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☆ Russia is betting big on Cuba as it courts alternative economic partners
▼ + stars: | 2024-03-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia is expanding its economic and trade ties with Cuba, per TASS. Russia has been pivoting to alternative markets in the face of Western sanctions. Cuba — which has been sanctioned by the US for decades — has been in an economic crisis since the COVID-19 pandemic. AdvertisementRussia has set its sights on broader economic and trade ties with Cuba. The companies are involved in various sectors including heavy industry, energy, banking, agriculture, IT, and tourism, Chernyshenko said at an intergovernmental meeting between Russia and Cuba.

Persons: —, Dmitry Chernyshenko, Chernyshenko Organizations: Service, TASS Locations: Russia, Cuba, Russian

☆ Why the scale of Putin's landslide win matters so much
▼ + stars: | 2024-03-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

As of 7 a.m. Moscow time on Monday, Putin has secured around 87% of the vote in the presidential election. This marks a record win for Putin, who took home 77% of the votes in 2018. His opponents — who are far from Putin's level of clout and influence — were pre-approved by Russia's election commission and posed no serious challenges to the incumbent leader. David Szakonyi, a political science professor at George Washington University, told Business Insider last week that voter turnout is an extremely important metric for Putin. AdvertisementTo be sure, there are other factors at play in Putin's victory besides Russia's strong economy.

Persons: —, Vladimir Putin, Putin, David Szakonyi, Szakonyi, Denis Volkov, Volkov, Alexei Navalny, Josef Stalin Organizations: Service, Business, George Washington University, Putin, Monetary Fund, Levada, New York Times, Times Locations: Moscow, Ukraine, Russia

☆ China may have found a new way to skirt US import tariffs: Go through Mexico instead
▼ + stars: | 2024-03-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China's exports to Mexico surged nearly 60% in January year-over-year, according to Xeneta. Mexico became America's top trade partner last year, overtaking China amid geopolitical tensions. The strong growth in trade between the two countries followed a 35% on-year jump in container volumes from China to Mexico. In 2022, China's exports to Mexico grew just 3.5% on-year. AdvertisementLast year, Mexico overtook China as America's top trade partner, according to data from the US Commerce Department.

Persons: —, Peter Sand, Donald Trump Organizations: Service, Container Trades Statistics, Business, China, Trump, US Commerce Department Locations: Mexico, China

☆ Merely winning has never been enough for Putin — and this year's presidential election is no different
▼ + stars: | 2024-03-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's little doubt Putin, 71, will win, even as the Ukraine war drags into its third year, analysts say. After all, his challengers — who were approved to run by the country's election commission — are far from his level of clout and influence. But for Putin, merely winning has never been enough — and 2024 looks no different. Putin needs to show that Russians really want him to leadFor Putin, it's not about winning. As Thomas Graham, a fellow at the Council on Foreign Relations, wrote on March 7, "Just winning has never been enough for Putin.

Persons: —, There's, Putin, it's, It's, Thomas Graham, David Szakonyi, Elvira Nabiullina, Nabiullina, they're, Vladimir Putin Organizations: Service, Business, International Monetary Fund, Council, Foreign Relations, George Washington University, Profit, Central Bank of Russia, Putin Locations: Ukraine, Russian, Policymaking, Russia, Polish

☆ China's explosive growth over the past few decades is actually just a return to its historical norm, says Deutsche Bank
▼ + stars: | 2024-03-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

The relative growth and decline of countries/empires often lead to global tensions," wrote Jim Reid, a research strategist at Deutsche Bank. More tellingly, Reid wrote, it's a position that China "feels is the historical norm." The chart below from Deutsche Bank shows how much various global economies have contributed to the world's GDP throughout history. America rapidly became a major power around the late 1800s, while India and China's share of global GDP fell way down. "The rapid post-GFC catch-up had been at the epicenter of the deteriorating US-China relationship and their relative performance going forward will likely continue to define it," Reid wrote.

