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After decades of delays and broken promises, coal miners hail rule to slow rise of black lung 2023-07-24 - Retired coal miner James Bounds, who has pneumoconiosis, more commonly known as “black lung," poses for a photo at his home in Oak Hill, W.Va., Thursday, July, 13, 2023. Bounds said nothing can be done to reverse the debilitating illness he was diagnosed with at 37 in 1984. But he doesn't want others to suffer the same fate. (AP Photo/Chris Jackson) Retired coal miner James Bounds, who has pneumoconiosis, more commonly known as “black lung," poses for a photo at his home in Oak Hill, W.Va., Thursday, July, 13, 2023. Bounds said nothing can be done to reverse the debilitating illness he was diagnosed with at 37 in 1984. But he doesn't want others to suffer the same fate. (AP Photo/Chris Jackson) Retired coal miner James Bounds, who has pneumoconiosis, more commonly known as “black lung," poses for a photo at his home in Oak Hill, W.Va., Thursday, July, 13, 2023. Bounds said nothing can be done to reverse the debilitating illness he was diagnosed with at 37 in 1984. But he doesn't want others to suffer the same fate. (AP Photo/Chris Jackson) Retired coal miner James Bounds, who has pneumoconiosis, more commonly known as “black lung," poses for a photo at his home in Oak Hill, W.Va., Thursday, July, 13, 2023. Bounds said nothing can be done to reverse the debilitating illness he was diagnosed with at 37 in 1984. But he doesn't want others to suffer the same fate. (AP Photo/Chris Jackson) A half-century ago, the nation’s top health experts urged the federal agency in charge of mine safety to adopt strict rules protecting miners from poisonous rock dust CHARLESTON, W.Va. -- A half-century ago, the nation's top health experts urged the federal agency in charge of mine safety to adopt strict rules protecting miners from poisonous rock dust. The inaction since — fueled by denials and lobbying from coal and other industries — has contributed to the premature deaths of thousands of miners from pneumoconiosis, more commonly known as “black lung." The problem has only grown in recent years as miners dig through more layers of rock to get to less accessible coal, generating deadly silica dust in the process. One former regulator called the lack of protection from silica-related illnesses “stunning” and one of the most “catastrophic” occupational health failures in U.S. history. Now the federal Mine Safety and Health Administration has proposed a rule that would cut the current limit for silica exposure in half — a major victory for safety advocates. But there is skepticism and concern about the government following through after years of broken promises and delays. James Bounds, a retired coal miner from Oak Hill, West Virginia, said nothing can be done to reverse the debilitating illness he was diagnosed with at 37 in 1984. But he doesn't want others to suffer the same fate. “It’s not going to help me — I’m through mining,” said Bounds, 75, who now uses supplemental oxygen to breathe. “But we don’t want these young kids breathing like we do.” The rule, published in the Federal Register this month, cuts the permissible exposure limit for silica dust from 100 to 50 micrograms per cubic meter of air for an 8-hour shift in coal, metal and nonmetal mines such as sand and gravel. The proposal is in line with exposure levels imposed by the Occupational Safety and Health Administration on construction and other non-mining industries. And it’s the standard The Centers for Disease Control was recommending as far back as 1974. Silicosis is an occupational pneumoconiosis caused by the inhalation of crystalline silica dust present in minerals like sandstone. The U.S. Department of Labor began studying silica and its impact on workers’ health in the 1930s, but the focus on stopping exposure in the workplace largely bypassed coal miners. Instead, regulations centered on coal dust, a separate hazard created by crushing or pulverizing coal rock that also contributes to black lung. In the decades since, silica dust has become a major problem as Appalachian miners cut through layers of sandstone to reach less accessible coal seams in mountaintop mines where coal closer to the surface has long been tapped. Silica dust is 20 times more toxic than coal dust and causes severe forms of black lung disease even after a few years of exposure. An estimated one in five tenured miners in Central Appalachia has black lung disease; one in 20 has the most disabling form of black lung. Miners are also being diagnosed at younger ages — some in their 30s and others with the advanced kind in their 40s. "That’s just nuts,” said Dr. Carl Werntz, a West Virginia physician who conducts black lung examinations and described cases as “skyrocketing." United Mine Workers of America President Cecil Roberts said there's no reason a 35-year-old miner should be diagnosed with a disease "that's going to cost him his life.” "Nobody should be dying because of a job they have," Roberts said. MSHA’s existing silica standards were developed in the 1970s, around the time of the U.S. Coal Mine Health and Safety Act of 1969 and the Federal Mine Safety and Health Act of 1977. West Virginia University law professor Pat McGinley, who was part of a state team investigating the 2010 Upper Big Branch mining disaster that killed 29 miners, called the resurgence of black lung “unparalleled” when it comes to occupational health failures. In the Upper Big Branch mine, 71% of the 24 miners who received autopsies were found to have black lung. “I can’t think of any occupation where there has been such devastation that’s been ignored" by corporations and the government, he said. “It's stunning.” The new rule is supported by Democratic Sens. Joe Manchin of West Virginia, Sherrod Brown of Ohio, Bob Casey and John Fetterman of Pennsylvania, and Mark Warner and Tim Kaine of Virginia, who pushed for the change and released a joint statement saying protecting miners from "dangerous levels of silica cannot wait.” MSHA will be collecting comments on the proposal through Aug. 28, with three hearings scheduled in Arlington, Virginia, Beckley, West Virginia, and Denver. One issue expected to come up: the use of respiratory protection equipment. The National Mining Association, which represents mine operators, wants workers to be permitted to use respirators as a method of compliance with the rule. “These are recognized industrial hygiene practices utilized by″ federal regulators in other industries, “but not in mining,″ spokesman Conor Bernstein said, adding that better ventilation controls, safety awareness and regulations on coal dust have all contributed to ”exponentially lower dust levels” inside U.S. mines in recent years. The mine workers' union and others, however, say respirators are ineffective while performing heavy labor in hot, confined spaces common in mines. The proposed rule allows for the use of respirators on a temporary basis while operators are implementing engineering controls. But advocates say inspectors aren't present often enough to ensure they don't become a permanent solution. “The history of miner safety and health enforcement teaches us that exceptions become the rule,” said Sam Petsonk, a West Virginia attorney who represented miners who were diagnosed with black lung after operators knowingly violated regulations. The proposed rule also includes a provision that allows companies to self-report silica levels. Federal inspectors conduct spot checks to ensure accuracy, but mine operators still have leeway to manipulate reporting data, said Willie Dodson, Central Appalachian field coordinator for Appalachian Voices, an advocacy group. “Ideally, MSHA inspectors would take samples day after day after day in a given mine to determine compliance,″ he said. A coal dust examiner who worked for a Kentucky mining company was sentenced to six months in prison last month for falsifying dust samples and lying to federal officials. In rural Nickelsville, Virginia, near the Tennessee border, Vonda Robinson says miners and their families are owed more accountability from the federal government and mine operators. Her husband John was diagnosed with black lung about a decade ago at 47. Now, his doctors say he will need a lung transplant. Vonda Robinson said her husband doesn't know what to say when his 5-year-old granddaughter asks why he can't run and play with her, why even walking down the end of the driveway leaves him physically spent. "He’ll tell her ‘Honey, papaw can't do that,' " she said. During his 28 years mining, John Robinson would come home with his face covered with dust. But she tried not to worry. Everyone in the community mined coal. “He was one of those that wanted to go in the mines to give his family the American dream — the nice house, vehicles, put our kids through college,” she said. "And this is what he got." ___ Daly reported from Washington.
