Depository of News

Big Tech ‘monopolies’ targeted in sweeping new antitrust probe by US Justice Department

The US Department of Justice is investigating whether Silicon Valley tech giants unlawfully stifled competition in their rise to power, adding to the legal headaches of companies like Google, already under the microscope. Read Full Article at

Iran poised to legalize cryptocurrency mining as potential path out of US sanctions trap

Iran has moved to legalize the mining of bitcoin and other cryptocurrencies, recognizing the energy-consuming digital coin mining as a legitimate industry – and potentially a way around the US sanctions crippling its economy. Read Full Article at

Russia’s Novatek hits major milestones in Arctic LNG plans

Russian gas producer Novatek closed on Monday the sale of stakes in its Arctic LNG 2 project, just days after Russia’s government approved the construction of a liquefied natural gas (LNG) transshipment terminal. Read Full Article at

Huawei lays off 70% of American research unit staff amid ongoing US crackdown on Chinese firm

Huawei has laid off around 70 percent of staff at its Futurewei Technologies research arm in the US. Despite recent signals that Washington was easing pressure on the Chinese tech giant, the ban is still in force. Read Full Article at

Fitch & Moody’s cut Boeing’s debt outlook over 737 MAX crisis

International rating agencies Fitch and Moody’s have downgraded their outlooks for Boeing from “stable” to “negative,” citing uncertainty and delays in the plane maker’s 737 MAX jets’ return to service. Read Full Article at

US political hype over Russian pic editor FaceApp generates more cash for company – report

Selfie-editing service FaceApp, which, among other features, makes users look older, has earned $1 million in 10 days, Forbes reports. The revenues came despite warnings from US politicians against using the Russian-made app. Read Full Article at

Oil will go 'bust' if recession hits

Oil prices plunged again on Thursday, dragged down by fears of slowing demand. Read Full Article at

Russian mine unearths unique large flawless yellow diamond

The combination of rare yellow color, clarity, and size makes a diamond unearthed at a mine in Russia’s northwest one of the most unique gemstones ever discovered in Europe. Read Full Article at

Unique large yellow diamond found in Europe

The combination of rare yellow color, clarity, and size makes a diamond unearthed at a mine in Russia’s northwest one of the most unique gemstones ever discovered in Europe. Read Full Article at

Grounding of 737 MAX after two deadly crashes will cost Boeing $5 billion to date

The world’s biggest plane-maker Boeing said company revenue will take a $4.9 billion hit in the second quarter due to the worldwide grounding of its 737 MAX jets after two fatal crashes. Read Full Article at

Boeing execs could face lengthy prison terms over MAX crashes, attorney tells Boom Bust

Hearings on aviation safety in the aftermath of two deadly Boeing 737 MAX crashes were held this week by the US House of Representatives panel. They included testimonies from families of the victims. Read Full Article at

China to boost imports of Russian soybeans, cutting out US crop exports

China’s Commerce Ministry said on Thursday that Beijing and Moscow are discussing ways to increase bilateral trade, particularly by increasing imports of Russian soybeans and other agricultural products. Read Full Article at

China bringing back Maritime Silk Road: RT doc looks inside world’s largest cargo port

The leader of the world’s container port rankings, Yangshan Port, works around the clock to secure its top position and boost China’s trade connections. RTD’s new film offers a glimpse inside the massive facility. Read Full Article at

EU launches antitrust probe into Amazon’s use of merchant data

The world’s largest online retailer Amazon is facing a “full-blown” investigation from the European Union’s antitrust regulators to see if its use of other merchants’ data breaches competition rules. Read Full Article at

Crude oil prices plunge as conflict between US and Iran cools

Oil prices sank on Tuesday after President Trump and US Secretary of State Mike Pompeo struck a softer tone on Iran. The market acted swiftly, selling off crude oil. Read Full Article at

JP Morgan cargo ship released, minus the $1.3 billion worth of cocaine found onboard

US federal authorities have released a cargo ship owned by JP Morgan, weeks after it was seized at the Port of Philadelphia in an unprecedented drugs bust that netted 20 tons of cocaine. Read Full Article at

Why did Huawei become ‘the whipping boy’ in US-China trade war? RT’s Boom Bust explains

The trade spat between the world’s two biggest economies is taking its toll on tech companies in China and Huawei is the prime example. RT’s Boom Bust discusses the telecom giant’s fate as the US-China conflict simmers on. Read Full Article at

China’s new Silk Road trade expands to over $600 billion in first half of 2019

China’s trade with countries participating in its ambitious Belt and Road Initiative (BRI) has been expanding and reached 4.24 trillion yuan ($617.5 billion) in the first half of this year. Read Full Article at

Huawei to move 1,000 jobs from US to Italy, plus a $3 billion investment to boot

Chinese telecom giant Huawei has called on Rome to ensure the “transparent, efficient and fair” use of its ‘golden power’ when it comes to developing Italy’s 5G network. Read Full Article at

India & Russia will use their national currencies for defense deals to bypass US sanctions – report

Russia and one of the biggest importers of its weapons, India, have decided to use their national currencies to transfer payments for massive defense deals in order to skirt possible US sanctions, according to Bloomberg. Read Full Article at

