Month: September 2023


Aerospace giant Boeing NYSE:BA is set to open a 43-acre facility, its largest outside the U.S., in India.
Boeing has set a target of ~$1.25 billion per year in sourcing from India and is investing nearly $200 million in the complex near Kempegowda International Airport in India. Earlier this year, Boeing announced a $100 million infrastructure investment to train pilots in the country.


Russia becomes UAE’s main gold source

The United Arab Emirates relied heavily on Russia as its primary source of gold in 2022, importing 96.4 tons. This quantity accounted for approximately one-third of Russia’s annual gold production and represented a remarkable increase of over 15 times compared to 2021.

Traditionally, the UAE has been a crucial hub for trading precious metals, particularly those originating from Africa and India. However, it was only last year that the country emerged as a significant player in the Russian gold trade.

With Western sanctions limiting Russia’s conventional export channels, mining companies in the country were compelled to seek alternative avenues for selling their gold. Consequently, Dubai, Istanbul, and Hong Kong emerged as key centers for Russian gold trade, as reported by Bloomberg.

In addition to Russia, Mali and Ghana also served as major gold suppliers to the UAE, providing 95.7 tons and 81 tons, respectively.

Meanwhile, Switzerland emerged as the predominant destination for Arab gold exports, receiving a substantial amount of 145 tons.

Follow us on Telegram and Twitter


🇨🇳 No more Chinese metals for the West

China’s exports of germanium and gallium fell sharply in August, according to customs data showed on Wednesday, after Beijing imposed new controls on exports of the two metals used for chip production.

China exported no wrought germanium products last month, down from 8.63 metric tons in July, when shipments more than doubled year-on-year, as overseas buyers rushed to lock in shipments ahead of the restrictions.

There were also no exports of wrought gallium products in August. In July, exports were 5.15 tons and 7.67 tons in the same month in 2022, the data showed.

In July, China announced export restrictions on eight gallium and six germanium products, which came into effect on August 1.

This is the latest step in an escalating standoff between Beijing and Washington over access to materials used in the production of high-tech microchips.

Meanwhile, the chart by FT shows just how big a role China plays in the production and processing of rare earth metals.

Follow us on Telegram and Twitter


🌾 Russia first in wheat exports for second straight year

Second consecutive strong wheat harvest strengthens Russia’s position as No. 1 exporter while easing price pressure on markets.

Overflowing Russian grain ports have brought wheat consumers affected by the cost-of-living crisis a positive result: the lowest prices in almost three years.

Prices in the Chicago market are now less than half of the peak reached after the Ukrainian conflict began.

“There are not a lot of competitors for Russian wheat,” said Hélène Duflot, a grain-market analyst at Strategie Grains. “Russia is the price maker at the moment.”

Follow us on Telegram and Twitter


🇦🇷 The IMF grip is set to tighten

Argentina and the International Monetary Fund have had a rocky history, and it appears that things may deteriorate further.

Just five years ago, Argentina became the largest debtor to the Washington-based lender, receiving $57 billion in aid. Unfortunately, the program failed to revive South America’s second-largest economy.

At present, the government has been unable to meet the economic targets set by the IMF.

This has led to mounting pressure, with analysts suggesting that the IMF should adopt a tougher stance when a new government takes office after the October elections.

“No matter who wins after the vote, the IMF should insist that the government either bite the bullet – or otherwise the Fund should pull the plug on its support,” said Mark Sobel, a former US representative at the IMF.

Javier Milei, who emerged as the frontrunner in last month’s primary election, is in favor of dollarizing the economy and believes that the IMF should push Argentina to reduce its primary budget deficit to 1.9% of GDP by 2023.

However, even if Milei wins the October 22 election and assumes power in December, he will need the support of a united congress to pass reforms and implement a new IMF program.

Meanwhile, economy minister Sergio Massa, the presidential candidate of the center-left Peronist coalition, pledged this week to exempt millions of workers from income taxes shortly after receiving new IMF funds. This move could further strain Argentina’s already tense relationship with the fund.

Hence, after the elections, the new president will not only have to address domestic issues but also find a way to negotiate with the powerful lender, which is increasingly dissatisfied with the current policies.

Follow us on Telegram and Twitter


For decades, no global currency has stood a chance of dethroning the U.S. dollar. But a growing coalition of countries is apparently seeking to do just that — and they’re already making moves.

The Indian government announced on Aug. 14 that the country’s leading petroleum refiner, Indian Oil Corp., used the local rupee to buy one million barrels of oil from the Abu Dhabi National Oil Company — not the U.S. dollar.


Russian energy major Gazprom delivered its first cargo of liquefied natural gas (LNG) via the Northern Sea Route (NSR) to China on Thursday, Reuters reported, citing the LSEG financial information company, as Moscow wants to expand using the Arctic corridor in the face of Western sanctions.

The Velikiy Novgorod tanker, loaded with LNG from the Portovaya LNG plant in the Baltic Sea, set sail to China on August 14, according to data. It has now arrived at the terminal of Tangshan Caofeidian in the Hebei province.

Russia wants the NSR – which runs through the Arctic Ocean off the country’s northern coastline and is the shortest shipping route between East Asia and Europe – to become a major shipping lane, and is investing heavily in its infrastructure. Moscow has touted NSR as an alternative to the Suez Canal.

RT News

Mainstream announcement of initiatives in line with UKAZ and REDA projects ⚡️🔥😄


🇦🇷 Argentina abolishes income tax

Well, not entirely, but close.

Argentina has announced that it will exempt millions of workers from paying income tax in an attempt to boost the standing of Economy Minister, Sergio Massa, in next month’s presidential election.

However, the measure puts the nation at risk of deepening the country’s fiscal hole.

As of October, workers earning less than 1.7 million pesos ($4,857) per month will no longer have to pay income tax, up from the previous threshold of about 700,000 pesos, according to Massa’s statement.

This exemption means that only 90,000 top-level managers and senior executives across the country will be required to pay the tax, which is less than 1% of the total number of registered workers.

Massa is competing to advance to the second round of Argentina’s Oct. 22 presidential election after his Peronist coalition finished third in last month’s primaries.

He met with the country’s biggest union leaders on Monday to unveil the measure and made the announcement during a rally in downtown Buenos Aires, where he urged voters to support him in the upcoming election.

“Workers will not pay any more taxes on their earnings,” he said.

His main competitors in the election are Javier Milei, who emerged as the primary vote winner, and Patricia Bulrich.

Follow us on Telegram and Twitter


Malaysia will take a tougher stance to recover more funds from Goldman Sachs if the US investment bank continues to refrain from engaging with Putrajaya about repatriating funds stolen from 1Malaysia Development Bhd (1MDB), says Datuk Seri Anwar Ibrahim.

The Prime Minister said the money must be returned for people’s education, public healthcare and basic amenities.

“We are not some banana republic that you can plunder and leave.

“I will be in the United States next week and we hope to find an amicable solution to this issue,” he said during a talk during the 10th Annual Asia Summit here on Wednesday (Sept 13).

He said that the investment community was aware how the scandal has caused the Malaysian economy to suffer.