Money Talks

Germany is one of the countries with the highest wealth inequality in Europe. A recent study said children and young adults are feeling it the most, with poverty at new highs. As Sibel Karkus reports from Berlin, many are depending on social services as government help is insufficient.

#GermanEconomy #Poverty #WealthGap

February 24th marked one year since Russian tanks and troops crossed the border into Ukraine with the aim of regime change. It's also been a year that has transformed Russia's place in the world economy, pushing it away from Europe and towards new markets in China and India for its energy. So far, the direst predictions about Russia's economic collapse have not come true. But will 2023 see Russian President Vladimir Putin's luck run out? Several factors are not working in his favor. Wilson Dizard has the story.

#RussianEconomy #Russia'sWarinUkraine #RussianMilitary

Rice -- a daily staple that feeds more than half the world, is now in crisis due to climate change. Many countries are finding it difficult to maintain production as demand continues to grow.

Israel is going to be 75 years in a few weeks' time. But instead of holding national celebrations, it is in turmoil facing what some fear could turn into a civil war. This is all due to the government's plans to change the way the judicial system works. The uncertainty in Israel's political situation extends deep into the business sector and affects the whole economy.

#IsraeliEconomy #JudicialReform #IsraeliBusiness

The United Kingdom has inked its most significant trade deal since it left the European Union. The UK will now be part of an agreement including 11 countries across the Indo-Pacific. London joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership will reduce trade barriers across the bloc. It's set for formal resolution in parliament later this year, but the addition has been under negotiations for two years already. An application by China to join is still pending but is likely to face resistance from members.

#UKtradedeal #Asia-Pacific trade bloc #Free-trade

Asia stocks are rising, with the Australian ASX hitting a two-week high as banking fears ease. European stocks are also set to open higher, and the dollar is strengthening amid improved risk sentiment. The US Federal Deposit Insurance Corporation now faces almost $23 billion in costs from recent bank failures and is reportedly considering assigning a larger portion of this burden to the nation's biggest banks. But while more stringent capital requirements for US institutions may calm nerves, some analysts still expect a recession.

#USDollar #AsiaStocks #BankingCrisis

A controversial judicial reform law and the intense public protest against it are taking a toll on Israel's economic outlook.

Tel Aviv's stock exchange has taken a 20 percent hit, and the shekel has seen serious swings. Credit rating agencies Fitch and Moody's warned on Tuesday that the turmoil could 'weaken Israel's credit profile'. Some Israeli venture capitalists are exercising caution as the uncertainty continues. Israel does little trade with its closest neighbors, but its reputation for political stability in a volatile region is central to its strong trade ties with the US as well as major European and Asian economies.

#IsraelEconomy #FitchandMoody's #IsraelPolitics

The US Commodity Futures and Trading Commission has filed a complaint against the world's largest crypto platform Binance and its CEO. Changpeng Zhao has allegedly broken American derivatives rules, actively soliciting US-based users and subverting the exchange's compliance program. CFTC rules require platforms to register with the agency to let Americans trade those products. The filing has the potential to upend the exchange's operations completely. Bitcoin is now down 3% and Ethereum is sliding by 3.5%.

Silicon Valley Bank's deposits are now in the hands of First Citizens Bank, as are the collapsed financial firm's 17 branches across the US. The purchase by First Citizens comes just two weeks after a run on SVB was caused by a viral crisis of confidence, and worsened by the bank's own inability to adapt to the Federal Reserve's higher interest rates. North Carolina-based First Citizens purchased 72 billion dollars of SVB's deposits for a 16 billion dollar discount, while another 90 billion will remain with federal banking insurance authorities for the time being. Recent turmoil in the US financial sector has shaved billions off the share value in bank stocks, and even caused a rally in bitcoin prices.

#FirstCitizensBank #SiliconValleyBank #FED

Turkiye's tourism revenue hit a record 46.3 billion dollars last year despite the tension in the region, including the war in Ukraine. It rebounded strongly after the Covid-19 pandemic and now all eyes are on 2023’s summer season, with bookings already up more than 50 percent year-on-year. Tulay Kalyon Haznedaroglu explains.