Fuzok http://fuzok.biz/ Wed, 29 Jun 2022 18:47:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://fuzok.biz/wp-content/uploads/2021/05/fuzok-icon-150x150.png Fuzok http://fuzok.biz/ 32 32 BitForex launches low-interest crypto loans for Tether, Bitcoin and Ether users http://fuzok.biz/bitforex-launches-low-interest-crypto-loans-for-tether-bitcoin-and-ether-users/ Wed, 29 Jun 2022 18:47:22 +0000 http://fuzok.biz/bitforex-launches-low-interest-crypto-loans-for-tether-bitcoin-and-ether-users/

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Hong Kong, Hong Kong–(Newsfile Corp. – June 29, 2022) – BitForex, one of the leading international cryptocurrency exchanges, has released crypto loans in USDT, BTC and ETH. Borrowers can opt for flexible loans 7 days / 14 days / 30 days (extendable up to 180 days) crypto loan terms.


To view an enhanced version of this graphic, please visit:

In crypto lending, anyone with cryptocurrencies in their wallet can lend to the borrower. For the security of these loans, they receive interest on the crypto assets of the borrower. The lender obtains control of the assets. In the event of non-repayment, he can liquidate these assets to recover the amount. BitForex offers a 7-180 day window on these loans to borrowers.

Crypto lending at BitForex is available upon presentation of collateral. Depending on the quality of the assets, borrowers can obtain from 60% to 85% of the value of their collateral. Also, for faster loan approvals, the company has waived the private survey of borrowers. One can access their loans just after completing their approval process.

To start, you must register on BitForex. After that, borrowers can apply for loans. With this, the collateral is transferred from the cash account.

Also, one can get the loan through the same account. Borrowers are free to use this loan for margin trading and spot trading on BitForex. The debtor can repay this amount at any time and he will receive his guarantee in the same cash account from which it was deducted.

One can manually repay BitForex crypto loans by visiting their pending orders page. This page appears on their account once the loan amount is credited to their account. In addition, they offer the possibility of reimbursement in proportion. If they use this option, the corresponding fraction of the promised deposit will be credited to their account.

Crypto borrowing is becoming mainstream, as it frees the borrower from going through banks, signing a car/house as collateral, signing documents, etc. Borrowers who own bitcoins/ether (other currencies) can pledge these digital assets and get stablecoins. These stablecoins are convertible into local currencies. The loan is available despite the borrower’s credit rating and it preserves his privacy. The crypto loans offered by BitForex are very flexible, as one can receive the loan within minutes.

About BitForex

BitForex is a cryptocurrency exchange offering trading options such as derivatives and margin and token trading. It offers a safe and convenient digital currency trading platform for new age financial options. Currently, it offers more than 300 pairs in spot trading. Also, the platform provides turbo launchpad (IEO, INO, Vote for listing), NFTs and crypto loans. For convenience, BitForex excludes crypto payments from debit/credit cards. Moreover, users can access and trade on Android and iOS apps, apart from its web version. Based in Hong Kong, Bitforex has over 6 million users and is present in over 200 countries. Currently, it includes operational teams in Europe, Asia and the Pacific regions. BitForex operates under the leadership of Jason Luo.

Media Contact
Last name: Henry F.
E-mail: [email protected]
Twitter: https://twitter.com/bitforexcom
Telegram: https://t.me/BitForexEnglish

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129337

China’s Options for Economic Recovery in 2022 Narrow as HDPE Demand Outlook Deteriorates – Asian Chemical Connections http://fuzok.biz/chinas-options-for-economic-recovery-in-2022-narrow-as-hdpe-demand-outlook-deteriorates-asian-chemical-connections/ Wed, 29 Jun 2022 01:33:13 +0000 http://fuzok.biz/chinas-options-for-economic-recovery-in-2022-narrow-as-hdpe-demand-outlook-deteriorates-asian-chemical-connections/

By John Richardson

BACK IN 2014, I first highlighted the risks of Chinese local governments selling land to raise funds for their public spending. It is estimated that about 85% of Chinese central and local government spending is done by local governments.

This approach worked very well as land prices continued to rise. But since China launched its Common Prosperity pivot last August, land and property sales have weakened.

Zero-COVID lockdowns have taken more air out of the housing bubble as travel restrictions have added to the downward momentum in sales.

“In April and May [2022]new home prices fell in more than half of China’s 70 largest cities for the first time since 2016, and sales of these properties fell nearly 60%,” the report wrote. New York Times in a June 20 article.

Efforts to stimulate the economy through more infrastructure spending have been stalled by a shortfall in local government finances caused by the deflated real estate sector, the report said. South China Morning Post.

