Binance launches new platform for VIP and Institutional Crypto investors
Binance launches new platform for VIP and Institutional Crypto investors
Global cryptocurrency exchange Binance on Thursday. Global cryptocurrency exchange announced the launch of “Binance Institutional”. Binance Institutional is a new platform for VIP and institutional cryptocurrency investors. It’s one of Binance’s efforts “to improve its institutional offerings and services”. It says by the exchange.
Binance Institutional’s services are designed for all types of institutions, as their website describes. They include asset managers, brokers, hedge funds, family offices, and proprietary trading companies.
Also include liquidity providers, high net worth individuals, and mining companies.
The VIP program allows users to be rewarded. Rewards with more discounts and VIP privileges will be given. It is when their trading volume moves up VIP levels, Binance explained. VIP privileges include discounts on fees and higher 24-hour withdrawal limits.
The exchange offers nine VIP levels. A VIP must have a 30-day trading volume of at least 1 million BUSD and a balance of at least 25 BNB. A Tier Nine VIP has a 30-day trading volume of at least 5 billion BUSD and a BNB balance of at least 5,500.
The U.S. Securities and Exchange Commission (SEC) is investigating Binance’s BNB token. U.S. Securities and Exchange Commission claims it could be an unregistered security.
Indonesia says Foxconn could invest in projects for the new capital
Indonesia says Foxconn could invest in projects for the new capital
Indonesia said Foxconn Technology Group is considering investing in the country’s new capital. This move would bolster the $34 billion construction project.
The Taiwanese company is considering establishment. They established an electric bus system and an Internet of Things network in Nusantara. Investment Minister Bahlil Lahadalia said in a statement on Sunday.
Young Liu is the president of Hon Hai Precision Industry Co., Foxconn’s flagship unit. Young Liu met with Indonesian President Joko Widodo on Saturday. They discuss the company’s plan to invest $8 billion. Investment is to build a manufacturing plant with electric scooter startup Gogoro Inc. The factory will be built in Central Java province. It will produce batteries and other products related to electric vehicles.
They also work with them to build an electric vehicle ecosystem, according to a company statement on Saturday.
They talked about batteries and renewable energy.
They also exchanged ideas about the electric mobility industry, according to the statement.
Indonesia is trying to capitalize on its large reserves of nickel. Nickel is a key component in batteries, to develop an electric vehicle industry.
The government also plans to move its capital from Jakarta on the island of Java to the island of Borneo. It is plana to build a “green” city that will rely on public transport and use renewable energy.
Move Electric has already had the first trip on the new electric rental bike that features improved motor power and gears.
The new Lime Gen4 electric rental bike
Ride-sharing firm Lime has started launching its latest Gen4 e-bikes. Gen4 e-bikes have improved engine power and new two-speed automatic gears. In London, Move Electric has already had the first ride.
The new rental bike will replace the machines that have been available in the capital since the end of 2018. The e-bikes manage by Uber’s mobility firm Jump, which Lime bought in 2020.
Since its launch, the scheme’s electric bikes uses for five million trips covering eight million miles. That included a record 2.4 million trips last year, as the popularity of active transportation increased in the Covid-19 pandemic.
The new Gen4 bike has been tested for about a year and has so far been launched in Washington DC, Charleston, and Atlanta in the United States.
Lime says the new bike features improved acceleration and increased engine power. Though it hasn’t made precise figures available. Figures, along with a new two-speed automatic transmission that’s designed to make riding smoother.
The bike also features what Lime calls significant technological upgrades. Upgrade, with a revamped modular design meant to make it more reliable and easier to repair. Lime claims the new bike will have a lifespan of around five years.
The new Lime Gen4 electric rental bike Lifestyle
The Gen4 bike also features a new interchangeable battery system. This system shares with the firm’s latest Gen4.1 e-scooter. Lime says this will allow it to improve the speed with which it can replace empty batteries in both machines. It Means more vehicles may be available at any time.
The bike’s design revamps, with a new smartphone holder. As a result, it allows cyclists to use navigation apps without stopping. It revamps the information display on the handlebars. It mirrors that used on Lime’s latest scooters.
What is it like to ride the Lime Gen4 electric bike?
