Steel output grows in Asia, Russia, but falls in the EU
According to the the World Steel Association report, output in August increased by 2.2% to 152.6 million tons.
China produces the most steel in the world. In the first 9 months, the country produced 712.9 million tons, including 86.4 million tons in August.
At the same time, Russia was among the leaders of growth in percentage terms. Over the past month, output grew by 8.9% to 6.4 million tons.
The largest production decreases in the year occurred in Türkiye (-12.1% to 21.6 million tons), in the EU (-9.8% to 85.7 million tons), and in Brazil (-8.3% to 21.2 million tons).
Earlier we reported on the industrial crisis in Europe, where due to the global energy crisis triggered by US and EU sanctions, companies are forced to apply for subsidies, reduce production and lay off staff.
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According to the the World Steel Association report, output in August increased by 2.2% to 152.6 million tons.
China produces the most steel in the world. In the first 9 months, the country produced 712.9 million tons, including 86.4 million tons in August.
At the same time, Russia was among the leaders of growth in percentage terms. Over the past month, output grew by 8.9% to 6.4 million tons.
The largest production decreases in the year occurred in Türkiye (-12.1% to 21.6 million tons), in the EU (-9.8% to 85.7 million tons), and in Brazil (-8.3% to 21.2 million tons).
Earlier we reported on the industrial crisis in Europe, where due to the global energy crisis triggered by US and EU sanctions, companies are forced to apply for subsidies, reduce production and lay off staff.
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MoneyGram launches a non-custodial wallet for USDC transactions
Global payment platform MoneyGram has launched a non-custodial wallet through which users will be able to deposit cash and store funds in Circle's USDC stablecoins, and then convert the assets to any other fiat currency.
MoneyGram CEO Alex Holmes noted that when using conventional platforms to convert or transfer fiat currencies, users do not have the option of intermediate storage of funds until the transaction is completed, due to the limitations of the banking system.
At the same time, he said, users want to be able to digitally store funds in US dollars because of exchange rate fluctuations or to hedge against inflation, and this is the purpose of the company's new product.
The new wallet will strictly comply with KYC standards and integrate exclusively with MoneyGram products.
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Global payment platform MoneyGram has launched a non-custodial wallet through which users will be able to deposit cash and store funds in Circle's USDC stablecoins, and then convert the assets to any other fiat currency.
MoneyGram CEO Alex Holmes noted that when using conventional platforms to convert or transfer fiat currencies, users do not have the option of intermediate storage of funds until the transaction is completed, due to the limitations of the banking system.
At the same time, he said, users want to be able to digitally store funds in US dollars because of exchange rate fluctuations or to hedge against inflation, and this is the purpose of the company's new product.
The new wallet will strictly comply with KYC standards and integrate exclusively with MoneyGram products.
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Lada cars to be produced in Ethiopia
Ethiopia will open the production of Russian Lada cars for the African market on its territory. This was announced by Ethiopian Ambassador to the Russian Federation Cham Ugala Uriat.
"We will see Russian Lada cars in the near future in neighboring countries, because they have already signed a contract with an Ethiopian company. These cars will be produced in Ethiopia," the diplomat said.
Thus, according to him, Russian cars can be supplied, for example, to Sudan and South Sudan, Kenya and Somalia. He expressed hope that production would start in the near future.
The ambassador added that currently other Russian automakers are also showing interest "in going to Ethiopia to build assembly lines": in particular, two other companies are consulting with the Ethiopian side on the matter.
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Ethiopia will open the production of Russian Lada cars for the African market on its territory. This was announced by Ethiopian Ambassador to the Russian Federation Cham Ugala Uriat.
"We will see Russian Lada cars in the near future in neighboring countries, because they have already signed a contract with an Ethiopian company. These cars will be produced in Ethiopia," the diplomat said.
Thus, according to him, Russian cars can be supplied, for example, to Sudan and South Sudan, Kenya and Somalia. He expressed hope that production would start in the near future.
The ambassador added that currently other Russian automakers are also showing interest "in going to Ethiopia to build assembly lines": in particular, two other companies are consulting with the Ethiopian side on the matter.
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Cryptocurrency exchange Binance is to leave Russia and sell its Russian business to CommEX, the company announced.
"Operating in Russia is incompatible with Binance's compliance strategy," said Noah Perlman, Binance’s Chief Compliance Officer.
The process of "an orderly migration of existing users to another platform" will take about a year. Russian users' funds will not be affected, Binance assured.
CommEX is an exchange, which seems to have intentions to operate in Russia from now on.
