dominance - Shore News Network

Dollar unlikely to lose global dominance soon even as BRICS expand – note

ReutersSeptember 1, 20230

LONDON (Reuters) – The dollar is unlikely to lose its status as the global reserve currency anytime soon, even as the expansion of the BRICS group of developing nations signals another challenge to the dollar’s dominance in the world economy, BNY Mellon said in a note. Leaders of the BRICS – Brazil, Russia, India, China and South Africa – invited Iran and Argentina, Saudi Arabia, the United Arab Emirates (UAE), Ethiopia and Egypt into the club at a summit last week in Johannesburg. One of the objectives of the BRICS is to find an alternative to the dollar, BNY noted

As More Countries Link Arms With China, Is US Dollar Dominance Truly At Risk?

The Daily CallerAugust 30, 20230

As More Countries Link Arms With China, Is US Dollar Dominance Truly At Risk? Will Kessler on August 29, 2023 A growing number of major economies have recently criticized the status of the U.S. dollar as the primary currency for global trade, leaving experts to fear long-term danger for U.S. dollar dominance. Several countries expressed a strong desire to change the global reserve currency at the Brazil, Russia, India, China and South Africa (BRICS) summit last week, threatening current U.S. dollar dominance. While the global reserve currency is not going to change overnight, the future of the dollar as a

Countries Unite Against Dollar Dominance At International Summit

The Daily CallerAugust 23, 20230

Countries Unite Against Dollar Dominance At International Summit Jason Cohen on August 23, 2023 Several countries rallied against the U.S. dollar at the Brazil, Russia, India, China and South Africa (BRICS) summit in South Africa on Tuesday, according to reports. Representatives from Nigeria, Brazil and Russia all indicated a desire to decrease dependence on the dollar in their remarks at the BRICS summit, according to multiple media reports. The representatives expressed discontent with using dollars for trade, promoted the movement away from the dollar and advocated for adopting a new digital currency for trade between BRICS countries. “I want to

Bolivia challenges global dollar dominance with Chinese yuan, Russian rouble

ReutersJuly 28, 20230

LA PAZ (Reuters) – Bolivia’s government is determined to curb dependence on the U.S. dollar for foreign trade, instead turning to the Chinese yuan, officials said, as Latin American support for alternative currencies grows. Economy Minister Marcelo Montenegro said the Andean country was following “a pattern at the level of international trade, that is generating a progressive increase in the use of the yuan in foreign trade,” during a press conference on Thursday in La Paz. Bolivia has faced months of severe dollar shortages, driven in part by falling natural gas production, a key national export. Net foreign currency reserves

Samsung unveils new foldable phones to challenge Apple’s premium dominance

ReutersJuly 26, 20230

By Joyce Lee SEOUL (Reuters) – Samsung Electronics unveiled its latest foldable smartphones on Wednesday, keeping prices around the same level three years in a row as it seeks to challenge Apple’s dominance in the premium market. The world’s largest smartphone maker pioneered the segment in 2019, betting that it would appeal to consumers looking for a bigger screen to consume content, while its foldable displays keep the overall phone size compact. Foldable phones remain a niche product category, carving out 5% of the global premium smartphone market, although the sector has grown rapidly from just 0.3% in 2019, according

‘Catastrophic’: Biden’s Policies Put US Dollar’s Global Dominance At Risk, Economists Say

The Daily CallerJuly 16, 20230

‘Catastrophic’: Biden’s Policies Put US Dollar’s Global Dominance At Risk, Economists Say Jason Cohen on July 16, 2023 The policies of President Joe Biden’s administration are undermining the strength of the U.S. dollar and jeopardizing America’s worldwide influence, economists told the Daily Caller News Foundation. Economists expressed concern regarding the possible consequences of Biden’s policies, highlighting the threat to the U.S. dollar’s global reserve currency status. “Losing reserve currency status … would mean 70 years of deficits flooding back to the U.S., all competing with existing dollars held domestically to buy goods and services,” Heritage Foundation economist E.J. Antoni told

