How Russia sells oil over the G7 cap
Russia uses to its advantage a loophole in the oil cap when higher oil transportation costs allow it to make more money, FT reported.
Russian producers have been selling their crude oil to India at prices below the G7 price cap of $60 per barrel. However, since shipping costs are not included in this price ceiling, Russia has been overcharging for freight costs and getting more revenue from oil trade.
The findings suggest that the overcharging for shipping costs, along with the fees for Russia-linked tankers, may have boosted Russia’s oil trade revenues by a combined $1.2 billion in May, June, and July.
At the same time an International Energy Agency's (IEA) report revealed that Russia's export earnings, which totaled $15.3 billion in July, were up $2.5 billion from June's figures.
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Russia uses to its advantage a loophole in the oil cap when higher oil transportation costs allow it to make more money, FT reported.
Russian producers have been selling their crude oil to India at prices below the G7 price cap of $60 per barrel. However, since shipping costs are not included in this price ceiling, Russia has been overcharging for freight costs and getting more revenue from oil trade.
The findings suggest that the overcharging for shipping costs, along with the fees for Russia-linked tankers, may have boosted Russia’s oil trade revenues by a combined $1.2 billion in May, June, and July.
At the same time an International Energy Agency's (IEA) report revealed that Russia's export earnings, which totaled $15.3 billion in July, were up $2.5 billion from June's figures.
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Ukraine may cede territory to Russia to gain NATO membership, says alliance's top official
NATO's director private office of the secretary general Stian Jenssen suggested that Ukraine could gain NATO membership in exchange for ceding some territory to Russia, and that this could be part of ending the Ukrainian conflict. His words are quoted by the Norwegian media VG.
He also said that it should be up to Ukraine to decide when and on what terms they want to negotiate.
Earlier we reported on twitter that Olaf Scholz also emphasized the importance of diplomatic efforts to resolve the conflict.
Now that's new, that seems awfully like common sense
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NATO's director private office of the secretary general Stian Jenssen suggested that Ukraine could gain NATO membership in exchange for ceding some territory to Russia, and that this could be part of ending the Ukrainian conflict. His words are quoted by the Norwegian media VG.
He also said that it should be up to Ukraine to decide when and on what terms they want to negotiate.
Earlier we reported on twitter that Olaf Scholz also emphasized the importance of diplomatic efforts to resolve the conflict.
Now that's new, that seems awfully like common sense
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🇦🇪🛢🇮🇳 UAE and India made oil settlement in the local currencies
Abu Dhabi National Oil Company and the Indian oil and gas company, Indian Oil Corporation Limited, have completed the first crude oil sale under the local currency payment system. This was announced by the Indian Embassy in the UAE.
The transaction involved the sale of approximately 1 million barrels of crude oil. Both Indian rupees and UAE dirhams were used for the transaction.
This is India's first-ever local currency settlement with the UAE. Such transactions are expected to reduce transactional costs and the time required for transfers. The parties also hope that such settlements will increase the role of local currencies.
The Indian embassy also noted that, under the deal, traders can choose the currency of each payment by mutual agreement.
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Abu Dhabi National Oil Company and the Indian oil and gas company, Indian Oil Corporation Limited, have completed the first crude oil sale under the local currency payment system. This was announced by the Indian Embassy in the UAE.
The transaction involved the sale of approximately 1 million barrels of crude oil. Both Indian rupees and UAE dirhams were used for the transaction.
This is India's first-ever local currency settlement with the UAE. Such transactions are expected to reduce transactional costs and the time required for transfers. The parties also hope that such settlements will increase the role of local currencies.
The Indian embassy also noted that, under the deal, traders can choose the currency of each payment by mutual agreement.
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Short seller Hindenburg accused Freedom Holding of helping to evade sanctions
Short seller Hindenburg Research announced Tuesday that its latest target was Kazakhstan-based Freedom Holding.
Freedom's units are involved in retail securities brokerage, market making and investment banking services. According to the SEC filing, it also owns a bank and two insurance firms operating in Kazakhstan.
Freedom Holding was initially based in Moscow and shifted to Kazakhstan last year, transferring its Russian business to an employee for $140 million, but its CEO Timur Turlov still secretly controls the Russian business, Hindenburg alleges.
