Russia Financial News

Yandex, Arkady Volozh, on Thursday condemned what he described as Russia's «barbaric» invasion of Ukraine, days after criticism in Russia over his apparent efforts to distance himself from the country. Volozh described himself as a «Kazakhstan-born, Israeli tech entrepreneur» on a personal website, drawing some criticism in Russian media and on the Telegram messaging platform for apparently playing down his links to Russia. He has also been criticised by those opposed to Russia's actions for not speaking out more forcefully against the war.

China has lifted pandemic-era restrictions on group tours for more countries, including key markets such as the United States, Japan, South Korea and Australia in a potential boon for their tourism industries. The decision was announced by China's culture and tourism ministry on Thursday, effective immediately. Prior to the pandemic, mainland Chinese tourists spent more than any other country's tourists when abroad, clocking up a combined $255 billion in 2019 with group tours estimated to account for roughly 60% of that.

The Russian digital ruble pilot proper will begin next week, says the country’s Central Bank, with 600 citizens set to become the first people in the nation to use the CBDC.

North Korean leader Kim Jong Un has dismissed his top general and called for stepping up war preparations «in an offensive way», including boosting weapons production and conducting more drills, state media reported Thursday. With a cigarette in hand, Kim was shown talking to a room full of uniformed top generals, and pointing at maps, images in state media showed, while he discussed «major military actions» against South Korea at a meeting of the Central Military Commission. The Korean Central News Agency said the agenda of the meeting, which comes just days after Kim inspected key arms factories, was «the issue of making full war preparations» and ensuring «perfect military readiness for a war». The meeting comes as Seoul and Washington prepare for major joint drills later this month, which the North views as rehearsals for invasion and has repeatedly warned could trigger «overwhelming» action in response. At the meeting, Kim dismissed chief of the general staff Pak Su Il, replacing him with Vice Marshal Ri Yong Gil, KCNA said without giving further details.

European Union rules that require proof that crops weren’t grown on deforested land, which producers say will add to the cost of making food. The latest example of the backlash comes from Brazil, the biggest global exporter of coffee and soybeans. Just this week, the nation’s agriculture minister, Carlos Fávaro, lashed out against the ban, casting doubt on whether it complies with the principles of the World Trade Organization. He added that Brazil is seeking to boost trade with others outside of the EU, including within the five-nation BRICS bloc that also includes Russia, India, China and South Africa. Brazil is already a steward of the environment, Fávaro said. “If Europe does not want to understand that, there are others that recognize what Brazil does,” he said. Complying with the new rules will involve implementing full traceability to complex production chains — a task that’s likely to be complicated and expensive. The requirement will apply to a wide range of products, from meat to palm oil, and that will add to agricultural costs at a time when food inflation is once again starting to pick up. Higher prices won’t just impact buyers in Europe. Since the market is so large, growers will likely need to adopt the new practices quite broadly. Consumers around the globe could end up footing the bill as producers pass on the new costs.

rice prices to the highest level in almost 15 years is renewing fears that food costs are going to get a lot more expensive for the world’s poorest people. The grain is vital to the diets of billions in Asia and Africa. Rice contributes as much as 60% of total calorie intake for people in parts of Southeast Asia and Africa, and that rises to 70% in countries like Bangladesh.

agricultural practices, the reduction of reliance on imported food, and the reinforcement of resilience against the impacts of climate change. In a conversation with LiveMint, Lisa Moon, who holds the position of President and CEO at the Global FoodBanking Network (GFN) and is also the organizer of the G20 Global Food Security Summit 2023, emphasized the critical objectives and pressing nature of ensuring food security. (Edited excerpts.) The Global Food Security Summit 2023 is comprised of officials, businesses and civil society members from across India.

The Intercept. During the meeting, the Pakistani ambassador to the United States and two State Department officials have drawn tremendous attention, debate, and rumors in Pakistan over the past year and a half. One month after the meeting, a no-confidence motion against Imran Khan's leadership was held in Parliament.

The pilot will begin on 15 August and involve select clients of the participating banks. It will test the opening of digital ruble accounts and money transfers to them, person-to-person transfers, bill payments, and QR code-based payments.

RBI) norms, excess balances can be invested in payments for projects and investments, government treasury bills and government securities. While the quantum of investment is not available publicly, the $10-12 billion figure is an estimate provided by industry executives dealing in trade and settlements. Treasury bills (T-bills) are short-term debt instruments issued by the government.

The Native American Journalists Association is aiming to become more inclusive as its members vote on whether to rebrand as the Indigenous Journalists Association

The downturn in world trade, exemplified by slumping Chinese exports and a decline in U.S. imports, mainly reflects a phase of weak global economic growth. It also raises questions about whether deeper changes are under way, with decades of deepening global economic integration giving way to a new era in which the West and China do more business with their political friends and less with each other.

Top exporter Saudi Arabia last week extended its voluntary production cut of 1 million barrels per day for another month to include September, and Russia said it would cut oil exports by 300,000 bpd in September. «The latest recovery is mainly driven by the pledge of major producers, like Saudi Arabia and Russia, to keep supply subdued for another month,» said Charalampos Pissouros, senior investment analyst at broker XM. Brent crude was up $1.00, or 1.2%, at $87.17 by 1110 GMT, having touched $87.24, the highest price since April 13.

Rice prices soared to the highest levels in almost 15 years in Asia on mounting concerns over global supplies as dry weather threatens production in Thailand and after top shipper India banned some exports, media reports said. Thai white rice 5 per cent broken, an Asian benchmark, jumped to $648 a tonne, the most expensive since October 2008, according to data from the Thai Rice Exporters Association, Bloomberg reported.

The Bank of Russia (BoR) has revealed that it will begin testing operations for Russia’s central bank digital currency (CBDC) project with digital rubles. The test will begin on Aug. 15. 

Russia will build up forces at its western borders following Finland's accession to the U.S.-led NATO alliance, Russian Defence Minister Sergei Shoigu told the governing board of the ministry on Wednesday. In opening remarks to the Collegium of the Defence Ministry, Shoigu said NATO-member Poland had already announced plans to strengthen its military, and that he expected significant NATO forces and weaponry to be deployed in Finland, whose inclusion has almost doubled the length of Russia's land border with NATO.

The Bank of England

technology companies under an executive order the Biden administration will release Wednesday, escalating Washington’s efforts to prevent Beijing from developing cutting-edge technology for its military. The executive order is expected to cover direct investments in three technology sectors: semiconductors, quantum computing and artificial intelligence. It would prohibit investments in some forms of those technologies, while requiring Americans doing business in China to inform the U.S.

NAIROBI—American military commanders were dismayed last month when a clique of top army officers seized power in Niger, the U.S.’s main ally in the fight against Islamist militants in West Africa. What stung perhaps most sharply were televised images of one particular man, Brig. Gen.

Export rule liberalization – 78% respondents cited this as the most needed. To illustrate, while the Central Board of Indirect Taxes and Customs issued a defining circular in September 2021 clarifying doubts on the scope of intermediary services, the benefit is yet to be fully witnessed with certain categories of exporters in the IT/ITeS and data hosting services sector still being continually questioned, resulting in prolonged litigation and the delay in refund resulting in working capital blockages.

Berger Paints India on Wednesday reported a nearly 40% year-on-year (YoY) jump in its consolidated net profit for the quarter ended June 2023 at Rs 355 crore versus Rs 254 crore in the same quarter last year. The revenue from operations jumped 9.2% YoY to Rs 3,029 crore against Rs 2,773 crore reported in the year-ago period. The company's Board of Directors also approved a bonus issue of one bonus equity share against five equity shares.