Markets & Industries
Analysts: Major cryptocurrency funds raise $3.6B in funding - 07/21/2023
According to Binance Research's Cryptocurrency Market Report for the first half of 2023, the ten largest cryptocurrency-focused funds generated $3.61 billion in financing. "Overall Bitcoin deal activity decreased in the first half of 2023, which was also accompanied by a decrease in venture capital funding. However, notable VCs and bitcoin fans voiced hope. They emphasized continuous research and...
India bans exports of white rice other than Basmati variety - 07/21/2023
Authorities in India, which exports 40% of the world's rice, have banned exports of all but Basmati variety of the crop, the Ministry of Consumer Affairs and Food Distribution stated. 25% of India's rice exports are made up of kinds that are now banned, according to the ministry. "The Government of India has amended the export policy norms for the said varieties by changing their category from...
Tata Group to build battery plant in the UK - 07/20/2023
The plant will make batteries for the new line of electric vehicles from Jaguar and Land Rover, according to Tata Sons CEO Natarajan Chandrasekaran. The UK will soon be home to a factory that will make batteries for electric vehicles, Indian industrial powerhouse Tata Group announced. "Tata Group is constructing one of Europe’s biggest battery manufacturing sites in the UK," The Economic Times...
China's Central Bank keeps LPR rate unchanged - 07/20/2023
The LPR base rate remains at 3.55 percent, unchanged by the People's Bank of China. According to information posted on the regulator's website, the People's Bank of China (Central Bank) held the prime lending rate for prime borrowers (LPR, loan prime rate) at the 3.55 percent level from the previous month. The yearly LPR, which replaced the previous lending standard in August 2019, remained...
G20: Global economic growth is below average and remains fragile - 07/19/2023
According to the conclusions of the G20 conference of finance ministers and central bank governors, global economic growth is below its long-term average and continues to be unequal. "Global economic growth is still uneven and below its long-term average. The outlook remains highly ambiguous," reads the statement. "The balance of risks remains weighted to the downside with a considerable...
Reuters: Chipmakers met with US Administration to discuss Chinese supplies - 07/18/2023
Reuters learned that senior Biden administration officials have spoken with executives from important U.S. chip companies, including Intel, Qualcomm, and Nvidia. Leading US chip giants Intel, Qualcomm, and Nvidia met with senior officials from the administration of US President Joe Biden on July 17, according to Reuters, which cited sources familiar with the conversations and a State Department...
Germany welcomes partial recovery after recession in Q2 2023 - 07/18/2023
Inflation, according to the Bundesbank, slowed down from 8.7% at the start of the year to 6.4% at the end of the reporting period. After a six-month recession, the German economy began to partially recover in the second quarter of 2023, Bundesbank stated in its monthly report, which was released on Monday. German output, according to bank experts, "increased slightly again" in the second...
Rystad: Cost of pre-development of oil and gas fields will grow to $58B - 07/11/2023
Oil and gas businesses are searching for more efficient and affordable ways to boost production, according to the Norwegian consulting firm. Oil and gas businesses from around the world may have to spend up to $58 billion more in 2023 to continue developing their current reserves, forecasts the Norwegian consulting firm Rystad Energy. The company's specialists point out that further development...
TotalEnergies’ head warns of possible gas shortages in Europe in winter - 07/10/2023
According to Patrick Pouyanne, gas would have to be imported at a higher cost. Europe may experience a gas scarcity over the upcoming winter, said Patrick Pouyanne, CEO of TotalEnergies in France quoted by CNews TV channel. "As for gas, storage facilities will be full in October, but if the winter in Europe is cold, these stocks on the continent will not be enough to meet demand throughout the...
BP: Oil and gas will remain significant part of the energy system for many decades - 07/07/2023
Energy corporations should make investments in both current power networks and energy transit, according to BP CEO Bernard Looney. Oil and gas will continue to play a key role in the global energy system for many years to come in spite of the need for investment, according to BP CEO Bernard Looney. "Oil and gas will continue to play a major role in the energy system for many years to come....
