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Europe’s largest economy faces “zombie companies”

webadminAugust 26, 2020

In Germany, there are more and more so-called zombie companies that can eventually undermine the economy for many years to come. Thousands of such businesses are unable to cover their debt service costs at the expense of profits, writes the Financial Times. Under a government decree introduced in March, German companies affected by the pandemic are not required to file for bankruptcy. The Minister of justice Christine Lambrecht wants to extend this decision until March of next year. However, many economists believe that it is better to let such firms close than to keep them on artificial life support. The government of Europe's largest economy is spending billions on job-saving programs, cheap loans to companies, and rehabilitation of large firms facing bankruptcy. It is estimate...

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The US got the Iraqi oil

webadminAugust 25, 2020

American energy companies Chevron, Honeywell, General Electric and others have entered into oil-related agreements with the Iraqi authorities for a total of eight billion dollars. This was reported by the us Department of energy. The former has been granted exclusive rights to explore, develop and produce oil in the province of Di-Kar. Honeywell plans to start gas production in the Ar-Ratawi field, which will allow Iraq to use " local gas resources to meet domestic energy demand." In addition, General Electric got contracts for the electrification of Iraq. These deals are key to Iraq's energy future, said US energy Secretary Dan Brouillette. Earlier, Saudi Arabia and Russia criticized Iraq for failing to reduce oil production, which, in their view, threatens the OPEC + deal. H...

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The European economy has changed its mind about recovering

webadminAugust 24, 2020

The recovery of the Euro zone economy after the deepest recession in history slowed in August, especially in the service sector. CNBC writes about this. Many quarantine measures imposed due to the coronavirus pandemic were lifted, so business activity last month grew at the fastest pace since mid-2018. However, in some European countries, there was a repeated spike in the incidence of the disease, which again led to restrictions being imposed. The IHS Markit index, which is an indicator of economic health, fell from 54.9 to 51.6 points in August. The recovery lost momentum due to weak demand, and people changed their minds about spending money, said Andrew Harker, Director of Economics at IHS Markit. The employment index fell to 47.7 from 47.9. Europe will need two years or more to f...

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Saudi Arabia has severed a major oil contract with China

webadminAugust 22, 2020

Saudi Arabia's state oil company, Saudi Aramco, has torn up a major contract to build a refinery and petrochemical complex in China as part of a joint venture, Bloomberg reports. The cost of the project in the North-Eastern province of Liaoning was supposed to be 10 billion dollars, but the Saudi company considered the costs too high, and the market prospects of the plant — uncertain. China intends to further promote the project, not excluding that Saudi Aramco may change its mind. The reason for reconsidering its investment plans for the company was the desire to maintain a dividend of $ 75 billion. Because of this, the management of Saudi Aramco is looking for any ways to reduce capital expenditures against the background of low oil prices and rising debt. When the construction ag

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The reason for the mass death of dolphins in the black sea resort has been established

webadminAugust 20, 2020

Employees of the black sea-Azov sea Department of Rosprirodnadzor have established the reason for the mass death of dolphins on the coast of the Russian resort. About it on Sunday, August 23, reports "Zhivaya Kuban". According to the portal, experts conducted a check in the area of Gelendzhik Bay and found out that the death of animals is caused by anthropogenic factors, including pollution of the water area with petroleum products, which caused the poisoning of animals. Information about the excess concentration of petroleum products in the sea was passed to the police. Now employees will have to identify violators of environmental legislation, the newspaper notes. In July, it was reported that dead dolphins covered in fuel oil washed up on the coast of Gelendzhik. Local reside

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Russia asked the UN security Council to meet urgently because of us sanctions

webadminAugust 18, 2020

Russia has requested an emergency meeting of the UN Security Council in connection with the us appeal to the international organization with the intention to launch the procedure for restoring sanctions against Iran. This is reported by TASS with reference to the Deputy permanent representative of Russia to the UN Dmitry Polyansky. According to him, due to the recent events surrounding the implementation of resolution 2231, Russia requested an open meeting on the morning of August 21. Earlier, US Secretary of state Mike Pompeo met with the Chairman of the UN security Council and submitted a complaint to the organization about Iran's failure to comply with the terms of the Joint comprehensive plan of action for the settlement of the Iranian nuclear program (JCPOA), which should lead to th