Russia will not start certifying GM seeds for at least three more years due to delays in creating the necessary infrastructure, Prime Minister Dmitry Medvedev told MPs. Earlier Russia had expected to allow planting such seeds from June.
Japan’s trade deficit in March has quadrupled from a year ago, to $14.1 billion, the biggest ever monthly increase. A post – Fukushima boost in energy buying coupled with a spending spree ahead of the sales tax hike increased imports.
Asian business is keen to snatch development opportunities in Russia as economic ties with the West are weighed down by the Ukraine crisis, the Deputy Chairman and the Board member of Russia’s Vnesheconombank Aleksandr Ivanov, told RT.
By 2018 China will be Russian energy’s biggest customer, along with huge trade volume between the two states. So it makes sense for Russia to take advantage of the China’s Union Pay system, Chinese expert, Andrew Leung, told RT.
World trade is expected to grow by 4.7 percent in 2014, more than double the 2.1 percent increase last year, the WTO says. The growth however could be subdued by increasing geopolitical tensions and the slowdown in developing economies, the report warns.
US may stop importing oil by 2037 as abundant domestic crude supplies, including North Dakota’s Bakken field and Texas’s Eagle Ford formation, may push production to the level of consumption, according to the US government.
Europe has no plans to move away from Russian gas, with major energy projects like South Stream expected to remain in place, according to Reiner Hartmann, Chairman of the Association of European Businesses.
The Chinese economy continues to cool, and the World Bank has lowered its 2014 forecast to 7.6 percent growth, down from an earlier 7.7 percent. The global recovery remains shaky as 2014 kicks off with a “bumpy start”.