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Massive car graveyard where Volkswagen diesel vehicles go to die (VIDEO)
After paying billions in fines over an emissions-cheating scandal in the US, Volkswagen now has to park thousands of bought-back diesel automobiles at nearly 40 facilities across America. The German automaker has paid over $7.4 billion to buy back nearly 350,000 diesel vehicles in the US as of February, according to the court filing, seen by Reuters. [...]
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Gold glitters & dollar declines as US-China trade war escalates
The price of the traditional safe haven gold increased on Monday after Beijing introduced retaliatory measures against American goods coming to China. After falling in the past three trading sessions, the yellow metal surged over $8 per troy ounce to $1,335. [...]
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China to slap US with up to 25% bigger import tariffs in trade war retaliation
Beijing is hiking up tariffs on more than 128 US imports, including fruit and pork, as part of a tit-for-tat response to US President Donald Trump’s $60 billion package of tariffs imposed against China. The additional fares, which range from 15 to 25 percent, will take effect on Monday, the Chinese Finance Ministry said on their website. [...]
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Russian gas pipeline gets green light from Germany as US tries to kill project
Germany has issued a permit for the construction and operation of an offshore section of the Nord Stream 2 pipeline in the Exclusive Economic Zone (EEZ) of Germany in the Baltic Sea. “The BSH [Federal Maritime and Hydrographic Agency of Germany] issued the permit for this approximately 30-kilometres-long route section in accordance with the Federal Mining Act,” the company in charge of the pr [...]
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Tesla just months from total collapse, says hedge fund manager
The American electric-car company Tesla will be bankrupt within four months unless its CEO Elon Musk “pulls a rabbit out of his hat,” according to hedge fund manager John Thompson. “Companies eventually have to make a profit, and I don’t ever see that happening here,” the head of Vilas Capital Management told Market Watch. [...]
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‘New Guidelines of Activity’: Russia’s Kalashnikov Aims at Outer Space – Report
Russia's Kalashnikov Concern, which is known throughout the world for its production of reliable AK assault rifles, has reportedly decided to foray into fresh fields. The Russian defense manufacturing concern Kalashnikov has agreed with State Corporation Rostec to acquire 60 percent of the shares of the Molniya research and production association, which developed the first-ever Soviet space [...]
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Why petro-yuan may become biggest game-changer of all time in capital markets
The historic launch of the long-awaited trading of Chinese crude futures this week has stirred up a heated debate among analysts as to whether the new commodity product will prosper or flop. Some market analysts expressed doubts over the success of the petro-yuan, citing Beijing’s yearning for total control over trading as one of the key reasons for a potential bust. [...]
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Petro-yuan helps Russia & China dump US dollar in oil trade
China is the world's biggest crude consumer and buys most of its oil from Russia. However, most settlements are still in US dollars. The launch of the petro-yuan now allows Moscow and Beijing to use national currencies instead. China and Russia are actively reducing dependence on the dollar in bilateral trade. In October 2017, Beijing launched a payment system for transactions in yuan and Russian [...]
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Japan unveils new ‘Supreme’ bullet train
A new high-speed bullet train has been rolled out by the Central Japan Railway (JR Tokai). It will debut in 2020 on the Tokaido Shinkansen line, running between Tokyo and Shin-Osaka. According to JR Tokai, the new Shinkansen N700S or Shinkansen ‘Supreme’ train will be smarter, sleeker and quieter. [...]
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Only Russia Ensured Additional Gas Supplies to Germany in March – Wintershall
KASSEL (Germany) (Sputnik) - Moscow was Berlin's only foreign partner that provided Germany with additional natural gas during the cold period in early March, Mario Mehren, the CEO of the Wintershall energy company, said. [...]
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Hungary Repatriating Tons of Gold From UK Amid Fears of Economic Crisis
Central banks around the world have been building up their gold stockpiles to make sure they are stored on soil they can trust. The National Bank of Hungary (MNB) says it is bringing back three tons of the country’s gold reserves stored at the Bank of England in London, Gold Seek reported. The move to repatriate 130 million dollars’ worth of gold from Budapest previously stored on Britis [...]
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Schwarzenegger wants to sue Big Oil for ‘First Degree Murder’
Arnold Schwarzenegger has announced that he is taking oil companies to court “for knowingly killing people all over the world.” “This is no different from the smoking issue. The tobacco industry knew for years and years and years and decades, that smoking would kill people, would harm people and create cancer, and were hiding that fact from the people and denied it. [...]
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Agriculture makes much more money for Russia than arms exports – Putin
The recent boost in Russian agriculture has made food sales abroad much more profitable for the country than exports of military weapons, according to President Vladimir Putin. “Today, agriculture exports exceed arms sales by more than a third. $28.8 billion from agricultural sector, $15.6 billion from the defense industry," Putin told farmers in Krasnodar on Monday. [...]
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‘We Are not Afraid’: EU Stands-Up to Trade ‘Bullies’ in Tariff Row With US
The EU's top trade official has employed strong rhetoric as the row with US President Donald Trump over steel and aluminum tariffs heats up following fruitless talks. European Trade Commissioner Cecilia Malmstroem has promised that Europe would fight back against those who intimidate its trade after joint talks with US Trade Representative Robert Lighthizer and Minister of Economy, Trade and I [...]
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‘Neither good nor easy to win’: EU, China gear up for trade war with US
European and Chinese officials are firing shots across America’s bow over plans by the Trump administration to impose protectionist tariffs on its steel and aluminum imports. A trade war looms as a result. President Donald Trump is expected to set tariffs of 25 percent on imported steel and 10 percent on imported aluminum this week. [...]
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On the Brink of Trade War: EU to Hit Back With Tariffs on Iconic US Goods
In case US President Donald Trump doesn’t back down on his decision to impose stiff tariffs on aluminum and steel imports, European Union (EU) is set to implement retaliatory restrictions, including a 25 percent tariff on US jeans. Last week Trump announced the imposition of 25 percent tariffs on EU exports of steel and 10 percent on aluminum, adding that similar restrictions would be placed on [...]
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Trump’s trade war will hurt everyone — the only question is how much
"I don’t know anybody who thinks that trade wars are something you win." Historically, the United States has focused on staying out of trade wars. Not so under President Donald Trump, who last week announced plans to slap sweeping tariffs on steel and aluminum imports and asserted that trade wars are good and easy to win. [...]
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‘That’d Make Sense’: Porsche Eyes Flying Taxi
German car maker Porsche continues to impress and is mulling a new way to create a vehicle which would be able to easily navigate around any potential gridlock on city highways. In an interview with the German magazine Automobilwoche, Porsche sales chief Detlev von Platen said that it did not rule out the creation of a flying passenger vehicle by Volkswagen's sports car maker. [...]
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Venezuelan state oil firm to strike deals using national cryptocurrency
Venezuelan President Nicolas Maduro has ordered the country’s state energy company PDVSA to close some of its purchase and sale deals using the national commodity-backed digital currency ‘petro.’ The country’s oil ministry tweeted the president’s directive, which also applies to Venezuelan state-run conglomerate CVG, which is charged with economic development in the Guayana region. [...]
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