Hindenburg said its research into the company had revealed "hallmark signs of fake revenue" and evidence it "brazenly skirts sanctions".
Freedom was also displaying signs of market manipulation in both its investments and its own stock, Hindenburg added.
The short seller said Freedom had "openly admitted" in a disclosure last month to providing services to individuals sanctioned by OFAC (Office of Foreign Assets Control), the EU and the UK.
The report sent shares of Nasdaq-listed FRHC tanking nearly 15% to $64.7 in premarket trading. The stock has now recovered some of its losses and is trading at just above $73.
Freedom Holdings has already called the investigation speculation and "a set of unsubstantiated facts."
Hindenburg Research has been at the forefront of short-seller attacks this year, which have rocked several high-profile companies. Its campaigns led to a rout in shares of Indian conglomerate Adani Group's companies and investment firm Icahn Enterprises.
Hindenburg's investigations usually end with either a plunge in the victim company's stock or its complete collapse.
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Short seller Hindenburg Research announced Tuesday that its latest target was Kazakhstan-based Freedom Holding.
Freedom's units are involved in retail securities brokerage, market making and investment banking services. According to the SEC filing, it also owns a bank and two insurance firms operating in Kazakhstan.
Freedom Holding was initially based in Moscow and shifted to Kazakhstan last year, transferring its Russian business to an employee for $140 million, but its CEO Timur Turlov still secretly controls the Russian business, Hindenburg alleges.
Hindenburg said its research into the company had revealed "hallmark signs of fake revenue" and evidence it "brazenly skirts sanctions".
Freedom was also displaying signs of market manipulation in both its investments and its own stock, Hindenburg added.
The short seller said Freedom had "openly admitted" in a disclosure last month to providing services to individuals sanctioned by OFAC (Office of Foreign Assets Control), the EU and the UK.
The report sent shares of Nasdaq-listed FRHC tanking nearly 15% to $64.7 in premarket trading. The stock has now recovered some of its losses and is trading at just above $73.
Freedom Holdings has already called the investigation speculation and "a set of unsubstantiated facts."
Hindenburg Research has been at the forefront of short-seller attacks this year, which have rocked several high-profile companies. Its campaigns led to a rout in shares of Indian conglomerate Adani Group's companies and investment firm Icahn Enterprises.
Hindenburg's investigations usually end with either a plunge in the victim company's stock or its complete collapse.
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Multipolar Market
EU launches first bitcoin ETF The first bitcoin exchange-traded fund (ETF) has been launched in Europe today. The launch is the work of London-based Jacobi Asset Management, which announced today that it has listed the product called Jacobi FT Wilshire Bitcoin…
How long can the SEC delay approval of Bitcoin ETFs?
The US Securities and Exchange Commission (SEC) may be getting closer to giving the green light to a spot cryptocurrency exchange-traded fund (ETF) after several years of reviewing applications.
And yet, under SEC guidelines, the federal regulator has the authority to delay ETF applications for up to 240 days — by opening them to public comment or otherwise — from the first filing in the Federal Register.
At the time of publication, major asset management firms with applications under review by the SEC include BlackRock, ARK Invest, Bitwise Asset Management, and others.
ARK Invest, led by Cathie Wood, filed to list its ARK 21Shares spot Bitcoin ETF in May 2023 and received a new delay from the SEC on Aug. 11, pushing the deadline back another 21 days.
Thus, with the maximum 240-day extension window available to the SEC, the final deadline for ARK’s Bitcoin ETF is in January 2024, while approval or disapproval of all the other firms’ offerings could come as late as March 2024.
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The US Securities and Exchange Commission (SEC) may be getting closer to giving the green light to a spot cryptocurrency exchange-traded fund (ETF) after several years of reviewing applications.
And yet, under SEC guidelines, the federal regulator has the authority to delay ETF applications for up to 240 days — by opening them to public comment or otherwise — from the first filing in the Federal Register.
At the time of publication, major asset management firms with applications under review by the SEC include BlackRock, ARK Invest, Bitwise Asset Management, and others.
