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Russia one of EU's top-three exporters Eurostat

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Russia one of EU's top-three exporters Eurostat

Russia exported ?67.4 billion ($79.5 billion) worth of goods to the countries of the European Union in the first half of 2021, ranking third on the list of EU’s largest exporting countries, statistics agency Eurostat reports.The volume of Russian exports in the first six months of 2021 soared by 35.6% compared to the same period in 2020.China and the United States are also in the top three, with $246.8 billion and $129.4 billion worth of goods exported to EU states in the reporting period, respectively. Europe’s total volume of imports increased by about 14% to $1.14 trillion.The share of exports from Europe to Russia rose to around $50.4 billion, showing a 13% increase against last year’s figures. The EU’s largest importers were the United States with $225.4 billion between January and June 2021, the UK with $159.8 billion, China ($132.8 billion), and Switzerland ($90.8 billion).The total volume of goods exported by European states in the first half of the year amounted to $1.2 trillion, nearly 14% more than last year.For more stories on economy & finance visit RT’s business section(RT.com)

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China

Government subsidies don’t boost Chinese firms’ productivity

China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.

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East Asia Forum

Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.

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Companies

Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division

OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).

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OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).

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Companies

Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman

A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.

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A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.

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