Marc Andreessen says AI will function as a lifelong 'partner' for kids with full insight into everything they've done and want — and he thinks that's a good thing 2023-07-24 - Marc Andreessen championed AI as a personalized teaching tool for children in a podcast interview. In AI, children will have a partner "whose goal in life will be to make them as happy and satisfied and successful as possible," he said. His positive outlook on AI contrasts with the backlash against ChatGPT and its impact on jobs. Morning Brew Insider recommends waking up with, a daily newsletter. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking “Sign Up,” you also agree to marketing emails from both Insider and Morning Brew; and you accept Insider’s Terms and Privacy Policy Click here for Morning Brew’s privacy policy. Billionaire tech investor Marc Andreessen — who has long been bullish on the tech — thinks AI is a lifelong "ally" for the children of tomorrow as they both grow up together. Speaking on the Joe Rogan Experience podcast last Wednesday, Andreessen shared how he had introduced his 8-year-old son to the viral AI chatbot ChatGPT as an educational tool. "The AI that my 8-year-old is gonna have by the time he's 20, it's gonna have had 12 years of experience with him, and so it will have grown up with him. It will know everything he's ever done." Andreessen said. "It'll know what he wants." The cofounder of namesake VC firm Andreessen Horowitz talked about how AI can serve as a lifelong "ally" for his son and future generations. "They'll have basically a partner whose goal in life will be to make them as happy and satisfied and successful as possible." Andreessen's positive outlook echoes other bullish takes about ChatGPT's value as a human companion. Wharton Professor Ethan Mollick wrote on July 7 about how ChatGPT's new code interpreter feature had made the chatbot an effective data analyst assistant. However, these sentiments mark a stark contrast from concerns by workers who are increasingly worried that AI tools like ChatGPT will replace them. And companies have already begun layoffs or pausing recruitment due to AI. One e-commerce CEO sparked outrage for laying off 90% of his support staff after an AI chatbot outperformed them. While most workers welcome AI boosting their productivity by taking up parts of their job, they are nervous about being completely replaced, according to a Microsoft survey published in May.
Julius Baer reports 18% H1 net profit rise 2023-07-24 - ZURICH, July 24 (Reuters) - Swiss private bank Julius Baer (BAER.S) reported an 18% increase in net profit for the first half of 2023 on Monday as it said it also increased its assets under management and attracted more money from rich clients. The Zurich-based wealth manager said net profit attributable to shareholders rose to 531 million Swiss francs ($613.23 million) from 451 million Swiss francs a year earlier. On an adjusted basis, net profit for the group of 541 million francs factoring out operating expenses related to acquisitions or divestments missed expectations for an adjusted net profit of 557 million francs in a poll of six analysts compiled by news wire AWP. During the six months to the end of June, Julius Baer saw its assets under management increase to 441 billion francs, as it attracted 7.1 billion francs in new money from wealthy clients the bank said. The figure was slightly more than the 6.8 billion francs predicted by analysts who expected Julius Baer to get a boost from rich people seeking new homes for their money. The results mark a pick up from May, when Julius Baer disappointed investors who had expected the bank to benefit from Credit Suisse's troubles, by reporting modest inflows of 3.5 billion Swiss francs for the first four months of the year. Deutsche Bank Research analyst Benjamin Goy said Credit Suisse's collapse has the potential to be a major accelerator for Julius Baer over the next two to three years. "We expect hiring of relationship managers to rise, driving net new money above historical average from 2H23 onwards," he wrote in a note. ($1 = 0.8659 Swiss francs) Reporting by Noele Illien; editing by Brenna Hughes Neghaiwi Our Standards: The Thomson Reuters Trust Principles.
China has announced a slew of measures to bolster its economy. Here's what we know so far 2023-07-24 - China has announced in the past week a series of measures aimed at boosting its economy ahead of a key Politburo meeting later this week focused on reviewing the first half performance of the world's second-largest economy. Str | Afp | Getty Images China is ramping up measures aimed at boosting its economy ahead of a key Politburo meeting this week which will review the country's first half economic performance. In the past week, authorities have announced a series of pledges targeted at specific sectors or aimed at reassuring private and foreign investors of a more favorable investment environment — but they were largely broad measures, with some lacking concrete details. related investing news China's earnings season is just getting started. Here are some winners to watch Chinese leaders have also signaled in recent weeks they are likely to be judicious and targeted in their policy support. Here are some of the key measures released by the Chinese government in recent weeks. Private businesses On Monday, China's economic planning agency announced a series of measures to promote private investment. This follows a rare joint pledge on Wednesday, between the Chinese government and the Communist Party, which vowed to treat private companies the same as state-owned enterprises. Beijing also pledged to ensure fair treatment in areas ranging from intellectual property and land rights to financing and labor supply. In a 17-point statement Monday, the National Development and Reform Commission pledged to attract more private capital to participate in the construction of major national projects and key industrial chain supply chain projects. After making life more difficult for many private firms in recent years, China's leadership is shifting course and has made high-level pledges to improve the business environment. Julian Evans-Pritchard Capital Economics The NDRC said it will support private investment in sectors — such as transportation, water conservancy, clean energy, new infrastructure, advanced manufacturing and modern agriculture facilities. The agency is also encouraging private investment projects to issue real estate investment trusts (REITS) in the infrastructure sector to promote asset diversification and further broaden investment and financing channels for private investment. The People's Bank of China and the State Administration of Foreign Exchange last Thursday adjusted their cross-broader financing guidelines to allow companies to borrow more from foreign sources. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery following its exit from "zero Covid" faltered. The last three years have also seen heavy-handed crackdowns on internet platform companies including ecommerce giant Alibaba ; the education and gaming sectors as well as real estate developers. watch now "After making life more difficult for many private firms in recent years, China's leadership is shifting course and has made high-level pledges to improve the business environment," Julian Evans-Pritchard, head of China Economics at Capital Economics, wrote in a Friday note. "But although parts of the service sector would benefit from a more supportive official stance, much of the current caution among private firms reflects wider economic headwinds against which regulatory tweaks are of limited use," he added. Consumption The NDRC vowed last Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth that includes boosting household income, improving business environment for private firms and stabilizing youth employment. The pledge, delivered at the agency's regular monthly press conference, came a day after a raft of disappointing economic data prompted renewed calls for policy support to bolster growth. watch now Last Monday, official data showed China's GDP for the second quarter grew 6.3% from a year ago, missing market expectations for 7.3%. It marked a 0.8% growth compared to the first quarter, and was slower than the 2.2% quarter-on-quarter pace recorded in the January to March period. Even with a low base from last year, given the Covid lockdown in Shanghai at that time, retail sales growth slowed significantly to 3.1% in June from a year before, compared to 12.7% in May. Household goods Last week, within hours of the NDRC statement, China's Commerce Ministry followed with an joint announcement with a dozen other government departments, announcing an 11-point plan to boost the domestic consumption of household consumer goods and services. This included a directive to local governments to step up the renovation of old homes, a pledge to encourage improvements to online commercial platforms, and developing the concept of "15-minute cities." Cars and electronics
