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☆ How a Saudi pullback from a landmark US deal is bad news for dollar dominance
▼ + stars: | 2024-06-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Saudi Arabia has not renewed a deal that ensures the use of US dollars in the oil trade. The end of this "petrodollar" agreement will dent dollar dominance, the Atlantic Council wrote. This month, Saudi Arabia did not renew a 1974 accord that mandates the exclusive use of greenbacks when selling its crude oil. What's more, US dependence on Saudi oil has slid considerably, given a historic explosion in US domestic production. "China has become Saudi Arabia's largest oil customer, accounting for more than 20% of the kingdom's oil exports.

Persons: —, nonresident, Hung Tran, Tran, What's Organizations: Atlantic Council, Service, Saudi Locations: Saudi Arabia, Europe, American, China, Saudi, Beijing, Riyadh

☆ China's yuan is tumbling amid US sanctions and as central banks boost dollar holdings
▼ + stars: | 2024-06-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

China's yuan is falling as holders eye the risk of western sanctions. AdvertisementChina's yuan is in the midst of a steep decline as holders of the currency eye the risk of US sanctions. Central banks, meanwhile, are looking to dump the yuan while raising their holdings of the US dollar. Nearly 20% of central bank reserve managers said they planned on raising dollar holdings over the next one to two years, while 12% said they planned on reducing yuan holdings, according to a survey from the Official Monetary and Financial Institutions Forum. Lawmakers are reportedly already drafting sanctions to impose against Chinese banks, sources told The Wall Street Journal in April.

Persons: —, Yuan, They've Organizations: US Treasury, Service, Russia's, Monetary, Financial, Treasury, Lawmakers, Wall Street Journal, Bloomberg Locations: China, Russia, Ukraine, Moscow

☆ Putin arrives in Vietnam as Russia seeks support in face of Western isolation
▼ + stars: | 2024-06-19 | by ( Helen Regan | ) edition.cnn.com time to read: +7 min

Considered a pariah by the West, Putin is looking to boost economic ties with friendly countries and show that Western isolation is not having an impact. Vietnam was among several Southeast Asian countries that abstained from joining a global summit on Ukraine in Switzerland last week. Last week, Vietnam sent a delegation led by its Deputy Minister of Foreign Affairs to attend the BRICS Foreign Ministers’ Summit in Russia. Analysts say Russia is likely to get more out of the visit than Vietnam, and Hanoi may even suffer reputational damage by hosting Putin following his trip to North Korea. “If no substantive deals are made, the visit will mainly be symbolic and a means for Putin and Russia to show the world that Western sanctions against Russia are not working,” said Le.

Persons: Vladimir Putin, Kim Jong, Putin, Nguyen Phu Trong, Lam, Minh, Yury Ushakov, Xi Jinping, Joe Biden, ”, Le Hong Hiep, – Yusof, Le, ” Putin, Xi, –, John Kirby, Anwar Ibrahim Organizations: CNN, West, US, Reuters, Communist Party General, Vietnam’s, Vietnam News Agency, ” TASS, TASS, ”, Vietnam Studies, International Criminal Court, ICC, United Arab, Foreign Ministry, Foreign Affairs, ’ Summit, Analysts, Putin Locations: Hanoi, North Korea, Ukraine, Vietnam, Moscow, United States, China, Russia, Pyongyang, Russian, Soviet, India, US, South China, Switzerland, Beijing, Kazan, Iran, Saudi Arabia, United Arab Emirates, Ethiopia, Egypt, Malaysia, BRICS, “

☆ Malaysia preparing to join BRICS economic group, media report says
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: +1 min

A general view of flags of (From L to R) South Africa, Brazil, Russia, India and China during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg on August 24, 2023. Malaysia is preparing to join the BRICS group of emerging economies, Prime Minister Anwar Ibrahim said in an interview with Chinese media outlet Guancha. The BRICS group of nations originally included Brazil, Russia, India, China, and South Africa, which gave it the acronym. The group last year began to expand its membership as it looks to challenge a world order dominated by Western economies, with Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates joining and more than 40 countries expressing interest. "We have made a decision, we will be placing the formal procedures soon... we are just waiting for the final results from the government in South Africa," Anwar said, according to a video of the interview posted by Guancha on Sunday.