Just a fun fact: apparently, it was launched less than 24 hours ago.
So, considering how Binance previously held onto the Russian market, is it possible that they are simply transferring their business to another entity.
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Rift widening: Poland may expand the ban on imports from Ukraine
In addition to prohibiting imports of Ukrainian grain, Poland may impose an embargo on other Ukrainian agricultural products. This statement was made by Prime Minister Mateusz Morawiecki.
"Until a mechanism of cooperation is developed, we will act this way on all products from the east because the interests of the Polish agrarian sector are in our national interest. This is the most important thing for us," the head of the Polish government said.
He also noted that he had given an ultimatum to the head of the European Commission, Ursula von der Leyen, to extend the ban on imports of Ukrainian grain.
In this regard, as Morawiecki noted, Brussels ignored this, so Warsaw imposed the ban unilaterally.
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In addition to prohibiting imports of Ukrainian grain, Poland may impose an embargo on other Ukrainian agricultural products. This statement was made by Prime Minister Mateusz Morawiecki.
"Until a mechanism of cooperation is developed, we will act this way on all products from the east because the interests of the Polish agrarian sector are in our national interest. This is the most important thing for us," the head of the Polish government said.
He also noted that he had given an ultimatum to the head of the European Commission, Ursula von der Leyen, to extend the ban on imports of Ukrainian grain.
In this regard, as Morawiecki noted, Brussels ignored this, so Warsaw imposed the ban unilaterally.
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⚡️❗️❗️UKRAINE WAR ENTERS NEW PHASE - LATEST @IntelRepublic
Washington prepares for HUMILIATION, Abrams tanks in Ukraine, Russia preparing a counteroffensive?
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Washington prepares for HUMILIATION, Abrams tanks in Ukraine, Russia preparing a counteroffensive?
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Stocks that drove rally are now down 10%
The US stock market rally in the first half of 2023 was built on technology stocks as investors bet on the resilience of US consumers and excitement around artificial intelligence to drive stocks higher.
However, that support has fluctuated as the US Federal Reserve aims to keep rates above 5% for the next year and declining consumer confidence triggered a sell-off.
The broader S&P 500 index fell 1.5% on Tuesday to its lowest level since June 7.
The major selloff came in the technology sector, where a strong decline sent the S&P 500 Information Technology Index down more than 10% from its July high.
Meanwhile, consumer confidence fell to a four-month low, indicating cracks in the economy's main engine.
Here it begins
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The US stock market rally in the first half of 2023 was built on technology stocks as investors bet on the resilience of US consumers and excitement around artificial intelligence to drive stocks higher.
However, that support has fluctuated as the US Federal Reserve aims to keep rates above 5% for the next year and declining consumer confidence triggered a sell-off.
The broader S&P 500 index fell 1.5% on Tuesday to its lowest level since June 7.
The major selloff came in the technology sector, where a strong decline sent the S&P 500 Information Technology Index down more than 10% from its July high.
Meanwhile, consumer confidence fell to a four-month low, indicating cracks in the economy's main engine.
Here it begins
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Fortnite Russian pro denied $200,000 after winning FNCS Major
Russian Fortnite pro-players Daniil "Рutrick" Abdrakhmanov and Egor "Swizzy" Lucico seem to have been stumped by Epic Games.
Despite winning the Fortnite Champion Series Major 3 in Chapter 4 of Season 3, Epic Games refused to give them a $200,000 cash prize.
In addition, Рutrick was also disqualified from the FNCS Copenhagen Lan tournament.
According to the Russian pro player, even after he emailed Epic Games to address the situation, the responses were less than satisfactory.
The support team responds once a day and allegedly doesn't get into the matter.
Рutrick has also stated that he has not violated any rules set by Epic Games.
According to emails exchanged between Рutrick and Fortnite support, the main problem is that he hails from a "Prize Restricted Region.” Epic Games has designated Russia as such.
However, according to Рutrick, he and Swizzy were playing from Belarus. While Epic Games has stopped dealing with Russia, Belarus is not on that list.
Therefore, it turns out that the company's move is based entirely on the players' nationality.
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Russian Fortnite pro-players Daniil "Рutrick" Abdrakhmanov and Egor "Swizzy" Lucico seem to have been stumped by Epic Games.
Despite winning the Fortnite Champion Series Major 3 in Chapter 4 of Season 3, Epic Games refused to give them a $200,000 cash prize.
In addition, Рutrick was also disqualified from the FNCS Copenhagen Lan tournament.
According to the Russian pro player, even after he emailed Epic Games to address the situation, the responses were less than satisfactory.