Move Electric had early access to the Gen4 electric bike. Access tests itself on Lime’s quality control track at its new Bermondsey warehouse. which is the base of its London operations.
Now, full disclosure: The QA course is an empty section of the company’s warehouse marked by traffic cones. We couldn’t learn much about how the Gen4 bike will perform on London’s bumpy roads. Its practicality for commuting, or its comfort on extended trips.
Still, even a short outing was enough to show the potential of this bike. Since a rental electric bike uses as a tool for short trips. The key requirements are practicality, durability, and ease of use, and in that regard, the Gen4 is promising.
It’s easy to distinguish it from London’s current bikes. It’s not because the old red livery, the colors of the old Operator Jump, replaces by lime white and lime green colors. Lime green colors add a fresh touch to its appearance.
The new Lime Gen4 electric rental bike
The Gen4 looks smarter and more modern than the previous one. While it’s still thick, it looks like a more refined and sophisticated touch. It retains the front storage basket, while the new phone holder is a practical and tidy touch.
Another welcome benefit: the new bike has a built-in automatic lock. The automatic lock eliminates the need for faff with the cable lock built into the rear wheel. It’s a small step, but it should make the process of starting and ending travel a little simpler.
The bike retains the upright riding posture of its predecessor, and the easily adjustable seat makes it easy to feel relatively comfortable quickly. It’s not the most comfortable bike you’ll ever ride, but as a rental service, this isn’t a machine you’ll make long trips on.
Once you walk away, the Gen4 bike’s revised electrical system is easily apparent. The electric-assist is evident from the moment you start pedaling, but the delivery is still smooth and confidence-inspiring. It makes catching up easy, perhaps surprisingly given the bike’s slightly utilitarian weight.
The electric-assist motor also creates a subtle but noticeable hum, which helps add a nice, modern touch and helps you stay informed of what the system is doing to make your life easier. The brakes also inspired reasonable confidence, and features like the bell and kickstand are easily found and used.
Any true judgment on the Gen4 bike will have to wait until we can take it to the streets of London and see how it copes both in traffic and in the hills. But from this first impression, it feels like a small but significant step up from the existing bike.
Three Charts show problems for Indian Stocks approaching a bear market
Three Charts show problems for Indian Stocks approaching a bear market
The rising inflation and the end of easy-money global policies cause Indian stocks to spiral down from all-time highs. This pain is unlikely to end anytime soon.
The S&P BSE Sensex index has fallen more than 15% since its October high. It is approaching the 20% loss denoting a bear market. The sell-off comes due to rising costs and a record drop in the rupee. It has forced the nation’s central bank to join its global peers in raising interest rates.
The value of the Indian stock market is already down 20% from its January high of around $3.7 trillion. The unsupportive economic backdrop combined with an unprecedented exodus of foreign investors and earnings estimates that appear poised to fall cloud the prospects of a rebound.
“We expect markets to correct further from here,” said Benaifer Malandkar, chief investment officer at Raay Global Investments Pvt. “The expectation is that by the second quarter, with most of the negative news, the outcome of Fed actions discounts.”
Foreign flight
Foreign investors have been selling Indian stocks at a record pace, pulling around $32 billion from the market since September. The retreat from foreigners is part of a wave hitting nations like South Korea and Taiwan as well.
“India is not isolated as it is part of the emerging market basket, and emerging markets are out of favor,” said Raay Global’s Malandkar. “Until the U.S. Fed rate is at its peak, we will see repayments occur in all emerging markets.”
The fall in Indian equities has caused the valuation contraction so far. Earnings estimates for the NSE Nifty 50 index have yet to record a significant decline like that seen in MSCI Inc.’s broader measure for Asian stocks.
In recent weeks, strategists at Sanford C. Bernstein Ltd., Bank of America Corp., and JPMorgan Chase & Co. have expressed concern about the earnings optimism that has surrounded India. Pending any rally in valuations, the estimated cuts are likely to cause stocks to fall further.
Suffering Small-Caps
Smaller stocks have been hit hardest by investors’ risk aversion. Indicators of small- and mid-cap Indian stocks have already entered bear markets. Market breadth has weakened, with only 16% of S&P BSE 500 index stocks trading above their 200-day average level, the lowest level in two years.