Persons: Anwar Ibrahim, Anwar, Guancha Organizations: United Arab Emirates Locations: South Africa, Brazil, Russia, India, China, Sandton, Johannesburg, Malaysia, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina

☆ Putin arrives in North Korea for first visit in 24 years as anti-West alignment deepens
▼ + stars: | 2024-06-18 | by ( Simone Mccarthy | Anna Chernova | ) edition.cnn.com time to read: +9 min

Following his visit to North Korea, Putin is scheduled to travel to Hanoi in a display of Communist-governed Vietnam’s ties to Russia that is likely to rankle the United States. Putin’s trip to North Korea will have a “very eventful” agenda, his aide Yuri Ushakov said during a press conference Monday. One image was of a grandstand being constructed on the eastern side of Kim Il Sung Square, the site where all major parades in North Korea are held. Putin arrives in North Korea on Tuesday, June 18. But Russia’s apparent increasing reliance on North Korea and rising frictions with the West appear to have shifted that dynamic.

Persons: Vladimir Putin, Kim Jong Un, Putin, Kim, Yuri Ushakov, Ushakov, Kim Il, John Kirby, Biden, wasn’t “, ’ Kim, ” Kim, ”, Volodymyr Zelensky, Putin’s, Defense Lloyd Austin, “, ” Putin, Kim Jong Il, Xi Jinping, Michael Mitsanas, Katharina Krebs, Mariya Knight, Yoonjung Seo, Betsy Klein, Paul P, Murphy Organizations: CNN, TASS, Putin, Planet Labs, Maxar Technologies, US, North Korean, North, South Korea’s, Chiefs of Staff, West, Ukrainian, Kyiv, NATO, Ukraine, Defense, Kremlin, United Nations Security, UN Locations: North Korea, Pyongyang, Ukraine, Korean, Korea, Hanoi, Russia, United States, Asia, Moscow, North, Zarubinreporter, South Korea, South, Russia’s, Eurasia, Italy, Kyiv, Russian, Vietnam, Beijing, China, Iran, South Africa, Brazil

☆ Key holdouts at a Ukrainian diplomatic summit are proof that Putin's diplomatic playbook is working
▼ + stars: | 2024-06-17 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

Read previewOver the weekend, Ukraine's President Volodymyr Zelenskyy rallied countries from around the world to support his call for Russia to end its invasion. It has been especially effective in the "global South" of non-Western powers whose wealth and influence on world affairs is growing. AdvertisementHowever, powerful non-Western countries refused to take part. Russia has also seized on claims that Western support for Israel in its war against Hamas is evidence of hypocrisy. AdvertisementIt is to Putin's advantage when those countries see Russia vs. Ukraine and Israel vs. Hamas as equivalent struggles, both complex enough to avoid taking a side.

Persons: —, Volodymyr Zelenskyy, Zelenskyy, Russia wasn't, didn't, Ukraine —, Vladimir Putin, Putin, Natalie Sabanadze, Pavan Kapoor Organizations: Service, BBC, Business, Ukraine, West, Chatham, ANC, Israel, Hamas Locations: Russia, Switzerland, China, Saudi Arabia, Brazil, India, South Africa, Ukraine, American, Moscow, Soviet, West, USSR, Soviet Union, Pakistan, Western, Israel, Indian

☆ Russia’s Putin to visit North Korea in rare trip as anti-West alignment deepens
▼ + stars: | 2024-06-17 | by ( Simone Mccarthy | Anna Chernova | ) edition.cnn.com time to read: +6 min

Following his visit to North Korea, Putin will travel to Hanoi Wednesday for another two-day trip, in a display of Communist-governed Vietnam’s ties to Russia that is likely to rankle the United States. Both countries have denied North Korean arms exports. The Kremlin has said that Russia hopes to build a partnership with North Korea “in all possible areas,” according to Russian state media. Putin’s move to bolster North Korean ties has also been a boon for Kim, who remains unbowed by years of international sanctions over his illegal nuclear weapons program. But Russia’s apparent increasing reliance on North Korea and rising frictions with the West appear to have shifted that dynamic.

Persons: CNN — Vladimir Putin, Kim Jong Un, Putin, Kim, ” Kim, Volodymyr Zelensky, Putin’s, Defense Lloyd Austin, “, ”, ” Putin, Kim Jong Il, Xi Jinping Organizations: CNN, Kremlin, Putin, North Korean, Pyongyang –, North, North Korea “, Ukrainian, Kyiv, NATO, Ukraine, Defense, United Nations Security, UN Locations: North Korea, Russian, Ukraine, Pyongyang, Hanoi, Russia, United States, South Korea, Moscow, Korean, Russia’s, Italy, Kyiv, Beijing, China, Iran, South Africa, Brazil