The support team responds once a day and allegedly doesn't get into the matter.
Рutrick has also stated that he has not violated any rules set by Epic Games.
According to emails exchanged between Рutrick and Fortnite support, the main problem is that he hails from a "Prize Restricted Region.” Epic Games has designated Russia as such.
However, according to Рutrick, he and Swizzy were playing from Belarus. While Epic Games has stopped dealing with Russia, Belarus is not on that list.
Therefore, it turns out that the company's move is based entirely on the players' nationality.
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Multipolar Market
Possible US government shutdown: what's all the fuss about? If Congress fails to provide funding for the fiscal year beginning October 1, US government services will be disrupted and hundreds of thousands of federal employees will be furloughed without pay.…
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‘You need to bring gold bars to get the job done’ - Rep. Matt Gaetz
Meanwhile, the budget debate continues in the US.
It goes something like this:
“We are devaluing American money so rapidly that in America today you can't even bribe Democrat Senators with cash alone! You need to bring gold bars to get the job done. Just so that the bribe holds value!”
Seems like there is no need to even comment on that.
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Meanwhile, the budget debate continues in the US.
It goes something like this:
“We are devaluing American money so rapidly that in America today you can't even bribe Democrat Senators with cash alone! You need to bring gold bars to get the job done. Just so that the bribe holds value!”
Seems like there is no need to even comment on that.
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Evergrande's founder is under police control
Hui Ka Yan, the billionaire who heads the distressed China Evergrande Group, has been taken under police control, according to people familiar with the situation.
It's not clear why Hui is under so-called residential surveillance, a type of police action that falls short of formal detention or arrest, and doesn't necessarily mean Hui will be charged with a crime.
However, according to China's criminal procedure law, he cannot leave the place of stay, meet or communicate with others without authorization.
Passports and identity cards must be handed over to the police, but this process, according to the law, should not exceed six months.
The move is the latest sign that the developer's story has entered a new phase after authorities detained several employees of the asset management unit earlier this month, as well as two former executives of the company who were also reportedly detained.
Against this backdrop, shares of Chinese real estate companies have fallen to their lowest level since October 2011.
Investors are also affected by concerns about liquidity and low demand for housing, especially with a week-long trade break on the mainland ahead.
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Hui Ka Yan, the billionaire who heads the distressed China Evergrande Group, has been taken under police control, according to people familiar with the situation.
It's not clear why Hui is under so-called residential surveillance, a type of police action that falls short of formal detention or arrest, and doesn't necessarily mean Hui will be charged with a crime.
However, according to China's criminal procedure law, he cannot leave the place of stay, meet or communicate with others without authorization.
Passports and identity cards must be handed over to the police, but this process, according to the law, should not exceed six months.
The move is the latest sign that the developer's story has entered a new phase after authorities detained several employees of the asset management unit earlier this month, as well as two former executives of the company who were also reportedly detained.
Against this backdrop, shares of Chinese real estate companies have fallen to their lowest level since October 2011.
Investors are also affected by concerns about liquidity and low demand for housing, especially with a week-long trade break on the mainland ahead.
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Credit Suisse, UBS under investigation for sanctions evasion
The US Department of Justice has stepped up its investigation of Credit Suisse Group and UBS Group AG over suspected regulatory violations that allowed Russian clients to circumvent sanctions, people familiar with the situation said.
What began as a series of subpoenas sent to a range of banks early this year has developed into a full-scale investigation focusing on Credit Suisse.
The US Department of Justice informed UBS's US lawyers of alleged sanctions violations by Credit Suisse after UBS acquired its smaller rival in June, according to the sources. The DOJ is also looking into possible compliance failures at UBS, one of them said.
UBS shares declined roughly 3% on the news, having initially declined 7.9%, the most since March.
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The US Department of Justice has stepped up its investigation of Credit Suisse Group and UBS Group AG over suspected regulatory violations that allowed Russian clients to circumvent sanctions, people familiar with the situation said.
What began as a series of subpoenas sent to a range of banks early this year has developed into a full-scale investigation focusing on Credit Suisse.
The US Department of Justice informed UBS's US lawyers of alleged sanctions violations by Credit Suisse after UBS acquired its smaller rival in June, according to the sources. The DOJ is also looking into possible compliance failures at UBS, one of them said.
UBS shares declined roughly 3% on the news, having initially declined 7.9%, the most since March.
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War forces grain and oil to travel record distances, the UN says
After the conflict and sanctions against Russia disrupted traditional trade routes, buyers are shipping grains and oil from further and further away.