Bentley opens its biggest showroom in Ukraine, one of the poorest countries in Europe

British luxury car maker Bentley has announced the opening of a dealership in Ukraine’s capital Kyiv, calling it an important step towards strengthening its presence in Central Eastern Europe. Read Full Article at

China’s slowing economy still shows growth that any country would envy

Beijing has released second quarter data showing the country’s economy grew 6.2 percent from a year ago, the worst result in nearly three decades that also comes amid China’s simmering trade war with the US. Read Full Article at

Another global oil glut looms: International Energy Agency forecasts ‘oversupplied market’ for 2020

The International Energy Agency (IEA) is predicting the return of a glut in the oil market in 2020, as OPEC expects demand for its crude to drop while its competitors increase production. Read Full Article at

Against the sanctions run of play: German investments in Russia set to smash 10-year record

German businesses poured more than €1.7 billion into the Russian economy in the first three months of 2019, already exceeding half of last year’s highest-in-decade figures, the Russian-German Chamber of Commerce has revealed. Read Full Article at

Pentagon wants to secure supply of rare earths after Chinese threats to cut exports – report

The Pentagon has been looking into US miners’ capabilities to produce rare earth metals, according to Reuters. It comes after Beijing signaled it may restrict exports of the vital materials amid the trade war with Washington. Read Full Article at

UK faces highest risk of recession since 2007 and is hardly ready for it

Recession may hit Britain in the next three years and the risk of the gloomy scenario is at its highest level since the financial crisis, a think tank has warned, noting that the UK is underprepared to face the consequences. Read Full Article at

Huawei plans job cuts in US amid blacklisting row – reports

The Chinese tech corporation is planning to cut hundreds of jobs at its US subsidiary, a media report revealed. The news comes after the firm was banned from buying American software and components for its products. Read Full Article at

Nuclear bonds: Russia supplies fuel for China Experimental Fast Reactor

The first batch of nuclear fuel has been supplied by a subsidiary of Russia’s state nuclear corporation Rosatom for the China Experimental Fast Reactor (CEFR). Read Full Article at

China threatens sanctions against US companies selling weapons to Taiwan

Beijing will impose sanctions on US enterprises involved in arms sales to Taiwan, China's Ministry of Foreign Affairs said on Friday. The decision follows Washington’s announcement to sell $2.22 billion worth of arms to Taiwan. Read Full Article at

China threatens to sanction US companies selling weapons to Taiwan

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Buggin’ out: Last ever Volkswagen Beetle rolls off Mexican production line

Volkswagen’s iconic Beetle car rolled off the production line in Mexico for the final time this week. The sendoff ceremony was accompanied by a Mariachi band. Read Full Article at

France passes law taxing tech giants despite US anger

The French parliament on Thursday passed a law taxing digital firms like Google and Facebook, which have been accused of exploiting global tax loopholes. The decision comes after Washington launched a probe into the tax. Read Full Article at

Huawei looking to Russia for technology to cut reliance on US tech

Chinese telecom giant Huawei has contacted several Russian tech firms to create joint ventures and use their technologies, sources told business news outlet RBC. Huawei plans to significantly increase its sales in Russia. Read Full Article at

New Silk Road: Russia to build 2,000km highway linking Europe and China

Prime Minister Dmitry Medvedev has approved the construction of a new tolled motorway across Russia designed to significantly shorten cargo routes, local media reported. The project is expected to cost around $9.5 billion. Read Full Article at

Still trust London with your gold? Poland latest to repatriate its bullion from the Bank of England

Poland is repatriating gold from overseas, after it more than doubled its bullion holdings in the past year. Central banks all over the world have been stocking up on gold in recent years, shifting away from the US dollar. Read Full Article at

‘One boss – US dollar’? China & India put future of Facebook’s Libra cryptocurrency into question

India and China have expressed skepticism over Libra’s prospects, as both seek to limit the cryptocurrency trade. Beijing, in particular, is worried that US-controlled digital currency might undermine its financial sovereignty. Read Full Article at

Germany says it needs Nord Stream 2, denies being captive to Russian energy supplies

The Nord Stream 2 gas pipeline is one of the ways for Germany to meet its growing energy demand, Economy Minister Peter Altmaier has said, rebuffing criticism that the project increases Russia’s energy leverage on Berlin. Read Full Article at

War in the Persian Gulf could send oil prices beyond $325 a barrel

As tensions between Iran and the United States reach breaking point, it is time to have a look at how a war in the region would impact oil prices. Read Full Article at

Deutsche Bank axes 18,000 jobs worldwide as part of $8.3bn ‘restart’ plan

Numerous Deutsche Bank employees around the globe were told to leave on Monday, with the German lender eliminating entire teams in Asia and Australia as part of its massive plan to “restart” some business operations. Read Full Article at

Could Microsoft dominate mobile OS market? Boom Bust digs into missed opportunities in tech sector

Microsoft co-founder Bill Gates has admitted that his biggest mistake was losing to Android in the mobile operating system (OS) race. RT’s Boom Bust discusses how Microsoft and other big techs made big mistakes. Read Full Article at
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