ARK Invest, led by Cathie Wood, filed to list its ARK 21Shares spot Bitcoin ETF in May 2023 and received a new delay from the SEC on Aug. 11, pushing the deadline back another 21 days.
Thus, with the maximum 240-day extension window available to the SEC, the final deadline for ARK’s Bitcoin ETF is in January 2024, while approval or disapproval of all the other firms’ offerings could come as late as March 2024.
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Indian diamond industry shattered by US threats
India's exports of polished diamonds fell 39% to $1,174 billion in July, according to the Gem & Jewellery Export Promotion Council of India, GJEPC. Rough imports also fell 43% to $1.1 billion.
Among the reasons for such a sharp reductions is the recent US threats against Indian manufacturers over the use of Russian raw materials. In particular, the US authorities have said that they might impose a ban on imports of Indian polished diamonds.
However, local jewelry manufacturers are already suffering - because of the sanctions, they have to work through intermediaries, and the shortage of rough diamonds even forces them to stop production.
About 300,000 workers in Surat, the main diamond processing center, were sent on a 20-day leave without pay. Diamond processing units have reduced work from two to one shift, and 15,000-20,000 workers have lost their jobs. And at least eight diamond workers have died by suicide because of it, The Print says.
India is one of the main buyers of rough diamonds, primarily from Russia, and is the world's largest center of polished diamond production, with 95% of the world's polished diamonds being made in this country.
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India's exports of polished diamonds fell 39% to $1,174 billion in July, according to the Gem & Jewellery Export Promotion Council of India, GJEPC. Rough imports also fell 43% to $1.1 billion.
Among the reasons for such a sharp reductions is the recent US threats against Indian manufacturers over the use of Russian raw materials. In particular, the US authorities have said that they might impose a ban on imports of Indian polished diamonds.
However, local jewelry manufacturers are already suffering - because of the sanctions, they have to work through intermediaries, and the shortage of rough diamonds even forces them to stop production.
About 300,000 workers in Surat, the main diamond processing center, were sent on a 20-day leave without pay. Diamond processing units have reduced work from two to one shift, and 15,000-20,000 workers have lost their jobs. And at least eight diamond workers have died by suicide because of it, The Print says.
India is one of the main buyers of rough diamonds, primarily from Russia, and is the world's largest center of polished diamond production, with 95% of the world's polished diamonds being made in this country.
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Intel to drop $5.4 billion deal with Tower without China approval
Intel will back out of its $5.4 billion acquisition of Israeli contract chip maker Tower Semiconductor after its contract expires later on Tuesday without regulatory approval in China, Reuters reported, citing people familiar with the matter.
Intel, which signed a deal to buy Tower in February 2022, had been going through acquisition approvals with antitrust authorities in various countries but stalled in China.
Intel does not plan to negotiate a contract extension and will instead pay Tower a $353 million break-up fee to walk away, the sources added.
Even if the companies had renewed the contract and waited for the review to be completed, it is unclear whether Chinese regulators would have approved the deal given the current tensions between Washington and Beijing.
A similar situation occurred last year. Chemical company DuPont De Nemours then pulled out of a $5.2 billion deal to buy electronics materials maker Rogers after delays in securing approval from Chinese regulators.
Looks like the US-China trade war is now expanding to corporate deal-making
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Intel will back out of its $5.4 billion acquisition of Israeli contract chip maker Tower Semiconductor after its contract expires later on Tuesday without regulatory approval in China, Reuters reported, citing people familiar with the matter.
Intel, which signed a deal to buy Tower in February 2022, had been going through acquisition approvals with antitrust authorities in various countries but stalled in China.
Intel does not plan to negotiate a contract extension and will instead pay Tower a $353 million break-up fee to walk away, the sources added.
Even if the companies had renewed the contract and waited for the review to be completed, it is unclear whether Chinese regulators would have approved the deal given the current tensions between Washington and Beijing.
A similar situation occurred last year. Chemical company DuPont De Nemours then pulled out of a $5.2 billion deal to buy electronics materials maker Rogers after delays in securing approval from Chinese regulators.
Looks like the US-China trade war is now expanding to corporate deal-making
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🇲🇦 Morocco applies to join BRICS
The statement was made by South African Foreign Minister Naledi Pandor during a press conference on the latest preparations for the 15th BRICS Summit to be held in South Africa from August 22 to 24.