They're the names you don't know. Hollywood's 'journeyman' actors explain why they are striking 2023-07-24 - You don't know their names but you might recognize their faces NEW YORK -- Jason Kravits gets a lot of this: People recognize him – they’re just not sure how. “I’m that guy who looks like the guy you went to high school with,” says Kravits. “People think they've just seen me somewhere.” Actually, they have — on TV, usually as a lawyer, or a doctor. “I’ve had enough roles that I’ve been in your living room on any given night,” the veteran actor says. “But mostly people don’t know my name.” Kravits is one of those actors union leaders refer to as “journeymen” — who tend to work for scale pay, and spend at least as much time lining up work as working. They can have a great year, then a bad one, without much rhyme or reason. “We’re always on the verge of struggling,” says Kravits. And they, not the big Hollywood names joining the picket lines, are the heart of the actors’ strike. Many say they fear the general public thinks all actors get paid handsomely and are doing it for love of the craft, almost as a hobby. Yet in most cases it’s their only job, and they need to qualify for health insurance, pay rents or mortgages, pay for school and college for their kids. “All of us aren’t Tom Cruise,” says Amari Dejoie, 30, who studies acting, does background jobs (as an extra) and modeling to keep afloat, and is considering waitressing during the strike. "We have to pay rent and bills, and they’re due on the first. And your apartment does not care that your check wasn’t as high as you expected it to be.” In interviews, a few journeyman actors at different stages of their careers discussed their lives and their reasons for striking: THAT ONE-PENNY CHECK Recently Jennifer Van Dyck got a couple residual checks in the mail — one for 60 cents, one for 72 cents. But she’s seen worse. “The joke is when you get the one-cent check that cost 44 cents to be mailed to you,” says the veteran New York actor. Still, Van Dyck counts herself lucky. With many appearances on network shows like “The Blacklist,” “Madam Secretary” and especially ”Law & Order," where she's appeared as a guest star 13 times, plus voiceover work, she's been able to make a living for more than 30 years without having to take a job outside the industry. “You just keep jumping around,” she says. “When things get dry in one area you move to the next. It’s keeping all the balls in the air: theater, film, television, voiceover, audiobooks. Call us journeypeople: Half the job requirement is looking for work." Van Dyck says the emergence of streaming has cut into an actor's income alarmingly, because streamers give tiny residuals, if that. And when it comes to negotiating a rate to appear on a show, the studios don't seem to care if you have 37 years of experience. "They say, “This is what we're offering, take it or leave it.'” .She’s still struck by the common misperception that actors must be rich and famous. “The majority of us aren’t,” she says. “But all those other parts (in a hit show), and all those other shows that get sidelined or disappear — that’s work, too. And those stories can’t be told without (us).” “No one wants to strike,” Van Dyck adds. But she feels the industry is at an inflection point. And, "at a certain point you have to say, 'No Mas.’” ___ THIS IS NOT A HOBBY Growing up in the Washington, D.C., area, Kravits was bitten by the theater bug early, performing in community theater by the time he was 10 or 11. He studied theater in college, and eventually made his way to New York and then Los Angeles. In LA, he got lucky, winning a recurring role on David E. Kelley’s “The Practice." Kravits quips he’d make a lot more money as an actual lawyer, but enjoys playing them. "I like to say I play a lot of lawyers, but never the same lawyer. I play a mean lawyer, a dumb lawyer, a funny lawyer, a hateful lawyer, an incompetent lawyer. Every role is different to me.” Most of the time, he's on a show for one or two episodes. Kravits says there used to be room for negotiation on everything, including billing and dressing rooms, but no longer: “You’re negotiating with Wall Street. And Wall Street is all bottom line." The toughest change has been with the all-important residuals. “I don’t think people realize outside the business how important residuals are to being able to afford being an actor,” he says. And because of how meager streaming residuals are, Kravits says he has network shows he did 10, 15 even 20 years ago that still yield more residuals than buzzy shows he’s done for streamers the last few years — like HBO's “The Undoing” or Netflix's “Halston.” "I didn’t get into this as a hobby,” Kravits says. “I can’t afford to do it as a hobby.” ___ PUTTING OUR MONEY WHERE OUR MOUTHS ARE The series finale of the show that transformed actor Diany Rodriguez’s career – NBC’s “The Blacklist” – aired the same day Hollywood came to a standstill. Rodriguez, who played Weecha, bodyguard of star James Spader’s character, would have loved to take to social media and celebrate her character’s final appearance, but the strike made that impossible. She had several new projects booked, but is now throwing herself into her duties as a strike captain. She sees the strike as part of a larger labor movement in the country: “I’m so in favor of this because it feels overwhelmingly (like) we are ready to put our money where our mouths are for the greater good." Rodriguez, 41, was born in Puerto Rico, grew up in Alabama, and moved from New York to Atlanta in 2009 for theater work. Around that time, Georgia lawmakers passed generous film tax credits — incentives that brought in business but ensured a lengthy strike would be acutely felt there. “Atlanta’s economy is funded in large part based on the film and TV tax breaks,” she says. Rodriguez feels financially secure, thanks largely to her two-season stint on “The Blacklist,” the network residuals and the roles the show has helped her book since then. But she says she could easily have been in the same situation as so many of her fellow actors who are on the verge of losing their health coverage, unable to earn enough in recent months to be eligible for SAG-AFTRA insurance plans. —- WHAT WILL THIS MEAN FOR ACTING? Amari Dejoie’s father didn’t want her to follow him into the entertainment business. “They never do,” she quips. But Dejoie, growing up in Los Angeles, got the bug, and started pursuing acting and modeling at 17. Now 30, she studies acting, paying $400 a month for classes, and takes whatever side jobs she can, including working as an extra on sets. She’s appeared in music videos, and at events as a booth model. She's considering a waitress job to tide her over during the strike. “My dad was part of SAG back in the day and his residuals paid for a home," says Dejoie, who was manning the picket lines in Los Angeles last week. “It’s the same business, and (yet) it’s completely different now.” Her father, Vincent Cook, was a boxing double for Will Smith on “Ali,” and had a role in “B.A.P.S.,” with Halle Berry. “He was not a main character, but his residuals were great and they still are,” Dejoie says, nothing that recently, after undergoing a medical issue, he discovered that SAG had a check waiting for him. "If it's up to the studio, they’re not going to hunt you down to pay you. SAG will,” Dejoie says. Dejoie also is concerned about how artificial intelligence will affect the industry and her work as an extra, where she makes about $150 a day to be available for background shots. Actors fear studios want to scan their images and use them repeatedly after paying for just one day of work. “Also, if I’m not present on the set, I’m not there making connections for other jobs,” Dejoie says. More broadly, the idea of actors’ images being replicated artificially makes her afraid for the future of the industry she is just getting started in. “What will this mean for acting?” she says. “Did I just spend all this time and money for a craft that will one day be obsolete?” —- Rico reported from Atlanta. AP journalists Krysta Fauria and John Carucci contributed to this report.
