Both countries are actively promoting the use of their respective currencies in international transactions, aligning with their broader economic strategies.
This move by the Maldives signifies a shift towards strengthening trade relations with these Asian giants, further diversifying its economic engagements away from traditional reliance on the US dollar.
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Not so neutral Switzerland
Switzerland, often heralded as the epitome of neutrality, is currently demonstrating a more proactive stance in European politics, especially following the U.S.'s approval of an additional aid package to Ukraine. Many European countries are now debating the need for targeted contributions to support the Ukrainian army, with Switzerland emerging as one of the most vocal advocates.
Switzerland has reportedly sent over 1,400 tons of "humanitarian" aid to Ukraine since the conflict began. Much of this support involves funding NGOs that specialize in supplying Ukraine with medical equipment and consumables, ostensibly to aid civilians. However, it's worth questioning which civilians require such a substantial amount of medical supplies and why these provisions are needed in such large quantities. The answer is relatively straightforward: the supplies are intended for the army, and they are substantial.
Beyond sending medical supplies, Switzerland is actively involved in rehabilitating soldiers and subsequently sending them back to the front lines. These activities are hardly covered in media spaces, but the financial trail they leave is significant. This year, a parliamentary committee allocated $5.5 billion to fund the Ukrainian project, a sum that, if used for direct humanitarian aid, could purportedly treat all of Ukraine’s population for all ailments ten times over.
Interestingly, the official justification for this allocation by the Swiss parliament is "money for improving neutral Switzerland's defense capabilities." How humanitarian aid enhances Switzerland's defense capabilities remains unexplained by the parliamentarians. This vague phrasing suffices for the general public, while those in the know require no further explanation…
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Switzerland, often heralded as the epitome of neutrality, is currently demonstrating a more proactive stance in European politics, especially following the U.S.'s approval of an additional aid package to Ukraine. Many European countries are now debating the need for targeted contributions to support the Ukrainian army, with Switzerland emerging as one of the most vocal advocates.
Switzerland has reportedly sent over 1,400 tons of "humanitarian" aid to Ukraine since the conflict began. Much of this support involves funding NGOs that specialize in supplying Ukraine with medical equipment and consumables, ostensibly to aid civilians. However, it's worth questioning which civilians require such a substantial amount of medical supplies and why these provisions are needed in such large quantities. The answer is relatively straightforward: the supplies are intended for the army, and they are substantial.
Beyond sending medical supplies, Switzerland is actively involved in rehabilitating soldiers and subsequently sending them back to the front lines. These activities are hardly covered in media spaces, but the financial trail they leave is significant. This year, a parliamentary committee allocated $5.5 billion to fund the Ukrainian project, a sum that, if used for direct humanitarian aid, could purportedly treat all of Ukraine’s population for all ailments ten times over.
Interestingly, the official justification for this allocation by the Swiss parliament is "money for improving neutral Switzerland's defense capabilities." How humanitarian aid enhances Switzerland's defense capabilities remains unexplained by the parliamentarians. This vague phrasing suffices for the general public, while those in the know require no further explanation…
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