Japan to sell missiles to the US, easing arms export rules
Japan eased restrictions on arms exports and formally approved a plan to export Patriot missiles to the United States on Friday, fulfilling a request from its ally, the government said.
Prime Minister Fumio Kishida's government agreed to allow exports of finished defense equipment manufactured under license in Japan back to the country of origin.
The first move to export the deadly weapons came at the same time as approval of a record annual defense budget, as the country undertakes its biggest military buildup since World War II and seeks closer cooperation with the US and other partners.
Earlier we posted that Japan's Nippon Steel acquires US Steel for $14.1 billion to take steel production to a new level.
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Japan eased restrictions on arms exports and formally approved a plan to export Patriot missiles to the United States on Friday, fulfilling a request from its ally, the government said.
Prime Minister Fumio Kishida's government agreed to allow exports of finished defense equipment manufactured under license in Japan back to the country of origin.
The first move to export the deadly weapons came at the same time as approval of a record annual defense budget, as the country undertakes its biggest military buildup since World War II and seeks closer cooperation with the US and other partners.
Earlier we posted that Japan's Nippon Steel acquires US Steel for $14.1 billion to take steel production to a new level.
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US bonds post best gains since March
Treasuries are headed for a fourth straight week of gains, the best winning streak since March.
Rates fluctuated Friday amid light pre-holiday trading after a report showed the Fed’s preferred gauge of underlying inflation barely rose in November, confirming growing confidence that central bankers have overcome price pressures and will aggressively ease monetary policy in 2024.
That has prompted money managers to pour into Treasuries in recent weeks.
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Treasuries are headed for a fourth straight week of gains, the best winning streak since March.
Rates fluctuated Friday amid light pre-holiday trading after a report showed the Fed’s preferred gauge of underlying inflation barely rose in November, confirming growing confidence that central bankers have overcome price pressures and will aggressively ease monetary policy in 2024.
That has prompted money managers to pour into Treasuries in recent weeks.
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Kazakhstan to cut electricity bills and taxes for crypto miners
The Kazakhstan Tax Legislation has been revised in order to remove any barriers to digital mining and digital asset exchanges which had previously been in place.
As a result, President Kassym-Jomart Tokayev signed the law on amendments and additions to tax legislation on Dec. 12, according to the local media.
▪️ From January 1, 2024, the rate of payment for digital mining for consumption of 1 kilowatt/hour of electricity will be fixed at 2 tenge, having previously been differentiated (depending on the cost of electricity) in the amount of 26 tenge.
▪️ The payment rate of 10 tenge per 1 kilowatt/hour of electricity when digital miners use their own generating facilities will now be reduced to just 1 tenge.
▪️ Digital asset exchanges registered in Kazakhstan are henceforth exempt from paying the value-added tax (VAT) on digital asset transactions.
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The Kazakhstan Tax Legislation has been revised in order to remove any barriers to digital mining and digital asset exchanges which had previously been in place.
As a result, President Kassym-Jomart Tokayev signed the law on amendments and additions to tax legislation on Dec. 12, according to the local media.
▪️ From January 1, 2024, the rate of payment for digital mining for consumption of 1 kilowatt/hour of electricity will be fixed at 2 tenge, having previously been differentiated (depending on the cost of electricity) in the amount of 26 tenge.
▪️ The payment rate of 10 tenge per 1 kilowatt/hour of electricity when digital miners use their own generating facilities will now be reduced to just 1 tenge.
▪️ Digital asset exchanges registered in Kazakhstan are henceforth exempt from paying the value-added tax (VAT) on digital asset transactions.
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Global foreign exchange reserves by currency in Q3
The dollar's share in global central bank reserves fell in the Q3, while Japanese yen reserves rose, International Monetary Fund data showed Friday.
The greenback accounted for 59.2% of global foreign exchange reserves in the Q3, down from a revised 59.4% in the previous three months.
The euro's share of reserves also fell slightly to 19.6% from 19.7%, while the Japanese yen's share rose to 5.5% from 5.3%.
The shares of the Chinese yuan, British pound, Australian and Canadian dollars and Swiss franc changed insignificantly.