Stock market today: Asian shares mostly higher after winning week on Wall Street 2023-07-24 - A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, July 24, 2023. Asian shares advanced on Monday after Wall Street closed out another winning week. (AP Photo/Ahn Young-joon) A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, July 24, 2023. Asian shares advanced on Monday after Wall Street closed out another winning week. (AP Photo/Ahn Young-joon) A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, July 24, 2023. Asian shares advanced on Monday after Wall Street closed out another winning week. (AP Photo/Ahn Young-joon) A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, July 24, 2023. Asian shares advanced on Monday after Wall Street closed out another winning week. (AP Photo/Ahn Young-joon) BANGKOK -- Asian shares advanced on Monday after Wall Street closed out another winning week. Hong Kong declined but other major markets in the region were higher. U.S. futures edged lower and oil prices also fell. The Federal Reserve is widely expected to raise its federal funds rate on Wednesday to its highest level since 2001. Investors are hoping that might be the final increase of the tightening cycle because inflation has been cooling since last summer. The federal funds rate started 2022 at virtually zero. This week markets also are watching for the outcome of a major political meeting in China that might bring more measures to prop up slowing growth in the world’s second largest economy. “Recent stimulus measures to boost consumption of automobile and electronics items failed to provide much conviction that they will be sufficient to uplift the downbeat growth conditions, with mounting hopes on the China Politburo meeting this week for more follow-through,” Yeap Jun Rong, a market analyst at IG, said in a commentary. The Bank of Japan will hold a policy meeting which is not expected to yield major changes to the country's ultra-lax monetary stance. Tokyo's Nikkei 225 index added 1.2% to 32,696.65, while the Hang Seng in Hong Kong dropped 1.4% to 18,808.59. The Shanghai Composite index edged 0.1% higher to 3,170.30. In Seoul, the Kospi gained 0.4% to 2,621.56. Australia's S &P/ASX 200 was up 0.1% at 7,319.60. The SET in Bangkok picked up 0.2% and the Sensex in India was up less than 0.1%. On Friday, stocks on Wall Street found some stability after sliding the day before. The earnings reporting season has been gaining momentum, with the majority of companies reporting better results than expected. The S &P 500 edged up by 0.1%, to 4,536.34, capping its eighth winning week in the last 10. The Dow Jones Industrial Average added less than 0.1% to 35,227.69, its 10th gain in a row. The Nasdaq composite slipped 0.2% to 14,032.81 a day after tumbling to its worst loss in more than four months. Roper Technologies rallied 3.7% for one of the larger gains in the S &P 500 after it reported better profit and revenue for the spring than analysts expected. The company, which looks to dominate niche tech markets, also raised its financial forecasts for the full year. On the losing side of Wall Street was American Express, which fell 3.9%. It reported stronger profit for the spring than expected, but its revenue fell short of forecasts. The stock market has generally been on a tear this year, with the benchmark S &P 500 up 18.1%, as the economy has defied predictions for a recession. It's so far powered through much higher interest rates meant to bring down inflation, and the hope is that it may outlast the Federal Reserve's rate-hike campaign. The Fed is widely expected to raise its federal funds rate on Wednesday to its highest level since 2001. But the hope is that will be the final increase of the cycle because inflation has been cooling since last summer. The federal funds rate started last year at virtually zero. This week, three of the “Magnificent Seven” companies behind the majority of the S &P 500's gains this year, Alphabet, Facebook parent company Meta Platforms and Microsoft will report their earnings. Expectations are high after they all soared more than 35% so far this year. The top stocks have become so big and their movements have become so influential over the market that Nasdaq was rebalancing its Nasdaq 100 index before trading was to begin Monday to lessen the impact some stocks have on the overall index. The seven stocks, which also include Amazon, Apple and Nvidia, are collectively trading with stock prices that are 44 times higher than their earnings per share over the last 12 months, according to Savita Subramanian, equity strategist at Bank of America. In other trading Monday, U.S. benchmark crude oil slid 14 cents to $76.93 per barrel in electronic trading on the New York Mercantile Exchange. It picked up $1.42 on Friday to $77.07 per barrel. Brent crude, the pricing basis for international trading, declined 15 cents to $80.92 per barrel. The dollar fell to 141.47 Japanese yen from 141.68 yen. The euro slipped to $1.1120 from $1.1128.
Sam Altman’s Worldcoin Token to Launch Monday, Semafor Reports 2023-07-24 - (Bloomberg) -- The cryptocurrency of OpenAI Inc. Chief Executive Officer Sam Altman is set to launch Monday, Semafor reported. Most Read from Bloomberg A breakdown of how the Worldcoin tokens will be distributed will also be made public, according to the report, which cited unidentified people familiar with the matter. A spokeswoman at Tools for Humanity, the company behind Worldcoin, declined to comment to Semafor. Worldcoin’s Twitter account posted a message on Sunday saying “It’s time. 24.7.23.” The post did not have further details. Read More: Crypto Feeds on AI Hype as Tech Offers New Uses for Blockchain To view the source of this information, click here Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.
