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RT Business News https://www.rt.com/business/ RT Business News en Wed, 05 Jan 2022 04:06:36 +0000 RT https://www.rt.com/static/img/logo-rss.png RT Business News https://www.rt.com 125 40 Energy supplier predicts when Nord Stream 2 could be certified https://www.rt.com/business/545149-nord-stream-2-certification-mid-year/ The head of German energy company Uniper says the certification of Nord Stream 2 is going as expected and may be completed mid-year. He also believes there is no political influence involved in the process. Read Full Article at RT.com]]> Head of German supplier Uniper says the pipeline’s certification may come through in the summer The head of German energy company Uniper says the certification of Nord Stream 2 is going as expected and may be completed mid-year. He also believes there is no political influence involved in the process. “I do not see any political influence, the Federal Network Agency is carrying out checks as expected. By mid-2022, this may happen,” Klaus-Dieter Maubach stated in an interview with the Rheinische Post on Tuesday. Similar predictions were previously voiced by the head of the German regulator, Jochen Homann, who said he did not expect a final decision on the pipeline’s certification in the first half of the year. The newly constructed Nord Stream 2 pipeline, designed to deliver Russian gas to Europe via the Baltic Sea, is awaiting certification from European regulators to start pumping. The project is crucial for the European gas market, which is suffering from a shortage of the commodity and soaring energy prices. Read more Is Russia choking Europe amid gas crisis? In November, the German Federal Network Agency suspended certification due to organizational and legal issues. The regulator noted that the process will resume when the pipeline’s operator, headquartered in the Swiss city of Zug, transfers the share capital related to its German segment to the ownership of a German subsidiary, as the EU Gas Directive demands. European authorities cannot prohibit the pumping of gas, but if it starts before the certification is finalized, the pipeline operator will be fined. Construction on Nord Stream 2 was carried out under strong opposition from Kiev and Washington, with Ukraine worried it will lose transit fees that Russia currently pays for European gas deliveries via Ukraine’s territory. Some even blamed Moscow for using the currently lowered gas deliveries as a way to force through the certification of Nord Stream 2. Moscow repeatedly denied these allegations. Despite reversing deliveries via the Yamal-Europe pipeline on several occasions and not booking additional pipeline capacities for gas deliveries, Russian gas exporter Gazprom has been fulfilling its contractual obligations in full, as it has stressed on more than one occasion. For more stories on economy & finance visit RT's business section ]]> Tue, 04 Jan 2022 17:31:45 +0000 RT Best auto stock of 2021 named https://www.rt.com/business/545130-best-auto-stock-of-2021/ Ford Motor shares soared nearly 140% in 2021, making it the year’s best performing stock among automakers. Read Full Article at RT.com]]> A US motor industry veteran became last year’s best performing auto stock, beating popular electric car icon Tesla Ford Motor shares soared nearly 140% in 2021, making it the year’s best performing stock among automakers. Ford by far outperformed Elon Musk’s electric car maker Tesla, its own larger rival General Motors, and a flock of popular electric car start-ups. In comparison, according to FactSet, Tesla stock gained only 49.8%, Volkswagen was up 41.2%, and General Motors 40.8%. Stellantis stock grew 10%, while ‘Tesla killer’ Rivian saw a mere 2.9% growth. Analysts say Ford has drawn investor interest after the carmaker took a different direction under its new leader Jim Farley. He introduced the Ford+ restructuring plan, under which more attention was given to building electric vehicles, including the upcoming F-150 Lightning pickup. The model has already attracted some 200,000 reservations ahead of its launch at US dealers this spring, and Ford on Tuesday pledged to double annual production capacity for the vehicle. ]]> READ MORE: Disney & Boeing among worst stocks of 2021 “We’re executing our plan and we’ll continue to do that so every business in our portfolio has a

RT Business News
RT Business News https://www.rt.com/business/ RT Business News en Wed, 05 Jan 2022 04:06:36 +0000 RT https://www.rt.com/static/img/logo-rss.png RT Business News https://www.rt.com 125 40 Energy supplier predicts when Nord Stream 2 could be certified https://www.rt.com/business/545149-nord-stream-2-certification-mid-year/ The head of German energy company Uniper says the certification of Nord Stream 2 is going as expected and may be completed mid-year. He also believes there is no political influence involved in the process.
Read Full Article at RT.com]]>
Head of German supplier Uniper says the pipeline’s certification may come through in the summer

The head of German energy company Uniper says the certification of Nord Stream 2 is going as expected and may be completed mid-year. He also believes there is no political influence involved in the process.

