Stories related to finance and economics.

EU provisionally agrees on mechanism against economic coercion

Early on Tuesday (28 March) it was announced that representatives of the European Parliament and the Council reached a provisional deal on a mechanism to allow member states to retaliate against countries that pressure them to change their economic policies.

patrickn97 Wed, 03/29/2023 - 09:53 Kazakhstan and China sign commercial agreements worth $565m
On Tuesday (28 March) it was announced that Kazakh and Chinese business leaders signed 16 different documents strengthening bilateral relations. The agreements were signed on the sidelines of the "Second friendly dialogue of cross-border cooperation between the Republic of Kazakhstan and the Xinjiang Uygur Autonomous Region (XUAR) of the People's Republic of China". The documents included six interregional agreements, five memoranda of understanding, and five commercial agreements totalling a value of $565m. The agreements cover the sectors of construction, energy, mining, agriculture, food industry, engineering, tourism, investment, and others. The forum was held alongside a visit of the Political Bureau of the Central Committee of the Chinese Communist Party and Communist Party Secretary of XUAR, Ma Xingrui, to Kazakhstan. At the meeting, Chinese and Kazakh officials and entrepreneurs discussed ways to improve the efficiency of checkpoints, logistics centers, and transport infrastructure along the almost 1,800km-long border. Speaking at the event, the Kazakh Deputy Prime Minister and Minister of Trade and Integration Serik Zhumangarin said Kazakhstan is ready to export some 135 industrial and agricultural products worth over $1 billion to China.
patrickn97 Wed, 03/29/2023 - 09:12

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Russia to ban oil sales under price cap

Russian Deputy Prime Minister Alexander Novak stated on Sunday that Moscow will not adhere to the price cap of $60 per barrel imposed by the G7 on the sale of Russian oil to non-EU countries, and will reduce production in order to make up for lost exports.

Novak also argued that the price cap mechanism contravenes World Trade Organization rules, would cause a decrease in energy investment, and could potentially lead to worldwide shortages and further market disruption.

Maximiliaan va… Sun, 12/04/2022 - 17:47
First shipment of Russian fertiliser en route to Africa

The first Russian shipment of fertiliser left the Dutch port of Terneuzen on Tuesday (29 November) after days of negotiating to ensure it would not be snagged by Western sanctions. The ship was commissioned by the UN’s food security agency, the World Food Programme, and the cargo is part of some 260,000 tonnes of Russian fertiliser stored in European ports.

patrickn97 Thu, 12/01/2022 - 07:18
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Brussels hosts 6th EU-GCC Business forum

Brussels hosts 6th EU-GCC Business forum

The EU and the GCC have underlined their commitment to expanding cooperation during the sixth joint business forum held at the Residence Palace in the European Quarter of Brussels on Thursday, 24 November.  "This meeting is both welcome and timely, given the very challenging global developments we have faced, and continue to face, in 2022," said European Commission Executive Vice-President Valdis Dombrovskis in his keynote speech to the gathering. Dombrovskis said that "in this challenging environment, the EU is fully committed to strengthening economic ties between our two regional blocs. By developing our areas of mutual interest, by working in a more collaborative way, we can achieve real benefits.  "The EU is guided in this important work by our Communication on a 'Strategic Partnership with the Gulf, published in May of this year. The strategic aim of this roadmap is clear: we want to broaden and deepen our cooperation with the GCC and its member countries. We view the Gulf as a dynamic neighboring region, and an important gateway between Europe, Asia and Africa."
Opinion: Europe finds itself in a double-bind over African gas

Europe needs to make sure that it does not unfairly exploit the area and it does not unduly oscillate between advocating for renewable energy while at the same time looking for fossil fuels in Africa, writes Alexandra Dumitrescu in this op-ed for

patrickn97 Tue, 11/15/2022 - 09:38