Persons: —, Jim Reid, Reid, tellingly, it's, doesn't Organizations: Service, Deutsche Bank, Business, Global, America Locations: China, India, America

☆ Russia's grand railway plan to get around Western sanctions is about to get even bigger
▼ + stars: | 2024-03-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

And it's now also linking south toward India and countries in the Persian Gulf, the New York Times reported on Wednesday. AdvertisementIn addition, Russia is also restoring another railway line that would allow it to access Turkey, the Times reported on Wednesday. Russia's push for rail freight follows two years of Western sanctions against the country over its war in Ukraine. The restrictions hit Russia's trade with Europe, traditionally its single largest market. AdvertisementAs Ram Ben Tzion, the CEO of freight vetting platform Publican, told the Times, Russia is creating "a trade route for the pariahs."

Persons: —, it's, Ram Ben Tzion, David Szakonyi, Szakonyi Organizations: Service, Bloomberg, New York Times, Times, Business, Reuters, West, George Washington University, Profit Locations: Russia, Moscow, China, India, Persian, Iran, Mumbai, Suez, Turkey, Ukraine, Europe, Policymaking, Russian, Crimea

☆ China's property crisis could get even uglier. This time, a state-backed developer is the one raising concerns.
▼ + stars: | 2024-03-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China's years-long property crisis could get worse. There are concerns over Vanke amid reports the state-backed property developer was seeking debt maturity extensions. AdvertisementChina's years-long real-estate debt crisis has already taken down property giant Evergrande, which is undergoing liquidation. But China's property crisis could still get worse. This story is available exclusively to Business Insider subscribers.

Persons: —, that's, Charlene Chu Organizations: Service, Autonomous Research, Bloomberg, Business Locations: China

☆ Jamie Dimon says the Fed should wait on the rate cuts as its credibility is 'a bit at stake'
▼ + stars: | 2024-03-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

JP Morgan Chase CEO Jamie Dimon said the US Federal Reserve should delay cutting interest rates until the second half of the year. He said the Fed should wait for more data before cutting rates. Despite the market's optimism for a soft landing, Dimon says there's a 65% chance of a recession in the next two years. AdvertisementThe US Federal Reserve should wait until the second half of the year before cutting interest rates, JP Morgan Chase CEO Jamie Dimon said on Tuesday. So, the market is pricing in a 70% to 80% chance of a soft landing.

Persons: Morgan Chase, Jamie Dimon, there's, —, JP Morgan Chase, “, Dimon, ” Organizations: US, Reserve, Service, Federal, Australian Financial, Business

☆ Beijing says property developers in deep trouble must go bankrupt
▼ + stars: | 2024-03-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's housing minister, Ni Hong, said real-estate developers in serious trouble should be bankrupted and restructured. Analysts suggest Beijing's priority is to ensure delivery of property projects, not to save developers. AdvertisementChina's housing minister said Beijing will not be bailing out the country's distressed property developers. China's real-estate debt crisis has already taken down property giant Evergrande, which is currently undergoing liquidation. "We view the tone on the property sector set at the 'Two Sessions' as negative," they added, referring to China's parliamentary sessions.

Persons: Ni Hong, —, Xi, Li Qiang's, Ni, Jizhou Dong, Riley Jin Organizations: Service, Authorities, Nomura Locations: China, Beijing, Hong Kong

☆ Russia's economy appears resilient, but companies are going bankrupt by the hundreds
▼ + stars: | 2024-03-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementRussia's economy appears resilient after two years of war with Ukraine, but a rising number of companies in the country are in trouble. The number of companies in Russia that have gone bankrupt has soared in the first two months of 2024, Russian business daily Kommersant reported on Thursday. In January, 571 companies in Russia declared bankruptcy — a rise of 57% from 364 a year ago, Kommersant reported, citing data from the federal register for bankruptcy. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Kommersant, Business Locations: Russia, Ukraine

☆ China just pulled the country version of a company canceling its quarterly earnings call
▼ + stars: | 2024-03-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China has canceled a closely watched annual press conference with Premier Li Qiang. Experts suggest the move indicates Xi Jinping is attempting to control the narrative regarding China's economic health. After all, investors are looking to the event for cues on China's economy, which has been struggling to stage a convincing post-pandemic recovery. AdvertisementInstead of a sustained post-COVID boom, China's economy is beset with major problems including a property crisis , deflationary pressure , and a demographic crisis . But some experts say the cancellation is a sign that Chinese leader Xi Jinping doesn't want anyone questioning his regime.