S&P Global’s top economist sees dollar dominance diminishing

ReutersJuly 11, 20230

LONDON (Reuters) – The dollar’s grip as the dominant global currency is loosening, credit rating agency S&P Global’s top economist said on Tuesday. Aggressive U.S. sanctions such as last year’s freezing of hundreds of billions of dollar’s worth of Russia’s reserves has seen a flurry of countries start to do some trade in currencies other than dollar as well as repatriate gold reserves. The dollar “doesn’t have quite the pull it used to,” Paul Gruenwald, S&P’s chief economist, said at a conference hosted by the ratings firm in London. “There’s a fragmentation around the edges”. Gruenwald pointed to a number

EU looks to take lead in metaverse world, avoid Big Tech dominance

ReutersJuly 11, 20230

By Foo Yun Chee BRUSSELS (Reuters) – The European Commission on Tuesday set out a plan in a bid to take the lead in the metaverse – shared virtual worlds accessible through the internet – and to prevent Big Tech dominating a nascent sphere that could boost economic growth. The EU initiative comes as Facebook owner Meta Platforms, Microsoft and Apple work on metaverse products or services, prompting fears that the companies may get an unfair advantage over smaller rivals. The EU executive said its initiative aims to reflect EU values and fundamental rights and create an open and interoperable

Analysis: Decades of US corn export dominance fade as Brazil seizes top supplier crown

ReutersJuly 7, 20230

By Karl Plume CHICAGO (Reuters) – U.S. corn export dominance is fading in an increasingly competitive global marketplace as Brazil, aided by a new supply agreement with China, is set to out-ship the U.S. for just the second time ever this season. Meanwhile, Mexico, America’s other top market, is preparing to limit imports of genetically modified corn that comprises more than 90% of every U.S. harvest. The eroding export market share spells trouble for the $90 billion U.S. corn industry as domestic demand for feeding livestock and producing ethanol has also cooled. Plantings of America’s most widely grown crop are

Explainer-China’s rare earths dominance in focus after mineral export curbs

ReutersJuly 5, 20230

By Mai Nguyen (Reuters) – China said on Monday it will impose export restrictions on gallium and germanium products used in computer chips and other components to protect national security interests. The decision, widely seen as retaliation for U.S. curbs on sales of technologies to China, raised concerns that China might eventually limit exports of other materials, notably rare earths, whose production China dominates. In 2010, China restricted exports of rare earths to Japan following a territorial dispute, sending prices soaring and Japan scrambling to find alternative sources. Beijing said the curbs were based on environmental concerns. Below are some

OPEC+ oil quota reform increases Gulf’s dominance

ReutersJune 27, 20230

By Ahmad Ghaddar LONDON (Reuters) – Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman earlier this month outlined one of the biggest reforms at OPEC in recent years and presented it as a reward for countries that invest in their oil industry. The change clears the way for giving larger production quotas to OPEC Gulf members such as Saudi Arabia, the United Arab Emirates and Kuwait at the expense of African nations such as Nigeria and Angola. Production quotas and baselines, from which production cuts are calculated, have been a sensitive subject within OPEC for decades as most producers want

Musk Meets With Chinese Foreign Minister As China’s EV Dominance Continues

The Daily CallerMay 30, 20230

Musk Meets With Chinese Foreign Minister As China’s EV Dominance Continues John Hugh DeMastri on May 30, 2023 Tesla CEO Elon Musk met with China’s Foreign Minister Qin Gang in Beijing to discuss expanding the company’s business there amid the country’s rapid expansion of electric vehicle exports, according to multiple reports. Qin touted a “Chinese-style modernization” of the automotive industry driven by the nation’s large population and commitment to “common prosperity” in a statement following the meeting, and Musk reportedly expressed interest in continued expansion of Tesla’s operations in China, according to CNBC. China became the world’s largest auto exporter

