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A massive leak of internal bank documents has supposedly revealed that the world’s biggest financial institutions moved more than $2 trillion in suspected dirty money for mobsters, drug cartels, and ponzi schemers.
The commercial and residential property markets are on the brink of collapse. And central banks’ promise to print unlimited amounts of money will not solve the problem, but trigger a major financial crisis.
The German economy continues to contract, losing €15 billion ($16.6 billion) a week due to the recession caused by Covid-19, a new report has said. It warned that it will take at least eight years for the country to recover.
The world’s largest coal-producing country, Russia, plans to increase its output and exports over the next 15 years. Russia’s share of the global coal export market is projected to expand to 25 percent from the current 11 percent.
US stocks are facing a second straight day of losses, after President Donald Trump threatened to unleash a new barrage of retaliatory tariffs on China over the coronavirus crisis.
US President Donald Trump’s renewed attack on Beijing over the coronavirus crisis has sunk the Chinese national currency, the yuan, to a one month-low, while global markets also dipped lower.
The top bank in Israel will hand over just shy of $900 million to the US Treasury after it was implicated in a tax evasion scheme, helping Americans to hide billions of dollars in wealth in thousands of foreign accounts.
The euro area is suffering its worst contraction ever as data published on Thursday showed that the region’s gross domestic product (GDP) shrank by 3.5 percent in the first quarter of 2020 versus the final quarter of last year.
Bond investors have started to debate whether the United States is heading into a deflationary spiral, even after trillions of dollars of stimulus has been injected into the coronavirus-hit global economy.