An inspection by China’s audit bureau found that 10 regions used the 13.7 billion yuan (CNY) ($3 billion) they raised through the sale of special purpose bonds, which were supposed to be spent primarily on infrastructure, to pay salaries and cover operating costs, the newspaper said on June 22. The audit inspection revealed that 28 provinces misappropriated 1.4 billion yuan, including to repay debt.

The audit inspection reportedly found that 28 provinces used 1.4 billion yuan from the bonds for other infrastructure projects, including debt repayment. Special purpose bonds are bonds that the central government authorizes local authorities to issue, in particular to spend money on infrastructure.

Unless the real estate market is revived, we could therefore see a limited increase in infrastructure spending during the rest of 2022.

Given the stop-start nature of easing zero-COVID policies and the negative impact this is having on retail sales in China, increased infrastructure spending may be the only way to kick-start the economy. economy.

But even if infrastructure spending can be revived, it might not produce the kind of economic rebound we’ve seen in the past, according to François Godement, senior adviser for Asia at Institut Montaigne.

“Investment, especially in infrastructure, drives the economy. Even with this remaining engine, there is a big reserve: so many roads, railway lines, ports, airports, cities, power stations and model cities have been built that they barely leave room for more,” Godement wrote in a June 2022 research paper.

All of the above helped explain why prices for iron ore, so vital to Australia’s economy, had fallen 20% in the previous three weeks, writes Karen Maley in a June 28 Australian Financial Review article.

The above might also help us understand what is happening in another basic commodity market – high density polyethylene (HDPE).

The best outcome now may be steady growth in HDPE demand

My previous best for HDPE demand growth in China in 2022 was 6%. My worst case scenario was a 3% drop. Now, however, I fear that the best outcome for HDPE demand in 2022 will be flat or no growth. My worst case result is a 4% decline (see slide below).

But despite the stop-start nature of the easing of the lockdown, restrictions have mostly been less severe since early June.

So let’s look at what the June spread data tells us. This is the difference or spread between prices per ton of HDPE and costs per ton of naphtha feed.

As I explained in my LinkedIn post on June 27, the latest spread data for average CFR (cost and freight) prices of PE and polypropylene (PP) in China versus CFR naphtha costs in Japan do not suggest much recovery.

Focusing only on the prices of injection grade HDPE (this is the same trend in other grades of HDPE) versus naphtha, the chart below shows the market moving in the right direction in June .

In March 2022, China’s HDPE spread fell to just $98/ton – by far the lowest since our price assessments began in January 2000. The previous monthly low was $206/ton in December 2019 – i.e. 110% more.

I expected spreads to bounce off such an extraordinary low, which happened in April and May.

I was less convinced that the trend would continue in June. But, as you can see on the chart, the gap in June narrowed to $219/tonne from $155/tonne in April. And the June gap was above the record low of $206/tonne recorded in December 2019.

But consider the following:

  • The average monthly deviation from November 2002 to December 2020 was $502/tonne (in 2021 the average monthly deviation was $405/tonne).
  • Until the average monthly spread gets much closer to $502/tonne, HDPE producers will remain in a historically weak position.

As always, the economic views in the first section of this article represent only one perspective. And time and time again, China has proven skeptics wrong by managing to recover from brief economic downturns.

But the data on long-term deviations for chemicals and polymers in general are free from opinions – they are, of course, just numbers. Spread data is about as close as you can get to an objective view of what is really happening, on the ground, in any economy.

Let’s also put China’s HDPE spreads in the long-term context of oil prices. The graph below shows that during previous spikes in crude prices and therefore naphtha costs, HDPE producers have been better able to pass on cost increases to converters.

Chinese HDPE imports in 2022 could be 1.6 million tons lower than last year

In 2021, China accounted for over 30% of global HDPE demand, up from around 12% in 2000.

Interestingly, however, China’s share of global net HDPE imports declined slightly between 2000 and 2021. It was among the countries and regions that imported more than they exported.

In 2000, China’s net imports were 59% of the world total compared to 55% in 2021, according to the ICIS supply and demand database. This makes today’s final chart very important.

The chart shows three different scenarios for China’s net HDPE imports in 2022 compared to what happened last year.

The 1-year scenario assumes stable demand growth and an average local operating rate of 79%. The exploitation rate reflects what we estimate to be local production in January-May 2022.

In this scenario, net imports in 2022 would total 6.1 million tonnes compared to 6.4 million tonnes in 2021.

Scenario 2 maintains the exploitation rate of 79% but demand growth drops to minus 2%. This is based on data from January to May. Net imports would fall to 5.6 million tonnes.

Scenario 3 implies an operating rate of 84% and minus 4% demand growth. This would lead to imports of only 4.8 million tonnes. The operating rate of 84% is what we assume in the ICIS Supply & Demand database.

Standard Western economics is to reduce exploitation rates in a low demand environment, but this has often not been the case in China.