The "other currencies" group increased to 3.9% of reserves from 3.6% in the previous quarter.
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The dollar's share in global central bank reserves fell in the Q3, while Japanese yen reserves rose, International Monetary Fund data showed Friday.
The greenback accounted for 59.2% of global foreign exchange reserves in the Q3, down from a revised 59.4% in the previous three months.
The euro's share of reserves also fell slightly to 19.6% from 19.7%, while the Japanese yen's share rose to 5.5% from 5.3%.
The shares of the Chinese yuan, British pound, Australian and Canadian dollars and Swiss franc changed insignificantly.
The "other currencies" group increased to 3.9% of reserves from 3.6% in the previous quarter.
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Maersk expects Red Sea shipping chaos to last several months
Shipping chaos across the Red Sea could continue for months, according to the world's second-largest container line, A.P. Moller-Maersk A/S.
The Copenhagen-based company posted a notice Friday showing 15 container-line routes affected between Asia and Europe, as well as from the US East Coast to the Middle East.
More than 150 tankers listed in the notice servicing ports that include Singapore, Rotterdam and along the Texas and US East Coasts now have revised arrival dates, some extending into March.
The notice shows that vessels of all lines are being diverted to the Cape of Good Hope area.
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Shipping chaos across the Red Sea could continue for months, according to the world's second-largest container line, A.P. Moller-Maersk A/S.
The Copenhagen-based company posted a notice Friday showing 15 container-line routes affected between Asia and Europe, as well as from the US East Coast to the Middle East.
More than 150 tankers listed in the notice servicing ports that include Singapore, Rotterdam and along the Texas and US East Coasts now have revised arrival dates, some extending into March.
The notice shows that vessels of all lines are being diverted to the Cape of Good Hope area.
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Ripple to operate as digital asset service operator in Ireland
Cryptocurrency payment network Ripple has reached another regulatory milestone in Ireland, with the Central Bank of Ireland (CBI) approving the firm as a virtual asset service provider (VASP).
According to data from the CBI’s VASP register, Ripple can conduct transactions on behalf of another natural or legal person who moves digital assets from one address or account to another.
Ripple is also allowed to provide crypto exchange services against fiat currencies, as well as exchange between different cryptocurrencies and provide custody services, according to the register.
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Cryptocurrency payment network Ripple has reached another regulatory milestone in Ireland, with the Central Bank of Ireland (CBI) approving the firm as a virtual asset service provider (VASP).
According to data from the CBI’s VASP register, Ripple can conduct transactions on behalf of another natural or legal person who moves digital assets from one address or account to another.
Ripple is also allowed to provide crypto exchange services against fiat currencies, as well as exchange between different cryptocurrencies and provide custody services, according to the register.
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Germany still needs coal plants after all
Two of Germany’s largest energy providers will keep some coal plants in service longer than previously expected following a regulator's decision to prohibit the closure of facilities before March 2031.
Uniper SE and EnBW Energie Baden-Württemberg AG had sought to decommission units earlier than that deadline.
Now, the plants may have to remain on standby at the very least.
The energy regulator, known as BNetzA, ruled that "systematically necessary" coal plants must be available as backup energy sources in case of an emergency, Die Welt newspaper reported Thursday.
Germany, Europe's largest economy, has become more reliant on coal after turning away from Russian supplies and the closure of its last nuclear plants this year.
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Two of Germany’s largest energy providers will keep some coal plants in service longer than previously expected following a regulator's decision to prohibit the closure of facilities before March 2031.
Uniper SE and EnBW Energie Baden-Württemberg AG had sought to decommission units earlier than that deadline.
Now, the plants may have to remain on standby at the very least.
The energy regulator, known as BNetzA, ruled that "systematically necessary" coal plants must be available as backup energy sources in case of an emergency, Die Welt newspaper reported Thursday.
Germany, Europe's largest economy, has become more reliant on coal after turning away from Russian supplies and the closure of its last nuclear plants this year.
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Erdoğan appoints crypto professor to central bank
Türkiye’s President Recep Tayyip Erdoğan has appointed Fatma Ozkul, a professor who teaches about crypto assets and blockchain technology, as a member of the central bank's rate-setting committee.