The summit is likely to formulate the bloc’s expansion criteria for countries that want to join. With more than 60 heads of state invited to the summit, there should be a large number of hopeful countries in attendance. Morocco will now be joining that list.
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The statement was made by South African Foreign Minister Naledi Pandor during a press conference on the latest preparations for the 15th BRICS Summit to be held in South Africa from August 22 to 24.
The summit is likely to formulate the bloc’s expansion criteria for countries that want to join. With more than 60 heads of state invited to the summit, there should be a large number of hopeful countries in attendance. Morocco will now be joining that list.
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The US is preparing a new pandemic, Russian DM says
The Office of Pandemic Preparedness and Response Policy, which was established in July 2023 in the US, is preparing a new pandemic by implementing virus mutations. This statement was made by Lieutenant General Igor Kirillov, the head of the Radiation, Chemical, and Biological Defense troops of the Russian Armed Forces.
"Thus, the United States, as they did in 2019, has begun to prepare a new pandemic by conducting a search for virus mutations," he stated.
Earlier, the Russian Defense Ministry warned that the experiments of the US military with mosquitoes will lead to the creation of artificial epicenters of epidemics.
🤡 Ready for a new costly vaccines?
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The Office of Pandemic Preparedness and Response Policy, which was established in July 2023 in the US, is preparing a new pandemic by implementing virus mutations. This statement was made by Lieutenant General Igor Kirillov, the head of the Radiation, Chemical, and Biological Defense troops of the Russian Armed Forces.
"Thus, the United States, as they did in 2019, has begun to prepare a new pandemic by conducting a search for virus mutations," he stated.
Earlier, the Russian Defense Ministry warned that the experiments of the US military with mosquitoes will lead to the creation of artificial epicenters of epidemics.
🤡 Ready for a new costly vaccines?
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Global wealth to grow by 38% by 2027 - UBS and Credit Suisse forecasts
By 2027, global wealth will reach $629 trillion, a 38% increase, according to the 2023 Global Wealth Report released by Credit Suisse and UBS.
Despite a 2.4% drop in net private wealth in 2022, wealth in emerging economies, including the BRICS countries, is projected to grow by 30% by 2027.
Growth by middle-income markets will be the primary driver of global trends. The report estimates wealth per adult to reach $110,270 in 2027 and the number of millionaires to reach 86 million.
And based on 2022 data, global wealth loss was heavily concentrated in now wealthier regions such as North America and Europe, which together lost $10.9 trillion.
The United States leads the list of market losses in 2022, followed by Japan, China, Canada, and Australia.
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By 2027, global wealth will reach $629 trillion, a 38% increase, according to the 2023 Global Wealth Report released by Credit Suisse and UBS.
Despite a 2.4% drop in net private wealth in 2022, wealth in emerging economies, including the BRICS countries, is projected to grow by 30% by 2027.
Growth by middle-income markets will be the primary driver of global trends. The report estimates wealth per adult to reach $110,270 in 2027 and the number of millionaires to reach 86 million.
And based on 2022 data, global wealth loss was heavily concentrated in now wealthier regions such as North America and Europe, which together lost $10.9 trillion.
The United States leads the list of market losses in 2022, followed by Japan, China, Canada, and Australia.
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🇩🇪 50,000 companies have closed due to insufficient funds
Over the first half of the year, 50.6 thousand German companies have already gone bankrupt, Zeit Online reported.
This is about 12% more than the same period last year.
In recent years, government aid has partially contained the surge in bankruptcies caused by the pandemic and the energy crisis. But analysts expect the situation will only worsen from here.
How are those sanctions going? When are the new ones?
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Over the first half of the year, 50.6 thousand German companies have already gone bankrupt, Zeit Online reported.
This is about 12% more than the same period last year.
In recent years, government aid has partially contained the surge in bankruptcies caused by the pandemic and the energy crisis. But analysts expect the situation will only worsen from here.
How are those sanctions going? When are the new ones?
