Apocalypse 2050: World on course for 15% GDP fall

Richard Lockhart in Edinburgh December 15, 2022

The world is set to see global GDP plummet by a catastrophic 15% by 2050 if current emissions trends are not reined in and global warming reaches 2.2°C by 2050.

Ukraine second most deadly country for journalists in 2022

Martin Armstrong for Statista December 15, 2022

Reporters Without Borders (RWB) counts a total of 57 journalists and media workers that have been killed this year because of their job, including eight killed in Ukraine, the second most deadly location in the world.

First post-invasion IPO of Russian e-scooter Whoosh raises $33mn

bne IntelliNews December 15, 2022

Russian e-scooter-sharing service Whoosh's IPO on the Moscow Exchange raised RUB2.1bn from a 10% free float.

In major Russian fintech deal TCS banking group eyes Tochka

bne IntelliNews December 15, 2022

Banking group TCS, operating Russia’s only purely online bank Tinkoff, is considering buying Tockha fintech service for SMEs and entrepreneurs for RUB20bn ($317mn), Kommersant daily reported citing unnamed banking sources.

Only 11 foreign car brands left in Russia out of 60 before the war

Ben Aris in Berlin December 15, 2022

There used to be 60 different foreign car brands in Russia, one of the biggest car markets in Europe, but by the end of this year only 11 will be left, reports Kommersant.

Start of a new super cycle – fat and flat for 2023?

Ben Aris in Berlin December 15, 2022

The global economy has been through some enormous changes in recent years, leading investors and analysts to believe we are at the start of a new high-inflation, lower-growth super-cycle that could last for as long as a decade.

IMF: Global food prices to remain elevated amid war, costly energy, La Niña.

Ervin Prifti . December 14, 2022

Interest rate hikes have eased price pressures, but the weather, war and material costs could keep food prices elevated for longer,

bneGREEN: Rosatom’s Saudi bid next step for Russian nuclear tech

Richard Lockhart in Edinburgh December 14, 2022

Rosatom aims to build the first nuclear reactor in Saudi Arabia as part of the company’s global drive to break into emerging markets for atomic energy

Eastern Europeans issue demarche to France over Ukraine

bne IntelliNews December 14, 2022

Eastern European critics argue that Paris’ ambiguous stance threatens to fracture the West’s unity against Russia, and emboldens Putin to continue prosecuting the war until he wins concessions.

Who is winning the sanctions war?

Ben Aris in Berlin December 14, 2022

In December the EU commissioned a secret report to assess just how badly the war in Ukraine, and the polycrisis it is fuelling, is hurting Europe’s economy. Good news: Europe is doing OK; bad news: so is Russia.

MOSCOW BLOG: Are sanctions failing?

Ben Aris in Berlin December 13, 2022

The EU has done a deal with bad-boy Hungary that gets Budapest’s agreement on a global minimum tax and the €18bn Ukraine macro-aid package. In return Hungarian Prime Minister Viktor Orban had the frozen EU funds he wanted released.

Ninth package of sanctions on Russia bogged down in debate

bne IntelliNews December 13, 2022

Debate of what should go into the EU’s ninth package of sanctions is bogged down in disagreement. EU foreign ministers met on December 12 to think up more measures to punish Russia for its war in Ukraine, but could not agree on how best to do this.

Novatek says Arctic LNG-2 remains on track for 2023 launch

bne IntelliNews December 13, 2022

The first train at Novatek’s 20mn tpy Arctic LNG-2 project is still on track to start up in December next year, while the second and third trains should come online in 2024 and 2026 as initially planned, according to a project director.

IMF: Riding the global debt rollercoaster

Vitor Gaspar Paulo Medas and Roberto Perrelli for the IMF December 13, 2022

Global debt remained above pre-pandemic levels in 2021 even after posting its steepest decline in 70 years, underscoring the challenges for policymakers.

Russian investors seek assistance in darknet to recover blocked crypto assets

Adrien Henni in Moscow for East West Digital News December 13, 2022

Service offers to release Russian investors’ assets blocked on international crypto exchanges are springing up in the darknet, reports East West Digital News.

Russia’s current account surplus falls to $10.7bn in November from $17.7bn in October

bne IntelliNews December 12, 2022

Russia posted a current account surplus of $10.3bn in November, down from $17.7bn in October and $16.5bn last November, but much higher than the surpluses seen in November of 2019 and 2020.

NEMETHY: The case for gold today – again

Les Nemethy CEO and founder of Euro-Phoenix Financial Advisors December 12, 2022

In April 2021 gold was sitting around a price of $1,700; as of December 10, 2022 it is now approaching $1,800. Relative to just about every other asset class, this is not a bad performance.

Russia’s inflation was 12% y/y in November, in line with expectations

bne IntelliNews December 12, 2022

Russia’s inflation in November came at 0.37% m/m, implying 11.98% y/y price growth, which came in slightly higher than analysts' forecasts based on weekly statistics.

Russian steel sector growing strongly in 10M22 despite an economic slowdown

bne IntelliNews December 12, 2022

Russia’s steel sector surprised this year as despite the sanctions, logistical bottlenecks and contracting economy, steel production was up 4.8% y/y on 10M22, while general economic growth was down 2.1% in the same period.

EU Council adopts €18bn aid for Ukraine despite veto by Hungary

bne IntelliNews December 12, 2022

The EC agreed that each member state will take on financial responsibility individually and the money will not be lent at EU level, to avoid the Hungarian veto.