Ozkul, a professor at Istanbul's Marmara University, became the new member of the Turkish central bank's Monetary Policy Committee, according to a presidential decree published Saturday.
Ozkul's appointment is unlikely to change the current course of monetary policy.
However, her recent focus has been on blockchain, crypto assets and their implications on finance.
She published a book about crypto asset accounting in 2022, according to her profile.
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Türkiye’s President Recep Tayyip Erdoğan has appointed Fatma Ozkul, a professor who teaches about crypto assets and blockchain technology, as a member of the central bank's rate-setting committee.
Ozkul, a professor at Istanbul's Marmara University, became the new member of the Turkish central bank's Monetary Policy Committee, according to a presidential decree published Saturday.
Ozkul's appointment is unlikely to change the current course of monetary policy.
However, her recent focus has been on blockchain, crypto assets and their implications on finance.
She published a book about crypto asset accounting in 2022, according to her profile.
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Germany proposed to raise income tax to support Ukraine
Monika Schnitzer, a member of the Economic Council of the German Cabinet of Ministers, suggested that income tax should be increased in order to provide Ukraine with more military supplies.
In an interview with the Rheinische Post, Schnitzer argued that the increase in tax revenue would help cover the cost of supporting Ukraine.
Earlier, Economy Minister and Vice Chancellor Robert Habeck said that in view of the risk of weakening support for Ukraine by Western countries, Germany should be ready to assume greater responsibility and increase spending.
Separately, on December 13, the German Cabinet meetings dedicated to resolving the budget crisis in the country ended.
As a result, it was decided to cut next year's budget by €17 billion.
At the same time, it was also decided to find the same amount to support Ukraine.
"Germany is not at war with Russia", right
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Monika Schnitzer, a member of the Economic Council of the German Cabinet of Ministers, suggested that income tax should be increased in order to provide Ukraine with more military supplies.
In an interview with the Rheinische Post, Schnitzer argued that the increase in tax revenue would help cover the cost of supporting Ukraine.
Earlier, Economy Minister and Vice Chancellor Robert Habeck said that in view of the risk of weakening support for Ukraine by Western countries, Germany should be ready to assume greater responsibility and increase spending.
Separately, on December 13, the German Cabinet meetings dedicated to resolving the budget crisis in the country ended.
As a result, it was decided to cut next year's budget by €17 billion.
At the same time, it was also decided to find the same amount to support Ukraine.
"Germany is not at war with Russia", right
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Nigeria allows banks to open accounts for crypto companies
Nigeria, the country with the highest adoption of cryptocurrencies after India, has allowed lenders to work with digital token companies, reversing a ban imposed by the central bank in 2021, BusinessDay reported.
Nigeria's central bank has asked lenders to open accounts for cryptocurrency companies, the report said, citing a circular dated Friday.
In February 2021, the central bank ordered deposit-taking financial institutions to immediately close accounts that transact with crypto exchanges, saying such transactions were "prohibited."
The easing of regulations now will be a boost for exchanges looking to expand their presence in the country, which ranks second on Chainalysis Inc.'s Blockchain Adoption Index.
Crypto transactions in Africa's most populous country rose 9% in September, according to Chainalysis.
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Nigeria, the country with the highest adoption of cryptocurrencies after India, has allowed lenders to work with digital token companies, reversing a ban imposed by the central bank in 2021, BusinessDay reported.
Nigeria's central bank has asked lenders to open accounts for cryptocurrency companies, the report said, citing a circular dated Friday.
In February 2021, the central bank ordered deposit-taking financial institutions to immediately close accounts that transact with crypto exchanges, saying such transactions were "prohibited."
The easing of regulations now will be a boost for exchanges looking to expand their presence in the country, which ranks second on Chainalysis Inc.'s Blockchain Adoption Index.
Crypto transactions in Africa's most populous country rose 9% in September, according to Chainalysis.
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Harbour Energy buys Wintershall Dea's assets
Chemicals group BASF on Thursday sold its oil and gas company Wintershall Dea to British company Harbour Energy.
