Author: Steven Sahiounie

Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and the sourcing of raw materials in a bid to cut electric vehicle costs and protect its market share, it said Tuesday. Over two-thirds of the company’s five-year investment budget is allocated to electrification and digitalization, including up to 15 billion ($16 billion) for batteries and raw materials. With markets in turmoil over the collapse of Silicon Valley Bank, Chief Financial Officer Arno Antlitz told analysts, however, that the company could postpone some battery investments if the market did not grow as expected. “The…

Hong KongCNN — China’s economic recovery appears to be on track as it gradually emerges from three years of its strict zero-Covid policy. But rising youth unemployment underscores the tough challenges ahead for the new government to achieve its economic targets and maintain social stability. The National Bureau of Statistics on Wednesday released key economic indicators for January and February combined, a usual practice to avoid any distortion by the long Lunar New Year holiday, which usually falls on different dates every year. Industrial production rose by 2.4%, accelerating from December’s 1.3% growth. Retail sales increased 3.5%, reversing a 1.8% decline in the previous month. The…

Decentralized lending protocol Euler Finance will offer a $1 million reward for information about the attackers behind its nearly $200 million exploit that occurred Monday. This article was originally published by CoinDesk.

Some market observers say bitcoin’s recent price movements were largely driven by investors looking for alternative assets to park their funds amid a banking clampdown in the U.S. Higher-than-usual market volatility affected bulls and bears alike as crypto futures racked up $300 million in liquidations in the past 24 hours. Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).…

Good morning. Here’s what’s happening: Prices: Bitcoin, ether and other major cryptos spent another day in the green after an encouraging inflation report and continued hopefulness for a less hawkish Fed. Insights: The crypto industry must mature to develop productive relationships with banks. Bitcoin embraced the more upbeat vibe and continued its romp upward for much of Tuesday, rising above $26,000 at one point for the first time since last summer before retreating more than a $1,000. The largest cryptocurrency by market capitalization was recently trading at $24,936, up about 2% over the past 24 hours. BTC’s stall followed two consecutive days…

The EU’s biggest economy is a long way from replacing Russian pipeline supplies, data shows Germany could be facing a shortage of liquefied natural gas (LNG) next winter as volumes secured under existing contracts are falling short of demand in the country, Bild am Sonntag reported on Sunday, citing Mark Helfrich, a member of the Bundestag’s committee on energy affairs. In a letter to the Budget Committee, German Vice Chancellor Robert Habeck referred to statistics showing that current gas deals provide 75 billion cubic meters (bcm) of LNG, while the country needs 86 bcm to keep the EU’s largest economy…

Thailand’s tourism and real-estate sectors are reportedly picking up quickly thanks to a growing number of visitors Thailand’s economy has been rapidly recovering thanks to an increasing number of Russian tourists, the Bangkok Post reported on Tuesday. The newspaper noted that Russians are investing in real estate and local businesses. There was a sharp inflow of Russians into the kingdom following the end of Covid-related restrictions and the imposition of travel limitations arising from Ukraine-related sanctions imposed by Western nations. This has reportedly stimulated a recovery for Thai small and medium-sized businesses, breathing new life into the local property market.…

The collapse of Silicon Valley Bank has left investors wondering if their money is safe, Newsweek reports Several pension funds in the US and at least two overseas have lost millions of dollars due to investments in Silicon Valley Bank (SVB) stock, Newsweek reported on Tuesday. The collapse of the lender has sent global banking shares plummeting. Institutions such as the California Public Employees Retirement Fund (CalPERS), the California State Teachers’ Retirement System (Cal STRS), Korea’s National Pension Service (NPS) and Sweden’s Alecta pension fund had reportedly invested in the tech and start-up-focused bank. CalPERS, which manages the largest public…

What you need to know today The bottom line How important are banks? Important enough that the CPI — the single most scrutinized and anticipated economic data over the past year — seemed like nothing more than background noise yesterday. Of course, the muted reaction to the CPI might be because the numbers were exactly in line with estimates. And after the chaotic few days following Silicon Valley Bank’s collapse, unsurprising is what markets needed. Stripping out food and energy prices, which tend to fluctuate wildly, core CPI increased 5.5% on a 12-month basis. That is to say, prices are…

The price of platinum is forecast to surge this year thanks to factors including power cuts in South Africa, the war in Ukraine and the increased production of hybrid cars. Investment bank UBS readjusted its price forecast for platinum in 2023, estimating that the precious metal will cost $1,150 per ounce for June, up from a previous estimate of $1,100, and will reach $1,200 per ounce in December. The precious metal was priced at $1,004.90 per ounce at the time of writing. “Following a strong rally at the start of the year, rising US interest rates sparking growth concerns and a stronger US dollar have weighed…