Russia is the world’s top wheat shipper and a major oil supplier, while Ukraine is also a significant food exporter.
According to the United Nations Conference on Trade and Development (UNCTAD) Maritime Transport Review, grain cargoes traveled a greater distance in 2023 than in any other year on record as importers switched to buying from other countries.
Oil cargoes also traveled the longest distance since at least 1999 as Russia sought new export markets.
This is just another confirmation of what we posted earlier: Russia just cannot lose its place in global trade.
It's just that buyers now have to pay to keep their purchases secret by routing them through third countries.
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After the conflict and sanctions against Russia disrupted traditional trade routes, buyers are shipping grains and oil from further and further away.
Russia is the world’s top wheat shipper and a major oil supplier, while Ukraine is also a significant food exporter.
According to the United Nations Conference on Trade and Development (UNCTAD) Maritime Transport Review, grain cargoes traveled a greater distance in 2023 than in any other year on record as importers switched to buying from other countries.
Oil cargoes also traveled the longest distance since at least 1999 as Russia sought new export markets.
This is just another confirmation of what we posted earlier: Russia just cannot lose its place in global trade.
It's just that buyers now have to pay to keep their purchases secret by routing them through third countries.
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Multipolar Market
Evergrande's founder is under police control Hui Ka Yan, the billionaire who heads the distressed China Evergrande Group, has been taken under police control, according to people familiar with the situation. It's not clear why Hui is under so-called residential…
Evergrande trading suspended
China Evergrande Group and its units suspended trading in Hong Kong a day after sources said the real estate giant's founder had been detained by police.
No reason was given for the halt in a notice to the Hong Kong stock exchange. Shares of Evergrande fell 19% to HK$0.32 on Wednesday.
Evergrande Chairman Hui Ka Yan was taken away earlier this month and is being monitored at a designated location.
It’s not clear why Hui is under so-called residential surveillance, a type of police action that falls short of formal detention or arrest and doesn’t mean Hui will be charged with a crime.
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China Evergrande Group and its units suspended trading in Hong Kong a day after sources said the real estate giant's founder had been detained by police.
No reason was given for the halt in a notice to the Hong Kong stock exchange. Shares of Evergrande fell 19% to HK$0.32 on Wednesday.
Evergrande Chairman Hui Ka Yan was taken away earlier this month and is being monitored at a designated location.
It’s not clear why Hui is under so-called residential surveillance, a type of police action that falls short of formal detention or arrest and doesn’t mean Hui will be charged with a crime.
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Kraken plans to offer trading in US-listed stocks
Kraken plans to offer trading in US-listed stocks and exchange-traded funds, marking the company's first venture outside the cryptocurrency sphere.
According to a person familiar with the matter who asked not to be named, Kraken will initially offer trading in the US and UK through a service created by a new division called Kraken Securities.
According to the source, the company already has the necessary permits in the UK and has applied with the Financial Industry Regulatory Authority for a broker-dealer license in the US.
The company plans to launch the new service in 2024, the source says.
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Kraken plans to offer trading in US-listed stocks and exchange-traded funds, marking the company's first venture outside the cryptocurrency sphere.
According to a person familiar with the matter who asked not to be named, Kraken will initially offer trading in the US and UK through a service created by a new division called Kraken Securities.
According to the source, the company already has the necessary permits in the UK and has applied with the Financial Industry Regulatory Authority for a broker-dealer license in the US.
The company plans to launch the new service in 2024, the source says.
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Saudi Arabia and Russia to squeeze oil market even further
Saudi Arabia and Russia took a significant risk by cutting oil production, but ultimately benefited with billions of dollars in additional revenues.
Brent oil is approaching $100 per barrel, and analysts see an even higher prices in a few months.
Saudi Arabia's oil revenues are likely to increase by nearly $30 million per day this quarter compared with the April-June period, or about 5.7%, according to an analysis by Energy Aspects.
Over the entire three-month period, this would amount to about $2.6 billion, while Russia's oil revenues are likely to increase by about $2.8 billion.
So, according to some watchers, these successes could prompt the cartel to consider imposing even greater restrictions on global supply.
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Saudi Arabia and Russia took a significant risk by cutting oil production, but ultimately benefited with billions of dollars in additional revenues.
Brent oil is approaching $100 per barrel, and analysts see an even higher prices in a few months.
Saudi Arabia's oil revenues are likely to increase by nearly $30 million per day this quarter compared with the April-June period, or about 5.7%, according to an analysis by Energy Aspects.
