Cuba considers joining the BRICS

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News Date: August 14, 2022

Cuba's Ambassador to Russia considers the possibility of joining the BRICS.
Julio Antonio Garmendia Pena, Ambassador Extraordinary and Plenipotentiary of the Republic of Cuba to the Russian Federation, spoke about the possibility of joining BRICS.
'Cuba maintains trade relations with the countries of the association, stressing the importance of cooperation with Russia and China in various sectors of the economy. The trend towards expansion of the alliance offers the hope of achieving a multipolar world', the ambassador said.
Russia's Mir banking cards could start being used in Cuba by the end of the year, the ambassador said.
Sources: tvbrics.com

The Petro-yuan announcement

China's Xi calls for oil trade in yuan at Gulf summit in Riyadh.
President Xi Jinping told Gulf Arab leaders on Friday that China would work to buy oil and gas in yuan, a move that would support Beijing's goal to establish its currency internationally and weaken the U.S. dollar's grip on world trade.
China to use Shanghai exchange for yuan energy deals with Gulf nations.
China's President Xi Jinping said in Riyadh on Friday that China and Gulf nations should make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade.
Sources: reuters

Emergency Alert System reminder

The US Federal Communications Commission, Enforcement Bureau, Reminds EAS Participants of Compliance Obligations.
FCC issues enforcement advisory reminding Emergency Alert System participants of compliance obligations, including ensuring alerts are accessible to people with disabilities.
The storm is upon us. We are ready now!
Details: www.fcc.gov

Gold revaluation to write off the debt

The more debt is being accumulated on the balance sheets of European central banks, the more likely they will revalue gold to write off this debt.
One possible solution is that central banks use unrealized gains of the gold on their balance sheet to write off sovereign bonds, providing debt relief to their governments.
Revaluing gold to write off bad debt would require central banks to set a floor price for gold.
If a central bank uses its revaluation account fully, the gold price ideally doesn't fall back or this central bank will incur unrealized losses.
As such, the central bank would need to stabilize the gold price, which is a form of a gold standard.
Source: substack.com

Danske Bank forgives debts for 90,000 customers

Danske Bank AS said that 90,000 Danish customers that owe the bank money will have their debt balance wiped clean after discovering errors in the bank's debt-collection systems.
The Copenhagen-based bank became aware of systemic errors in its debt-collection systems in 2019 and has been working to correct past mistakes and compensate affected customers, but as remediation has progressed new issues have emerged, extending the timeline for resolution potentially beyond 2024.
Sources: marketwatch.com

Qatar boosted gold reserves to record levels

Qatar boosts gold reserves to record levels after buying 14.8 tonnes in July.
The Qatar Central Bank is the latest bank to announce an increase in its holding of precious metals.
Reserve data from the central bank shows it bought 14.8 tonnes of gold last month.
Source: kitco.com