In October 2009, a small town in central Bulgaria named Lovech welcomed a Chinese dignitary that few in the country, let alone in the town, had heard of. Xi Jinping, then China's vice president, was on a European tour, gathering experience in foreign affairs as he was moving on to the pinnacle of power. In Lovech, he witnessed the signing of a joint venture deal between Bulgarian diversified holding company Litex Commerce and the Great Wall Motors, one of China's leading automotive manufacturers. Then the up-and-coming politician took off to Bucharest. The manufacturing plant in Lovech went bust in 2017, but the hunger for Chinese investment remained. Ten years down the road, it is Balkan leaders who are heading to Beijing, eager to meet Xi. While the United States is embroiled in a trade war against China and most Western governments fret about tech companies like Huawei, Southeast Europeans are still eager to get deals on roads, bridges, power plants and … [Read more...] about China enters the Balkans
China national debt
(CNN)Men in white fur caps proudly ride horses across the steppe, rows of modern machinery glisten, Barbie-pink flamingos strut before clear blue skies and a white yacht cuts through the turquoise waters of the Caspian Sea. These are idyllic scenes from a one-minute video promoting the inaugural Caspian Economic Forum, which between August 11 and 12 will see heads of state from Iran, Russia, Azerbaijan and Kazakhstan descend on Awaza, a new resort town that has been touted by Turkmenistan's Foreign Ministry as the country's Las Vegas. The footage paints the picture of a happy, prosperous nation. But the reality for the 5.85 million people who live in this authoritarian hermit nation is different. Strict media controls mean that information trickles out of the country, but human rights abuses are commonplace, activists often disappear, and forced labor is a concern, according to Human Rights Watch. Read More As a hermit nation, it rivals North Korea. Just over 6,000 people … [Read more...] about Is the hermit nation of Turkmenistan on the brink of collapse?
Baku, Azerbaijan, June 21 By Fakhri Vakilov –Trend: President of Uzbekistan Shavkat Mirziyoyev, speaking to the Senate on June 21, acknowledged the country's debt to the Russian Lukoil company at $600 million, Trend reports via Uzbek media. As reported in March by Reuters, Uzbekistan owes Lukoil for gas supplies in 2018. The company operates under a production sharing agreement (PSA) in the Kandym-Khauzak-Shady-Kungrad and South-West Gissar projects. Produced gas is supplied mainly to China. The debt was due to the fact that Uzbekistan took part of the gas to the domestic market, although the terms of the PSA provide for the export of all the gas produced. Uzbekneftegaz refrained from commenting back then. Mirziyoyev stated that Uzbekistan today buys gas for the domestic market from Lukoil for $146 per 1,000 cubic meters and sells to the population for $40. A 600 millionth debt formed due to the difference of $100. The president asked why the national interests were not taken … [Read more...] about President of Uzbekistan names reason for debt to Lukoil
Foreign investors have accelerated the reduction of US debt securities, selling $21.7 billion of their holdings in March, according to data released on Wednesday by the US Treasury Department. Russia, which is no longer a leading creditor of the US, after an unprecedented dumping of the US Treasury bonds in April and May, has slashed its stockpile by almost $800 million in March to $13.716 billion. Also on rt.com China’s nuclear option of dumping US bonds would cause absolute chaos in global markets – expert Russia has cut nearly 85 percent of its US Treasury holdings from $96.9 billion in January 2018. The drop is even more significant from 2012, when Russia held over $170 billion in US debt bonds. The largest US creditor China sold $20.45 billion in Treasuries in March, the most since October 2016, following $1.08 billion in purchases the month before. READ MORE: Phasing out the dollar: Russia significantly increases ruble share in export settlements with … [Read more...] about Countdown to zero: Russia continues dumping US debt
Business 15 May 2019 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.com/news/business-48286563 Read more about sharing. These are external links and will open in a new window Close share panel The Labour Party's plans to nationalise the UK's energy networks would hinder the shift to green energy, National Grid has said.The company … [Read more...] about National Grid attacks Labour’s energy plan