Wintershall's offices in Hamburg and Kassel are to be closed - more than 800 people laid off three days before Christmas.
Harbour Energy purchased production, development, and exploration rights (not related to Russia) for $11.2 billion in cash and stock, leading to Germany losing its only oil and gas producing company.
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Chemicals group BASF on Thursday sold its oil and gas company Wintershall Dea to British company Harbour Energy.
Wintershall's offices in Hamburg and Kassel are to be closed - more than 800 people laid off three days before Christmas.
Harbour Energy purchased production, development, and exploration rights (not related to Russia) for $11.2 billion in cash and stock, leading to Germany losing its only oil and gas producing company.
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China-tied group quietly fuels US climate initiatives
A nonprofit climate organization with significant operations in Beijing has funneled millions of dollars to climate initiatives and environmental groups in the US, according to tax documents cited by Fox News Digital.
While Energy Foundation's financial documents indicate that the group is formally headquartered in San Francisco, a Fox News Digital investigation found that the majority of its operations are conducted in China.
Among more than a dozen grants awarded in the US last year, the group, for example, awarded $900,000 to the Rocky Mountain Institute, a Colorado-based think tank that works with the White House on climate policy and advocates for a gradual reduction in fossil fuel dependence and "net zero" policies.
The group also funded a study in 2022 that cited the dangers of natural gas stoves, which eventually led to calls to ban the appliances.
The disclosure of the Energy Foundation's extensive funding of US climate initiatives comes amid an ongoing congressional investigation into the growing influence of the CCP on the US environmental activist movement.
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A nonprofit climate organization with significant operations in Beijing has funneled millions of dollars to climate initiatives and environmental groups in the US, according to tax documents cited by Fox News Digital.
While Energy Foundation's financial documents indicate that the group is formally headquartered in San Francisco, a Fox News Digital investigation found that the majority of its operations are conducted in China.
Among more than a dozen grants awarded in the US last year, the group, for example, awarded $900,000 to the Rocky Mountain Institute, a Colorado-based think tank that works with the White House on climate policy and advocates for a gradual reduction in fossil fuel dependence and "net zero" policies.
The group also funded a study in 2022 that cited the dangers of natural gas stoves, which eventually led to calls to ban the appliances.
The disclosure of the Energy Foundation's extensive funding of US climate initiatives comes amid an ongoing congressional investigation into the growing influence of the CCP on the US environmental activist movement.
"The Energy Foundation's grant-making is almost exclusively focused on making it hard to produce energy and move it around here at home," Tom Pyle, the president of the Institute for Energy Research, told Fox News Digital in an interview.
"If they're successful, they'll make America weaker and China stronger," he said.
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Journalist who told about Zelensky's villa murdered
A reporter who was investigating the Ukrainian President Vladimir Zelensky's family's purchase of a $5 million luxury villa has been killed in Egypt, Clear Story News reported.
According to the report, Egyptian journalist Mohammed Al-Alawi was discovered dead close to a road in Hurghada.
His body displayed multiple abrasions, bruises, and fractures, and it is believed he perished due to a severe head injury.
According to a source from the Hurghada Police Department, Al-Alawi was probably severely beaten by a group of attackers.
Al-Alawi authored an investigation into the purchase of expensive real estate that was registered to the Ukrainian president's mother-in-law, Olga Kiyashko.
The family of the murdered man has reported that he started receiving threats after the story came out, and now authorities are looking into the possible role of certain Ukrainian individuals in his murder.
Now that's a coincidence again
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A reporter who was investigating the Ukrainian President Vladimir Zelensky's family's purchase of a $5 million luxury villa has been killed in Egypt, Clear Story News reported.
According to the report, Egyptian journalist Mohammed Al-Alawi was discovered dead close to a road in Hurghada.
His body displayed multiple abrasions, bruises, and fractures, and it is believed he perished due to a severe head injury.
According to a source from the Hurghada Police Department, Al-Alawi was probably severely beaten by a group of attackers.
Al-Alawi authored an investigation into the purchase of expensive real estate that was registered to the Ukrainian president's mother-in-law, Olga Kiyashko.