China could again choose to operate its factories at full capacity to increase its export earnings. A weaker yuan against the dollar could support this decision. Since the beginning of the year, the yuan has weakened against the dollar.

Conclusion: a single set of views

As always, this article only represents a set of views – obviously mine – and my interpretations of the data. And to emphasize again, my script work is for demonstration purposes only.

For suitable script work contact me and I can put you in touch with our excellent team of analysts, including our team in China

US Bans Russian Gold Imports; sanctions 70 entities, 29 individuals http://fuzok.biz/us-bans-russian-gold-imports-sanctions-70-entities-29-individuals/ Tue, 28 Jun 2022 16:03:52 +0000 http://fuzok.biz/us-bans-russian-gold-imports-sanctions-70-entities-29-individuals/


The US Treasury Department announced on Tuesday that it was banning imports of Russian gold and imposing sanctions on 70 Russian entities and 29 individuals.

This decision applies to gold of Russian origin but does not include gold located outside of Russia before Tuesday.

Gold is Moscow’s biggest non-energy export and Russia is the world’s fourth largest gold exporter with $18.7 billion in 2020, according to the Observatory of Economic Complexity.

Russia is the second largest gold producer in the world with around 10% of the global share, according to the World Gold Council.

The United States said its action was joined by the United Kingdom, Canada and Japan, as announced at the G7 summit on Sunday by US President Joe Biden.

“Broad multilateral commitments and actions by G7 members this week have further cut off the Russian Federation’s access to technology that is critical to their military,” Treasury Secretary Janet Yellen said in a statement. “Targeting the Russian defense industry will degrade (Russian President Vladimir) Putin’s capabilities and further hamper his war against Ukraine, which has already been plagued by poor morale, broken supply chains and logistical failures. “

The designations are in addition to US State Department sanctions against 45 additional entities and 29 individuals, according to the Treasury Department.

One of the main sanctioned entities is the Russian state-owned company Rostec, which operates in the technology, aerospace, automotive, defence, aviation and metals sectors.

Other entities include businesses and subsidiaries in transportation, freight, chemicals, petroleum, rubber, plastics, construction, business services, wholesale, electronics, communications and information security systems.

The Anadolu Agency website contains only part of the news offered to subscribers of the AA News Broadcast System (HAS), and in summary form. Please contact us for subscription options.

]]> Restaurants serve NFTs to diners. Here’s why. http://fuzok.biz/restaurants-serve-nfts-to-diners-heres-why/ Tue, 28 Jun 2022 11:07:27 +0000 http://fuzok.biz/restaurants-serve-nfts-to-diners-heres-why/

Restaurants have something new on their menus: NFTs. And no, you can’t eat them. Instead, restaurateurs use the non-fungible tokens to act like memberships, in a sense, allowing holders access to exclusive benefits and experiences.

Chefs Tom Colicchio and Spike Mendelsohn recently launched Pizza CHFTY, 8,888 pizza-themed NFTs that grant users access to exclusive events and products. NFT holders at The Brooklyn Chop House’s new Times Square location have access to an “intimate cellar area.” And restaurant chain Chotto Matte has launched a unique NFT called “The Founder” that gives the holder access to future restaurant openings, winery and distillery tours, a private experience with the restaurant’s executive chef, New Year’s reservations for six people, and even sports tickets.

“At Chotto Matte, it is important that we continue to evolve and push the boundaries and vision of the restaurant industry; that’s why it made sense for us to enter the market,” said Kurt Zdesarfounder and owner of Chotto Matte, the global dining destination serving Nikkei (Japanese and Peruvian) cuisine, with locations in London, Toronto and Miami.

“Everything about this NFT exemplifies the boundaries we are pushing for creativity,” he added. “The founder [which was purchased this past spring] allows us to create an exclusive membership club, with never-before-seen benefits such as personal invitations, luxury accommodations, curated dining experiences, and more. Not to mention that this is a one-of-a-kind membership, which elevates its exclusivity.”

While much of Web3 revolves around democratizing the internet, these restaurant-related NFTs don’t come cheap. Brooklyn Chop House NFTs start at $8,000, with more expensive tiers offering even more exclusive perks. The Founder NFT by Chotto Matte cost $1 million.

In April, Chotto Matte held a launch event at its Miami Beach location, in conjunction with the Bitcoin Miami Conference and Miami NFT Week. Conference attendees were able to unlock a secret menu of opulent dishes, available for purchase only in Bitcoin, as well as a limited-edition Bitcoin-inspired cocktail, 10/31, which was made with Japanese whiskey. and topped with a flammable dollar bill that revealed a bitcoin coin.