☆ Major Ukraine summit ends with fresh plea for peace but key powers spurn final agreement
▼ + stars: | 2024-06-16 | by ( Joshua Berlinger | Niamh Kennedy | ) edition.cnn.com time to read: +4 min

CNN —A two-day summit in Switzerland dedicated to forging a path forward to end the war in Ukraine concluded with key powers spurning a joint communique agreed to by more than 80 other countries and international organizations. The world cares deeply about the war provoked by Russia’s aggression,” European Commission President Ursula von der Leyen said. The sides also said that all children and civilians that were unlawfully displaced must be returned to Ukraine. And Ukraine must disarm so that is vulnerable to future Russian aggression down the road. No responsible nation could say that is a reasonable basis for peace,” Sullivan said.

Persons: spurning, Volodymyr Zelensky, Zelensky, Vladimir Putin, Kamala Harris, Ursula von der Leyen, Jake Sullivan, ”, Putin, ” Sullivan Organizations: CNN, United Arab, European Union, Kremlin, NATO, Russian, Luhansk –, US National Security, Ukrainian Locations: Switzerland, Ukraine, India, Saudi Arabia, South Africa, United Arab Emirates, Russia, Ghana, Canada, Chile, Lucerne, Argentina, Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Poland, Sweden, United Kingdom, China, Moscow, Russian, Donetsk, Luhansk, Kherson, Zaporizhzhia, Harris

☆ Russia adopts Chinese yuan-to-ruble as benchmark exchange rate after US sanctions force a further move away from the dollar
▼ + stars: | 2024-06-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewMoscow is adopting the Chinese yuan-to-ruble exchange rate as its benchmark currency pair after the US expanded sanctions against Russia on Wednesday, the country's central bank said on Thursday. The new US sanctions prompted the Moscow Exchange to end dollar and euro trading on Thursday, causing confusion — since the exchange rate is now opaque. Related storiesRussia's central bank appeared to seek to calm the market in a statement on Thursday. AdvertisementThe central bank added in its statement to Russia's RBC News that the yuan has become "the main currency" on the Moscow Exchange. It will "set the trajectory for other currency pairs" and be the guideline for market participants, the central bank said.

Persons: —, Vladimir Putin, Russia — Organizations: Service, Russia, Business, TASS, RBC, Moscow Exchange Locations: Moscow, Russia, Ukraine, Russia's

☆ What the US can do to halt de-dollarization, according to one think tank expert
▼ + stars: | 2024-06-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The US can counter de-dollarization efforts, a think tank expert says. Currency experts have sounded the alarm on what it could mean for the dollar hegemony in global trade and finance. To that end, the US should look to prevent counter-coalitions from forming, and do so by seeking out healthy foreign policy and positive trade partnerships, she said. To prevent the trend from accelerating further, the US should also actively pursue dollar stability through tech-based financial solutions, such as developments in digital payments. The same argument was posed by two other think tank experts on Monday, who warned that internal US dysfunction was the real threat to the dollar.

Persons: —, Carla Norrlöf, Norrlöf, it's, dollarization Organizations: Service, greenback, Project Syndicate, Atlantic Council Locations: Russia, China, Washington

☆ Russia says it's working with a group of countries to build a platform that doesn't need the dollar
▼ + stars: | 2024-06-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

A group of emerging countries are planning a payments platform to bypass the US dollar, Lavrov announced. The initiative follows a BRICS summit call for trade in national currencies. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA group of major emerging countries is working on a way around the dollar — but they face an uphill battle to diminish the greenback's dominance. On Monday, Russian Foreign Minister Sergey Lavrov said BRICS countries are developing a payments platform that will allow them to bypass the US dollar, per TASS, a state news agency.

Persons: Lavrov, —, Sergey Lavrov, South Africa — Organizations: Kazan, Service, Russian, Business Locations: Johannesburg, Brazil, Russia, India, China, South Africa

☆ Cut off from the West, Putin says almost 40% of Russian trade turnover is now in rubles
▼ + stars: | 2024-06-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Russia's President Vladimir Putin gestures as he delivers a speech during the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 7, 2024. Russian President Vladimir Putin said Friday that nearly 40% of the country's trade turnover is now in rubles as the share conducted in dollars, euros and other "non-friendly" Western currencies has fallen away. Putin said payments for Russian exports in "so-called 'toxic' currencies of non-friendly states" had halved over the last year. "With that, the share of the ruble in import and export operations is increasing, now standing at almost 40%," Putin said, according to a translation. The West has sought to cut off Russia's $2 trillion economy in response to Moscow's full-scale invasion of Ukraine in February 2022.

