IMF upgrades outlook on Russia as economy recovers
The Russian economy will grow faster than previously expected as the macroeconomic outlook improves, the International Monetary Fund (IMF) forecasts. The IMF expects that Russia’s growth will reach 1.8 percent in 2019, according to the World Economic Outlook report released on Tuesday. This is still lower than the global economic growth of 3.7 percent. A previous report, published in July, projected Russia’s GDP growth at...
OPEC snubs Trump’s demand to up production at meeting of major oil producers
A possible boost in oil production was not discussed at a recent meeting between OPEC and other major oil producing nations, following earlier demands by US President Donald Trump that oil output be increased to bring prices down. Hosted in Algiers, Sunday’s meeting was a gathering of the Joint Ministerial Monitoring Committee (JMMC) of members from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil...
Replacing Russian gas with American LNG would be ‘absolutely ridiculous’ – expert to RT
Washington is fiercely fighting for Germany’s energy market, trying to sell more of its liquefied natural gas (LNG) to the country, and to wrestle one of the biggest energy consumers away from Russian energy giant Gazprom. Germany currently gets around 60 of its natural gas imports from Russia. Berlin has been sharply criticized by US President Donald Trump for being a “captive to Russia.” In an attempt to push American LNG to German...
Artificial intelligence could spur global growth as much as steam engine did – report
A new study by McKinsey Global Institute suggested that artificial intelligence (AI) could boost annual GDP growth by 1.2 percent for at least the next decade. According to the institute’s simulation model, about 70 percent of the world’s companies will adopt at least one form of AI by 2030. Overall, AI could deliver $13 trillion in additional global economic activity within the next decade and its impact could be comparable to the...
Hong Kong tops New York as home to world’s wealthiest individuals
A study by research firm Wealth-X has found that the number of ultra-rich people rose 13 percent worldwide in 2017, totaling about 256,000 individuals with combined assets of $31.5 trillion. According to the report, Asia saw the fastest growth, driven by mainland China and Hong Kong. The growth in the number of people worth $30 million or more (the so-called ultra-high-net-worth individuals) surged 19 percent in Asia, twice the growth...
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