I do not see any political influence, the Federal Network Agency is carrying out checks as expected. By mid-2022, this may happen,” Klaus-Dieter Maubach stated in an interview with the Rheinische Post on Tuesday.

Similar predictions were previously voiced by the head of the German regulator, Jochen Homann, who said he did not expect a final decision on the pipeline’s certification in the first half of the year.

The newly constructed Nord Stream 2 pipeline, designed to deliver Russian gas to Europe via the Baltic Sea, is awaiting certification from European regulators to start pumping. The project is crucial for the European gas market, which is suffering from a shortage of the commodity and soaring energy prices.

Read more
RT
Is Russia choking Europe amid gas crisis?

In November, the German Federal Network Agency suspended certification due to organizational and legal issues. The regulator noted that the process will resume when the pipeline’s operator, headquartered in the Swiss city of Zug, transfers the share capital related to its German segment to the ownership of a German subsidiary, as the EU Gas Directive demands. European authorities cannot prohibit the pumping of gas, but if it starts before the certification is finalized, the pipeline operator will be fined.

Construction on Nord Stream 2 was carried out under strong opposition from Kiev and Washington, with Ukraine worried it will lose transit fees that Russia currently pays for European gas deliveries via Ukraine’s territory. Some even blamed Moscow for using the currently lowered gas deliveries as a way to force through the certification of Nord Stream 2. Moscow repeatedly denied these allegations. Despite reversing deliveries via the Yamal-Europe pipeline on several occasions and not booking additional pipeline capacities for gas deliveries, Russian gas exporter Gazprom has been fulfilling its contractual obligations in full, as it has stressed on more than one occasion.

For more stories on economy & finance visit RT's business section

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Tue, 04 Jan 2022 17:31:45 +0000 RT
Best auto stock of 2021 named https://www.rt.com/business/545130-best-auto-stock-of-2021/ Ford Motor shares soared nearly 140% in 2021, making it the year’s best performing stock among automakers.
Read Full Article at RT.com]]>
A US motor industry veteran became last year’s best performing auto stock, beating popular electric car icon Tesla

Ford Motor shares soared nearly 140% in 2021, making it the year’s best performing stock among automakers.

Ford by far outperformed Elon Musk’s electric car maker Tesla, its own larger rival General Motors, and a flock of popular electric car start-ups.

In comparison, according to FactSet, Tesla stock gained only 49.8%, Volkswagen was up 41.2%, and General Motors 40.8%. Stellantis stock grew 10%, while ‘Tesla killer’ Rivian saw a mere 2.9% growth.

Analysts say Ford has drawn investor interest after the carmaker took a different direction under its new leader Jim Farley. He introduced the Ford+ restructuring plan, under which more attention was given to building electric vehicles, including the upcoming F-150 Lightning pickup. The model has already attracted some 200,000 reservations ahead of its launch at US dealers this spring, and Ford on Tuesday pledged to double annual production capacity for the vehicle.

]]> We’re executing our plan and we’ll continue to do that so every business in our portfolio has a sustainable future. If not, we will restructure it,” Farley stated in a January 2021 interview, as cited by CNBC. In the 15 months or so with Farley at the helm, Ford shares have soared 200%.

They closed at $20.77 apiece in 2021, up by 136.3% on a yearly basis, with Ford market capitalization settling at roughly $83 billion.

For more stories on economy & finance visit RT's business section

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Tue, 04 Jan 2022 14:02:51 +0000 RT
China moves closer to countrywide e-coin rollout https://www.rt.com/business/545114-china-launches-digital-yuan-app/ China has launched pilot versions of its e-CNY digital yuan wallet applications, in a step towards mass rollout of a domestic CBDC (Central Bank Digital Currency).
Read Full Article at RT.com]]>
Chinese central bank launches e-CNY apps in push to roll out its own e-currency to curb the popularity of crypto

China has launched pilot versions of its e-CNY digital yuan wallet applications, in a step towards mass rollout of a domestic CBDC (Central Bank Digital Currency).

The ‘e-CNY (Pilot Version)’ app was ready for download on Chinese Android and Apple app stores on Tuesday in Shanghai, Reuters reported.