Persons: Vladimir Putin, Putin Organizations: Saint Petersburg, Economic, St ., Kremlin, International Monetary Fund, U.S Locations: Saint Petersburg, St, St . Petersburg, Russia, Brazil, India, China, South Africa, Asia, Latin America, Africa, Ukraine, Germany, France, Moscow

☆ War, what war? Putin looks to woo new business partners willing to overlook its invasion of Ukraine
▼ + stars: | 2024-06-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +5 min

Russian President Vladimir Putin is seen while visiting the Lakhta Center on June 5, 2024, in Saint Petersburg, Russia. Vladimir Putin visited a newly built Lakhta Center, a skyscraper of Gazprom, prior to his meetings at the Saint Petersburg International Economic Forum SPIEF 2024. Contributor | Getty Images News | Getty ImagesRussia's annual economic forum in St. Petersburg used to be known as the country's "Davos" in a nod to the World Economic Forum that's held in Switzerland every year. A view of the stand of the Russian private bank Alfa-Bank during the 27th St. Petersburg International Economic Forum in St. Petersburg, Russia on June 05, 2024. Guests from foreign countries seen during the first day of the St. Petersburg International Economic Forum 2024.

Persons: Vladimir Putin, SPIEF, Max Hess, Peter Szijjarto, There's, Vladimir Putin's, Yuri Ushakov, Putin, anders Pettersson Organizations: Lakhta Center, Saint Petersburg, Economic, Getty, St ., Economic Forum, Foreign Policy Research Institute, CNBC, Hungarian Foreign, Alfa, Bank, Anadolu, West, International Monetary Fund, U.S, Brics Locations: Saint Petersburg, Russia, Gazprom, St . Petersburg, Davos, Switzerland, Ukraine, Asia, Latin America, Africa, Eastern Europe, Slovakia, Hungary, Hungarian, St, Moscow, Russian, Germany, France, India, China, Johannesburg, South Africa

☆ Opinion: To those world leaders privately rooting for Biden — now is your chance
▼ + stars: | 2024-05-30 | by ( Opinion Arick Wierson | ) edition.cnn.com time to read: +6 min

And among those watching most closely are world leaders near and far. Of course, world leaders have generally stayed mum on the issue of which man they prefer – although I would wager that most favor the status quo over a return to the raucous years of Trump’s presidency. Some world leaders have already signaled their aversion to another Trump presidency. But for these foreign leaders, coming out against Trump is a move that is chock full of risks. The stakes in this election are too high for global leaders to stay mum.

Persons: Michael Bloomberg, Read, Joe Biden, Donald Trump, Biden “, ”, Trump, Trump’s, “, Hank Sheinkopf, Biden, Javier Milei, Israel’s Netanyahu, Victor Orbán, Russia’s Vladimir Putin, it’s, Justin Trudeau, isn’t, Brazil’s Luiz Inácio Lula da Silva, octogenarian Biden, “ Trump, Sheinkopf, Don’t, Team Biden, — Organizations: New York, CNN, Trump, NATO, “, Biden, Canadian, Worker’s Party, Team Trump, Team Locations: United States, Latin America, Africa, America, Asia, China, Argentina, Hungary, Brazilian, Gaza, Brazil, Russia, India, South Africa, Washington

☆ A group of emerging nations could soon start knocking down one key pillar of dollar dominance
▼ + stars: | 2024-05-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

The BRICS bloc could pick up its de-dollarization agenda at its October summit in Kazan, Russia. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe BRICS group of emerging nations has been agitating for a move away from US dollar dominance. Last year, Brazilian President Luiz Inácio Lula da Silva called for a BRICS common currency.

Persons: —, Luiz Inácio Lula da Silva, United Arab Emirates — Organizations: Service, United, United Arab Emirates, Business Locations: Kazan, Russia, Brazil, India, China, South Africa, Iran, Egypt, Ethiopia, United Arab

☆ Biden looks to counter China’s influence as he rolls out red carpet for Kenya
▼ + stars: | 2024-05-23 | by ( Kevin Liptak | Kayla Tausche | ) edition.cnn.com time to read: +8 min

Among the goals of his three-day state visit in October: securing another $1 billion in loans from China to help complete infrastructure projects. On Wednesday, when he arrived at Joint Base Andrews to begin another state visit – this time to Washington – he again found a red carpet and troops. Senior administration officials acknowledge a central factor in scheduling a state visit with Kenya was the desire to counter China’s influence and financial leverage on the African continent, which has outpaced the United States in direct investment. One of the goals of Thursday’s state visit is to demonstrate the ability of democracies – like Kenya’s – to deliver for their people. “I plan on going in February,” Biden told reporters.

