The European Union’s executive body, the European Commission, has launched an inquiry into Germany’s persistently high current account surplus, in order to determine if Europe’s largest economy was indirectly causing harm to the rest of the region, reported the Financial Times.
The United States will surpass Saudi Arabia and Russia as the world’s top oil producer by 2015, said the International Energy Agency on Tuesday, however diminishing returns in shale formations could see it lose its top spot in another 15 years.
According to the IEA’s annual World Energy Outlook report, the U.S. could produce as much as 11.6 million barrels of oil per day by 2020, up from 9.2 million bpd last year; yet output is set to plateau after 2020 as the largest shale plays yield less oil.
China’s Communist Party ended its Third Plenum on Tuesday by promising a “decisive role” for markets in the economy, as they push for reforms to deliver results by 2020.
In a communiqué released by state news agency Xinhua, the Chinese leaders pledged to promote market forces for allocating resources; though state-owned companies would still remain the “leading” factor in the economy.
Iran’s supreme leader Ayatollah Ali Khamenei is secretly controlling a business empire worth over $95 billion, Reuters reported on Monday, following a six-month long investigation into Khamenei’s financial affairs.
According to Reuters, Khamenei accumulated his wealth through a little-known organisation known as Setad, which seizes thousands of Iranian properties in the name of the supreme leader.
European Commission President Jose Manuel Barroso has described France’s 2014 budget as “satisfactory”, but warned that more taxes would hurt further growth and employment, according to an AFP report on Monday.
The global black market is believed to generate almost $10 trillion annually – equivalent to the size of Japan and China’s GDP.
From body parts to drugs to even crude oil, there is no shortage of demand or supply for what the black market can offer.
Check out this infographic by Finance Degree Center, which explores the most popular ‘goods’ available on the black market and their costs.
Brazil’s major hotel chains are set to meet with the justice ministry this week, after the government agency demanded an explanation from the group over several complaints regarding room prices during next year’s football World Cup.
Russia’s economy ministry has slashed its long-term growth forecast through to 2030, warning that falling investments and exports could lead to an era of stagnation behind the rest of the world.
According to Economy Minister Alexei Ulyukayev on Thursday, Russia’s GDP will rise by just 2.5 percent on average for the next 16 years – below a 4 percent target originally set by President Vladimir Putin before his return to the Kremlin last year.
Iran’s desperation to boost oil revenues amidst international sanctions has seen it offer free delivery of crude to remaining clients such as India, according to a report by Reuters on Monday.
Russians will get to decide on a new symbol for their currency, reported Reuters on Wednesday, in a move by the government to enhance the international profile of the rouble ahead of plans to establish Moscow as a global financial centre.
The Russian central bank, the Bank of Russia, received over 1,000 entries for an official symbol, before narrowing it down to five finalists on their website.