The apps were developed by the People’s Bank of China’s (PBOC) digital currency research institute.
According to a notice in the apps, they are still in the development phase, for now only available to selected users through institutions that provide e-CNY services, including the largest Chinese banks.

In its end-of-year meeting, the PBOC announced it would continue with the research and development of the e-CNY. The project was announced in September 2021, with plans to release the digital currency by February. In recent months, the e-CNY was tested in five cities and conducted $9.7 billion worth of transactions. The PBOC intends for it to be used for online and offline shopping, as well as paying bills and transportation fares.

]]> A number of other states are working on CBDCs of their own, driven by the popularity of cryptocurrencies, to attempt to take a digital approach to monetary policy. A CBDC is effectively a clone of a country’s fiat currency in the form of a digital asset, but, unlike Bitcoin or Ethereum, it is not decentralized, but is controlled and governed by the official monetary authorities – most often, central banks.

For more stories on economy & finance visit RT's business section

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Tue, 04 Jan 2022 11:54:58 +0000 RT
Tesla slammed for ‘supporting genocide’ https://www.rt.com/business/545115-tesla-genocide-support-accusation/ The announcement by electric car maker Tesla that it has opened a showroom in China’s Xinjiang has been met with ire from US rights and trade groups, as the region is believed to be involved in human rights abuses.
Read Full Article at RT.com]]>
Elon Musk’s electric car maker is in hot water for opening a showroom in a Chinese region allegedly plagued by human rights abuses

The announcement by electric car maker Tesla that it has opened a showroom in China’s Xinjiang has been met with ire from US rights and trade groups, as the region is believed to be involved in human rights abuses.

Tesla announced the opening of the showroom in Xinjiang's regional capital, Urumqi, last Friday.

On the last day of 2021 we meet in Xinjiang,” the firm said in a post on its official Weibo account, as cited by Reuters.

On Monday, US Senator Marco Rubio, one of the sponsors behind last year’s bill banning many US imports from Xinjiang, criticized Tesla’s move in a tweet, stating that “nationless corporations” are helping China “cover up genocide and slave labor.

US Muslim advocacy and civil rights group the Council on American-Islamic Relations also slammed the development, claiming in a tweet on Tuesday that “by doing business in China’s Xinjiang Province […] Tesla is supporting genocide.” The group urged Elon Musk to close the Xinjiang showroom.

A similar statement to Forbes came from the Alliance for American Manufacturing.

The US and several other states have been criticizing China’s treatment of the ethnic Uighur population and some other Muslim minorities that reside in Xinjiang Province, following allegations from rights groups that around one million people were subjected to forced labor there.

]]> Beijing has repeatedly dismissed accusations of this or any other abuses in Xinjiang, however, saying that labor camps in the region provide vocational training to locals and are a part of China’s counterterrorism policy.

Several other companies have recently been caught up in tensions over Xinjiang, including Swedish fashion retailer H&M and US chipmaker Intel.

For more stories on economy & finance visit RT's business section

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Tue, 04 Jan 2022 10:45:39 +0000 RT
Protests outside Evergrande offices as stock trading resumes https://www.rt.com/business/545111-protests-outside-evergrande-trading-resumes/ Shares of China Evergrande jumped as stock trading resumed, but investors who were worried their money would be used to keep the firm afloat staged a protest outside the Guangzhou headquarters.
Read Full Article at RT.com]]>
Protesters demand that China’s once leading property developer, now plagued by debt, return their money

Shares of China Evergrande jumped as stock trading resumed, but investors who were worried their money would be used to keep the firm afloat staged a protest outside the Guangzhou headquarters.

China Evergrande’s shares gained 10% as stock trading resumed on Tuesday after being suspended the day before. Trading was restored after Evergrande announced that a government order to tear down its 39 buildings on Hainan resort island would not affect the rest of its projects there.

The demolition order came over the weekend, forcing the company to halt the sale of shares until the situation was resolved. Evergrande confirmed late Monday that the order only concerned 39 buildings at Hainan’s Ocean Flower Island, but the rest of the approximately 60,000 structures in the resort development, which cost over $13 billion, will not be affected. The reason for the demolition order has not been disclosed.

Meanwhile, the heavily indebted company’s investors descended on Evergrande’s offices in Guangzhou on Tuesday morning. A crowd of around 100 people, worried that their money would be used to pay off the company’s debts, shouted, “Evergrande, return our money!” Reuters reported.

