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News
Iran to Dump US Dollar in Oil Trade, Settle in Euro Instead
Iran wants post-sanctions’ oil contracts denominated in dollars and have buyers pay in euros, Reuters reported. Tehran is also keen to receive money owed to it since the pre-sanctions days in the European currency. The country’s crude deliveries are to be restored soon, with companies such as the French giant Total, Spanish refiner Cepsa and Litasco and the trading arm…
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Finance
Deutsch Bank Near Collapse; Announces €6.7 Billion Euro Loss
At the height of the financial crisis of 2008, Deutsch Bank lost €3.9 Billion; today the bank announced almost DOUBLE that loss, out €6.7 Billion last year! Is collapse coming? The first annual balance sheet of the new German bank boss John Cryan falls into deep red. Simmering disputes and large-scale corporate restructuring has caused Deutsch bank to suffer the…
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Finance
‘Currency War Alive and Well’ as Yen, Euro Advance Against Dollar
Experts forecast a revival of the currency war amid the yen’s advance against the dollar for the third time in three weeks and the euro gaining ground against most of its peers. As hedge funds raise their outlook on the yen to the highest in three years, market analysts suggest that “the currency war is still alive and well.” “Japan’s…
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Finance
Russia Ends Dollar/Euro Currency Peg, Moves to Free Float
The Bank of Russia took another step towards a free float ruble by abolishing the dual currency soft peg, as well as automatic interventions. Before, the bank propped up the ruble when the exchange rate against the euro and dollar exceeded its boundaries. “Instead, we will intervene in the currency market at whichever moment and amount needed to decrease the…
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