Category Archives: Business

The latest news of the International economy, economies of Europe, Asia, US. Business News, World Market News, World Business, Global Business Trade

Oil prices fall on the background of the expected growth of supplies from Iran

On Friday morning, oil prices are declining. By 7.40, a barrel of Brent crude oil fell to 72 dollars 25 cents or 0.37%. The price of a barrel of WTI crude oil fell to $70.5 cents or 0.34%. The reason for the negative price dynamics was the news published in the United States.

It became known that the Ministry of Finance of the country lifted the sanctions previously imposed against some individuals and companies operating in the oil industry of the country. Oil market participants are waiting for the complete lifting of sanctions against Iran and an increase in oil supplies from this country.

However, experts believe that the additional volumes of Iranian oil will be easily absorbed by the growing demand for raw materials in the United States and European countries.

Investors are waiting for the publication of the IEA report. They hope to receive detailed comments on the prospects for oil demand growth, as well as an assessment of the current situation on the world market. The report is expected to be published in the afternoon.

Eurozone Investor Confidence at highest since February 2018 in June

Investor sentiment towards the eurozone economy improved significantly in June this year, reaching its highest level since February 2018. Their optimism increased after the region’s improved epidemiological situation with COVID-19 ended severe restrictions and the service sector began to actively recover.

Restaurants and cafes started working again, and a noticeable revival of the tourism sector began. The improvement in investor sentiment was indicated by the value of the Sentix index, which rose to 28.1 points from the level of 21 points noted in the previous month.

According to economists ‘ forecasts, the index was expected to be at a lower level of 26 points this month. Its value has been growing for the past four months. The indicator, which indicates investors ‘ attitude to the current conditions in the euro area economy, jumped to 21.3 from 6.3 points in May. At the same time, the expectations indicator showed a slight decrease — from 36.8 to 35.3 points.

It is noted that the active recovery process in the region’s economy is accompanied by an increase in prices.

Bush Foundation to receive $5 million from Chinese lobbyists

The Foundation for Cultural Exchange between China and the United States (CUSEF), which promotes the foreign policy interests of the People’s Republic of China, will send a grant of $5 million to the Foundation for US-China relations of the late former US President George H. W. Bush, writes the Axios portal.

According to the publication, both funds have signed an agreement. It is concluded for the period from April 1, 2019, to December 31, 2023.

According to the portal, the Chinese fund has committed to an annual payment of $1 million.

The document also stipulates that the funds will develop constructive, reliable, mutually beneficial, and politically stable relations.

According to the portal, CUSEF has a reputation as an instrument of influence in Beijing. The head of the foundation is former Hong Kong Chief Executive Dong Jianhua, who also serves as co-chairman of an advisory body in the Chinese capital that promotes China’s political interests.

The CUSEF Foundation has provided financial support to campaigns in the United States to influence the opinion of key audiences about China’s policy in Tibet. The Bush Foundation has at times criticized China while supporting Beijing on some important geopolitical issues.

The official representative of the Bush Foundation, Leslie Reagan, told the portal that the funding provided by the Chinese foundation does not affect the independent political position of the Bush Foundation.

Earlier, US President Joe Biden said that the United States considers China to be its main competitor.

The global corporate tax will bring the EU at least 50 billion euros per year

The EU Tax Observatory, a Brussels-based research center, has calculated that with the introduction of the US-proposed global tax on the profits of multinational corporations of 15%, the EU budget will additionally receive at least 50 billion euros per year.

According to the Guardian, in this case, revenues to the UK budget will also significantly increase. According to the British newspaper, annual tax revenues from BP corporation alone will grow to about 200 million euros.

Many experts have come to the conclusion that this tax should be introduced at the level of 25%, which will not be too burdensome for corporations.

In this case, the additional corporate tax revenues in the EU budget will amount to 1.2% of GDP. They will provide significant assistance in overcoming the negative consequences of the coronavirus pandemic.

This issue of corporate taxation at the global level will be discussed at the London meeting of G7 finance ministers from 4 to 5 June.

The US authorities initially intended to propose a global corporate tax of 21%, but then decided to reduce this proposal to at least 15%.

JPMorgan CEO advised staying away from cryptocurrencies

Jamie Dimon stressed that he is referring to cryptocurrencies, not blockchain technology and Stablecoins

Jamie Dimon noted that his personal opinion will not affect the bank’s work with digital currencies.

Jamie Dimon, CEO of one of the largest investment banks in the United States, JPMorgan, speaking at the Financial Services Committee of the US House of Representatives, urged to stay away from cryptocurrencies.

This is reported by Yahoo Finance.

Dimon noted that this is his personal opinion and it will not affect JPMorgan’s work with digital assets.

“My personal advice to people: stay away from cryptocurrencies. This does not mean that our customers do not want it. This is similar to how you need to run a business. I don’t smoke marijuana, but if you make it legal at the national level, I’m not going to stop people from doing it,” the head of the bank explained his position.

He stressed that he is referring to cryptocurrencies, not blockchain technology and stable coins.

In late April, JPMorgan announced the creation of an actively managed bitcoin fund for a limited group of clients. The new product may be presented in the summer of this year.

Earlier, we reported that the May drop in bitcoin began after Elon Musk said that Tesla stops accepting payments in bitcoin due to concerns about the environmental friendliness of cryptocurrency mining.