Takeover of Baoshang Bank by the Chinese government is an indication of a new economic crisis

Takeover of Baoshang Bank by the Chinese government is an indication of a new economic crisis

Beijing: The Chinese government has acquired the Baoshang bank that was heading towards bankruptcy. This is the first instance of the Chinese government taking over a private bank in the last two decades. This exposes the weakness of the Chinese banking sector, credit availability and economy, and these are indications of the beginning of a […]

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Iran likely to face the worst recession, warns World Bank

Iran likely to face the worst recession, warns World Bank

Washington: The World Bank warned that Iranian oil exports are almost nil because of the harsh US sanctions. Oil exports being the primary source of funding in the Iranian economy; this is affecting the Iranian markets. Therefore, Iran may face an unprecedented recession.’ The World Bank also criticised the economic policies of the Iranian President […]

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More than 250 million people hit by severe food shortage in the world

More than 250 million people hit by severe food shortage in the world

Rome: A report by an international voluntary group says that more than 250 million people have been hit by severe food shortage, as a result of the continuing and intensifying conflicts around the world, economic crisis and natural calamities. The percentage is more in 8 Asian and African countries, including Yemen, Nigeria, Syria and Afghanistan. […]

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World Bank warns of lengthening shadows of a new global economic crisis

World Bank warns of lengthening shadows of a new global economic crisis

Washington: The World Bank has warned that dark clouds of a new crisis are hovering over the global economy due to the pressures created because of tensions in the international trade, decreasing investment, increasing intensity of the natural calamities and the increasing debt burden. A new report released by the World Bank warns that the […]

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Venezuelan inflation index at 1.3 million%, opposition criticises the Maduro government

Venezuelan inflation index at 1.3 million%, opposition criticises the Maduro government

Caracas: A banana would cost $21 in Venezuela a few months ago. But by the year-end, the ordinary Venezuelan will not even be able to buy a banana for the same price. The Venezuelan inflation index has sky-rocketed by 1.3 million%, and the value of the local currency Bolivar has nosedived as compared to the […]

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One mistake by the US will cause Hormuz Strait’s oil transport to shut down, warns Iranian military chief

One mistake by the US will cause Hormuz Strait’s oil transport to shut down, warns Iranian military chief

Tehran: ‘The United States will have to pay a heavy price if it makes the mistake of stopping the Iranian crude exports. Iran will stop the entire crude oil movement from Arabian nations, passing through the Strait of Hormuz if the United States makes this mistake,’ warned the Iranian military chief, Major General Mohammad Hossein […]

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The motive behind the economic crisis is to target Turkey; fresh accusation of Recep Erdogan

The motive behind the economic crisis is to target Turkey; fresh accusation of Recep Erdogan

Ankara: Turkish President, Recep Erdogan appealed to the Turkish people to courageously face the economic crisis saying, ‘If the Turkish people show any vulnerability or indicate that the situation is weak, the enemies of Turkey will attack the country like vultures. Some people think that the target of these attacks is Erdogan, but one must […]

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Greece should quit the Euro and use Drachma as its currency, warns former Greek Finance Minister

Greece should quit the Euro and use Drachma as its currency, warns former Greek Finance Minister

Athens: The European lending agencies have converted Greece into a dead colony wherein Greeks will have to suffer pain and poverty for many years to come, accused former Finance Minister of Greece. At the same time, he warned that Greece should quit the Euro and start using the old Drachma currency. It was announced on […]

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Turkey currency crisis is a threat to the German economy, warns German finance ministry

Turkey currency crisis is a threat to the German economy, warns German finance ministry

Berlin: The sliding Turkish Lira is creating additional perils for the German economy, cautioned the German finance ministry. The value of the Turkish Lira has fallen by more than 50% against the US dollar, and the debt burden on the country also has increased. Germany being the country with the highest investments in Turkey will […]

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Venezuela’s economic crisis & Iran’s Nuclear Program, lead to surge in crude oil prices to $75 per barrel

Venezuela’s economic crisis & Iran’s Nuclear Program, lead to surge in crude oil prices to $75 per barrel

London/Washington/Tehran: The crude oil prices have once again surged against the backdrop of US President, Donald Trump’s deadline to withdraw from the Iran Nuclear Deal and the Venezuelan economic crisis. On Monday, the crude oil prices in the global markets rose to $75 making it the first time since Nov 2014 to hit its highest […]

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