Stellantis, Samsung Agree to Build Second US Battery Plant 2023-07-24 - Stellantis, Samsung Agree to Build Second US Battery Plant (Bloomberg) -- Stellantis NV and South Korea’s Samsung SDI Co. have signed an agreement to build a second US battery plant as the automaker expands its range of electric vehicles. Most Read from Bloomberg The factory will start production in 2027 and have initial capacity of 34 gigawatt-hours, Samsung SDI said in an emailed statement Monday. Stellantis and Samsung SDI last year announced plans to build a $2.5 billion battery plant with annual capacity of 33 gigawatt-hours in Kokomo, Indiana. A site for the second factory hasn’t yet been chosen. “This new facility will contribute to reaching our aggressive target to offer at least 25 new battery electric vehicles for the North American market by the end of the decade,” Stellantis Chief Executive Officer Carlos Tavares said statement. Samsung SDI will accelerate its entry into the US by building the new plant, CEO Choi Yoon Ho said. Read more: Samsung, Stellantis Invest $2.5 Billion in US Battery Plant Stellantis, the owner of the Jeep, Peugeot and Ram brands, has pledged to sell 5 million battery-electric vehicles by the end of 2030. It aims to make all of its European passenger car sales fully electric by that time, as well to make half of its North American sales battery powered. Samsung SDI is also building a $3 billion battery plant with General Motor Co.. It will have annual capacity of 30 gigawatt-hours and mass production should start in 2026. Read more: GM, Samsung SDI Outline $3 Billion Spend on US Battery Plant Samsung SDI shares rose as much as 2.6% in early trading in Seoul, the biggest intraday gain since July 13. --With assistance from Gabrielle Coppola. (Adds comments from chief executive officers of both companies.) Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.
11 killed as roof collapses at middle school gym in China’s far northeast, officials say 2023-07-24 - BEIJING (AP) — Eleven people were killed when a roof collapsed at a middle school gymnasium in China’s far northeast, authorities said Monday. The incident occurred Sunday in the city of Qiqihar and the last victim was pulled from the wreckage Monday morning. The official Xinhua News Agency said construction work at the school was the likely cause, after workers stored materials on the gym’s roof that absorbed rain water. Nineteen people had been in the gymnasium of the No. 34 Middle School, Xinhua said, but gave no details on how many were students. Social media and the Baidu news website carried footage of angry parents complaining about what they said was a lack of communication from authorities. Such expressions of anger and defiance are usually quickly suppressed by police and government departments worried over social unrest. The ruling Communist Party allows no challenges to its authority and seeks to keep total control over the press and social media. Construction and industrial accidents are regular occurrences in China, largely resulting from companies ignoring safety standards and corruption or a lack of diligence on the part of local government agencies. Those problems are especially acute in second- and third-tier cities such as Qiqihar, which lies in the Chinese rustbelt province of Heilongjiang bordering Russia that has seen large-scale economic decline and outward migration in recent years.
As Japan aligns with U.S. chip curbs on China, some in Tokyo feel uneasy 2023-07-24 - TOKYO/NEW YORK, July 24 (Reuters) - Japan's imposition of export controls on chip making tools to align with a U.S. policy restricting China's ability to produce advanced semiconductors is worrying some officials in Tokyo who believe a combative U.S. approach may hamper coordination and needlessly provoke Beijing. From this week, Japan is restricting 23 types of equipment, ranging from machines that deposit films on silicon wafers to devices that etch out the microscopic circuits of chips that could have military uses. But, while the U.S. referenced China 20 times in its October announcement targeting Chinese companies, Japan has chosen broad equipment controls not specifically aimed at its bigger neighbour. "We feel an odd discomfort with how the U.S. is doing this. There's no need to identify the country, all you need to do is control the item," a Japanese industry ministry official told Reuters. Japan can't sanction countries unless they are involved in a conflict, the source added. Japan's trade and industry minister told reporters when announcing Japan's measure in March that China was only one of 160 countries and regions that would be subject to controls and that Japan's rules were not meant to follow the U.S. Even so, China has warned Japan to backdown. Tokyo and Washington share concerns about China's push for advanced technologies and in May agreed with other Group of Seven industrial democracies on "de-risking" from potential Chinese economic coercion. However, differences in chip making equipment controls could test that unity, should either gain a competitive advantage over the other by allowing exports the other blocked. "Each country is responsible for its own licensing policies, and on top of that it's up to each country to enforce the licensing decisions that it undertakes," said Emily Benson, the director of the trade and technology project at the bipartisan nonprofit Center for Strategic and International Studies in Washington. Japan is not applying a U.S. standard of presumption of denial and will allow exports whenever possible, a second Japanese government official said. The Japanese government sources asked to remain anonymous because of the sensitivity of the issue. There may also be underlying tensions because unlike Japan and the Netherlands, which will implement controls starting September, the U.S. is not limiting restrictions to specific tools. "The U.S. rules still restrict other items and services the others do not," said Washington trade lawyer Kevin Wolf. Reuters contacted six chip tool makers in Japan. Two of them, deposition machinery maker Kokusai Electric and Japan's leading chip tool maker Tokyo Electron (8035.T), said they expect Japan's controls to have a limited business impact. Chip tester company Advantest Corp (6857.T) said none of its products are affected. Lithography machine makers Nikon Corp (7731.T) and Canon Inc (7751.T), and wafer cleaner manufacturer Screen Holdings (7735.T) did not respond. COORDINATION Dovetailing Japan's controls with those of the U.S. and the Netherlands will require close coordination. "The issue in all these things is, what is it you can let go safely and what do you need to block. Everyone draws the line a little bit differently," said Jim Lewis, a former U.S. State Department and Commerce Department official, and a researcher at the Center for Strategic and International Studies (CSIS). He has met with Japanese trade officials and believes Tokyo is committed to curbing certain exports. Tokyo, Amsterdam and Washington have all indicated they would like chip tools added to a list of weapons, dual-use goods and technologies controlled by the 42 nations that are party to the Wassenaar Arrangement established after the Cold War. They are unlikely, however, to win the unanimous backing they need from its members. "The Wassenaar arrangement is next to hopeless because Russia's a member," said Lewis. "You're never going to start by getting universal consensus. So, pick the guys who care and get them to work together." The alternative is to form a closer group with the U.S. and the Netherlands to oversee chip manufacturing tools that could eventually include other countries, the first Japanese industry ministry official said. The U.S. Commerce Department and Dutch government declined to comment. The White House did not respond to a request for comment. BROADER RESTRICTIONS In the meantime, U.S. President Joe Biden's administrationis expected to update its October rules, in part to align with the broader Japanese tool list. It could also go further than the Netherlands in limiting what Dutch lithography manufacturer ASML (ASML.AS) can supply to certain Chinese plants, Reuters exclusively reported last month. The U.S. can regulate ASML directly as its equipment includes U.S. parts. At the time, sources expected the updates in July, but that now appears unlikely. "Part of the reason it's taking so long is that the U.S. is still talking to Japan. They need to make sure that if they block anything, that they similarly block it in Japan," said a source familiar with the discussion. Tokyo remains worried that targeting China will provoke damaging retaliation, such as a ban on Japanese electric cars, a third Japanese industry official said. "What advantage is there to making someone lose face, unless that is your objective." Reporting by Tim Kelly Karen Freifeld, Kentaro Sugiyama; additional reporting by Toby Sterling and Yoshifumi Takemoto; Editing by Lincoln Feast Our Standards: The Thomson Reuters Trust Principles.