A limited-edition Bitcoin-inspired cocktail made with Japanese whiskey and garnished with a flammable dollar bill that revealed a Bitcoin coin was served at Chotto Matte’s The Founder NFT launch party.Photo: Courtesy of Chotto MatteEarlier this month, facade of the house, a curation of exclusive restaurant-related digital collectibles, launched in the New York market, with the goal of bringing the hospitality and independent dining space into the Web3 world. The platform provides its partners, which currently include Dame, Wildair and Emmett’s on Grove, with 80% of collectable digital profits, helping restaurants create new revenue streams outside of the dining room. Digital collectibles consist of one-of-a-kind digital art combined with offline experiences.

“During the pandemic and, honestly, even before, the costs of running a restaurant skyrocketed. Coming from a restaurant background, we saw an opportunity for restaurants to find a whole new revenue stream with little to no upfront costs using their IP,” explained Colin Camacco-founder of facade of the house, about the decision to launch the platform. “We also see it as an opportunity for them to take their first steps into the world of Web3 and interact with their guests in a whole new way.”

For example, Emmett’s Supper Club collectibles (priced at $300 each) give owners access to special reservations, pizza nights, exclusive merchandise, and more. Front of House’s next release will be with Hanoi House, and upcoming partners include One White Street, Rosella, Niche Niche and Tokyo Record Bar, and The Sussman’s.

Camac said the benefit for restaurants offering digital collectibles like these is that they’re able to develop an “additional, low-friction revenue stream that isn’t dependent on diners physically settling into seats that can help make the business more resilient and profitable”. It also offers the “opportunity to build a community around people who are genuinely interested in what the restaurant offers. It’s a whole new way for restaurants to keep their best customers engaged in their world.

Kevin Seo, co-founder of Bored & Hungry, the world’s first NFT-branded burger, located in Long Beach, California, which uses a pattern inspired by the Bored Ape Yacht Club, one of the largest NFT collections currently in circulation , echoed that sentiment.

“It’s an amazing way to engage communities that want to support you, and in turn, it brings utility to the community through different access points and discounts,” he said. “It’s a way to engage more with those who enjoy your food.”

Along with Andy Nguyen, co-founder of Bored & Hungry, Seo also launched Food Fighters Universe, an NFT collection that will help grow an NFT-backed restaurant group. NFT Food Fighters give members access to special events (including group food and music festival passes), rewards and perks (like free food) on Web3 and IRL, as well as guided shared governance, allowing NFT holders to influence the location, menu and design of future restaurants. The group is also currently developing an “immersive retail dessert experience” called Dr. Bombay’s Sweet Exploration. with NFT enthusiast Snoop Dogg.

Bored & Hungry, the world's first NFT-branded hamburger restaurant, located in Long Beach, CA, features a design inspired by the Bored Ape Yacht Club, one of the largest NFT collections currently in circulation.Bored & Hungry, the world’s first NFT-branded hamburger restaurant, located in Long Beach, CA, features a design inspired by the Bored Ape Yacht Club, one of the largest NFT collections currently in circulation.Photo: Calvin HangWhile the Food Fighters universe aims to merge the existing NFT community with food, other upcoming properties hope to infuse the dining experience with technology. Chef Josh Capon teams up with entrepreneurs David Rodolitz and Gary Vaynerchuk to launch the Fly fishing club, which has been dubbed the “first-ever NFT restaurant.” NFT holders will have unlimited access to a private dining room in New York City when the property opens next year, as well as a series of exclusive digital and in-person special events. The seafood-inspired restaurant will also include a private room that can be reserved by members for events.

Although the exact location of the venue is TBD, the 1,500 NFTs released to the public sold out within minutes, with prices ranging from around $8,000 to $14,000; current resale values ​​are nearly double those amounts.

“Diners are drawn to this concept because it’s the first of its kind – a lot of people love exclusivity and believe in social currency,” explained Rodolitz, founder and CEO of VCR Group, the hospitality company behind Flyfish Club. “They’re in the community to look and be part of something new and innovative with like-minded people, and they actually own their membership, which gives them complete control over it.”

“It's an amazing way to engage communities that want to support you, and in turn, it brings utility to the community through different access points and discounts.  It's a way to engage more with those who enjoy your food,” said Kevin Seo, co-founder of Bored & Hungry.“It’s an amazing way to engage communities that want to support you, and in turn, it brings utility to the community through different access points and discounts. It’s a way to engage more with those who enjoy your food,” said Kevin Seo, co-founder of Bored & Hungry.Photo: Calvin HangHe added that “through NFTs, we are building a very loyal and strong community. Our members own their memberships rather than renting their memberships. It’s their asset to do with it what they want.

Rodolitz also highlighted why the concept makes economic sense for a volatile industry like restaurants. “It creates a more secure financial model for our business, as we have a few more ways to generate revenue, rather than just relying on restaurant operations. The hospitality industry is very tough, so having a few additional ways to generate revenue income, we can focus on being more hospitable and less transactional with our members.