US dollar dominance to persist for decades despite challenges – Moody’s

ReutersMay 25, 20230

By Saqib Iqbal Ahmed NEW YORK (Reuters) – The U.S. dollar’s dominance in international trade and finance will persist for decades despite new challenges and even when a more multipolar currency system emerges it will be led by the greenback, Moody’s Investor Service said on Thursday. While the multi-decade fall in the dollar’s share of central bank reserves, simmering geopolitical tensions and growing brinkmanship in U.S. politics have boosted speculation about an end to the dollar’s dominance, at present there are no viable alternatives, Moody’s said in a note. “The greatest near-term danger to the dollar’s position stems from the

‘Increasingly Under Siege’: How Interventionist Foreign Policy And A Rising China Threaten The Dollar’s Dominance

The Daily CallerApril 7, 20230

‘Increasingly Under Siege’: How Interventionist Foreign Policy And A Rising China Threaten The Dollar’s Dominance John Hugh DeMastri on April 7, 2023 Recent moves by the U.S. and foreign actors are increasingly calling into question the dollar’s long-term status as the world’s reserve currency, something that could reduce America’s influence on the global stage, economists told the Daily Caller News Foundation. China has been taking steps to increase the value of the yuan as a competitor to the dollar, particularly among its regional trading partners and in its international investments, Foreign Policy reported. More so than any other recent action,

European arms imports climb, U.S. dominance in exports grows – think tank

ReutersMarch 12, 20230

STOCKHOLM (Reuters) – European states increased their imports of major weaponry by 47% in the five years to 2022, while the United States’ share of global arms exports rose to 40% from 33%, a leading conflict think-tank said on Monday. Russia’s invasion of Ukraine last year, following years of growing tensions, has prompted European countries to rush to bolster their defences. “Even as arms transfers have declined globally, those to Europe have risen sharply due to the tensions between Russia and most other European states,” Pieter D. Wezeman, Senior Researcher with the Stockholm International Peace Research Institute (SIPRI), said in

India’s oil deals with Russia dent decades-old dollar dominance

ReutersMarch 8, 20230

By Nidhi Verma and Noah Browning NEW DELHI/LONDON (Reuters) – U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies. The dollar’s pre-eminence has periodically been called into question and yet it has continued because of the overwhelming advantages of using the most widely-accepted currency for business. India’s oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that

DEROY MURDOCK: China’s Dominance In One Market Could Literally Be The Death Of Us. Here’s How

The Daily CallerFebruary 11, 20230

DEROY MURDOCK: China’s Dominance In One Market Could Literally Be The Death Of Us. Here’s How Deroy Murdock on February 11, 2023 Imagine what would Joe Biden or a future president of the United States would do if Chinese dictator Xi Jinping dispatched another spy balloon toward America and declared: “If America destroys our peace-loving balloon, we will have no choice but to suspend immediately and until further notice all U.S.-bound exports of Chinese-made antibiotics and antibiotic precursor chemicals. We eagerly await the White House’s response.” This chilling hypothetical and last week’s all-too-real spy-balloon fiasco should make it excruciatingly clear

Unilever’s dominance in India helps it raise prices, pinching rural poor

ReutersJanuary 24, 20230

By Richa Naidu and Aditya Kalra LONDON/NEW DELHI (Reuters) – Unilever racked up strong sales growth in India last year on the back of sharp prices increases thanks to its dominant market position and pent up demand among middle-class shoppers. But industry experts said the British multinational should take care not to alienate poorer rural consumers – which some analysts estimate account for nearly half its revenues in India – after some signs they reined in spending last year as higher inflation took its toll. The nation of 1.4 billion is one of Unilever’s three priority markets, alongside the United

DOJ poised to sue Google over digital ad market dominance – Bloomberg News

ReutersJanuary 23, 20230

(Reuters) -The U.S. Justice Department is poised to sue Alphabet Inc’s Google as soon as Tuesday regarding its dominance over the digital advertising market, Bloomberg News reported on Monday, citing people familiar with the matter. The lawsuit would be the second federal antitrust complaint filed against Google, alleging violations of antitrust law in how the tech giant acquires or maintains its dominance. The Justice Department lawsuit filed against Google in 2020 focuses on its monopoly in search and is scheduled to go to trial in September. The Justice Department did not immediately respond to a Reuters request for comment, while