Over the entire three-month period, this would amount to about $2.6 billion, while Russia's oil revenues are likely to increase by about $2.8 billion.
So, according to some watchers, these successes could prompt the cartel to consider imposing even greater restrictions on global supply.
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Spanish inflation rises, backing ECB rate hike
Spanish inflation accelerated for a second month, showing sustained price pressures that the European Central Bank is seeking to suppress by raising interest rates for longer.
The September figure of 3.2% was driven by electricity and fuel costs, the national statistics institute said Thursday.
Another jump to 3.6% is expected in October, according to a Bloomberg Economics forecast, with the Bank of Spain predicting a further acceleration in growth next year.
The Spanish data opens a string of inflation data across Europe, with the first regional data from Germany pointing to a sharp slowdown in the country.
For the 20-nation eurozone as a whole, the pullback will be less severe. Analysts forecast growth to slow to 4.5% from 5.2% when the data is released on Friday.
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Spanish inflation accelerated for a second month, showing sustained price pressures that the European Central Bank is seeking to suppress by raising interest rates for longer.
The September figure of 3.2% was driven by electricity and fuel costs, the national statistics institute said Thursday.
Another jump to 3.6% is expected in October, according to a Bloomberg Economics forecast, with the Bank of Spain predicting a further acceleration in growth next year.
The Spanish data opens a string of inflation data across Europe, with the first regional data from Germany pointing to a sharp slowdown in the country.
For the 20-nation eurozone as a whole, the pullback will be less severe. Analysts forecast growth to slow to 4.5% from 5.2% when the data is released on Friday.
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The hardships of US retailing
Theft and other wrongdoing caused US retailers to lose $112.1 billion last year, the National Retail Federation (NRF) reported.
This is more than 19% higher than the $93.9 billion reported for 2021.
“Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire. Far beyond the financial impact of these crimes, the violence and concerns over safety continue to be the priority for all retailers, regardless of size or category”, NRF Vice President of Asset Protection and Retail Operations David Johnston notes, as quoted in the report.
With the violence on the rise, more retailers are opting for a non-interventionist approach: this year, 41% of respondents said none of their employees are authorized to stop or apprehend shoplifters, up from 38% last year.
The NRF survey included 177 retailers with combined revenues of $1.6 trillion in 2022 and more than 97,000 locations nationwide.
In such a situation, in order to somehow balance the books, businesses often have no other option but to build the ever-increasing risks of operations into consumer prices.
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Theft and other wrongdoing caused US retailers to lose $112.1 billion last year, the National Retail Federation (NRF) reported.
This is more than 19% higher than the $93.9 billion reported for 2021.
“Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire. Far beyond the financial impact of these crimes, the violence and concerns over safety continue to be the priority for all retailers, regardless of size or category”, NRF Vice President of Asset Protection and Retail Operations David Johnston notes, as quoted in the report.
With the violence on the rise, more retailers are opting for a non-interventionist approach: this year, 41% of respondents said none of their employees are authorized to stop or apprehend shoplifters, up from 38% last year.
The NRF survey included 177 retailers with combined revenues of $1.6 trillion in 2022 and more than 97,000 locations nationwide.
In such a situation, in order to somehow balance the books, businesses often have no other option but to build the ever-increasing risks of operations into consumer prices.
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Epic Games to cut about 900 jobs
Epic Games Inc. is laying off about 900 employees, or 16% of its workforce, according to a person familiar with the matter.
The job cuts were announced in a memo to staff, said the person, who asked not to be named disclosing information that’s not yet public.
Based in Cary, North Carolina, Epic is the maker of Fortnite, an online game with more than 400 million users. It also produces the Unreal Engine, a popular suite of technology that is used to develop video games.
Epic is one of the biggest privately held video game companies in the world.
The company has previously made headlines for refusing to award the prize money of $200 thousand to the winners of the Fortnite tournament, citing the fact that they are Russian nationals as the reason for their refusal.
Epic karma
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Epic Games Inc. is laying off about 900 employees, or 16% of its workforce, according to a person familiar with the matter.
The job cuts were announced in a memo to staff, said the person, who asked not to be named disclosing information that’s not yet public.
Based in Cary, North Carolina, Epic is the maker of Fortnite, an online game with more than 400 million users. It also produces the Unreal Engine, a popular suite of technology that is used to develop video games.
Epic is one of the biggest privately held video game companies in the world.
The company has previously made headlines for refusing to award the prize money of $200 thousand to the winners of the Fortnite tournament, citing the fact that they are Russian nationals as the reason for their refusal.
Epic karma
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