Read more
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China Evergrande shares stop trading

The developer currently owes more than $300 billion on various bonds, and was recently declared in default by two ratings firms, after missing deadlines on dollar bond payments.

The company’s contracted sales fell 39% in 2021 from the year before, to roughly $69.5 billion.

Evergrande, once China’s leading real estate developer, has now claimed the title of world’s most indebted. Unable to pay its many suppliers and contractors for a seemingly infinite number of projects, including a Chinese Disneyland-style amusement park, it is now on the brink of a massive default, which has had a broader effect on China’s property development sector. As the company’s credibility plunges, the entire industry in China is experiencing a slowdown in foreign investment.
The situation with Evergrande appears to be contagious, as several other Chinese developers announced their inability to pay up on bonds in the fall. To add fuel to the fire, in October, China’s National Bureau of Statistics published data showing that home prices in the country had dropped month-on-month for the first time since 2015.

For more stories on economy & finance visit RT's business section

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Tue, 04 Jan 2022 08:41:58 +0000 RT
Apple sets new global record https://www.rt.com/business/545097-apple-hits-3-trillion-value/ The new year started with a fresh highwater mark for Apple, which became the first company to hit a market value of $3 trillion as investors poured new money into stocks on the first day of regular trading.
Read Full Article at RT.com]]>
US tech giant becomes first company in the world to reach $3 trillion in market capitalization

The new year started with a fresh highwater mark for Apple, which became the first company to hit a market value of $3 trillion as investors poured new money into stocks on the first day of regular trading.

Apple’s shares traded as high as $182.88 on Monday, up 3% from Friday’s close in New York, pushing the company’s market capitalization to more than $3 trillion. The stock dipped to a closing price of $182.01, leaving California-based Apple’s value at $2.986 trillion, just below its intraday milestone.

After taking 44 years to build a company with $2 trillion in market value, Apple reached the $3 trillion mark less than 17 months later. In fact, its market cap has tripled since August 2018.

Read more
FILE PHOTO: Tesla CEO Elon Musk is shown on a May 2021 visit to a new factory site near Berlin.
Tesla’s market value breaches $1 TRILLION for first time, after rental car giant Hertz orders 100,000 EVs

Apple had shared the $2 trillion club with US software giant Microsoft and Saudi Arabia’s state-controlled oil company, Saudi Aramco. Two other US tech companies are close behind. Google’s parent company, Alphabet, is nearing $2 trillion, while Amazon is valued by investors at more than $1.7 trillion.

Tesla, the EV maker headed by Elon Musk, led the market rally on Monday, with its shares rising nearly 14%. The surge added about $140 billion to Tesla’s market value, pushing it over $1.2 trillion less than three months after the company joined the $1 trillion club.

Apple is being helped by strong demand for its iPhone 13, with sales estimated at more than 40 million units during the holiday shopping season, Wedbush Securities analyst Daniel Ives said. And while investors are bullish on the company’s ability to roll out popular hardware, he said Apple’s services business is worth around $1.5 trillion.

“Being the first company to join the $3 trillion club is a flex-the-muscles moment for [chief executive Tim] Cook & Co.,” Ives added.

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Mon, 03 Jan 2022 22:22:10 +0000 RT
Countries set to launch e-money this year https://www.rt.com/business/545072-new-cbdc-releases-2022/ The rise of cryptocurrencies has driven central banks to attempt a similar – digital – approach to monetary policy. Jamaica just announced it successfully tested its CBDC, and several other nations are ready to launch theirs.
Read Full Article at RT.com]]>
A number of nations worked on digitizing their monetary ecosystems in the past two years, but only two have managed to do so; these may be next

The rise of cryptocurrencies has driven central banks to attempt a similar – digital – approach to monetary policy. Jamaica just announced it successfully tested its CBDC, and several other nations are ready to launch theirs.

CBDC stands for ‘Central Bank Digital Currency’ – a country’s fiat currency in the form of a digital asset, which, unlike cryptocurrencies, is controlled by the official monetary authorities – usually central banks. So far, only two countries in the world use a CBDC (The Bahamas and Nigeria). However, other nations have been working on a CBDC release of their own.

