First tanker with US LNG arrives in Germany
The German energy market, which was earlier dominated by Russia, is now under control of the US and suppliers from the Middle East. The beginning of the new year saw the first tanker with US liquefied natural gas (LNG) arrive in the German port of Wilhelmshaven.
While Russia now desperately looking to sell its gas to new buyers at a big discount, US suppliers are taking advantage of the situation. The price of the commodity decreased significantly but remains quite high, leaving a window of opportunity for the US. The first tanker arrived in Germany on January 4, escorted by the German water police, and moored at the newly opened LNG terminal in Wilhelmshaven. German energy company RWE has signed a deal with US-based firm Sempra Infrastructure to buy 2.25 million tons of American LNG per year.
The liquefied natural gas will be transferred from the ship to a floating terminal, where it will be regasified and then fed into the pipeline network. Germany's first liquefied natural gas terminal was launched in Wilhelmshaven on 17 December. German Chancellor Olaf Scholz, Economy and Energy Minister Robert Habeck, and Finance Minister Christian Lindner took part in the opening ceremony.
Biden assures markets banking crisis over
Recently, the US banking system has been hit by a collapse of the two mid-size US lenders, Silicon Valley Bank (SVB) and Signature Bank. The US authorities launched emergency measures to stop the contagion, and it seems that now, the crisis has come under control.
14:34 2023-03-28 UTC+00
Biden blames bank collapses on former President Trump
Global investors are unnerved that something is up in the air. The collapse of large US banks, namely Silicon Valley Bank (SVB) and Signature Bank, is viewed as a precursor of a looming financial apocalypse. Meanwhile, the US monetary authorities are trying to reassure American depositors and searching for those who lie behind the incident.
10:29 2023-03-27 UTC+00
UBS buys Credit Suisse for $2 billion
Major Swiss bank UBS agreed to buy out the beleaguered Credit Suisse for $2 billion, the Financial Times reported.According to FT, the deal to acquire all shares of Credit Suisse was finalized on Sunday, March 19. It was expected to be priced at a fraction of Credit Suisse’s closing price on Friday, all but wiping out the bank’s shareholders. UBS planned to pay 0.5 Swiss franks per share.
18:31 2023-03-24 UTC+00
Ken Griffin: US capitalism is breaking down
Some analysts suppose that some sectors of the Russian economy can be a vivid example of capitalism. Ken Griffin, the founder of hedge fund Citadel, cleared up the situation with the modern economic reality. Notably, the US billionaire is extremely worried about the ongoing collapse of capitalism in the United States.
14:52 2023-03-24 UTC+00
Moody’s Analytics: Current banking crisis different from global financial crisis of 2008
Mark Zandi, the chief economist at Moody's Analytics, said that the ongoing banking crisis is completely different from the Global Financial Crisis (GFC) of 2008-2009 in four key ways. Notably, the collapse of two major US banks - Silicon Valley Bank and Signature Bank - caused havoc in the US financial sector. Experts feared that the panic could cause another financial crisis.
11:56 2023-03-24 UTC+00
Crypto firms getting their first Supreme Court appearance
On March 21, the US Supreme Court considered arguments in its first crypto-related case devoted to the Coinbase cryptocurrency exchange. The company’s goal is to move the existing customer lawsuits out of court and into private arbitration. Arbitration is an alternative means of dispute resolution that happens outside of the court system.
15:31 2023-03-23 UTC+00