Putin says West’s desire for global dominance increases conflict risks

ReutersDecember 9, 20220

(Reuters) – Russian President Vladimir Putin on Friday said the West’s desire to maintain its dominance on the world stage was increasing the risks of conflict. “The potential for conflict in the world is growing and this is a direct consequence of the attempts by Western elites to preserve their political, financial, military and ideological dominance by any means,” Putin said. The Russian leader was speaking in a video message to a summit of defence ministers from the Shanghai Cooperation Organisation and a group of ex-Soviet countries that was published by the Kremlin. “They deliberately multiply chaos and aggravate the

‘Course Correction’: China Recalibrates Its Plan For World Dominance

The Daily CallerSeptember 27, 20220

‘Course Correction’: China Recalibrates Its Plan For World Dominance Micaela Burrow on September 27, 2022 China may be reining in its trillion-dollar investment initiative, aimed at spreading Chinese influence across the global south, The Wall Street Journal reported Monday. Under the Belt and Road Initiative (BRI), Chinese authorities have pressured banks to give out loans with generous conditions to poorer countries mostly for infrastructure projects that help cement ties between China and participating nations, the WSJ reported. Now policymakers are deliberating a “Belt and Road 2.0” that would implement more stringent conditions for new projects amid growing risk of

‘Stranglehold’: Tesla’s Battery Deals Highlight Chinese Dominance Of Crucial EV Materials

The Daily CallerAugust 2, 20220

‘Stranglehold’: Tesla’s Battery Deals Highlight Chinese Dominance Of Crucial EV Materials Jack McEvoy on August 2, 2022 Tesla signed new contracts with two of its current Chinese battery material suppliers, Bloomberg reported on Sunday, highlighting the extent to which American electric vehicle (EV) manufacturers rely on China for critical minerals and materials. Zhejiang Huayou Cobalt Co. and CNGR Advanced Material Co. renewed pricing agreements to provide Tesla with supplies of ternary precursors, chemical concoctions essential for lithium-ion batteries to store energy for electric cars, up until the mid-2020s, according to Bloomberg. China dominates the world’s lithium-ion manufacturing market, producing about

Lack of alternatives set to drive dollar dominance: Reuters poll

ReutersMay 5, 20220

By Hari Kishan BENGALURU – The dollar will retain most of its recent gains for at least another six months, according to a Reuters poll of FX strategists who for years mostly held the view the greenback would weaken. Last trading just below a 20-year high it hit last week, the dollar index is up over 14.0% since the start of last year, with about half of those struck this year alone. That rally shows few signs of abating as the Federal Reserve just delivered a much-anticipated 50 basis point rate hike and left the door open for several such

Biden Revoked Trump’s ‘Energy Dominance’ Agenda. Now It’s Coming Back To Haunt Him

The Daily CallerMay 2, 20220

Biden Revoked Trump’s ‘Energy Dominance’ Agenda. Now It’s Coming Back To Haunt Him Thomas Catenacci on May 2, 2022 President Joe Biden’s decision to reverse a series of Trump administration energy policies have harmed American consumers amid the Ukraine crisis, former Interior Secretary David Bernhardt said. Bernhardt, who led the Department of Interior (DOI) between 2019-2021, said Biden’s energy policies reflect activism rather than a coherent strategy to ensure low prices and sufficient supply for Americans. Fossil fuel industry groups and Republican lawmakers have repeatedly blamed the Biden administration for rising energy prices slamming consumers in recent weeks. The average

IMF warns Russia sanctions threaten to chip away at dollar dominance – FT

ReutersMarch 31, 20220

(Reuters) – Financial sanctions imposed on Russia threaten to gradually dilute the dominance of the U.S. dollar and could result in a more fragmented international monetary system, Gita Gopinath, IMF’s First Deputy Managing Director, told The Financial Times. Russia has been hit with a plethora of sanctions from the United States and its allies for its late-February invasion of Ukraine. Russia has called the invasion a ‘special operation’ to disarm its neighbour. “The dollar would remain the major global currency even in that landscape but fragmentation at a smaller level is certainly quite possible,” Gopinath told the newspaper in an