Of course, there’s also a cool, edgy factor that attracts both diners and restaurateurs to these digestible NFTs. “Besides the exclusivity and uniqueness that NFTs bring to the restaurant industry, we believe this is a great opportunity to create something that inspires customers,” Zdesar said. “The possibilities in this market are endless, and NFTs give us the opportunity to express our creativity and curate an eclectic and elevated dining experience in the restaurant scene.”

How many people in each age group have student debt http://fuzok.biz/how-many-people-in-each-age-group-have-student-debt/ Tue, 28 Jun 2022 03:03:39 +0000 http://fuzok.biz/how-many-people-in-each-age-group-have-student-debt/

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Young Americans — especially those between the ages of 25 and 34 — are the age group where student debt is most common. In fact, one-third of adults in this age bracket have federal student debt, according to recent Washington Post data.

These results are not really surprising, since adults aged 25 to 34 are probably all recent university graduates.

The next age group where student debt is most prevalent is 18 to 24 year olds, followed closely by 35 to 49 year olds. Here is a full breakdown of the percentage of each age group with federal student debt:

age range Percentage with Federal Student Loan Debt
18 to 24 years old 24%
25 to 34 years old 33%
35 to 49 years old 23%
50 to 61 years old 12%
62+ years old 4%

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What student borrowers aged 25 to 34 should consider

Although we would ideally expect student debt to decline as people age, given that borrowers have more time to make payments, being in their late 20s and early in your thirties with student loans can definitely put you in a difficult financial situation. In this age bracket, you have had some time since graduation to build a career with a salary that allows you to make monthly payments, but you are also faced with other competing financial commitments, whether it is a first-time mortgage, start a family, or even add graduate student loans to your college debt.

It’s important for adults in this age group to think about priority monthly payments (like rent, utility bills, and a car loan). It can also include expenses that allow you to work and earn income, such as childcare costs. With federal student loan payments on pause, now is a good time to make sure those other payments are taken care of.

What student borrowers of all ages should consider

Marcus by Goldman Sachs High Yield Online Savings

Goldman Sachs Bank USA is a member of the FDIC.

  • Annual Percentage Yield (APY)

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    None to open; $1 to earn interest

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Others who have savings set aside can go ahead and continue paying off their student loan even with the break. Since all payments during the freeze will be made directly from your principal, you can reduce it more quickly than if you were paying on an interest-accumulating balance. Also, when the forbearance period ends and payments and interest resume, then you will have a smaller balance, which means less interest can accrue.

If you have private student loans

Private student loan borrowers are in a different boat since there has been no pause in payment or interest on their loans. These borrowers may want to consider refinancing with a top lender to see if they can get a lower interest rate than they are currently paying.

With the expectation of further interest rate hikes in the coming months, now is the time to refinance any high variable interest rate debt before it becomes more expensive. Refinancing at a fixed interest rate locks you into that same rate for the duration of your new loan. In today’s economic conditions, it is likely that a fixed rate today will be lower than a fixed rate months later.

A lender like SoFi offers fixed rate loans with loan terms of five, seven, 10, 15 and 20 years, plus no origination fees for refinancing. Borrowers also have the option to apply with a co-signer, as well as access payment protections, free career coaching and financial advice from planners.

SoFi Student Loan Refinance

  • Cost

    No origination fees to refinance

  • Eligible loans

    Federal, private, graduate and undergraduate loans, Parent PLUS loans, medical and dental residency loans

  • Types of loan

  • Variable rates (APR)

    From 2.24%; from 2.37% for resident doctors/dentists (rates include automatic payment reduction of 0.25%)

  • Fixed rates (APR)

    From 2.99%; from 3.12% for resident doctors/dentists (rates include automatic payment reduction of 0.25%)

  • Loan conditions

  • Loan amounts

    From $5,000; more than $10,000 for residential medical/dental loans

  • Minimum credit score

  • Minimum income

  • Authorize a co-signer

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

Reviving free trade talks with the EU could push India towards a more open economy http://fuzok.biz/reviving-free-trade-talks-with-the-eu-could-push-india-towards-a-more-open-economy/ Mon, 27 Jun 2022 17:04:00 +0000 http://fuzok.biz/reviving-free-trade-talks-with-the-eu-could-push-india-towards-a-more-open-economy/

Trucks loaded with wheat arrive at Deendayal Port Authority in Kandla, India’s Gujarat state, May 18, 2022. Photo: VCG

India and the European Union (EU) officially restarted talks for a free trade deal on Monday, ending a nearly decade-long freeze and aiming to reach a deal by the end of the day. end of 2023, according to the Nikkei. India’s Trade and Industry Minister Piyush Goyal reportedly said India’s trade deal with the EU can help unlock significant untapped potential.

