Business
Nvidia becomes world’s second-most-valuable company
US artificial intelligence chipmaker Nvidia has overtaken Apple to become the world’s second-most-valuable company
Germany and France oppose EU restrictions on luxury cars to Russia – Politico
Germany and France are opposing EU efforts to close loopholes allowing luxury cars to reach Russia via Belarus, Politico reports
IMF comments on handing over Russian assets to Ukraine
Any move regarding frozen Russian assets must have a legal basis and avoid undermining the global monetary system, the IMF has said
ECB cuts rates for first time since 2019
The European Central Bank has cut rates for first time in nearly five years, noting persistent price pressures across the 20-nation Eurozone
SPIEF 2024: West ‘shooting itself in the foot’ with Russian sanctions, says finance minister
Economic sanctions on Russia have harmed the Western countries that imposed them, Finance Minister Anton Siluanov has said
South American country to impose energy sanctions on Israel – Bloomberg
Colombia’s trade ministry has called for restricting coal exports to Israel over its military campaign in Gaza, Bloomberg has said
SPIEF 2024: Kremlin explains Moscow’s message to the world
Russia is advocating for global cooperation based on equality and the rule of law, according to presidential spokesman Dmitry Peskov
West inching closer to tapping $300bn in frozen Russian assets – US
The US and its allies could give Ukraine a loan and repay it using profits from frozen Russian assets, US Treasury Secretary has said
Delegates from over 130 countries to attend St Petersburg Economic Forum – Kremlin aide
Russia’s marquee annual event SPIEF is set to bring together thousands of participants from 136 countries
Starbucks applies to register trademarks in Russia – media
Starbucks has applied to register several trademarks in Russia, signalling plans to re-enter the market, Vedomosti has said
Japanese car makers falsified safety test results
Japanese car makers Toyota, Mazda, Honda, and Suzuki have been found to have committed fraud during safety tests
Income gap growing between CEOs and workers in America – research
The median compensation package for CEOs of the largest US firms jumped by 12.6% to $16.3 million in 2023, data shows
Russia and China ‘close’ to replacing SWIFT — business regulator
Western restrictions have forced Moscow and Beijing to actively promote their own domestic payment systems
Turkish exports to Israel plunge 99% – data
Türkiye has suspended all trade with Israel in response to its offensive in Gaza, with May exports plunging 99%, data shows
West eyeing ‘Russian SWIFT’ as sanctions target – Bloomberg
The G7 and EU are studying ways to sanction lenders using the Bank of Russia’s financial messaging system, Bloomberg reports
EU eyes stronger tariffs on Russia – FT
An EU plan to target $46 billion worth of Russian imports could cover food, medicines, and nuclear fuel, according to a report