This tag is associated with 16 posts

Petrol Pump Pain: Venezuelan Gasoline Prices Jump 6,000%

Gasoline will no longer be cheaper than water for Venezuelans after President Nicolas Maduro devalued the national currency and raised petrol prices sixty-fold. I take responsibility for it, said Maduro. Caracas has hiked petrol prices for the first time in 20 years, as the oil-dependent Venezuelan economy is no longer able to subsidize prices at … Continue reading

India Takes China’s Crown As Fastest Growing Economy

Despite the tough times for most emerging markets, India continued its economic expansion becoming the fastest growing economy of 2015. With a growth rate of 7.5 percent India outpaced China’s 6.9 percent. India’s growth was 7.3 percent in the last quarter of 2015, according to official government figures. New Delhi says it expects growth for … Continue reading

World Stocks Enter Bear Market As Selloff Intensifies

Investors are dumping stocks and turning to safe-havens like bonds and gold. They are concerned about economic growth, the effectiveness of central bank policies and falling energy prices. Markets all around the world continued their yearlong decline. US stocks lost 1.5 percent on Thursday with the Dow Industrials down over eight percent this year. European … Continue reading

Venezuela On Verge Of Default As Oil Prices Fall

The country with the world’s biggest crude reserves could default on its $122.9 billion external debt as early as this month. The plunge in oil prices puts Venezuela’s ability to pay creditors in doubt. Caracas is scheduled to make a $1.5 billion external bond repayment on February 26. Despite the crisis the country has managed … Continue reading

Saudi Arabia Says It Can Move Beyond Crude

Riyadh has outlined an ambitious economic development plan aimed at dramatically reducing its dependence on crude prices, Reuters reports. Last year Saudi Arabia saw a $98 billion deficit because of low oil prices. The authorities intend to restructure the economy by investing more in other sectors, particularly in healthcare, tourism and IT. Saudi Arabia also … Continue reading

Saudis Predict $29 Oil Price In 2016

Saudi Arabia’s 2016 budget is allegedly based on an average crude price of about $29 per barrel, Bloomberg reports, quoting Riyadh-based Jadwa Investment. On Monday, Riyadh posted its next budget for next year that will see a $36 billion cut in spending, based on a $87 billion deficit. As of 8am GMT, Brent benchmark was … Continue reading

Gulf States Are Expected To Lose $275bn In Revenue This Year Due To Falling Oil Prices

The crude exporting countries of the Gulf Cooperation Council (GCC) are expected to lose $275 billion in revenue this year due to falling oil prices, according to the International Monetary Fund (IMF) chief Christine Lagarde, RT reports. Speaking at a meeting in Qatar with the finance ministers and central bank governors of the GCC she … Continue reading

Biggest Gain In Decade For China’s Yuan

The Chinese currency has posted its biggest one-day gain against the US dollar in more than 10 years. The yuan surged 0.6 percent on Friday to close at 6.3171 to the dollar. This followed an announcement by the People’s Bank of China (PBOC) that it is considering a trial program in the Shanghai free trade … Continue reading

China Makes $37 Fake iPhone 6s

Chinese manufacturers have seriously advanced in making iPhone replicas; they no longer have antennas and TV tuners. A new fake iPhone 6s looks exactly the same as Apple’s flagship. However, it’s different on the inside and twenty times cheaper. The iPhone clone is a fraction of the price of a basic $649 iPhone model in … Continue reading

Will China Join Forces Against TPP?

The newly-signed controversial Trans-Pacific Partnership sounds like a big win for the US and its allies, but leaving out China. This snub may leave Beijing with no other option but to form its own bloc with other countries left out. The Trans-Pacific Partnership (TPP) is headed by the US and includes Australia, Brunei, Canada, Chile, … Continue reading

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