The family of the murdered man has reported that he started receiving threats after the story came out, and now authorities are looking into the possible role of certain Ukrainian individuals in his murder.
Now that's a coincidence again
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Iron ore rises above $140 amid China's property market recovery
Iron ore rose to its highest since June 2022, showing that Beijing's efforts to contain the property market slump in recent months may have paid off.
Singapore futures rose above $140 a tonne amid brisk trading on Tuesday.
Optimism is growing that China's economic recovery and its steel sector is finally gaining momentum.
Amid higher demand, steel mills, which have cut iron ore stocks to keep production low, may now face having to replenish stocks if demand outstrips supply.
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Iron ore rose to its highest since June 2022, showing that Beijing's efforts to contain the property market slump in recent months may have paid off.
Singapore futures rose above $140 a tonne amid brisk trading on Tuesday.
Optimism is growing that China's economic recovery and its steel sector is finally gaining momentum.
Amid higher demand, steel mills, which have cut iron ore stocks to keep production low, may now face having to replenish stocks if demand outstrips supply.
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Gold gains amid Fed rate cut expectations
Gold rose in the final week of the year as traders expect the US currency to weaken in 2024 amid anticipated interest rate cuts by the Federal Reserve.
Gold prices are trading near a record high, heading for their first annual rise in three years.
Swap markets now estimate the probability of a rate cut by March at more than 80%, which would be favorable for non-interest-bearing assets such as gold, though some central bank officials have pushed back on the prospect of early easing.
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Gold rose in the final week of the year as traders expect the US currency to weaken in 2024 amid anticipated interest rate cuts by the Federal Reserve.
Gold prices are trading near a record high, heading for their first annual rise in three years.
Swap markets now estimate the probability of a rate cut by March at more than 80%, which would be favorable for non-interest-bearing assets such as gold, though some central bank officials have pushed back on the prospect of early easing.
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Argentina lifts imports controls to boost free trade
Argentina's government lifted import restrictions Tuesday as the central bank prepares to sell dollar bonds to pay off commercial debts abroad, pushing President Javier Milei's free-trade agenda.
Due to dollar shortages, Argentina's previous government restricted imports in an attempt to maintain currency controls that led to an overvalued peso.
Milei's government devalued the peso by more than 50% in its first full week in power, and his central bank has begun rebuilding drained foreign reserves.
In recent months, import shortages have crippled the economy, with hospitals saying they could not import necessary equipment made abroad.
Even major international players such as General Motors Co. temporarily halted production at its auto plant in October due to auto part shortages.
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Argentina's government lifted import restrictions Tuesday as the central bank prepares to sell dollar bonds to pay off commercial debts abroad, pushing President Javier Milei's free-trade agenda.
“We are normalizing as of today the import process, which was absolutely blocked, generating greater inflationary pressure and shortages,” Economy Minister Luis Caputo wrote on social media. “Government bureaucracy will no longer have the power to decide who does or doesn’t import goods.”
Due to dollar shortages, Argentina's previous government restricted imports in an attempt to maintain currency controls that led to an overvalued peso.
Milei's government devalued the peso by more than 50% in its first full week in power, and his central bank has begun rebuilding drained foreign reserves.
In recent months, import shortages have crippled the economy, with hospitals saying they could not import necessary equipment made abroad.
Even major international players such as General Motors Co. temporarily halted production at its auto plant in October due to auto part shortages.
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Rice prices surged to a fresh 15-year high
Rice prices rose to a new 15-year high due to strong demand and ongoing supply issues.
According to the Thai Rice Exporters Association, Thai white rice 5% broken - an Asian benchmark - rose in price for a third straight week to reach $659 a ton on Wednesday.
That's the highest since October 2008, and the price increase this year was about 38% after the leading shipper India restricted exports and dry weather jeopardized production.
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Rice prices rose to a new 15-year high due to strong demand and ongoing supply issues.
According to the Thai Rice Exporters Association, Thai white rice 5% broken - an Asian benchmark - rose in price for a third straight week to reach $659 a ton on Wednesday.
That's the highest since October 2008, and the price increase this year was about 38% after the leading shipper India restricted exports and dry weather jeopardized production.
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