Russian Market

2023-05-10 21:02:49 Open / Comment

2023-05-10 19:30:10 Switzerland allows frozen Russian state assets to be transferred to Ukraine

Switzerland considers it legally possible to use 7.4 billion francs worth of Russian Central Bank funds blocked in the country for Ukraine's rebuilding, said Fabian Maienfisch, spokesman for the country's State Secretariat for Economic Affairs (SECO), RIA reported.

Discussions and ideas are open, nothing has been decided at the moment, but it is theoretically possible, according to Maienfisch. The politician added that Switzerland's position on this issue will be based on the EU's decision.

Nonetheless, Maienfisch stressed that there is still no legal basis for the confiscation of frozen Russian real estate and assets totaling $8.1 billion in Switzerland.

Earlier in February, the country's Federal Council said that the transfer of frozen private Russian assets to Ukraine under current law is illegal.

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2023-05-10 17:10:27 Biden family caught illegally receiving millions from abroad – House Oversight

The House Oversight and Accountability Committee alleges that the Biden family and its business associates created more than 20 companies and received over $10 million from foreign sources, including China, Fox News reported.

Some of these payments could indicate attempts by the Biden family to "peddle influence," according to the committee. This happened "while Joe Biden served as Vice President and after he left public office."

Furthermore, the Biden family appeared to take steps to "conceal the source and total amount received from the foreign companies," the committee said, adding that the investigation will continue.

Committee Chairman James Comer said it was illegal and also accused the head of state of lying.

The White House has already called the committee's investigation "evidence-free" and "politically motivated.

Will the presidential election be held in prison?

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2023-05-10 16:45:20 US inflation beat forecasts in April, but still high at 4.9%

US inflation rose 4.9% in April from a year earlier, 0.1% less than expected. The figures show that prices are still sticky, even after a year's worth of Federal Reserve interest rate hikes.

The April rise nearly equaled the 5% increase recorded in March. Although inflation has declined for the 10th consecutive month, prices are still rising at a rate that is more than double the Fed's 2% annual rate target.

Last week, Fed Chair Jerome Powell indicated that the central bank pause rate rises as it assesses the impact of those increases. However, he made clear that rates are likely to remain high as long as inflation remains elevated.

That said, inflation in the US is markedly lower than in other countries. In the Eurozone inflation was 6.9% in March and 10.1% in the UK.

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2023-05-10 14:01:46 US prosecutors look at short selling in bank shares

Federal prosecutors are looking into short seller activity around the recent volatility in US bank shares sparked by the failure of three regional lenders since March, Reuters reported.

Their activity around the banking crisis is an "area of interest" for the Justice Department that is looking for potential securities market manipulation.

Short sellers, traders who profit by betting shares will fall, came under scrutiny last week as government efforts to stabilize the sector failed faltered. They profited from the banking crisis, gaining $1.2 billion in the first two days of May, analytics firm Ortex said.

Some law firms have also proposed the SEC impose a 15-trading day ban on short sales of financial institutions.

The proposal is similar to the US short-selling ban enacted during the 2008 financial crisis. Yet subsequent analysis by the New York Federal Reserve showed the curb did not achieve the intended effect.

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2023-05-10 12:01:20 Tucker Carlson announces new show on Twitter after leaving Fox News

TV anchor Tucker Carlson announced he is launching a new show on Twitter, arguing the Elon Musk-owned platform is one of the few that supports free speech.

At the end of his address in which he told viewers "the news you consume is a lie," Carlson said he would be "bringing a new version of the show we've been doing for the last six and a half years" to the platform. 

Musk noted that he did not sign any deal with Carlson. "Tucker is subject to the same rules & rewards of all content creators."

Fox News announced April 24 it was parting ways with Carlson, the channel's most-watched anchor. The move came just days after Fox settled a defamation suit for $787.5 million, unveiling messages sent by Tucker after the 2020 election.

Carlson and Fox News are also facing a lawsuit from Abby Grossberg, a former producer who claims she was subjected to a sexist and hostile environment while working on Carlson's show.

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2023-05-10 10:01:50 Erdoğan gives public workers 45% pay rise in Türkiye’s tight election race

Turkish President Recep Tayyip Erdoğan announced on Tuesday a 45% pay hike for more than 700,000 public workers, who will now be paid a minimum monthly wage of 15,000 Turkish liras (€700).

Erdoğan signaled the government would also raise the wages and pensions of civil servants.

The move comes amid approaching general presidential and parliamentary elections and public frustration with the country's economy. Erdoğan’s economic policies, once one of his main selling points, are unpopular now, mainly due to high inflation and a tumbling lira.

A unified opposition presidential candidate, Kemal Kılıçdaroğlu, is running against Erdoğan. The latest polls do not promise a clear victory for either candidate, not ruling out the possibility that a second round would be needed for the presidential election.

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2023-05-10 08:01:36 No progress at debt talks, Biden says US won't default

House Speaker Kevin McCarthy said there was no progress in efforts to avert a first-ever US default during an hour-long meeting with President Joe Biden and other congressional leaders Tuesday.

"I didn’t see any new movement," he said.

Yet Biden called the talks "productive," saying he was "absolutely certain" the country could avoid a default and that failure to meet America's obligations "is not an option."

Meanwhile, Senate Republican leader Mitch McConnell tried to assure that there would be agreement.

"The US is not going to default. It never has and it never will," he stated.

Just before the meeting, McConnell said Biden must negotiate a deal with McCarthy on spending and debt. "Either he drives the country into default or he comes to the table," he said of Biden.

Biden and congressional leaders plan to meet again Friday; if these talks are again "productive," a possible default will become more of a reality.

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2023-05-09 22:01:14 China warns of consequences if EU imposes sanctions for aid to Russia

Trust between the European Union and China will be ruined if Brussels imposes sanctions against Chinese companies for allegedly aiding Russia, said Chinese Foreign Ministry spokesman Wang Wenbin.

The bloc could seriously disrupt trust and cooperation with China and exacerbate rifts and confrontation in the world, the diplomat said.

Wenbin stressed that China urged the EU not to take the wrong path, adding that otherwise Beijing would firmly defend its legitimate rights and interests.

Earlier it was reported that the bloc is planning restrictive measures against seven Chinese companies accused of supplying electronic components to Russia as part of a new package of sanctions.

The new, 11th sanctions package will reportedly be discussed at a meeting of EU ambassadors on May 10.

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2023-05-09 14:01:01 Sam Bankman-Fried demands his charges be dismissed

Sam Bankman-Fried, the disgraced former FTX CEO, has asked a US judge to drop 10 of 13 criminal charges against him over the crypto exchange's collapse, according to a Monday filing to the Manhattan federal court.

Bankman-Fried's lawyers said that the US government brought the original charges against Bankman-Fried just less than a month after FTX's bankruptcy, "improperly seeking to turn these civil and regulatory issues into federal crimes."

Bankman-Fried's lawyers further stated a campaign finance charge should be dismissed as it was not included in the surrender warrant signed by the Bahamas government for his extradition.

Other charges they are applying to discharge include those related to bank fraud, unlicensed money transmitting and bribery.

Earlier in January, Bankman-Fried pleaded not guilty in the US government's criminal case against him over FTX's collapse. The former FTX CEO was set for an October 2 trial.

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