Money, gold and geopolitics
After Deutsche Bank, also Commerzbank wants to pass on negative interest rates to its customers. In addition to large companies also smaller companies and wealthy individuals will have to pay interest on their bank balances.
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China will invest €600 million in the port of Piraeus. That is the result of a state visit to Greece by the Chinese president Xi Jinping.
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The French President, Emmanuel Macron declared NATO brain dead because there is no longer effective coordination within the military alliance.
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Nord Stream 2 is important for Europe’s energy supply, because we are still largely dependent on natural gas. Declining domestic production and increasing demand means that Europe needs new supply routes.
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For the first time since 2004, China issued a euro-denominated bond. The Chinese Ministry of Finance raised €4 billion this week by issuing new debt at less than half a percent interest rate.
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Savers have been warned. Under the leadership of Lagarde, the ECB is going to follow a different course, in which the purchasing power of your money is of less importance.
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Turkey and Russia are close to an agreement on the delivery of 36 Russian fighter jets. These are jet fighters of type Sukhoi Su-35, relatively new planes which were launched five years ago.
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The euro is rapidly gaining popularity in trade between Russia and China. This is evident from new statistics released by the Russian central bank earlier this week.
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The central bank of Russia added 37.3 tons of gold to its reserves in November. With this purchase the total gold stock of the country rose to more than 2,100 tonnes, accounting for a fifth place in the ranking of countries with the largest gold reserves.
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Russia is supporting the people in Donbass to prevent them from being crushed by the Kiev government. That’s what Russian president Putin said during his annual Q&A session with the international press.
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The future of the Nord Stream 2 pipeline remains uncertain, now that a majority in the European Parliament has voted against the project. A new resolution that was adopted earlier this month states that the pipeline is a political project that poses a threat to Europe’s energy security.
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