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Forwarded from Geopolitics Prime
“As countries abandon the use of the dollar, we see America's financing problems become real for the first time. The living standards will fall because inflation and import prices will rise. Is this going to happen tomorrow or we wake up? No, but it's already starting to happen. This is a gradual process and it will pick up momentum as it goes and the results become more obvious,” Dr. Paul Craig Roberts, an economist and former Reagan administration official, told the New Rules podcast, commenting on the de-dollarization process
👉 De-dollarization, decline of American industrial might, and the failures of Bidenomics: You can find the full episode on YouTube or Rumble
👉 De-dollarization, decline of American industrial might, and the failures of Bidenomics: You can find the full episode on YouTube or Rumble
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US Treasuries got dumped in June
Saudi Arabia's holdings of US Treasury bonds fell to the lowest level in more than six years.
The country sold more than $3 billion in US government debt in June, offloading the securities for a third consecutive month to bring its holdings to $108.1 billion, according to Treasury Department data. The neighboring UAE sold nearly $4 billion.
Echoing the sell-off, China dumped $11.3 billion in June, bringing it to the lowest level since mid-2009.
Japan and the UK were among the biggest buyers of what’s widely perceived as one of the safest assets to own. But their own economies are continuously pressured by a multitude of factors, and some experts believe that they can barely continue to buy at the same pace.
Falling demand for Treasuries could make it much harder for the US to continue borrowing money as it has historically done.
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Saudi Arabia's holdings of US Treasury bonds fell to the lowest level in more than six years.
The country sold more than $3 billion in US government debt in June, offloading the securities for a third consecutive month to bring its holdings to $108.1 billion, according to Treasury Department data. The neighboring UAE sold nearly $4 billion.
Echoing the sell-off, China dumped $11.3 billion in June, bringing it to the lowest level since mid-2009.
Japan and the UK were among the biggest buyers of what’s widely perceived as one of the safest assets to own. But their own economies are continuously pressured by a multitude of factors, and some experts believe that they can barely continue to buy at the same pace.
Falling demand for Treasuries could make it much harder for the US to continue borrowing money as it has historically done.
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Wheat prices are back in the spotlight
The escalation around Ukraine's ports is keeping the world on edge while wheat prices continue to rise.
After the Ukrainian port of Reni on the Danube was hit overnight, wheat futures in Chicago rose by as much as 1.4%, climbing from their lowest level since early June. Paris milling wheat also rose for the first time in three sessions.
Last week, the US Department of Agriculture raised its estimate of Russian supplies for the 2023-24 season and increased its forecast for US wheat stocks by a larger amount than analysts had expected. However, current prices are already accounting for these positives.
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The escalation around Ukraine's ports is keeping the world on edge while wheat prices continue to rise.
After the Ukrainian port of Reni on the Danube was hit overnight, wheat futures in Chicago rose by as much as 1.4%, climbing from their lowest level since early June. Paris milling wheat also rose for the first time in three sessions.
Last week, the US Department of Agriculture raised its estimate of Russian supplies for the 2023-24 season and increased its forecast for US wheat stocks by a larger amount than analysts had expected. However, current prices are already accounting for these positives.
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🇦🇷 Argentine peso to slide 70% by next year, BofA says
The worst is yet to come for the Argentine peso, already the world's weakest currency this year, according to Bank of America Corp. strategists.
The official exchange rate will weaken to 545 per dollar by the end of this year and then drop to 1,193 by the end of 2024 as the bank's strategists expect the winner of the country's presidential election to further devalue the peso starting in December.
The current government this week devalued the currency by 18% to 350 after losing a crucial primary election on Sunday. Argentine assets fell after a stronger-than-expected performance by libertarian candidate Javier Milei, who wants to shift the economy to the dollar and abolish the central bank.
And yet Bank of America strategists called the devaluation "overall positive," and noted that it is favorable that the current government is shouldering some of the burden of the necessary macroeconomic adjustment.
“It should be favorable for the IMF agreement that is pending IMF Board approval for a $7.5 billion loan disbursement,” they wrote. However, devaluation will further contribute to inflation, which is one of the main issues the country is trying to combat.
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The worst is yet to come for the Argentine peso, already the world's weakest currency this year, according to Bank of America Corp. strategists.