Persons: Washington CNN —, William Ruto, Joint Base Andrews, Washington –, Jill Biden, Joe Biden, –, Kenya –, ”, “, Biden, Ruto, ” Ruto, he’s, João Manuel Gonçalves Lourenço, Jake Sullivan, ” Biden, Xi Jinping, Donald Trump –, ” Sullivan, Ariel Henry Organizations: Washington CNN, Kenyan, Joint Base, East, Kenya, NATO, Africa –, White, Initiative, Loans, Washington, World Bank, Group, European Union, Democratic, White House, Angolan, Advisers, CNN, Haitian Locations: Beijing, China, Africa, Kenya, United States, China’s, Nairobi, Mombasa, Boston, US, Angola, Democratic Republic of Congo, Zambia, Washington, East, Ukraine, ”, Russia, –, combatting al, Shabab, Somalia, Yemen, Haiti

☆ De-dollarization is 'a myth,' and there's no big shift taking place away from the US currency, commodities expert says
▼ + stars: | 2024-05-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Practically no one is phasing out the dollar for trade or foreign reserves, he said. No one is dumping dollars," Christian said of de-dollarization in a recent presentation. Its closest competitor, the euro, accounted for just 19% of all central bank reserves in 2022, down from around 29% several decades ago. Advertisement"There has been a diversification of central bank foreign exchange holdings, but it's not at the expense of the dollar, and it's not away from the dollar," Christian said. "Clearly people are buying dollars in a much greater volume than they are selling dollars," Christian said.

Persons: Jeffrey Christian, —, Christian, it's, Chris Wallace, Wallace Organizations: CPM, Service, Bank of International Settlements, Monetary Fund, Federal Locations: Russia, China

☆ Hamas and Israeli leaders may face international arrest warrants. Here’s what that means
▼ + stars: | 2024-05-20 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +11 min

If approved by a panel of judges, the arrest warrants would be issued for Israeli Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant. The decision to seek arrest warrants doesn’t immediately mean the individual is guilty, but is the first stage in a process that could lead to a lengthy trial. The ICC has so far issued arrest warrants against 42 people, 21 of whom have been detained with the help of member states. Signatory states are obliged to apprehend those facing arrest warrants, but leaders have often sought to evade those warrants, restricting their freedom of movement. Video Ad Feedback ICC chief details charges he is seeking against Hamas and Israeli leaders 02:04 - Source: CNNDoes the ICC have jurisdiction over Israeli nationals?

Persons: Benjamin Netanyahu, Yoav Gallant, Yahya Sinwar, Ismail Haniyah, Mohammed Diab Ibrahim al, Masri, Mohammed Deif, Netanyahu, doesn’t, ”, Putin, Haniyah, Omar al, Bashir, Saif Gadhafi, Moammar Gadhafi, Vladimir Putin, hasn’t, Karim Khan, “, Khan, Shelly Aviv Yeini, ” Yeini, Muhammad Nazzal, Gallant, Israel Katz, Yair Lapid, Israel “, Sinwar, Itamar Ben Gvir, Bezalel Smotrich, Mike Johnson, CNN’s Jeremy Diamond, Benjamin Brown, Melanie Zanona, Aber Salman, Michael Schwartz Organizations: CNN, Criminal Court, Israeli, ICC, The Hague, International Court of Justice, United Nations, UN, Djibouti –, West Bank, Palestinian Authority, Hamas, Reuters, Foreign, National Security, Hague, Defense Ministry, Republican Locations: Israel, Gaza, Chile, South Africa, Qatar, Rome, The, Netherlands, Russian, Bangladesh, Bolivia, Comoros, Djibouti, Palestinian, East Jerusalem, Palestine, The Hague, Israeli

☆ Putin to meet Xi in China as world convulses from global conflicts
▼ + stars: | 2024-05-14 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

Pyongyang – which has an economy almost entirely dependent of China – is believed by Western governments to be aiding Russia with war supplies. Xi has ramped up his calls for Europe and other countries to help the world avoid a “Cold War,” suggesting they resist what Beijing sees as US efforts to contain China. They have also criticized Israel and the United States – converging with mounting global backlash, especially across the Global South against Israel’s war. The conflict has also impacted how China and Russia view their relations with countries there, he added. China “wants to use Russia” for its aims, but Russia is making China weak, he said.

