Business
Russian machine tool industry looks to recover Soviet era glory
Sanctions and military-related orders may help Russia’s machinery sector to become as powerful as its Soviet predecessor
US may target Iranian crude, strategist warns
The United States could tighten sanctions on Iran over the Middle East conflict, CNBC reports
EU pays three times more for electricity than China – Hungary
The EU’s economic success was for decades based on cheap Russian energy, now the bloc’s competitiveness is at risk, Peter Szijjarto says
Russia won’t replenish rainy day fund this year
Additional oil and gas revenue will not be added to Russia’s National Wealth Fund this year, the Accounts Chamber has said
EU country cancels massive fine on Gazprom – media
A Polish appeals court has reportedly cancelled the antitrust authority’s fine on Russia’s Gazprom over Nord Stream 2
US government orders tech giant to stop China chip exports
Washington has sped up the timing for AI chip export curbs to China and has told Nvidia to cease supplies immediately, the company says
Russia-China trade heading for new record – customs
Trade turnover between Russia and China looks set to hit $220 billion this year, Russian customs data shows
Ukraine offers to store EU gas
Kiev can provide the EU with natural gas storage capacities of up to 15 billion cubic meters, the country’s prime minister says
G7 to announce Russian diamond ban – Reuters
The Group of Seven is expected to announce a ban on imports of Russian diamonds by the end of October
Israel demolishing Gaza’s economy – UN
Israel’s blockade of Gaza has hollowed out the enclave’s economy, driving up unemployment and poverty, UN says
World’s biggest wealth fund posts heavy losses
The Government Pension Fund of Norway suffered a $34 billion loss in the third quarter of 2023 due to stock market volatility
Russian seaborne crude exports jump to four-month high – Bloomberg
Exports of Russian seaborne crude have been on the rise for 12 straight weeks, tanker-tracking data shows
Western firms accelerating exit from Hong Kong – WSJ
The number of US and EU businesses opting to leave Hong Kong has reportedly increased in recent months
Russian tech giant celebrates ‘Europe’s first’ driverless car
Yandex has launched its first fully autonomous vehicle without a driver or controller on board
China increasingly outpacing US in AI patents – Bloomberg
Chinese tech companies applied for 29,853 AI-related patents last year, nearly double that of US rivals
Russia set for another massive grain harvest – deputy PM
Russia could collect its second-largest grain harvest on record in 2023, according to the country’s deputy prime minister