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Daily Archives: July 6, 2014

HSBC: Russia enters technical recession, as Ukraine’s drag weighs

Russia has slipped into a technical recession, as the growth has been negative for the past two consecutive quarters, and stagflation could be on the horizon, a new HSBC report reveals. Political tension in neighboring Ukraine is being blamed. “In June, the Russian economy showed zero growth, and slipped into …

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US and Germany want gas hub in Ukraine – Naftogaz director

German and US companies want to start using Ukraine as a gas hub, according to Aleksandr Todiychuk, Deputy Chairman of the country’s national oil and gas company Naftogaz. “For them [Germany and the US] it’s an opportunity to gain a foothold in the region. Our underground gas storage is interesting …

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Shanghai favourite to become BRICS bank HQ

Shanghai is considered to be the frontrunner between Russia, China, India and South Africa to become home to the new BRICS bank, media reports. The bank is an attempt by emerging economies to challenge the US-based global lending institutions. Four of the BRICS countries – China, Russia, India and South …

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Hellfire in Iraq opportunity for Kurdish oil players

Iraq’s crumbling authority could be a golden opportunity for smaller oil companies that operate in the Kurdish north. Britain’s Genel Energy, a key operator in the region, stands to gain as other companies are driven out. Turmoil in Iraq is bad for oil giants Exxon and BP, who have significant …

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BNP Paribas sets up sanction-savvy schemes to get around dollar ban

France’s largest bank, BNP Paribas, is devising ways to retain its US customers after being banned from dollar-based transactions over breaking US sanctions. The ban will contribute at least $40 million more to a record settlement of nearly $9 billion. The bank pled guilty on Monday to two criminal charges …

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China’s monthlong block of Google hits businesses

Chinese business says it’s being increasingly hit by a monthlong government clampdown on Google, and is realizing how reliant it is on the service. The controls are part of Chinese government attempts to reduce foreign influence it considers pernicious. Since 2009 when Google stopped censoring searches, the service has been …

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Macau surpasses Switzerland in GDP per person – World Bank

The gambling center of Macau has become the world’s fourth richest territory per person, leapfrogging Switzerland, according to World Bank report. The growth was mainly due to mainland Chinese gamblers and tourists. The Chinese territory reached per capita gross domestic product of $91,376 in 2013, an 18.4 percent jump from …

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Azerbaijan’s real estate market increased by 27.4% year-on-year

Baku, Fineko/abc.az. The Central Bank of Azerbaijan reports that real estate market turnover for Jan-May grew by 27.4% year-on-year. Over 2013 its growth was 40.9% compared to 2012. In 2012 it grew by 24.86% against 2011. The CBA reports that as of June 1, 2014, turnover of real estate market …

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