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Recession is over for the richest few, while billions will live in poverty for at least a decade – Oxfam

Via RT Business The Covid-19 pandemic has the potential to increase economic inequality in almost every country globally at once, according to a new report revealed by Oxfam on Monday. The report, called ‘The Inequality Virus’, was published on the opening day of the World Economic Forum in Davos, which is being held virtually this...

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Russia cracks down on suspicious financial outflows from the country

Via RT Business The Russian government and the nation’s financial watchdog are reportedly working on a bill to prevent capital flight. The plan implies banning suspicious transactions to foreign bank accounts. The Russian authorities want to battle a popular scheme for withdrawing money – when a company based in Russia transfers cash to a non-resident...

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Russia ramps up gold production despite pandemic

Via RT Business Gold mining companies of Russia’s Far Eastern Kamchatka Peninsula produced more than 6.8 tons of the yellow metal last year, which is an almost eight percent increase year-on-year. According to Elena Kasyanyuk, deputy head of the subsoil use and mining department of the regional ministry of natural resources and ecology, the growth...

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Eurozone business activity slows as stricter lockdowns take heavy toll on service sector

Via RT Business Business activity in the eurozone fell to a two-month low in January, preliminary data revealed on Friday shows, as tougher coronavirus-related lockdowns come into effect to stop the spread of new Covid-19 strains. HS Markit’s final Composite Purchasing Managers’ Index (PMI), which is considered a good gauge of economic health and combines...

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Russia slashes its foreign debt by $21.3 billion in 2020

Via RT Business Russia’s foreign debt dropped $21.3 billion and totaled $470.1 billion as of January 1, according to the latest data revealed by the central bank. “Decreases in debt liabilities to non-residents were observed for all sectors of the economy, of which the most noticeable decline was registered for other sectors under credits,” the...

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India hopes to import more Iranian, Venezuelan crude under Biden

Via RT Business India hopes it could diversify its oil suppliers under the new US Administration that could relax restrictions on oil exports from Iran and Venezuela, India’s Oil Minister Dharmendra Pradhan told Bloomberg TV in an interview. “Some geopolitical changes are there,” Pradhan told Bloomberg, referring to expected policies from US President Joe Biden....

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China ramps up iron ore imports from India by nearly 90% to meet growing demand

Via RT Business The world’s top steel producer, China, bought 44.8 million tons of iron ore from India last year, according to customs data. The 88 percent increase comes as Beijing diversifies from traditional suppliers like Australia. Shipments from India were the highest in nine years, statistics showed. Australia and Brazil remained China’s top suppliers in...

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Goldman Sachs shows best-in-decade performance as underwriting profits more than DOUBLE in last quarter of 2020

Via RT Business Goldman Sachs Group made an exceptionally strong performance in the last quarter of 2020, raking in more than double the profits compared to the previous year despite global financial havoc inflicted by the ongoing pandemic. While 2020 proved to be a rollercoaster year for global markets – and a death sentence to...