China’s cooper scrap demand have spike to 25%
China’s imports of copper scrap have surged due to a shortage of concentrate, a crucial component in building and power industries. The country’s top copper consumers are smelters, and the shortage has led to a 25% increase in copper waste and scrap imports in the first four months of 2023. The US-sourced copper scrap is…
Chinese Yuan strength depend on rate policy next Monday
China’s central bank will maintain a key policy rate when rolling over medium-term loans due to worsening interest margins and a declining Chinese yuan. 97% of respondents anticipate the People’s Bank of China (PBOC) will maintain the interest rate on the one-year medium-term lending facility (MLF) loan at 2.50%. However, 65% believe the central bank…
Argentina succeed to lower inflation rate
Argentina’s monthly inflation rate in May was the lowest since 2022 due to President Javier Milei’s strict austerity measures. However, many Argentines still struggle to benefit from the low annual inflation due to rising food, utility, and transportation prices. The country has the highest annual inflation rate in the world. The government’s strict measures, such…
Tesla seeking support from external investor
Nordic retail brokerages, including Avanza and Nordnet, are allowing their clients to vote at Tesla’s annual general meeting (AGM) on June 13. The AGM is likely to be viewed as a vote on Tesla’s leadership, as major shareholders seem split on whether to approve the $56 billion compensation plan. Tesla is seeking support from retail…
Brazil central bank warn for inflation
Brazil’s central bank, Roberto Campos Neto, has expressed concern that despite stabilizing statistics, financial markets are still anticipating significant inflation. The bank has issued a warning about the nation’s growing expectations for inflation, citing global liquidity constraints and high interest rates in advanced economies. The central bank’s weekly survey of private economists found that they…
AI has been used by many banks, but new risk is following
European banking executives predict that the rise in artificial intelligence will increase banks’ reliance on large US tech companies, posing new risks to the sector. Since the release of OpenAI’s ChatGPT in late 2022, banks have been exploring ways to implement generative AI, which is already widely used for identifying fraud and money-laundering. However, concerns…
Indonesia Antam golds been suspects of misuse
Aneka Tambang, an Indonesian state miner, is under investigation by the London Bullion Market Association (LBMA) over allegations of misuse of Antam’s stamping service. Six former general managers of Antam’s Precious Metal Processing and Refining Business Unit have been listed by Indonesia’s Attorney General Office. The investigation aims to uncover the alleged illicit operation that…
Binance claim lawsuit for BSV and Kraken was “baseless”
Cryptocurrency exchange Binance has dismissed a lawsuit filed by over 200,000 Bitcoin Satoshi Vision (BSV) owners, including Kraken, at London’s Competition Appeal Tribunal (CAT). The lawsuit alleges that Binance and other exchanges conspired to delist BSV in 2019, using anti-competitive tactics. The attorneys for BSV Claims claim that the actions hindered BSV’s rise to a…