Vodafone reports better revenue growth, names new CFO 2023-07-24 - LONDON, July 24 (Reuters) - Vodafone (VOD.L) reported an acceleration in first-quarter top line growth on Monday, driven by strong demand in Britain and improvements in Germany, Italy and Spain, marking a positive start for new chief executive Margherita Della Valle. The European and African telecoms group also said it had appointed former SAP (SAPG.DE) chief financial officer Luka Mucic to the same role at Vodafone, beginning on Sept. 1. He will replace Della Valle who took on the top job permanently in April. She said on Monday that service revenue had improved "across almost all of our markets", as it reported a 3.7% rise for the group. The decline in Germany, Vodafone's biggest market, more than halved quarter on quarter to 1.3%, as broadband price rises partially offset the impact of customer losses over the last 18 months, the company said. Growth in service revenue in Britain, where Vodafone announced the merger of its operation with Hutchison's rival network Three last month, accelerated to 5.7%, boosted by strong growth in consumer and annual price increases. In Italy, improved demand from businesses helped reduce the decline to -1.6%, from -2.7% in the previous quarter, it said, while Spain saw a smaller improvement to -3.0% from -3.7%. Della Valle has been tasked with simplifying the group and stemming the decline in some of its biggest markets in Europe, which have been hit by fierce competition. Reporting by Paul Sandle; Editing by Kate Holton Our Standards: The Thomson Reuters Trust Principles.
Analysis: China's pitch to foreign investors falls flat as incentives dwindle 2023-07-24 - BEIJING, July 24 (Reuters) - China is struggling to revive foreign investment in its financially battered cities and provinces as foreign firms remain wary of political risks and new incentives fall far short of sweeteners once used to attract overseas money. With their coffers depleted after an economically bruising pandemic and property crisis, local authorities have been racing to find new revenue sources, with foreign investment particularly coveted. Premier Li Qiang in March declared China open for business again, and since then provinces and cities from Sichuan to Chaozhou have sent delegations across the globe to pitch and invited investors to rare symposiums. However, foreign industry executives and lobbyists say the incentives many local governments now offer are far less attractive than they were a decade ago, when companies could easily win subsidies or free land use and the regulatory environment seemed more predictable. "Clearly the China-side is very much getting on the front foot with international engagement," said Kiran Patel, senior director at the China-Britain Business Council. He cited five meetings between their London office and delegations from Chinese local governments in late June. But "there’s still a lot of work to do in terms of warming up or reheating interest in China," he warned. The charm offensive contrasts with Beijing's more hawkish overtures about dominance in supply chains and President Xi Jinping's increased focus on national security. Dollar-denominated foreign direct investment (FDI) fell 5.6% in January-May from the same period last year, despite the end of strict COVID curbs, as the post-pandemic recovery in the world's second-largest economy faltered. China's Ministry of Commerce did not respond to a request for comment. BENEFITS, NOT INCENTIVES Noah Fraser, managing director of the Canada China Business Council, said his organisation had also been on the receiving end of a "charm offensive" from municipal, provincial and regional authorities, but that his understanding from most of them was that cash would not be forthcoming and projects would need to be self-financed. "They'll be friendly, they'll be open minded, but I don't suspect that they have a great deal of financial capital to move with," he said. "So I think any equity or any assets will be...in the relationships and permissions that get rid of the red tape." Senior executives from three large Western companies that Reuters spoke to on the condition of anonymity said they were similarly unconvinced after discussing prospective investment with local authorities. "(The incentives) are not worth engaging our finance team over, it's public affairs work, as it's a conversation we're having with the local government, but it's not going to affect the company's investment or operational decisions," said one of the executives. He added that while in the past his company had been offered enterprise tax waivers and deals on land to put in fresh investment, an eastern Chinese government had recently only offered him a deal on personal income tax for their top executives amounting to 6 million yuan. "I wouldn't say its an incentive. It's a benefit. But would our company stay in China forever for this 6 million yuan? No." PART OF THE SYSTEM Local authorities carry out a delicate balancing act when courting foreign investment and dealing with critical questions about Xi's security policies. Many foreign companies have expressed concerns over the changing business environment in China, which in recent years has been marked by a crackdown on consultancies affecting how investors can perform due diligence, as well as new data and anti-espionage laws. Analysts say there is now very little tolerance for deviation from Chinese Communist Party thinking on business, which has forced many foreign firms to rethink their approach to China. "I do think (Li Qiang) wants and intends to bring inbound investment back, but he's someone who's loyal and so should he be asked to lock down Shanghai again or do anything that isn't business friendly, he would," said Agatha Kratz, director at Rhodium Group, a China-focused consultancy. One of the three executives, whose employer is a foreign automaker, said he had been surprised by how officials had repeatedly raised Xi's policies on self-reliance and self-strengthening in a recent meeting in a southern Chinese city. "As far as the macro situation is concerned, local governments can't do anything to reassure foreign investors. Actually, they are part of the system," he said. Reporting by Joe Cash; Editing by Brenda Goh and Sam Holmes Our Standards: The Thomson Reuters Trust Principles.
Philips slightly raises 2023 outlook after Q2 core profit beat 2023-07-24 - Companies Koninklijke Philips NV Follow July 24 (Reuters) - Dutch health technology company Philips (PHG.AS) on Monday slightly raised its full-year targets after posting a bigger-than-expected jump in second-quarter core earnings thanks to better supply chains, a strong order book and efficiency measures. The Amsterdam-based group, a former industrial conglomerate that now focuses on medical technology, reported adjusted earnings before interest, taxes and amortization (EBITA) of 453 million euros ($503.78 million) for the April-June period, above the 394 million euros seen in a company-compiled poll. For the full year, it now expects a mid-single-digit comparable sales growth versus its previous guidance of a low-single-digit growth. Its adjusted EBITA margin is now seen at the upper end of its previously forecasted high-single-digit range. Philips, which is facing lawsuits over its recall of respiratory devices, said it had produced approximately 99% of the new replacement respiratory devices and repair kits required for the remediation of the registered affected devices. The group has been grappling with the fallout of a global recall of millions of respirators used to treat sleep apnoea since it was announced in June 2021. "Completing the Philips Respironics field action remains our highest priority. The vast majority of the sleep therapy devices are now with patients and home care providers, and we are fully focused on the remediation of the affected ventilators," Chief Executive Roy Jakobs said in a statement. The Amsterdam-based group also said litigation and investigation by the US Department of Justice related to the Respironics field action were ongoing, as well as the discussions on a proposed consent decree. ($1 = 0.8992 euros) Reporting by Kirsti Knolle Our Standards: The Thomson Reuters Trust Principles.