Persons: Xi Jinping, Vladimir Putin, Putin, –, It’s, China –, Xi, France –, Jens Stoltenberg, Sergei Guneyev, ”, Li Mingjiang, Manoj Kewalramani, Russia doesn’t, Stringer, Gaza —, Sergey Lavrov, presser, Wang Yi, Israel, “, Privately, Shen Dingli, China “, Alexander Dugin, Donald Trump, Li Organizations: Hong Kong CNN, West, NATO, Forum, Singapore’s Nanyang Technological University, EU, Takshashila, Boys, Getty, United, Global, Shanghai Cooperation Organization, Russia, Weibo, Moscow, CNN Locations: Hong Kong, China, Russian, Gaza, Ukraine, Moscow, Washington, Iran, North Korea, Pyongyang, Russia, Tehran, Beijing, Europe, France, Serbia, Hungary, Bangalore, Rafah, AFP, Israel, United States, Kewalramani, South, Taiwan, Shanghai, Singapore

☆ 3 reasons the dollar can't be dethroned as the world's dominant currency, according to Morgan Stanley
▼ + stars: | 2024-05-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

De-dollarization efforts won't do much to dethrone the dollar, Morgan Stanley said. There are no true alternatives to holding the US dollar at the moment, Morgan Stanley strategists said. AdvertisementThe dollar's status as the top currency of central banks and for international trade probably isn't fading soon, according to Morgan Stanley. "Now, reasonable people can disagree about whether cryptocurrencies are going to appreciate or depreciate, but I'd argue that the best outcome for a dominant currency is neither." Displacing a dominant currency is something that happens over the course of decades, economists previously told Business Insider, as it takes time for people to shift to other currencies once a dominant currency is recognized as "safe."

Persons: Morgan Stanley, —, James Lord, Michael Zezas, That's, Lord, there's, Zezas, Crypto, David Adams, Morgan Stanley's Organizations: Service, Rivals, greenback, Business Locations: Beijing, China

☆ The US and the West are facing the blowback of sanctions against Russia, economist says
▼ + stars: | 2024-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US miscalculated when it imposed harsh sanctions on Russia, and not only has Vladimir Putin's economy weathered the impact, but the West is facing the negative effects of the economic restrictions it imposed. Food and energy prices have soared since the West imposed sanctions on Russia, he noted partly because Russia is one of the world's largest exporters of oil and grain. Even the US dollar may end up worse off due to sanctions, Rubin said. Russia's trade with China, for instance, has nearly completely phased out the dollar, Russian officials said last year. "Sanctioning the ruble and confiscating a third of the Russian central bank's foreign reserves was supposed to cripple the Russian economy.

Persons: —, Vladimir, Jeff Rubin, " Rubin, crimp, Rubin, Putin Organizations: Service, Business, The Globe, Federal Reserve Board, Bank of Canada Locations: Russia, Ukraine, China, Russian

☆ Trump advisers are mulling penalties for any countries that stop using the dollar, report says
▼ + stars: | 2024-04-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Donald Trump's advisors are discussing penalties for countries that move away from the dollar, sources told Bloomberg. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementEconomic advisors to Donald Trump are working out plans to blunt de-dollarization efforts, which could include penalties on any economy that moves away from the greenback. As of March, the dollar still leads in global payments, making up 47.4% of transactions, SWIFT data shows.

Persons: Donald, —, Donald Trump, Trump, Emmanuel Macron, hasn't, Nouriel Organizations: Bloomberg, Service, greenback, West, United, CNBC Locations: Ukraine, China, Russia, Saudi Arabia, United Arab Emirates, Europe

Has South Africa Truly Defeated Apartheid? U.S.A., 2020 – 63% U.K., 2019 – 62% 60% 49% 40% 20% 1994 2004 2014 2019 Sources: Collette Schulz-Herzenberg, "The South African non-voter: An analysis"; Konrad Adenaur Stiftung, 2020 (South Africa); Pew Research (United States and U.K.)On a continent where coups, autocrats and flawed elections have become common, South Africa is a widely admired exception. −4% −6% Sources: Harvard Growth Lab analysis of World Economic Outlook (South Africa and sub-Saharan Africa) and World Development Indicators (upper-middle-income countries). 50% unemployment rate 40% Black unemployment rate 30% The unemployment gap between Black and white South Africans remains wide. In 2022, about 6 percent of South Africans aged 18 to 29 were enrolled in higher education, according to Statistics South Africa.

