Import export russia

- A + A (May 26): Russia’s central bank delivered its third interest-rate reduction in just over a month and said borrowing costs can fall further still, as it looks to stem a rally in the ruble and unwinds the financial defenses in place since the invasion of Ukraine. The Bank of Russia lowered its benchmark to 11% from 14% on Thursday at an extraordinary meeting it announced only a day earlier. All 23 economists surveyed by Bloomberg predicted a reduction, with most forecasting a cut of two percentage points. The central bank said it “holds open the prospect of a key rate reduction at its upcoming meetings.” In a statement accompanying the decision, policy makers made little mention of the ruble beyond noting the exchange rate contributed to slower inflation. “External conditions for the Russian economy are still challenging, considerably constraining economic activity,” they said. “Financial stability risks decreased somewhat, enabling a relaxation of some … [Read more...] about Russia cuts rates again and takes aim at ruble’s rebound

By The Associated Press MOSCOW — The Kremlin says it expects Ukraine to recognize the existing situation and accept Moscow’s demands. Asked Thursday if Russia expects Ukraine to make territorial concessions, Kremlin spokesman Dmitry Peskov said that “Moscow expects the acceptance of its demands and the understanding of the real situation that exists de-facto.” Russia has previously demanded that Ukraine recognize the Russian sovereignty over the Crimean Peninsula that Moscow annexed from Ukraine in 2014 and acknowledge the independence of Russia-backed separatist regions in eastern Ukraine. During the talks in March, Ukrainian officials said that the status of Crimea and the separatist regions could be discussed later, but in recent weeks they have toughened their stand and said that Russian troops should pull back to areas where they were before Moscow launched a military action in Ukraine on Feb. 24. Speaking in a conference call with reporters on Thursday, Peskov said … [Read more...] about Live updates | Russia tells Ukraine to accept real situation

Julian Knight, a member of the British Parliament and chair of the Culture, Media and Sport Select Committee, gives a speech on the Korean and British entertainment industries at “The 3rd Business+ Forum — The Korean Entertainment Industry” held at Lotte Hotel Seoul in central Seoul, Thursday. [KOTRA] Just as the growth of culture drove the growth of other industries in Britain, the expansion of Korean pop content will enhance other sectors, including tourism and technology, said Julian Knight, a member of the British Parliament and chair of the Culture, Media and Sport Select Committee. Knight gave his remarks at “The 3rd Business+ Forum – The Korean Entertainment Industry” held Thursday at Lotte Hotel Seoul in central Seoul. The forum, co-hosted by the Korea Trade-Investment Promotion Agency (Kotra) and the British Chamber of Commerce in Korea (BCCK), was held to discuss how the influence of K-pop, Korean dramas and films has been growing in recent years and how risks can be … [Read more...] about Culture is a key export, overenthusiastic fan a big risk

- A + A (May 26): The world’s food problem is already severe as prices jump and protectionism flares but there’s a good chance governments can stop it from getting way worse if they heed a lesson from the crisis in 2008 — don’t panic. With a gauge of global prices already at a record following Russia’s invasion of Ukraine, a spate of nations have moved to curb exports in crops from wheat and sugar to cooking oils, exacerbating security risks for the rest of the world. Bad weather is a concern, too. Still, while wheat, corn and soy have soared, rice, a staple for more than three billion people, has so far been more stable. If nations do not panic or start hoarding, they can stop the current crisis from becoming a rerun of the one in 2008, when rice prices soared to put the region’s food security at serious risk, according to Harvard University Professor Emeritus Peter Timmer, who’s studied food security for decades. “The 2008 lesson is: Do not spook the market,” … [Read more...] about Bigger food crisis can be averted If Asia remembers not to panic

KYIV, Ukraine (AP) — Russia pressed Thursday for the West to lift sanctions imposed because of its war in Ukraine, claiming without proof that the punitive measures are preventing millions of tons of grain and other agricultural products from leaving Ukrainian ports, exacerbating a global food crisis. Ukraine is one of the world’s largest exporters of wheat, corn and sunflower oil, but the war, including a Russian blockade of its ports, has prevented most of those products from leaving the country, endangering the world food supply. But Kremlin spokesman Dmitry Peskov sought to shift the blame to Western sanctions on Thursday. “We accuse Western countries of taking a series of unlawful actions that has led to the blockade.” Western officials have dismissed Russia’s claims that sanctions are responsible. U.S. Secretary of State Antony Blinken noted this week that food, fertilizer and seeds are exempt from sanctions imposed by the U.S. and many others — and that Washington is … [Read more...] about As Ukraine war grinds, world pushes for way to get grain out