IMF warns of risks of slowing Covid vaccination rates in China
IMF warns of risks of slowing Covid vaccination rates in China
The International Monetary Fund (IMF) called on China. The call is to speed up its coronavirus vaccination program. IMF gives a warning that the sharp slowdown in the pace of new doses administered. As a result, this administration could undermine the recovery in consumer spending in the economy.
At the current rate, providing three doses of Covid vaccines. These doses to the population would take “a matter of years”, Helge Berger said in an interview. Helge Berger is head of the IMF’s mission in China. Given that spending, growth has yet to recover to pre-pandemic rates in part. Households are wary of Covid infections. “An acceleration of the vaccination campaign would support confidence and consumption,” he said.
About 375 million people over the age of 15 in China have yet to receive three doses of a vaccine. The daily vaccination rate has fallen below 800,000 per day, according to official data. Studies show that three doses of China’s national coronavirus vaccines are effective as mRNA vaccines in preventing serious infections or deaths.
There low rate of full vaccination. It is particularly among older people. It is one of the reasons why China persists with its strict Covid Zero policy that requires limits on activity wherever virus cases occur. Only about 64% of Chinese over the age of 60 have received three doses, according to China’s national health commission.
Berger said blockades in Shanghai and dozens of other cities since March. These Blockades are a key reason the IMF sees “downside risks” to its April forecast of 4.4% gross domestic product growth for China this year.
“The second quarter will be weak given the lockdowns,” he said.
Domestic data has returned to pre-lockdown levels, Berger added that in Shanghai. Measures of economic activity monitored by the IMF have recovered to only around 50%.
Economists surveyed by Bloomberg predict 4.1% growth in China this year and a possible quarter-on-quarter GDP contraction in the April-June period. That makes it unlikely that the government will meet its full-year target of around 5.5%.
The IMF has consistently called on Beijing to increase financial support to households. Even taking into account the measures announced in April, China’s fiscal stimulus this year is lower relative to 2020, Berger added.
“The known fiscal measures this year remain small relative to 2020, even considering that in 2020 the overall shock was greater than this year,” he said.
Shopify Inc has launched new tools. New tools will help its merchants sell to other businesses. On Twitter, as the Canadian tech giant tries to shore up sales to counter a post-pandemic slowdown in online shopping.
More than 100 new tools were unveiled on Wednesday. These tools include those supporting its plans to boost business-to-business. Shoppers also can connect their crypto wallets to a store, and Apple’s “Tap to Pay” feature on iPhones.
Shopify helps businesses set up their online stores. Shopify won the jackpot during the lockdowns. It is as global brands and mom-and-pop stores alike resorted to selling online to consumers while their stores close.
With the reopening of the economy, investors are starting to question Shopify’s future. It is causing the company’s stock to fall 76% this year and wiping out a large of its profits from the pandemic.
Shopify’s response to the slowdown is expanding into the wholesale market. A larger avenue than direct-to-consumer and with “billions in untapped revenue,” according to President Harley Finkelstein.
Companies are looking to move from direct-to-consumer to “connecting to the consumer”. It is making it easier for people to shop through social media platforms and pay using their phones, Finkelstein said in an interview.
“This is the next phase of retail… In many ways, shopping has become a vote with your wallet to support that brand… And that’s what it’s all about, it’s about connecting with the consumer.”
The post-pandemic world has also posed challenges for Amazon. Shopify’s biggest rival is its massive losses after building more warehouses than necessary during the boom.
Vijay Viswanathan, an investor at Shopify Mawer Investment Management. He said he was exciting stocks on concerns of slowing growth and competition in a podcast earlier this month
“The internet is filling up… It was becoming difficult to justify the assessment.”
Source: (Reporting by Nivedita Balu in Bengaluru; Editing by Devika Syamnath)
Asian markets mostly lower ahead of the US holiday
Asian markets mostly lower ahead of the US holiday
Asian markets were mostly lower in cautious trading on Monday ahead of a federal holiday in the United States.
It Concerns inflation and the risks of a global recession of the central bank’s efforts to rein in it. It appeared to outweigh Wall Street’s positive close on Friday.
Stocks fell in most major markets but rose in China. It is an expected move, keeping its 1- and 5-year loan prime rates unchanged.