Persons: Nelson Mandela, they’ve, Collette Schulz, Konrad Adenaur Stiftung, —, Walter Sisulu, Joao Silva, New York Times Jack Martins, ”, Mandela’s, Wandile Sihlobo, Johann Kirsten, Sihlobo, Kirsten, haven’t, Zinhle Nene, Peter Mokoena, “, Mokoena, Nokuthula Mabe, Mabe, Jacob Zuma, Chrispin Phiri, Cyril Ramaphosa, Israel, Sibusiso Zikode, Zikode, Mr Organizations: African National Congress, Pew Research, Human Sciences Research, World Bank, Black South, Charter, New York Times, University of Cape Town’s Liberty Institute of Strategic Marketing, Johannesburg Stock Exchange, Economic Empowerment, South, Harvard, Economic, Government, Black, Mr, Stellenbosch University . White, Statistics, Security, JOHANNESBURG Jobs, JOHANNESBURG Sandton Downtown, West University, Education, Statistics South, General Household Survey, of, Stellenbosch University, Ministry of Justice and Correctional Services, Institute for Security Studies, International Court of Justice Locations: Africa, South Africa, Black, States, Soweto, Kliptown, Johannesburg, South, Saharan Africa, Carletonville, JOHANNESBURG, Downtown Soweto, JOHANNESBURG Sandton, JOHANNESBURG Sandton Downtown Soweto, North, Mahikeng, Botswana, Statistics South Africa, Brazil, Mexico, Philippines, African, Germany, Russia, India, China, Ethiopia, Burundi, Zimbabwe, Ukraine, New York Times South Africa, Gaza, Durban, South Africa’s

☆ India election: Modi’s Muslim remarks spark ‘hate speech’ accusations as mammoth vote deepens divides
▼ + stars: | 2024-04-22 | by ( Rhea Mogul | ) edition.cnn.com time to read: +12 min

CNN —India’s Prime Minister Narendra Modi has been accused of delivering Islamophobic remarks during an election rally Sunday, triggering widespread anger from prominent Muslims and members of the opposition. India's Prime Minister Narendra Modi speaking during a rally in Sydney, Australia, on May 23, 2023. Kalpit Bhachech/Getty Images Narendra Modi, then BJP secretary is welcomed at Ahmedabad Railway Station by the party's followers on January 31, 1992. Kalpit Bhachech/Dipam Bhachech/Getty Images Narendra Modi pictured in India on January 23, 1998. Brent Lewin/Bloomberg/Getty Images India's Prime Minister Narendra Modi addresses Congress at the US Capitol in Washington, DC, on June 22, 2023.

Persons: CNN —, Narendra Modi, Islamophobic, Modi’s, Modi, ”, ” Modi, Matthew Abbott, Hiraben, Damodardas, Dipam Bhachech, Lal Krishna Advani, Subhas Chandra Bose, Kalpit Bhachech, Kalpit, Negi Yasbant, Amit Dave, Ajit Solanki, Kevin Frayer, Saurabh Das, AP Modi, Manish Swarup, Lucas Jackson, Barack Obama, Adrien Helou, Reuters Modi, Adnan Abidi, Stringer, Mark Zuckerberg, David Paul Morris, Marco Longari, Angela Merkel, Tobias Schwarz, Emmanuel Macron, Charles Platiau, Saudi Arabia's Crown Prince Mohammed bin Salman, India's, Jair Bolsonaro, Vladimir Putin, Xi Jinping, Amit Shah, Money Sharma, Boris Johnson, Phil Noble, Anthony Albanese, Brent Lewin, Pedro Ugarte, Joe Biden, Doug Mills, Paul Mashatile, Jacoline, Imtiyaz Khan, Amr Alfiky, Rana Ayyub, Asaduddin Owaisi, “ Modi, Mallikarjun Kharge Organizations: CNN, CNN — India’s, Bharatiya Janata Party, BJP, Indian National Congress, of India, India's, New York Times, Rashtriya Swayamsevak Sangh, Getty, Modi, Hospital, Narendra, India Today, AP, Madison, Garden, Reuters, Washington , D.C, French National Space Agency, of Yoga, Meta, Facebook, Bloomberg, European, Saudi Arabia's Crown, Rashtrapati Bhavan, Kyodo, British, Summit, Qudos Bank, White, Anadolu Agency, Anadolu, United, United Arab Emirates, Sangh, Hindu, “, Hate Locations: Rajasthan, Sydney, Australia, Gujarat, India, Ahmedabad, Ahmadabad, Varanasi, New Delhi, United States, Washington, Washington ,, Toulouse, France, Xian, AFP, Menlo Park , California, U.S, Pretoria, South Africa, China, Berlin, Paris, Rashtrapati, Russian, Brasilia, Glasgow, Red, Ayodhya, Uttar Pradesh, Abu Dhabi, United Arab, BJP, “