The official exchange rate will weaken to 545 per dollar by the end of this year and then drop to 1,193 by the end of 2024 as the bank's strategists expect the winner of the country's presidential election to further devalue the peso starting in December.
The current government this week devalued the currency by 18% to 350 after losing a crucial primary election on Sunday. Argentine assets fell after a stronger-than-expected performance by libertarian candidate Javier Milei, who wants to shift the economy to the dollar and abolish the central bank.
And yet Bank of America strategists called the devaluation "overall positive," and noted that it is favorable that the current government is shouldering some of the burden of the necessary macroeconomic adjustment.
“It should be favorable for the IMF agreement that is pending IMF Board approval for a $7.5 billion loan disbursement,” they wrote. However, devaluation will further contribute to inflation, which is one of the main issues the country is trying to combat.
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Coinbase to sell crypto futures in the US
Coinbase Global Inc. has been authorized to directly sell cryptocurrency derivatives to retail consumers in the US. According to a company spokesperson, the offering will be launched within a few weeks.
Coinbase has been working to push derivatives for some time. It applied for National Futures Association (NFA) authorization almost two years ago.
In early 2022, it bought the FairX futures exchange, which was already registered with US regulators. Renamed Coinbase Derivatives Exchange, it currently directs traders to buy futures from third parties such as brokers.
But once it receives NFA authorization, Coinbase will be able to provide these same derivatives to users directly, initially through the main Coinbase app.
The company has recently introduced derivatives overseas. In May, it announced the launch of Coinbase International Exchange, which allows institutional users located in eligible jurisdictions outside the US to trade perpetual futures. According to the website, trading volume on the international exchange totaled $2.52 billion over the past 30 days.
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Coinbase Global Inc. has been authorized to directly sell cryptocurrency derivatives to retail consumers in the US. According to a company spokesperson, the offering will be launched within a few weeks.
Coinbase has been working to push derivatives for some time. It applied for National Futures Association (NFA) authorization almost two years ago.
In early 2022, it bought the FairX futures exchange, which was already registered with US regulators. Renamed Coinbase Derivatives Exchange, it currently directs traders to buy futures from third parties such as brokers.
But once it receives NFA authorization, Coinbase will be able to provide these same derivatives to users directly, initially through the main Coinbase app.
The company has recently introduced derivatives overseas. In May, it announced the launch of Coinbase International Exchange, which allows institutional users located in eligible jurisdictions outside the US to trade perpetual futures. According to the website, trading volume on the international exchange totaled $2.52 billion over the past 30 days.
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Bank of Ireland glitch allowed overdrawn withdrawals
🤑 Now, it’s time for truly fascinating stories
Bank of Ireland’s "technical issue" allowed transfers and withdrawals beyond customer limits and made online banking unavailable, the Guardian reported. The bank's ATMs have started dispensing €1,000 to all customers with a zero balance.
🔻Customers found out about the glitch through word of mouth and social media, and queues lined up outside ATMs for the free money.
🔻Some bank offices were even taken into police custody in Dublin, Limerick, and Dundalk.
🔻Bank of Ireland has warned customers that attempted withdrawals during the error will be recorded, and the amount will be deducted from their accounts, even if it results in a negative balance.
🔻Police have reminded Irish citizens of their personal responsibility for banking transactions.
A system error also affected the bank's online application. The bug allowed up to €500 to be transferred to a Revolut Bank account from Bank of Ireland accounts with a zero balance.
The frenzy lasted for a day, and the next day Bank of Ireland fixed all the bugs and temporarily disabled some services to prevent customers from spending other people's money.
🤓 If it were your bank, what would you do?
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Bank of Ireland’s "technical issue" allowed transfers and withdrawals beyond customer limits and made online banking unavailable, the Guardian reported. The bank's ATMs have started dispensing €1,000 to all customers with a zero balance.
🔻Customers found out about the glitch through word of mouth and social media, and queues lined up outside ATMs for the free money.
🔻Some bank offices were even taken into police custody in Dublin, Limerick, and Dundalk.
🔻Bank of Ireland has warned customers that attempted withdrawals during the error will be recorded, and the amount will be deducted from their accounts, even if it results in a negative balance.
🔻Police have reminded Irish citizens of their personal responsibility for banking transactions.