Given China’s struggle to control outbreaks and its already faltering economy, “rate cuts in the coming months remain likely, as we expect the economic recovery to be slow under the Covid-zero policy. After this pause in rates, the government should deliver more fiscal stimulus,” Iris Pang, chief economist of Greater China at ING, said in a commentary.
Japan’s benchmark index, the Nikkei 225, fell 1.7% in morning trading to 25,534.68. Australia’s S&P/ASX 200 fell 0.7% to 6,432.00. South Korea’s Kospi fell 2.1% to 2,389.69. Hong Kong’s Hang Seng rose 0.2% to 21,109.16, while the Shanghai Composite was little changed, rising less than 0.1% to 3,317.69.
Two of the world’s three largest economies, China and Japan, are not involved in raising interest rates.
Last week, Japan’s central bank kept its interest rate policy close to zero. The comments by Bank of Japan Governor Haruhiko Kuroda close in search of clues. It is as, to what Tokyo might do with the weakening yen.
A weaker currency may help the profits of Japan’s exporting giants like Toyota Motor Corp., but it may also signal a fragile economy.
Kuroda expressed some concerns about the low yen and its impact on Japanese businesses but said he had no immediate plans to change monetary policy. That means a continued widening gap between interest rates and investment returns in Japan and the United States, and continued dollar strength.
“It is inescapable that the US dollar should rise significantly, as long as the emperor is in place, but once it is seen that the clothes are missing, it will go down. This could be one of the biggest market roller coaster opportunities of any market of all time,” Clifford Bennett, chief economist at ACY Securities, said in a commentary.
The U.S. dollar was trading at 134.88 Japanese yen early Monday, below 134.96 yen. The euro cost USD 1.0526, compared to USD 1.0498.
U.S. markets are closed Monday in observance of the Juneteenth holiday. But Federal Reserve Chairman Jerome Powell’s monetary policy testimony before the Senate Banking Committee and the House Financial Services Panel is scheduled for later this week.
Wall Street closed a difficult week, slightly higher. The S&P 500 rose 0.2% to 3,674.84. The Dow Jones Industrial Average fell 0.1% to 29,888.78, while the Nasdaq composite rose 1.4%, to 10,798.35.
The Russell 2000 index of smaller stocks rose 1% to 1,665.69.
Markets are bracing for a world with higher interest rates, led by the Federal Reserve’s move. Higher rates can reduce inflation. Higher rates also risk a recession by slowing the economy. It pushes down the prices of stocks, bonds, cryptocurrencies, and other investments.
Last week, the Fed raised its key short-term interest rate. Fed raised triple the usual amount for its biggest increase since 1994. It could consider another such mega-hike at its next meeting in July. A report last week on the U.S. economy was issued. A report showed that industrial output was weaker last month than expected.
Source: AP Business Writers Damian J. Troise and Stan Choe contributed.
Global food inflation gets reprieve as wheat to palm oil tumble
Global food inflation gets reprieve as wheat to palm oil tumble
Agricultural commodities fell as traders weighed a better outlook for global food supplies. The supplies with signs pointing to Indonesia. It is for growing palm oil exports and a large harvest of Russian wheat this season.
Palm oil plunged further into a bear market. Palm oil fell about 9% on Monday and another 1.8% on Tuesday, as Indonesia’s top carrier ramps up shipments. That’s a change from late April. Prices hit an all-time closing high. It happened when the country temporarily banned palm oil exports. It is for cool domestic food inflation. The war in Ukraine restricted trade in sunflower oil.
In Chicago, wheat and corn prices fell about 2% as trading resumed after a holiday. Due to the price drop, the outlook for North American wheat supplies is recovering. The analysts continue to raise their estimates for Russia’s wheat crop. As a result, the wheat crop expects to be near or at a record after favorable spring weather.
The declines offer some relief for consumers around the world. As a result, most people face rising living costs and growing food insecurity. The United Nations food price index has declined from an all-time high in March. The index declined after Russia’s invasion choked off exports from Ukraine. Ukraine is one of the top carriers of grains and vegetable oils.
“There are signs that the global food crisis may be approaching its peak,” said Chua Hak Bin. Chua Hak Bin is an economist at Maybank Investment Banking Group. He added that the fall in palm oil will reduce pressure on cooking oil prices.