There is no doubt that the conclusion of a free trade agreement is of great economic importance for India and the EU, but this negotiation is far from being as easy as it seems. India and the EU began trade talks in 2007, but stalled in 2013 as the two sides failed to reach agreement on key issues including auto tariffs and movement of professionals.

The two sides seek to have “broad, balanced and comprehensive” trade talks, Goyal said, Indian media reported. As the EU seeks to sell more products in India’s vast market, market access barriers that impede trade are expected to be a crucial part of the negotiating agenda. How far India will open its market will attract wide attention.

India’s economic development over the years has been in a dilemma. On the one hand, it protects the domestic industry from being further affected by foreign competition. On the other hand, without openness, it is impossible for India to improve the competitiveness of its own industries. The persistent contradiction is a serious problem that limits India’s development.

It is an economic dilemma faced by all developing countries in their growth process. Any country that develops at this stage has to bear some shocks on domestic industries by opening up its economy. While it is crucial for the Indian economy to find a balance, it is clear that opening up and promoting free trade at this stage can bring more benefits.

India has indeed become more open to lowering trade barriers in recent years and is negotiating agreements with several countries. India signed a major trade agreement with the United Arab Emirates in February and an interim free trade agreement with Australia in April. Furthermore, India is also in trade talks with the UK. Overall, these trade negotiations are conducive to further opening up the Indian economy.

However, India’s moves to expand trade agreements further show that the country seems only interested in building its own trade and industrial supply chains. For example, India has chosen not to join trade pacts that promote regional trade facilitation, such as RCEP.

A piecemeal approach to opening up, while beneficial to some extent for the Indian economy, also means that it will be more difficult to keep moving forward in the opening process. In fact, a higher level of openness will help it become a global manufacturing powerhouse and better position itself for cooperation with the industrial supply chains of Asian economies.

For India, integration into regional development does not conflict with upgrading its own manufacturing capacity. It is beneficial to both its foreign trade and its domestic industries if India chooses to integrate into the Asian industrial supply chain and deepen its cooperation with economies like China, Japan, South Korea South and ASEAN.

The author is an editor at the Global Times. bizopinion@globaltimes.com.cn

Pakistan’s fuel oil imports hit 4-year high as it struggles to buy LNG http://fuzok.biz/pakistans-fuel-oil-imports-hit-4-year-high-as-it-struggles-to-buy-lng/ Mon, 27 Jun 2022 08:36:58 +0000 http://fuzok.biz/pakistans-fuel-oil-imports-hit-4-year-high-as-it-struggles-to-buy-lng/ Pakistan’s monthly fuel oil imports are set to hit a four-year high in June, according to Refinitiv data, as the country struggles to buy liquefied natural gas (LNG) for power generation amid a surge in heat that stimulates demand.

A resurgence in demand for waste fuel from power plants underscores the energy crisis facing the South Asian country and slows its efforts to switch to cleaner fuel.

Pakistan had reduced fuel oil imports since the second half of 2018 as LNG prices were low, but has had to switch back to oil at times since July 2021 due to sky-high LNG prices.

The country’s fuel oil imports could climb to around 700,000 tonnes this month, after hitting 630,000 tonnes in May, according to Refinitiv estimates. Imports last peaked at 680,000 tonnes in May 2018 and 741,000 tonnes in June 2017.

A spokesman for Pakistan’s energy ministry cited global prices as the reason for the surge in fuel oil imports.

The trend is also expected to continue in July as Pakistan State Oil (PSO) received offers from Coral Energy to supply two shipments of High Sulfur Fuel Oil (HSFO) and one shipment of Low Sulfur Fuel Oil (LSFO). ) for delivery the second half of July, industry sources said. PSO had requested five shipments in the tender, according to its website.

“Import data indicates that thermal power generation companies in Pakistan made the initial switch from gas to fuel oil late last year and the price dynamics continue to provide an incentive to maximize fuel oil purchases by compared to LNG,” said Timothy France, senior MENA oil analyst. at Refinitiv.

LNG spot prices in Asia surged last week, following European gas prices, as a prolonged shutdown of a US export plant prompted Japan and South Korea to buy.

Pakistan LNG, in its second bid to purchase four LNG shipments for delivery in July, received only one supply offer for one shipment from QatarEnergy on Thursday.

Pakistan LNG, however, did not accept the supply offer due to cost.

The country, which is facing a serious energy crisis, has put itself in conservation mode to reduce its consumption and avoid power cuts.

“The weather conditions in Pakistan seem very favorable for demand. Cooling demand generally remains high until mid-September, implying that imports could remain high in June, July and August,” France added.

While oil-fired power generation was relatively flat year-over-year, it climbed 15% in May from the previous month, according to data from Topline Research.