- A + A KUALA LUMPUR (May 26): There is potential for Malaysia to achieve or even exceed its long-term renewable energy (RE) target helped by a stronger push for energy transition from energy users, said Tenaga Nasional Bhd (TNB). This, TNB noted, includes its plan to raise the group’s global RE capacity to 8.3 gigawatt (GW) by 2025 from 3.4GW at end-2021, and Malaysia’s RE generation of 18GW by 2035 from 8.45GW currently. “In the past few years, the push for energy transition has become much stronger. As we look at plans coming up for the nation and TNB, it will be interesting to perhaps even see some of the plans [move] forward faster,” said TNB sustainability pathway project director Dr Noor Miza Razali. Speaking at a Thursday (May 26) briefing on TNB’s sustainability pathway, Dr Noor Miza explained that the RE generation mix could be further enabled due to declining cost of operations compared to volatile prices of traditional fuel sources like coal. “Having … [Read more...] about Malaysia could potentially accelerate renewable energy goals, says TNB

Gerhard Schroeder - A + A FRANKFURT (May 26): Gerhard Schroeder has backed off from taking a top role at Russian energy giant Gazprom, dealing a setback to Germany's gas lobby as it seeks to keep the energy lifeline from Russia open. The former German chancellor played a critical role in establishing the energy bond between the countries and defending it over two decades. Earlier this month, following a barrage of criticism, Russia's state-owned oil company Rosneft said Schroeder was stepping down from its board. On Tuesday, shortly after the European Parliament had urged his blacklisting, Schroeder said he would not take a nomination to Gazprom's supervisory board. Germany had also closed Schroeder's taxpayer-funded office amid a public outcry over Russia ties. It marks the end of a controversial career that had seen him forge a friendship with Russian President Vladimir Putin. Putin underscored Schroeder's importance as a guarantor for a cheap and steady … [Read more...] about Schroeder throws in towel as German industry clings on to Russian gas

Representative image The constant tug-of-war between the Indian government and Elon Musk appears to have finally ended, although it’s hard to determine who here has lost the battle. Earlier today, a report by Reuters stated that Elon Musk has decided to put his Tesla India plans on hold after a prolonged stalemate with the government, which didn’t give in to his demands for reduced tariffs. The news has cast a dark shadow on the prospects of foreign EV brands setting-up shop in India, with Tesla having been the most anticipated player to enter the Indian EV market. While Musk himself hasn’t commented on the matter, Tesla’s exhortations for lower import duties on cars over the $40,000 bracket are a matter of public record. The brand had earmarked February 1st of this year to make a decision based on the annual budgetary hearing. Given that its demands for concessions went unheeded, the brand reassigned those involved with its India operations to other tasks as Tesla continues … [Read more...] about Why did Tesla drop its EV plans in India?

A banker watches news on the Russia-Ukraine war at a bank in central Seoul on March 31. [YONHAP] Foreign investors net sold more than 7 trillion won ($5.6 billion) of Korean stocks in the first quarter. LG Energy Solution, with its record-setting initial public offering that went public in January, was the most sold stock by foreign investors in January through March. As the market continues to stay sluggish this year, analysts have lowered their projections on the Kospi in an indication that it may be difficult for the benchmark index to once again reach 3,000 points within the year. Foreign investors net sold 7.57 trillion won Korean stocks in the first quarter. They net sold 5.5 trillion won Kospi stocks, and 1.8 trillion won of secondary Kosdaq stocks. The total market capitalization for Kospi stocks owned by foreign investors was down to 31.61 percent as of last month, the lowest since 31.54 percent recorded in January 2016. They net sold 2.95 trillion won of battery … [Read more...] about Foreign investors offload over 7 trillion won of Korean stocks in Q1

- A + A TOKYO (May 26): Malaysia is confident that the Indo-Pacific Economic Framework (IPEF) will strengthen economic cooperation between countries in the Indo-Pacific and the ASEAN region, said Prime Minister Datuk Seri Ismail Sabri Yaakob. During the question-and-answer session at the 27th International Conference on the Future of Asia, he said the new trade initiative provides a holistic structure to resolve trade issues with partner countries. “Malaysia is ready to discuss relevant issues through the IPEF to ensure that the members can optimise the economic and strategic benefits as outlined in the framework," he said, adding that the medical, electrical and electronics (E&E) sectors, as well as the digital economy are expected to benefit from the trade initiative. The IPEF was launched on May 23 by US President Joe Biden in Tokyo during his visit to Japan. Malaysia is one of the member countries of the new trade pact, which also comprises the US, … [Read more...] about Malaysia confident IPEF will strengthen Indo-Pacific economic cooperation, says PM