A system error also affected the bank's online application. The bug allowed up to €500 to be transferred to a Revolut Bank account from Bank of Ireland accounts with a zero balance.
The frenzy lasted for a day, and the next day Bank of Ireland fixed all the bugs and temporarily disabled some services to prevent customers from spending other people's money.
🤓 If it were your bank, what would you do?
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🌾 India mulls discounted wheat imports from Russia
India is negotiating with Russia to import wheat at a discount in response to rising world prices, a rare move aimed at boosting supplies and curbing food inflation.
"The government is exploring the possibility of imports through private trade and government-to-government deals. The decision will be made cautiously," one of the sources said when asked about wheat imports from Russia.
India has not imported wheat under diplomatic deals in several years. The last significant amount of wheat was imported in 2017 when private traders supplied 5.3 million metric tons.
Wheat stocks in government warehouses on August 1 were 28.3 million tons, 20% below the 10-year average.
So the government's plan to import Russian wheat is one of the measures being considered to bring down the prices of key commodities. It also includes expanding rural programs to cushion the impact of inflation on the poor.
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India is negotiating with Russia to import wheat at a discount in response to rising world prices, a rare move aimed at boosting supplies and curbing food inflation.
"The government is exploring the possibility of imports through private trade and government-to-government deals. The decision will be made cautiously," one of the sources said when asked about wheat imports from Russia.
India has not imported wheat under diplomatic deals in several years. The last significant amount of wheat was imported in 2017 when private traders supplied 5.3 million metric tons.
Wheat stocks in government warehouses on August 1 were 28.3 million tons, 20% below the 10-year average.
So the government's plan to import Russian wheat is one of the measures being considered to bring down the prices of key commodities. It also includes expanding rural programs to cushion the impact of inflation on the poor.
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🌚 Shiba Inu team’s L2 blockchain crashed right after mainnet launch
The Shiba Inu community launched the Shibarium core network, a Layer 2 solution for scaling Ethereum, on August 16 after months of testing that involved millions of users and the creation of 21 million wallets.
The new blockchain is designed to interoperate with the Ethereum network and should provide a scalable and cost-effective platform for transactions, a Shiba Inu spokesperson said.
But almost immediately after launch, the Shibarium network "crashed," with transactions hanging on hold and about $1.7 million in user funds now temporarily blocked.
Users were advised to refrain from transactions for the moment, and the SHIB rate fell 8%.
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The Shiba Inu community launched the Shibarium core network, a Layer 2 solution for scaling Ethereum, on August 16 after months of testing that involved millions of users and the creation of 21 million wallets.
The new blockchain is designed to interoperate with the Ethereum network and should provide a scalable and cost-effective platform for transactions, a Shiba Inu spokesperson said.
But almost immediately after launch, the Shibarium network "crashed," with transactions hanging on hold and about $1.7 million in user funds now temporarily blocked.
Users were advised to refrain from transactions for the moment, and the SHIB rate fell 8%.
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US stock market overheated - BofA analysts say
Bank of America analysts report that, according to all key metrics, the current value of S&P500 companies is higher than it should be, which is a sign of a major deep correction in companies values.
Earlier, Warren Buffett and Michael Burry also beted on a near-term decline in the US stock market.
Warren Buffett's Berkshire Hathaway previously reported record earnings for the quarter, and showed the company's share of cash on hand totaled $147 billion. Such amount may be needed to start picking up falling assets at lower prices immediately, should they start to fall.
As for Michael Burry - he recently put a $1.5 billion short bet against the US economy, just like he did in 2008.
The Big Short 2?
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Bank of America analysts report that, according to all key metrics, the current value of S&P500 companies is higher than it should be, which is a sign of a major deep correction in companies values.
Earlier, Warren Buffett and Michael Burry also beted on a near-term decline in the US stock market.
Warren Buffett's Berkshire Hathaway previously reported record earnings for the quarter, and showed the company's share of cash on hand totaled $147 billion. Such amount may be needed to start picking up falling assets at lower prices immediately, should they start to fall.
As for Michael Burry - he recently put a $1.5 billion short bet against the US economy, just like he did in 2008.
The Big Short 2?
Follow us on Telegram and Twitter
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