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Economy

Erdogan Wants to Set Up an Islamic “Wall Street” in Turkey

Turkish President Recep Tayyip Erdogan said on Thursday that he wants to turn Istanbul into a financial hub for the Islamic world -- at a time when the country's economy is in serious trouble. "We are seeking to become one...

IMF Says Greek Economy Will Grow by 6.5% This Year

The International Monetary Fund (IMF) announced on Tuesday that the Greek economy is looking at a growth rate of 6.5% by the end of 2021. The IMF detailed the country's growth for 2021 in their global economic outlook report, where...

Pfizer’s Investment in Thessaloniki a “Historic Moment” for Greece

Prime Minister Kyriakos Mitsotakis opened two brand-new Pfizer facilities in Thessaloniki on Tuesday. They are the pharmaceutical company's Global Center for Digital Innovation (CDI) and its Global Center for Business Operations and Services. Pfizer’s investment will contribute €650 million to the...

Is the U.S. Dollar Going Digital?

As the U.S. dollar is entering the crypto age, the U.S. government is considering the tremendous change the digital dollar would bring. According to a Bloomberg report, the guidance will come through three pending reports related to public and private...

Market Outlook: Moderation of Growth Should Come as No Surprise Says Calamos

In his global market outlook John P. Calamos, Sr., one of the most prominent financial experts worldwide, says that our economy is in the midst of an extraordinary recovery period and a moderation of economic growth and consumer optimism...

All You Needed to Know About Cryptocurrency in Greece

In the past couple of years, cryptocurrency has invaded Greece's society, mostly because of high taxation and the pandemic. While the average Greek might not know what "bitcoin" means, interest in its mining has risen significantly. In Greece, an estimated...

Greece Announces Whopping 6.1% Growth Forecast for 2021

Greece announced that its economic growth will reach an astounding 6.1 percent in 2021, according to the provisions of the draft budget plan brought before Parliament on Monday. More specifically, the country's GDP is projected to grow by 6.1 percent...

Secret Offshore Wealth of World Leaders Exposed in Pandora Papers

The secret offshore wealth of more than 300 world leaders, politicians and billionaires was exposed in the "Pandora Papers" on Sunday in one of the largest ever leaks of financial data. The documents show how 35 current and former world...

Greek Company in Talks With US’ Hard Rock for Hellinikon Casino

GEK Terna, the Greek company which has won the contract bid for the creation of the new casino at the former Hellinikon airport, is reportedly in talks with US company Hard Rock to create a consortium responsible for the...

Former EU Chief Juncker Blames Merkel On Handling of Greek Crisis

Former European Commission chief Jean-Claude Juncker criticized outgoing German Chancellor Angela Merkel’s handling the Greek debt crisis in 2015 on Thursday, saying that her “hesitations” and “reluctance” undermined efforts to deal with the situation. “I think her biggest failure was...

China Decrees All Cryptocurrencies, Including Bitcoin, Illegal

China’s central bank declared all transactions involving Bitcoin and other virtual currencies illegal on Friday, stepping up a campaign to block use of unofficial digital money. Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued...

EU vs. Apple: The Fight Over Universal Charger Cables

How many times have iPhone users asked a colleague in the office for a charger, to no avail, as most of them carry the Android-based mini-USB, or USB/Type C adapters? Well, the EU has put forth a plan which...

Huge Increase in Tourist Revenue in Greece in July

The tourism industry in Greece was optimistic about the Summer season this year after a brutal 2020 -- but few expected the huge increase of tourists to Greece that July saw. According to Bank of Greece data released Tuesday, the...

Pinduoduo Founder Suffers Biggest Loss of Wealth in the World

Pinduoduo founder Colin Huang has suffered $27 billion in losses -- the biggest decrease in wealth in the world this year. Huang founded Pinduoduo, also known as PDD, a Chinese technology platform centered on agriculture. PDD was the largest platform...

Could China’s Evergrande Collapse Lead To New Global Recession?

China's Evergrande Group's debt crisis has led market analysts to whisper about a new "Lehman Brothers moment" in the world economy. The Chinese real estate giant has warned for months that it would be unable to fulfill its loan...