  1. Jamaica
    In the most recent development, the Bank of Jamaica announced on Monday it has successfully completed a trial of its digital currency. The eight-month pilot project began in May and ended on December 31. The country is now set to roll out its CBDC in the first quarter of 2022.
  2. China
    The People’s Bank of China (PBOC) was also busy prepping its e-CNY digital currency, announcing the project in September 2021 with plans to release the e-coin by February. The e-CNY was tested in five cities, including Shanghai, and conducted $9.7 billion worth of transactions. It is designed to be used for online and offline shopping, as well as paying electricity bills and transportation fares, according to the PBOC.
  3. Kazakhstan
    Bitcoin-friendly Kazakhstan has made a prototype of a digital tenge platform and could launch its CBDC by the end of the year, as pilot testing is yet to start, Coin Rivet reports.
  4. Russia
    Russia is ready to launch pilot testing of the digital ruble in early 2022, media reports state, citing Bank of Russia Governor Elvira Nabiullina. Last month, she said the pilot program would show whether the blockchain-based digital ruble will be launched or scrapped, as there are concerns that hackers might be able to access it.
  5. Brazil
    The Central Bank of Brazil (BCB) is also set to test its ‘digital real’ this year, but so far, is planning to launch the currency for public use no sooner than in 2024. Analysts say the crypto-friendly nation has a good chance for a successful CBDC launch. Brazilians acquired $4.27 billion in cryptocurrencies in 2021, BCB figures show.

For more stories on economy & finance visit RT's business section

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Mon, 03 Jan 2022 16:05:02 +0000 RT
Russia will ‘never’ run out of natural reserves – ministry https://www.rt.com/business/545053-russia-natural-reserves-minister/ Mineral reserves in Russia will never run out, the head of the country’s Ministry of Natural Resources Alexander Kozlov said on Monday.
Read Full Article at RT.com]]>
Natural resources ministry says Russia’s deposits are virtually infinite

Mineral reserves in Russia will never run out, the head of the country’s Ministry of Natural Resources Alexander Kozlov said on Monday.

We have one of the richest countries in terms of minerals; reserves will never run out. […] We have geological reserves, recoverable reserves, and profitable reserves – the category of reserves that are now economically viable to extract,” Kozlov told Izvestia newspaper. He noted that Russia currently has over 300 so-called profitable reserves, which constitute resources used by domestic industries. Meanwhile, many other reserves lie dormant, so to speak, waiting for the need for them to be extracted to arise depending on their profitability.  

Kozlov stressed that Russia holds one of the leading positions in oil and gas production and in a number of solid minerals extraction, including gold, silver, and copper. According to the official, Russia’s Far East, Siberia, and the Arctic have the greatest potential for future extraction of reserves, including such crucial commodities as oil, gas, gold, silver, lead, zinc, and antimony.

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Russia saving gold & kopeks for rainy day

This is primarily due to [the regions’] enormous potential for identifying new large deposits,” he specified.

According to the minister, some 50 new hydrocarbon deposits are discovered annually in Russia. The largest and most unique are located in the Arctic zone, including the Yakutia region. Kozlov said his ministry plans to “prepare at least seven promising areas for licensing” in the near future. He also revealed that the ministry expects an increase in volumes of reserves extracted in the months to come.

If we talk about solid minerals, we expect an increase in reserves of about 350 tons for gold. The largest contribution will be made by the Yakutia, Transbaikalia, Irkutsk and Magadan regions. For silver – by 9,500 tons. Yakutia and the Trans-Baikal Territory are also leaders. Copper – about 350,000 tons,” Kozlov outlined.

For more stories on economy & finance visit RT's business section

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Mon, 03 Jan 2022 13:34:04 +0000 RT
Bitcoin predicted to hit $100k https://www.rt.com/business/545039-salvador-president-bitcoin-prediction/ El Salvador’s president, Nayib Bukele, predicts Bitcoin will double in price this year and reach $100,000 per coin amid official adoption as a sovereign currency.
Read Full Article at RT.com]]>
El Salvador’s head of state predicts Bitcoin will have a blast in 2022, from official adoption to hitting the elusive 6-digit price

El Salvador’s president, Nayib Bukele, predicts Bitcoin will double in price this year and reach $100,000 per coin amid official adoption as a sovereign currency.

In a tweet on Sunday, Bukele – whose country last year became the first to embrace Bitcoin as a sovereign currency – pitched a couple of exciting predictions for the world’s largest cryptocurrency by market capitalization.

He tweeted that Bitcoin may finally reach the long-sought $100,000 price tag sometime this year, while also musing that two more countries will adopt it as legal tender (or is it insider information?).