Persons: Premier Li Qiang, Jinping, —, Lou Qinjian, Rick Waters, Waters, Li, Lou, Xi Jinping, Xi, Jonathan Ward, Tom Porter Organizations: Premier, Service, National People's, Eurasia Group, GZERO Media, Hudson Institute Locations: China, Beijing

☆ Russia played a card that nearly doubled its energy revenues in February
▼ + stars: | 2024-03-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's February oil and gas revenues jumped by over 80% from a year ago. AdvertisementRussia played a card that nearly doubled its energy revenues ahead of the presidential elections later this month. In February, Russia raked in 945.6 billion rubles, or $10.4 billion, in oil and gas revenues, according to data from the country's Finance Ministry published on Tuesday. That's compared to 521.2 billion rubles in February 2023. This means the energy giant's takings from oil and gas jumped over 80% from a year ago, according to Bloomberg's records.

Persons: —, That's Organizations: Service, country's Finance, Business Locations: Russia, Ukraine

☆ Jeff Bezos is once again the world's richest person thanks to the Big Tech rally
▼ + stars: | 2024-03-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Jeff Bezos just reclaimed his title as the world's richest person. AdvertisementIt's been more than two years since Amazon founder Jeff Bezos was the world's richest person, but he's now back in the lead again. Bezos reclaimed the top spot after a sustained rally in Big Tech shares on the back of the artificial intelligence boom. The last time Bezos was the world's richest person was in 2021. Bezos first surpassed Microsoft cofounder Bill Gates as the world's richest person in 2017.

Persons: Jeff Bezos, Elon Musk, —, It's, he's, Bezos, Musk, Bill Gates, Bernard Arnault, LVMH Moet Hennessy Louis Vuitton Organizations: Big Tech, Bloomberg, Service, Amazon, Bezos, Origin, Microsoft, EV maker's Locations: China

☆ China is laying out ambitious growth goals for 2024, and even Beijing knows they'll be hard to hit
▼ + stars: | 2024-03-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewChina is laying out ambitious growth goals for 2024, and Beijing knows they'll be hard to hit. China — the world's second-largest economy — is targeting economic growth of around 5% this year, Li Qiang, the country's premier, announced on Tuesday. "Achieving the 'around 5%' growth target will be very challenging," Nomura economists wrote in a note on Tuesday. Economists are watching to see whether Beijing will inject more stimulus into its economy to help it hit its 5% growth target.

Persons: —, they'll, Li Qiang, Li, Nomura, Lynn Song Organizations: Service, Business, National People's, ING, Nomura, Deutsche, Seng China Enterprises Locations: China, Beijing, Greater China, Hong Kong

☆ Putin is promising Russians billions of dollars of lifestyle improvements — but it's unclear where all that money will come from
▼ + stars: | 2024-03-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

At his state-of-the-nation address on Thursday, Putin pledged plans to improve living standards in Russia. 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 . Putin's promises could cost Russia $130 billion more than its current budget, according to analysts' estimates, per Bloomberg. Putin called on Russians to have more babies last month to "survive as an ethnic group."

Persons: Putin, —, Vladimir Putin, There's, aren't, Dmitry Polevoy, Putin —, Polevoy Organizations: Service, Bloomberg, Putin, Reuters, London, Astra Asset Management Locations: Russia, Moscow, Ukraine

☆ Taylor Swift is making Singapore a mountain of money, and some of the country's neighbors are salty about it
▼ + stars: | 2024-03-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Edwin Tong, Singapore's culture minister, told local outlet Mothership on February 28 that the amount of grant given "is not what is being speculated online." As Tong, the Singapore culture minister, told Mothership, the city-state is looking "beyond just the economic impact" of Swiftonimics. Economists estimate that Swift's concerts in Singapore could contribute up to 500 million Singapore dollars, or $372 million, in tourist receipts. AdvertisementIt's a different story for spending on experiences — and it's heightened because Singapore is Swift's only stop in Southeast Asia. Mann said the people who have money to pay for flight tickets, Swift's concert tickets, and a hotel are likely to keep spending at other tourist spots.