Hong Kong court to hold hearings on China Evergrande restructuring plan in Sept 2023-07-24 - HONG KONG, July 24 (Reuters) - A Hong Kong court will hold sanction hearings over whether to approve embattled Chinese property developer China Evergrande Group's (3333.HK) offshore debt restructuring plan on Sept. 5 and Sept. 6, the court ruled on Monday. A convening hearing for Evergrande's offshore debt restructuring plan was held in Hong Kong's High Court on Monday. A separate hearing will also take place at a Cayman Islands court on Tuesday. With total liabilities of $330 billion, Evergrande is the world's most indebted property developer, and its default in late 2021 has led to a string of defaults and uncompleted homes across China. It announced a debt restructuring plan in March, proposing to creditors a basket of options to swap their debt into new bonds and equity-linked instruments. Evergrande last week posted a combined loss of $81 billion in 2021 and 2022 and a rise in total liabilities in its long-overdue financial results, raising questions about the viability of its restructuring plan and operations among investors. Reporting by Clare Jim; Writing by Xie Yu; Editing by Jamie Freed Our Standards: The Thomson Reuters Trust Principles.
Chinese petchem firms betting big on energy transition products 2023-07-24 - SINGAPORE, July 24 (Reuters) - Chinese oil refiners and petrochemical companies are investing tens of billions of dollars to produce high-end chemicals for solar panels and lithium-ion batteries to profit from growing demand for energy transition technologies. The investments illustrate China's drive to reduce its import dependence and further cement its dominance of renewable energy and electric vehicle supply chains. The move pits the Chinese companies against Dow Chemical, Exxon Mobil (XOM.N) and BASF (BASFn.DE) in making key materials. Companies including Wanhua Chemical (600309.SS), Zhejiang Petrochemical Corp (ZPC) and Hengli Petrochemical (600346.SS) and state oil giant Sinopec Corp are leading the shift, industry executives and analysts said. They are moving from making more basic petrochemicals for polyester fabrics and plastic packaging to manufacturing higher value products such as polyolefin elastomers (POE) used to protect the cells on solar panels, ultra-high-molecular-weight polyethylene for lithium-ion battery separators and carbon fibre for wind turbine blades. "Overcapacity and weak demand for commodity chemicals, and China's rapidly growing industries like solar, electric vehicles are the key drivers for companies to extend into high-end, high performing materials," said Kelly Cui, Shanghai-based principal analyst with consultancy Wood Mackenzie. China's glutted market in polyethylene and polyesters after years of rapid petrochemical capacity expansion is prompting some of the shift. The drive also aligns with Beijing's push for companies to break through technological bottlenecks for producing key new materials and strengthen domestic supply chains, and builds off China's status as the world's biggest manufacturer of electric vehicles, EV batteries and solar panels. "Companies are moving towards serving the new energy sectors where China is already leading in manufacturing," said Zhao Tongyang, deputy chief engineer at the China National Petroleum and Chemical Planning Institute (NPCPI). ZPC, Hengli, and smaller refiner Shandong Chambroad Petrochemical are each building multi-billion-dollar complexes to make the new materials, with production due to come online around 2025, officials at the three companies told Reuters. Sinopec Corp, the country's top refiner and basic chemicals producer, is shifting investment to high-end chemicals such as ethylene vinyl acetate (EVA) for solar panels and large-tow carbon fibre used in aircraft and lighter, stronger wind turbine shafts. "China is no longer short of bulk commodity chemicals and has entered a phase of cost competition," said a representative at Hengli Petrochemical, which is adding a 20 billion yuan ($2.77 billion) chemical park next to its petrochemical complex in Dalian, in northeastern China. Engineering plastics, raw materials for bio-degradable plastics and electrolytes for lithium batteries, as well as plastics for the battery separators, are among the new plant's main planned products, said the Hengli representative, who declined to be identified. Having set up a specialised battery technology unit in late 2022, Wanhua Chemical said in May it will spend 3.4 billion yuan this year on raw materials for anodes, cathodes, and electrolytes used in lithium batteries, China Chemical News reported in June. PUSHING POLYOLEFIN ELASTOMERS Chinese production capacity for POE, a material used for solar panel encapsulation that resists ultraviolet light and is more durable than EVA, will surge to 1 million metric tons per year by 2025 from zero at a cost of about 20 billion yuan, to meet demand that is set to expand at double-digit rates, industry officials estimated. About a dozen companies, including units of Sinopec and PetroChina , are building or planning POE capacity. The domestic supply would partly replace China's POE imports, which have grown by an average of 23% a year over the past five years to a record 690,000 tonnes worth 13.7 billion yuan in 2022, according to Chinese customs. "China controls 80%-90% of global solar capacity and is home to 90% of photovoltaic encapsulant film manufacturing, but has zero local production of POE pellets," said NPCPI's Zhao. Wanhua and Sinopec are expected to be China's first commercial POE producers, according to Zhao and Woodmac's Cui. In April, Sinopec announced trial output at its Maoming refinery. ZPC expects to bring online a POE facility that can produce 400,000 metric tonnes per year by 2025/2026, said an official from Zhejiang's parent Rongsheng Petrochemical. "Whoever moves faster will win as there could be a surplus, as many are planning (POE plants)," said Woodmac's Cui. ($1 = 7.1720 Chinese yuan renminbi) Reporting by Chen Aizhu; additional reporting by Beijing newsroom; Editing by Tony Munroe and Christian Schmollinger Our Standards: The Thomson Reuters Trust Principles.
