ran has decided to replace dollar with euro in its foreign trade given the continual impediments and hostile policies directed by U.S. toward the country, Iranian finance minister said on Monday.
Iran's oil export contracts for months have included a clause that allows the nation to seek payment in the euro and other currencies, creating a mechanism for a switch should Iran's policy change, according to traders who buy Iranian oil.
Derivatives may be the undoing of the World Economy and they are the least understood by even the largest banks. These two articles here are a very good start to understanding what we are in store for.
The derivatives market has reached a face value of $480 trillion...30 times the size of the U.S. economy...and 12 times the size of the entire world economy. Trading in derivatives has become not merely a huge boom or even a large bubble - but the...
(Payback for nuclear deal with India) Chinese President Hu Jintao, visiting his staunchest ally in Asia, signed a free-trade deal here Friday and pledged to continue helping Pakistan build its civilian nuclear program. But the Chinese leader stopped
Chinese banks are raising some awesome amounts of capital in 2006. The mainland's biggest lender, Industrial & Commercial Bank of China (ICBC), raked in $22 billion in an October 27 initial public offering, the biggest in history.
Some interesting data has come out from the Bank for International Settlements. The global market for derivatives soared to a record $370 trillion in the first half of 2006. It is the highest ever and the bubble is bigger than anyone can imagine.
Lawrence W. Reed’s unusual line of work, coaching conservative policy groups, has left Mr. Reed, a Michigan economist, with acolytes across the globe. But none please him more than James Shikwati, whose unlikely rise offers a case study of how the ri
U.S. conglomerate General Electric Co. and Japan's Hitachi Ltd. said they planned to pool their nuclear units in a $2 billion enterprise they hope will capture more contracts as power suppliers gear up to build a new generation of plants.
Former World Bank Vice President, Chief Economist and Nobel Prize winner Joseph Stiglitz has predicted a global economic crash within 24 months
(Wants to get nuclear technology, and cutting it's dollar reserves. Another country to invade) The United Arab Emirates, the second-largest Arab economy, signalled yesterday that it might cut its holdings of dollars by almost half
The US's sanctions against Syria prompted Damascus to start switching its foreign currency surplus from US dollars to euros, the UPI reported. A Syrian source told the London-based Al-Hayat newspaper that Syria has already started
In an interview with conservative talk show host Rush Limbaugh, Mr Bush said China should become "a society in which there's consumers. Because now they're a society of too many savers". (This man has an MBA. Educated fool)
Bolivia's leftist president, Evo Morales, took a key step forward in his bold plan to nationalize the country's gas and oil industries after foreign energy companies agreed to operate in the country under state control.
The dollar is still the world's reserve cuurency, even though it hasn't deserved this status for a long time. The devaluation of the dollar can't be stopped -- it can only be deferred. The result could be a world economic crisis.
ANGER is building over the flood of confidential banking information handed to the US Treasury by global financial transactions hub Swift as part of a secret US program monitoring international funds transfers.
The dollar's decline against the euro shows no sign of ending. Clearly, currency traders have made a long-term judgment about the relative value of the currencies of the Old and New Worlds. That sounds bad enough. But now there are signs
How do you feel about that? A bit richer we hope. Richer and ready to give some of your newly found wealth to those who need it most. It's not hard - just slip your hand in your pocket and pull out something special.
India's booming economy drew a record $2.9 billion dollars in foreign direct investment in the first four months of the fiscal year, nearly double last year's amount.
The European Union has adopted, by the narrowest of majorities, new anti-dumping measures to tackle imports of leather shoes from China and Vietnam, a diplomatic source said.
Just how costly is China's environmental mess? The working assumption is that the situation is somewhere between really bad and off-the-charts ghastly. Yet getting a real statistical grip on the scale of the problem has been tough for Chinese lea
Eleven energy ministers warned of rising political and commercial risks to Europe's energy markets as President Vladimir Putin issued a warning to "unconscientious" investors. "The reliability of access to energy (is) subject at th
he leaders of France, Germany and Russia have held summit talks in an elegant chateau with economic issues apparently taking priority over Iran's disputed nuclear programme.
U.S. Treasury Secretary Henry Paulson urged China to speed up reforms of its economy and said the booming country would be the biggest beneficiary of opening its capital markets to foreign investment.
OPEC ministers could hold an emergency meeting ahead of the next regular conference in December as the oil market is clearly "out of balance" and prices are falling, a senior OPEC official has said. "We are watching closely the deteri
IMF chief Rodrigo Rato today criticised attempts to depress fuel prices in the US, China and some other countries, and advocated raising prices instead of offering tax breaks or subsidies. Rato told a seminar organised by OPEC that domestic
China's forex reserves rose further to hit US$954.5 billion at end-July but they must not be allowed to grow much more because of the upward pressure they put on the yuan, Vice President Zeng Qinghong said in an article. (Dollar will be going do
“If China's path to economic development continues on an upward path, can we expect ever-increasing economic sophistication from fortune cookies?
A history of Cuba under Fidel Castro that will surprise and impress those who read it.
Chad ordered U.S. energy giant Chevron and Malaysia's Petronas to leave the country within 24 hours for failing to honor tax obligations, a move apparently aimed at increasing control over its oil output. "From tomorrow, the representatives