Persons: —, Taylor Swift, Srettha, Edwin Tong, Swift, it's, Yun Liu, Tong, Kevin Cheong, David Mann, Mann, Coldplay, Si Ying Toh, Cheong, Joey Salceda, Sandiaga Salahuddin Uno Organizations: Service, Business, HSBC, Asia Pacific, Mastercard, Nomura, Philippine Star, Bloomberg, Vegas Locations: Singapore, Southeast Asia, British, Thailand, Bangkok, Indonesia, Sands

☆ Real-estate lender NYCB is in turmoil, shredding nerves on Wall Street
▼ + stars: | 2024-03-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

The turmoil at New York Community Bancorp continued Thursday with a string of announcements that sent shares down over 20%. It appointed a new CEO and disclosed "material weaknesses" relating to how it reviews loans. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe turmoil at New York Community Bancorp, or NYCB, is getting worse. More worryingly, it added in regulatory filings that its management "identified material weaknesses in the Company's internal controls related to internal loan review."

Persons: —, NYCB, Alessandro DiNello, Thomas Cangemi Organizations: New York Community Bancorp, NYCB, Signature Bank, Service, Business

☆ Russia's resilience to sanctions shows it is 'costly and unattainable' to isolate a large and globally integrated economy, economist says
▼ + stars: | 2024-02-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

"The primary lesson is that seeking complete isolation of a large, complex and globally-integrated economy is costly and unattainable," Elina Ribakova wrote in the Financial Times on Tuesday. Russia's economy has managed to keep humming because Russian President Vladimir Putin has been preparing for sanctions since 2014. Failures in Russia, lessons for the futureEven so, the West can glean valuable lessons from its experience sanctioning an economy as large as Russia, said Ribakova. Advertisement"In the case of China, the US would need to look for vulnerabilities while remaining realistic about the limitations of sanctions," wrote Ribakova in FT.She added there must be steeper penalties for those who evade sanctions. "The experience with Russia is an invaluable opportunity to sharpen sanctions as a foreign policy tool," she wrote Ribakova.

Persons: —, Elina Ribakova, Vladimir Putin, Ribakova Organizations: Service, Financial Times, Business, Monetary Fund, Peterson Institute for International Economics, International Affairs Program, Kyiv School of Economics, Russia Locations: Ukraine, Russia, Moscow, Beijing, China, Taiwan

☆ Nvidia's directors bagged $80 million last week in a selling spree following the company's blowout results
▼ + stars: | 2024-02-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Nvidia directors sold 99,000 shares worth about $80 million last week. Nvidia's insider stock sale last week was the most in a month since SeptemberNEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Last week, Nvidia directors sold 99,000 shares worth about $80 million, according to the Santa Clara-based company's Form 4 filings with the US Securities and Exchange Commission. The share disposals by Nvidia directors were made in the days following Nvidia's earnings beat in the fourth quarter, sending the stock to its record high. Nvidia's stock surge has also made Huang one of the richest people in the world.

Persons: —, Jensen Huang, Huang Organizations: Nvidia, Service, US Securities and Exchange Commission, Bloomberg, Washington Service Locations: Santa Clara

☆ China's economy looks like a mess — but some sectors are quietly doing well in its '2-speed economy'
▼ + stars: | 2024-02-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Meanwhile, its financial markets are bleeding, the property market has gone up in smoke, local government debt appears alarming, and foreign investors are exiting in droves. Real estate — which was a huge part of China's economy — has been hit badly, he said. AdvertisementTravel has picked up after years of pandemic lockdownServices is another pillar of China's economy that Beijing has been trying to build up. AdvertisementThis is in part because new growth industries are not able to take the place of real estate — yet. Because the property market accounts for one-quarter of China's GDP and more than two-thirds of household wealth, its overall drag on China's economy is much greater than whatever is doing well right now.