Investor Sentiment Improves After Dow Gains For 10th Straight Session - American Express (NYSE:AXP), CSX (NASDAQ:CSX) 2023-07-24 - The CNN Money Fear and Greed index showed some improvement in overall sentiment among U.S. investors on Friday. The Dow Jones recorded gains for a tenth straight session as traders assessed recent corporate earnings reports. On a weekly basis, the Dow rose 2.08%, while the S&P 500 added 0.69%, with both indices recording second positive week in a row. American Express Company AXP shares fell 3.9% on Friday after the company reported mixed financial results for the second quarter. CSX Corporation CSX shares declined 3.7% following worse-than-expected second-quarter sales results. As far as the earnings season is concerned, out of the S&P 500 companies that have released quarterly results so far, around 75% of those exceeded profit estimates. The Dow Jones closed higher by around 3 points to 35,227.69 on Friday. The S&P 500 rose 0.03% at 4,536.34, while the Nasdaq Composite lost 0.22% at 14,032.81 during the session. Investors are awaiting earnings results from Domino's Pizza, Inc. DPZ, Whirlpool Corporation WHR and NXP Semiconductors N.V. NXPI today. At a current reading of 82.0, the index remained in the "Extreme Greed" zone, versus a previous reading of 80.0 What is CNN Business Fear & Greed Index? The Fear & Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness. Read Next: Insiders Buying Steel Connect And 2 Other Stocks
Elon Musk's Tesla Reportedly Removes Bitcoin As Payment Option, But Keeps Dogecoin - Tesla (NASDAQ:TSLA) 2023-07-24 - Electric vehicle and clean energy company Tesla Inc TSLA has reportedly made changes to its payment page source code, removing Bitcoin BTC/USD while keeping Dogecoin DOGE/USD as an accepted cryptocurrency. What Happened: According to Chinese reporter Wu Blockchain, Tesla has deleted Bitcoin in the source code of its payment page but still retains Dogecoin. Rumors had earlier circulated in the crypto community regarding Tesla’s inclusion of both Bitcoin and Dogecoin in its payment page source code. "Upon verification, it was found that Bitcoin and Dogecoin were already present in the source code as early as January 2023. It appears that Tesla did not remove this code when they previously discontinued the option to pay with Bitcoin," Wu Blockchain tweeted. See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’ Why It Matters: The apparent removal of Bitcoin from the source code comes at a time when the largest cryptocurrency is facing increased regulatory scrutiny globally and concerns about its environmental impact due to energy-intensive mining operations. However, Tesla has not yet released an official statement if it has removed BTC from the payment option. In contrast, Tesla’s retention of Dogecoin in the source code is considered intriguing. Initially created as a meme cryptocurrency, Dogecoin has gained significant popularity and garnered endorsements from prominent figures, including Tesla CEO Musk himself. Musk, known for his vocal support of Dogecoin, has even referred to himself as the “Dogefather” during his appearance on Saturday Night Live. Tesla did not transact in Bitcoin, nor in buy or sale transactions, in the second quarter, the earnings release showed. The balance sheet showed that as of June 30, 2023, it held digital assets, net, of $184 million, the same as in the previous two quarters. Tesla did not respond to Benzinga’s request to comment, at the time of publishing. Price Action: At the time of writing, Bitcoin was trading at $29,774, down 0.24% in the last 24 hours, according to Benzinga Pro. Photo Courtesy: Shutterstock.com Read Next: Bitcoin, Ethereum, Dogecoin See Uptick Ahead Of Fed Policy Meet: Analyst Sees Big Sell-Off For Altcoins, But Says This Crypto Could Be Exception Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
Bitcoin Wallet Moves BTC Worth $31M After 11-Year Dormancy, Clocks More Than 600,000% Gains 2023-07-24 - A previously dormant Bitcoin BTC/USD wallet containing 1,037 BTC, equivalent to $31 million at current prices, has suddenly come to life after being untouched for over 11 years. The entire stash was transferred out, indicating a significant move in the cryptocurrency market. What Happened: The transfer occurred when Bitcoin was trading at around $29,956 on July 22, as reported by BitInfoCharts. According to the on-chain analytics platform Lookonchain, the 1,037 BTC was initially acquired on April 11, 2012, when the price of Bitcoin stood at a mere $4.92. At that time, the value of the stash was approximately $5,108. This sudden transfer to a fresh wallet address, identified as “bc1qt180…,” as per data from blockchain aggregator Blockchair, now holds the $31 million worth of Bitcoin, a gain of 606,418.36%. Interestingly, the balance in the original Bitcoin wallet had reached its peak at $71.6 million during the cryptocurrency’s all-time high price of $69,044 on November 10, as reported by CoinGecko. See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’ Why It Matters: While the source and intentions of this dormant wallet remain unclear, it is worth noting that the United States government has made notable BTC transfers recently. On July 12, the government moved nearly 10,000 BTC, equivalent to $299 million, in a series of transactions related to the Silk Road seizure. However, it is yet to be determined whether these transactions were sent to cryptocurrency exchanges or remain under the custody of the Justice Department. Price Action: At the time of writing, Bitcoin was trading at $29,774, down 0.24% in the last 24 hours, according to Benzinga Pro. Read Next: Bitcoin, Ethereum, Dogecoin See Uptick Ahead Of Fed Policy Meet: Analyst Sees Big Sell-Off For Altcoins, But Says This Crypto Could Be Exception Photo Courtesy: Shutterstock.com Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
Bitcoin's Price Could Skyrocket to $120,000, Fueled By Positive-Feedback Loop, Says Analyst 2023-07-24 - The price of Bitcoin BTC/USD could soar above $120,000 if miners continue to hold onto tokens, according to Standard Chartered analyst Geoff Kendrick, Business Insider reports. What Happened: Kendrick suggests that the behavior of Bitcoin miners, who often sell fewer tokens when the price climbs, could create a positive feedback loop that propels Bitcoin’s price beyond already-bullish forecasts. “And so your point about this becoming self-fulfilling, I suspect is actually a very important driver,” he said. See Also: Elon Musk’s Tesla Cybertruck Spotted Sporting Clever Disguise Masquerading As Ford F-150 Why It Matters: The upcoming halving of Bitcoin in 2024, which will cut the reward given to miners in half, is another factor that could lead to price increases. Kendrick also pointed out that miners do not have many reasons apart from Bitcoin’s price moves to sell the token. Many miners hold on to their bitcoin with the hope that its valuation will eventually climb up. “So they basically want to have a company that starts out when prices are cheap, get cheaper electricity and stuff, and then hold on. It’s like a super-leveraged play,” he explained. Read Next: Twitter CEO Linda Yaccarino Says X.com Will Be Powered By AI And Will Connect In Ways We're Just Beginning To Imagine Photo by EamesBot on Shutterstock
China property stocks tumble on renewed debt fears 2023-07-24 - Country Garden shares tumbled to fresh eight-month lows Monday, extending losses on renewed debt fears for the Chinese property sector. Future Publishing | Future Publishing | Getty Images Stock Chart Icon Stock chart icon Country Garden is seen as one of the largest property developers in the mainland. A move last week to refinance part of a 2019 loan facility failed to assure investors of its ability to service its debt, Reuters reported. JP Morgan's analysts slashed target prices for Country Garden by more than 60% to HK$0.90 and Country Garden Services by nearly 70% to HK$6.70. Monday's slide for the Chinese property sector comes after heavy losses last week following weak property-related data and property giant Evergrande's overdue earnings report that showed the full extent of its default. The country's property sector is struggling to emerge from a credit crisis after the government cracked down on its debt levels in August 2020. Stock Chart Icon Stock chart icon Years of exuberant growth led to the construction of ghost towns where supply outstripped demand, as developers looked to capitalize on the desire for home ownership and property investment. Weakness in China's real estate sector could be a drag on the economy for years to come and could even impact countries in the wider region, Wall Street banks have warned. Goldman Sachs economists said the property market is expected to see an "L-shaped recovery" — defined as steep declines followed by a slow recovery rate. watch now