Indonesia is speeding up palm oil shipments to “wipe out” its overflowing reserves. As a result, palm oil shipments speeding is a move that will challenge shipments from rival Malaysia. Data shows that Malaysia’s exports fell more than 10% in the first 20 days of June from the previous month. Volumes sank in India and Europe but increased in China.
Price increases for edible oils in China. The price increase will likely end the restoration of the palm oil supply, according to Chen Bin. Chen Bin is a Shandong-based analyst at Shanghai Ganglian E-Commerce Holdings Co. Given that palm is the world’s most used edible oil and a key raw material in the food processing industry. Falling prices will ease global food inflation, he said.
Chinese regulators summoned Sinopec Group executives to a meeting on Monday. The meeting was held after the oil giant suffered its second fatal accident this month. Meeting said the episodes had “seriously affected people’s sense of safety.”
Officials told Sinopec that the accidents “had a bad influence” on the public. Accidents did not meet the expectations of “major state-owned enterprises.” China Central Television reported, adding that “strong measures” must be taken to address issues. Issues such as aging equipment and management deficiencies.
The Ministry of Emergency Management, and the State-owned Asset Supervision and Management Commission attended the meeting. The meeting was held after a fire at a plant on Saturday in Shanghai. The fire killed one person on June 8 at a facility in Maoming, Guangdong province, which left two people “missing”.
The government of the world’s No. 2 economy has brought social stability to the forefront this year. The ruling Communist Party is set to hold a major congress. Congress expects to hand Chinese President Xi Jinping a third term and see dozens of other officials compete for promotions.
However, that calm has been elusive. Calm has given Russia’s invasion of Ukraine and tensions with the United States over issues. Issues, such as Taiwan and human rights. Then there have been outbreaks of Covid-19 in several cities, including Beijing and Shanghai. Outbreaks of Covid-19, which was under a grueling lockdown for more than two months.
Why China’s 2022 Party Congress Will Be a Landmark
In March, the nation was stunned when a China Eastern Airlines Corp. plane crashed into the mountains of the southern Guangxi region. China Eastern Airlines Corp. plane killed all 132 people on board. Officials in China’s safe airline industry have yet to explain the crash. Even though devices that record cockpit voices and flight data have been recovered.
The Wall Street Journal reported that the data suggested the Boeing Co. plane intentionally plummeted. Plummeting, citing people familiar with the preliminary assessment of the incident by U.S. officials.
U.S. West Texas Intermediate crude fell 68 cents, or 0.62%, to $108.88. The previous month’s prices fell 9.2% last week for the first drop in eight weeks.
“Friday’s sharp fall in prices shows as a late reaction to recession concerns. Recession concerns have already been weighing on the prices of other commodities. The weighing is for some time” Commerzbank analyst Carsten Fritsch said.
Analysts and investors said they believe a recession is more likely after the U.S. Federal Reserve approval. U.S. Federal Reserve on Wednesday approved the biggest interest rate hike in more than a quarter-century to contain a rise in inflation.
Last week saw similar tightening approaches by the Bank of England and the Swiss National Bank.
Brent crude futures hit their lowest level in a month on Monday, but some analysts expect the drop to be short-lived.
“Supplies will remain scarce and will continue to support high oil prices. The norm for ice Brent is still around the $120/bbl mark,” said PVM analyst Stephen Brennock.
“The price had been going up for the previous month. The bullish case is still much more compelling,” said Craig Erlam, senior market analyst at OANDA.
Western sanctions have reduced access to Russia’s oil. It happens after it invades Ukraine, which Russia calls a “special operation.”
While China’s crude oil imports from Russia in May soared 55% from a year earlier to a record level. The record level displaces Saudi Arabia as the top supplier. China’s export quotas have resulted in a decline in oil product shipments.
Tight refined product markets have supported oil prices.
Analysts expect limited increases in the summer from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+.
Libya’s oil production has remained volatile following blockades of groups in the east of the country, with its most recent set output at 700,000 per day.
Meanwhile, the prospects for relief from Iranian sanctions are waning, which could result in a significant increase in the country’s crude exports.
There has been some mitigation for supply shortages with the release of strategic oil reserves, led by the United States. U.S. production is also rising, according to rig counting data from energy services firm Baker Hughes Co.