Reuters Global News Summary | Securities http://fuzok.biz/reuters-global-news-summary-securities/ Sun, 26 Jun 2022 23:55:21 +0000 http://fuzok.biz/reuters-global-news-summary-securities/

Here is a summary of current world news.

Cannabis use has increased with legalization and COVID lockdowns – UN report

Places, including US states that have legalized cannabis, appear to have increased its regular use, while COVID lockdowns have had a similar effect, increasing the risk of depression and suicide, according to a UN report on Monday. Cannabis has long been the most widely abused drug in the world and this consumption is increasing as cannabis on the market strengthens in terms of tetrahydrocannabinol (THC) content, the United Nations Office on Drugs and Crime said ( UNODC) in its annual World Drug Report.

Russia steps up missile strikes on Ukraine as G7 leaders meet

Russian missiles hit a building and near a kindergarten in Ukraine’s capital Kyiv on Sunday in strikes that US President Joe Biden called “barbarism” as world leaders gathered in Europe to discuss new sanctions against Moscow. Up to four explosions rocked central Kyiv in the early hours of the morning, in the first such attack on the city in weeks.

Erdogan to meet Swedish and Finnish leaders ahead of NATO summit

Turkish President Tayyip Erdogan will hold a series of talks with Swedish and Finnish leaders, as well as NATO, ahead of the Madrid summit on Tuesday, Turkish presidential spokesman Ibrahim Kalin said on Sunday. Finland and Sweden applied for NATO membership in response to Russia’s invasion of Ukraine. But the offers have been met with opposition from Turkey, which has been angered by what it says is Helsinki and Stockholm’s support for Kurdish militants and arms embargoes in Ankara.

French lawmakers plan $8.4 billion in aid to households to fight inflation

French lawmakers are drafting a bill to bolster household purchasing power by increasing some forms of state aid by 4%, at a cost of 8 billion euros ($8.44 billion) from July to April next year, the business daily Les Echos reported on Sunday. According to the report, the planned increases would apply to social benefits for families, the unemployed and the disabled as well as pension payments, starting in July.

Israel cracks down on dissent in its ranks over possible Iran nuclear deal

Israel’s defense minister said on Sunday that policy on Iran nuclear talks was set by the government, not the security forces, after a newspaper reported that key Israeli generals favored a deal between Tehran and the world powers. Military intelligence and strategic planning chiefs believe a relaunch of a 2015 deal that curtailed Iran’s nuclear program would give Israel time to prepare an attack aimed at depriving its nemesis of the means to build a nuclear weapon, according to the top-selling daily Yedioth Ahronoth. said Friday.

Hundreds march for climate justice as G7 leaders meet in Bavaria

Hundreds of protesters marched through the southern German town of Garmisch-Partenkirchen on Sunday, near where leaders of the Group of Seven countries are meeting, demanding action on climate change. The leaders of the G7 – the United States, Germany, France, Britain, Italy, Canada and Japan – began a three-day summit on Sunday at Elmau Castle in the Bavarian mountains, which should be dominated by the war in Ukraine.

At least 22 young people die in a South African tavern

South African authorities are investigating the deaths of at least 22 youths found in a popular tavern in the coastal city of East London, provincial health officials and the presidency said on Sunday. State broadcaster SABC reported the deaths resulted from a possible stampede, but lacked details as the exact cause of death remained unknown.

G7 aims to raise $600 billion to counter China’s Belt and Road

On Sunday, Group of Seven leaders pledged to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter the old multi-trillion-dollar Belt and Road project. from China. US President Joe Biden and other G7 leaders relaunched the new ‘Global Infrastructure and Investment Partnership’, at their annual gathering being held this year at Schloss Elmau in southern Germany .

Biden urges G7 to stick together as leaders target Russian gold, oil price

US President Joe Biden told his allies “we must stick together” against Russia on Sunday as G7 leaders gathered for a summit dominated by the war in Ukraine and its impact on food and energy supplies and the economy. ‘Mondial economy. At the start of the meeting in the Bavarian Alps, four of the wealthy Group of Seven countries decided to ban imports of Russian gold in order to tighten sanctions on Moscow and cut off its means of financing the invasion. Ukraine.

Peruvian truckers and farmers on strike over fuel and fertilizer prices

Peruvian truckers and some farming groups will go on strike on Monday after failing to reach agreements with the government seeking measures to reduce the impact of soaring global fuel and fertilizer prices, officials said on Sunday. industry leaders. Union leaders met on Friday and Saturday with government officials, with demands including to consider freight transport as a “public service” that would cut costs and curb competition from truckers from neighboring countries.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

Downtown Oklahoma City projects benefit from new clean energy loans http://fuzok.biz/downtown-oklahoma-city-projects-benefit-from-new-clean-energy-loans/ Sun, 26 Jun 2022 11:00:26 +0000 http://fuzok.biz/downtown-oklahoma-city-projects-benefit-from-new-clean-energy-loans/

More than $80 million in development, all tied up for months or even years, is set to begin this summer after being boosted by a new clean energy funding program created by Oklahoma County commissioners.