Persons: —, Rory Green, GlobalData.TS Lombard, AllianceBernstein, John Lin, Lin, Donald Trump's, Louise Loo, Wood Mackenzie, AllianceBerstein's Lin, Nomura, Loo Organizations: Service, Business, Bloomberg TV, Oxford Economics, Nomura, Oxford Locations: China, GlobalData.TS, Real, COVID, Beijing, Europe, Taiwan, South Korea

☆ 2024 is already straining the seams of China and Russia's 'no limits' partnership
▼ + stars: | 2024-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

AdvertisementRussia's finance ministry has been discussing yuan loans with its China counterparts — but a delayed decision suggests the two countries' "no limits" partnership may be under strain. Russian Finance Minister Anton Siluanov told RIA state news agency in an interview published on Monday that Russia is discussing the issue with Chinese authorities. Russia's finance ministry did not immediately respond to a request for comment from Business Insider. However, two years after Russia started its ongoing war in Ukraine, Russia and China appear to be continuing to conduct business as usual. Three of China's Big Four state banks have halted payments from sanctioned Russian financial institutions, Russia's Izvestia news outlet reported on February 21.

Persons: Anton Siluanov, Siluanov, Vladimir Putin, Dong Jinyue, SCMP Organizations: China, Russian, Business, Beijing, Street, China Morning Post, BBVA Research, Russia Locations: Russia, China, Moscow, Ukraine, Madrid, Russian

☆ Goldman Sachs CEO David Solomon isn't so sure the US is on track to avoid a recession
▼ + stars: | 2024-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The US economy appears really robust — GDP grew 3.3% in the fourth quarter, the job market is strong, and stock markets are on fire. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Business

☆ Shein is considering moving its massive IPO from New York to London amid scrutiny over its supply chains and ties to China
▼ + stars: | 2024-02-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Fast-fashion giant Shein is considering moving its IPO from New York to London. US lawmakers have cited concerns over Shein's supply chain and its ties to the Chinese Communist Party. AdvertisementFast-fashion brand Shein may move its initial public offering, or IPO, from New York to London, Bloomberg reported on Tuesday. It was seeking a valuation of $80 billion to $90 billion, Bloomberg reported at the time. This would put it just behind Porsche's $9.1 billion IPO in 2021, per Bloomberg records.

Persons: —, confidentially, It's, Shein, Marc Rubio Organizations: SEC, Chinese Communist Party, Service, Bloomberg, US Securities and Exchange Commission, Business Locations: New York, London, China, Singapore, Hong Kong, Xinjiang

☆ Putin needs to keep Russia in a 'permanent' state of war to stay in power, expert says
▼ + stars: | 2024-02-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Russian President Vladimir Putin needs to ensure his country stays in a permanent state of war to consolidate his power, according to a new book from Marie Mendras, a professor at Sciences Po University's Paris School of International Affairs. "He has the logic of a paranoid leader," Mendras told France 24 on Monday. It's unlikely Russia will be witnessing a major revolution or rebellion because it's a "dangerous dictatorship," said Mendras. Russia's war against Ukraine triggered sweeping Western sanctions against Moscow, isolating its economy and weakening Russia diplomatically.

Persons: —, Vladimir Putin, Marie Mendras, Mendras, Putin, Boris Yeltsin —, Alexey Navalny, Navalny Organizations: Service, Sciences Po University's Paris School of International Affairs, France, Guerre permanente, Moscow, EU Locations: Russia, Guerre, Chechnya , Georgia, Donbas, Syria, Ukraine, It's

☆ China's latest market crackdown shows it hasn't learned any lessons
▼ + stars: | 2024-02-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China has curbed short selling and quant trading activities to support its flailing stock markets. AdvertisementBeijing is now trying to support the flailing Chinese stock markets by pulling a familiar move — cracking down on private sector activities. Remember — China's recent private sector enterprise crackdown wiped out over a trillion dollars from its tech sector alone and spooked entrepreneurs. China isn't the first to curb stock market activities — the US also cracked down on short-selling during the 2008 financial crisis. China's securities regulator said on Thursday it wasn't trying to interfere with trading activities, but will crackdown on "illegal activities" that disrupt market order.

Persons: —, They're, George Boubouras, isn't, Eswar Prasad Organizations: Service, Bloomberg, Asset Management, China isn't, Cornell University, International Monetary Fund, Nikkei Locations: China, Beijing, Hong, Melbourne

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