Author: Steven Sahiounie

Japan’s economy averted recession but rebounded much less than expected in October-December as business investment slumped, a sign of the challenge the central bank faces in phasing out its massive stimulus program. While private consumption is holding up against headwinds from rising living costs, uncertainties over the global economic outlook will weigh on Japan’s delayed recovery from the scars of the Covid-19 pandemic, analysts say. The world’s third-largest economy expanded an annualized 0.6% in the final quarter of last year after slumping a revised 1.0% in July-September, government data showed on Tuesday. The increase in gross domestic product (GDP) was…

North Korea-backed hackers stole $1.7bn (£1.4bn) of crypto in 2022, says blockchain analysis firm Chainalysis. This nearly quadruples the country’s previous record for cryptocurrency theft – $429m in 2021. The loot also made up 44% of the $3.8bn stolen in crypto hacks last year, which the firm called “the biggest year ever for crypto hacking”. Experts have said the country, facing heavy sanctions, is turning to crypto theft to fund its nuclear arsenal. North Korea has conducted six nuclear tests and analysts expect the seventh one this year, as the country accelerates its nuclear weapons programme under leader Kim Jong-un.…

Other platforms that offer yield-earning programs should “take note” and come into compliance, the regulator said a day after crypto exchange Kraken said it will pay a $30 million fine to settle SEC charges. U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is warning other platforms to “take note” of crypto exchange Kraken’s move to halt its staking service in the country and cough up a $30 million fine. “Companies like Kraken can offer investment contracts and investment schemes, but they have to have full, fair and truthful disclosure. And this puts the investors who watch your program in a…

A recent study conducted by the Federal Reserve Bank of New York concluded that Bitcoin hardly correlates to macroeconomic factors in comparison to other asset classes like precious metals, and the S&P 500. Nonetheless, the report highlighted that Bitcoin cannot be used as a form of payment at scale due to its high volatility. As such, Bitcoin and other crypto assets compare to Gold and other precious metals rather than the United States dollar. Thereby reiterating what Fed Chair Jerome Powell said back in 2021 that crypto assets are too volatile to be used as a form of payment. The report concluded. Closer Look at the Fed Report…

The Terra Luna Classic price has dropped by 3.5% in the past 24 hours as part of a marketwide fall caused by speculation regarding the SEC acting against Paxos and the BUSD stablecoin. At $0.00016228, LUNC is also down by 10% in a week and by 8.5% in the last 30 days, with the altcoin seeing its market cap fall below $1 billion over the weekend. This decline also comes as LUNC’s 24-hour trading volume drops to around $60 million, substantially below the $500 million level it saw at the start of the month when its price rose to $0.0002057. This decrease…

Ether (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain, fell under $1,500 and hit its lowest level in nearly a month in the $1460s on Monday. At current levels in the $1,480s, the world’s second-largest cryptocurrency by market capitalization was last trading about 2.0% lower on the day, with losses from earlier monthly highs in the $1,700s now over 13%. That still leaves the cryptocurrency up around 25% on the year, though gains such as these can quickly be given back in crypto markets. The cryptocurrency market continues to suffer from fears about aggressive US regulatory action. Reports surfaced over the…

Moscow’s Ambassador to the kingdom says Riyadh is looking to diversify its foreign policy Saudi Arabia is interested in joining the BRICS group of the world’s five major developing economies, as well the Shanghai Cooperation Organization, according to Russia’s Ambassador to the kingdom, Sergey Kozlov. The five BRICS nations – Brazil, Russia, India, China and South Africa – currently account for more than 40% of the world’s population and nearly a quarter of global GDP. Meanwhile, the China and Russia-led Shanghai Cooperation Organization, a regional security bloc, includes major powers like India in its ranks. “As part of the diversification…

The tenth package will reportedly include new financial restrictions and additional trade bans, among other penalties The EU is set to propose a new package of sanctions on Russia, Politico reported on Monday, citing unnamed European officials and diplomats. The sources told the outlet that the latest set of measures would include proposals for new financial sanctions against four Russian banks, including the country’s largest private lender, Alfa Bank. Russian nationals are also expected to be banned from serving on the boards of critical infrastructure companies in the EU, such as electricity grids or gas providers. Additional trade bans could…

Tankers earmarked for Russian trade have left fewer vessels to serve other suppliers, the outlet reports The cost of transferring gasoline on ocean-going vessels skyrocketed days after EU sanctions targeting Russian petroleum sales went into effect, Bloomberg reports. Medium and small tankers carrying refined fuels on the Atlantic Ocean are raking in profits, with daily earnings reaching $55,857 – a surge of 405%, the outlet wrote, citing data from the Baltic Exchange in London. Profits soared by 58% on Thursday alone, the largest one-day gain since late 2021. The EU and G7 nations introduced a price cap on Russian petroleum…

Exports via the mega Power of Siberia pipeline have been growing, says Deputy PM Aleksandr Novak Exports of natural gas from Russia to China via the Power of Siberia pipeline surged to a record 15.4 billion cubic meters last year, Deputy Prime Minister Aleksandr Novak has stated. Novak wrote in an article for the Energy Policy magazine on Monday that “gas supplies to China were actively growing during the year … Deliveries through the Power of Siberia increased by 48% and reached a historical maximum.” He noted that overall Russian gas exports decreased by more than 25% in 2022 due to…