☆ In India’s 2024 election, BJP’s main opposition appears increasingly weak in face of Modi juggernaut
▼ + stars: | 2024-04-20 | by ( Helen Regan | Rhea Mogul | ) edition.cnn.com time to read: +21 min

Supporters of India's opposition party, Indian National Congress, during an election rally in Puducherry on April 15, 2024 R. Satish Babu/AFP/Getty ImagesDemocracy under threat? Dipam Bhachech/Hulton Archive/Getty Images Modi worked his way through the ranks of the BJP, establishing himself as a respected politician. Tobias Schwarz/AFP/Getty Images Modi hugs French President Emmanuel Macron after a ceremony at the Arc de Triomphe in Paris, on June 3, 2017. Brent Lewin/Bloomberg/Getty Images India's Prime Minister Narendra Modi addresses Congress at the US Capitol in Washington, DC, on June 22, 2023. Pedro Ugarte/AFP/Getty Images Modi offers a toast during a State Dinner with President Joe Biden at the White House in Washington, on June 22, 2023.

Persons: ”, Narendra Modi, Mallikarjun Kharge, Indira Gandhi, Gandhi, ” Hazari Lal Rajput, Satish Babu, Modi, Modi’s, Matthew Abbott, Hiraben, Damodardas, Dipam Bhachech, Lal Krishna Advani, Subhas Chandra Bose, Kalpit Bhachech, Kalpit, Negi Yasbant, Amit Dave, Ajit Solanki, Kevin Frayer, Saurabh Das, AP Modi, Manish Swarup, Lucas Jackson, Barack Obama, Adrien Helou, Reuters Modi, Adnan Abidi, Stringer, Mark Zuckerberg, David Paul Morris, Marco Longari, Angela Merkel, Tobias Schwarz, Emmanuel Macron, Charles Platiau, Saudi Arabia's Crown Prince Mohammed bin Salman, India's, Jair Bolsonaro, Vladimir Putin, Xi Jinping, Amit Shah, Money Sharma, Boris Johnson, Phil Noble, Anthony Albanese, Brent Lewin, Pedro Ugarte, Joe Biden, Doug Mills, Paul Mashatile, Jacoline, Imtiyaz Khan, Amr Alfiky, Arati Jerath, “, it’s, Rahul Gandhi, Rajiv Gandhi, Indira, India’s, Jawaharlal Nehru, gunning, ” Modi, shouldn’t, Mohammad Irfan, —, Arvind Kejriwal, Altaf Qadri, Kejriwal, Atishi, you’re, Jerath, Gandhi ‘, ’ Modi, Christophe Jaffrelot, CNN Modi, Rasheed Kidwai, Rahul, Diptendu Dutta, Mamata Banerjee, Muthuvel Karunanidhi Stalin, ” Kidwai, ” Jerath Organizations: CNN, Bharatiya Janata Party, BJP, Indian National Congress, Getty, Democracy, Modi’s BJP, Pew, New York Times, Rashtriya Swayamsevak Sangh, Modi, Hospital, Narendra, India Today, AP, India's, Madison, Garden, Reuters, Washington , D.C, French National Space Agency, of Yoga, Meta, Facebook, Bloomberg, European, Saudi Arabia's Crown, Rashtrapati Bhavan, Kyodo, British, Summit, Qudos Bank, White, Anadolu Agency, Anadolu, United, United Arab Emirates, Developmental Inclusive Alliance, Indian, Aadmi Party, Delhi, AAP, Aam Aadmi Party, All, Trinamool, West, All India, Congress, “, “ Democracy Locations: India, Uttar Pradesh, Ramlila, Puducherry, Modi’s, Sydney, Australia, Gujarat, Ahmedabad, Ahmadabad, Varanasi, New Delhi, United States, Washington, Washington ,, Toulouse, France, Xian, AFP, Menlo Park , California, U.S, Pretoria, South Africa, China, Berlin, Paris, Rashtrapati, Russian, Brasilia, Glasgow, Red, Ayodhya, Abu Dhabi, United Arab, INDIA, Delhi, India’s, Lok Sabha, Atishi, ”, Manipur, Siliguri, West Bengal, Tamil

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