The Commercial Property Assessed Clean Energy, or C-PACE, program provides developers with low-cost, long-term financing for energy efficiency, renewable energy sources, water conservation and land resiliency projects. buildings. Loans are tied to the building’s property tax records as an assessment and are repaid over terms of 20 years or more through a special property assessment.

After: The historic downtown OKC bank will be converted into apartments and retail

Finance can provide up to 100% financing based on eligibility, with no down payment, and if the property is sold, any remaining appraisal can be passed on to the new owner.

Anne-Marie Funk, whose firm ADG Blatt Architects worked on converting the First National Center into apartments and a hotel, told commissioners that funding is increasingly important as energy prices rise. Funk, the company’s chief marketing officer, said about 60% of energy consumption comes from commercial structures.

“Projects are getting more and more complicated,” Funk said. “Developers use as many public incentives as they can possibly fit into a project. C-PACE funding means developers can do the right thing by bringing energy efficiency and new ways to save energy. energy in our buildings.

After: A 12-story tower announced for a corner opposite the Oklahoma City National Memorial

C-PACE is a nationwide initiative that began in 2009 and is available in 22 states. Oklahoma lawmakers approved bylaws allowing its use in 2019. The funding, launched by Oklahoma County in March, comes into play as commercial development faces labor shortages and an increase in material costs.

Pivot Project was C-PACE’s first recipient for its redevelopment of a former Chrysler dealership at 301 NW 13. Backed by Nuveen Green Capital, the $1.1 million loan was used to upgrade windows, systems heating and cooling systems for the building, as well as thermal and humidity improvement systems for the exterior of the building.

Jonathan Dodson, a partner at Pivot Project, said the funding enabled the group to take the former dealership, which now houses a bakery, architectural practice and fabrication shop, and upgrade it with energy efficient double glazed windows, new heating and air conditioning systems with individual units and LED lighting.

“What we’ve found personally with a lot of our projects in the urban core is because they’re a certain size and require a certain perspective towards Oklahoma City, there’s not a ton of money for these projects,” Dodson said. “We can come in and do what is necessary to raise the standards of these buildings where many of them have been vacant for a long time and help investors close the gap in value and cost.”

Nuveen Green Capital is also backing a $2 million C-PACE loan for an office building that Pivot Project is preparing to build this summer. The four-story, $16.5 million building will begin this summer on an empty lot at 1204 N Hudson Ave. which was targeted for the construction of a hotel. The hotel project disappeared when the COVID-19 pandemic devastated the hospitality industry.

Two other projects underway with C-PACE are among the most ambitious downtown development projects announced in the past two years.

NOVA, at 1 NW 6, was announced by developer Brandon Lodge in 2021 and is to include a full-size grocery store, rooftop urban greenhouse, brewery, 20 apartments and retail.

Lodge was recently approved for $5.6 million in funding from C-PACE, which he says will cover upfront expenses and provide gap financing with competitive fixed interest rates. Lodge, like other developers, is weathering cost increases with NOVA estimated at $22.4 million.

Lodge said C-PACE financing provides its investors with a level of comfort they would not have had without knowing that C-PACE is reliably backing a portion of equity. He now plans to start construction this summer.

“We were stuck waiting for C-PACE to pass,” Lodge said. “It’s an important, expensive and complicated project. The anchors are a rooftop greenhouse and a grocery store. It’s a difficult but good project. C-PACE helped get the ball over the crest of the hill.

After: COOP Ale Works Armory conversion back on track with hotel, brewery, restaurant and event center

Daniel Mercer, CEO of COOP Ale Works, said that while Oklahoma County’s wait to launch C-PACE was longer than expected, it was worth the wait. Mercer said he used the delays to work with state officials on title issues for the 23rd Street Armory which will become the brewery’s new home combined with a hotel, restaurant, bar and center of events.

“We always intended to use renewable sources to power the facility,” Mercer said. “It provides us with a fairly large funding mechanism.”

Steve Lackmeyer started at The Oklahoman in 1990. He is an award-winning journalist, columnist and author who covers downtown Oklahoma City, urban development and the economy for The Oklahoman. Contact him at slackmeyer@oklahoman.com. Please support his work and that of other Oklahoman reporters by purchasing a subscription today at subscribe.oklahoman.com.

NCE on Government’s Emphasis on Guiding Civil Servants to Private Sector Employment – The Island http://fuzok.biz/nce-on-governments-emphasis-on-guiding-civil-servants-to-private-sector-employment-the-island/ Sun, 26 Jun 2022 00:00:38 +0000 http://fuzok.biz/nce-on-governments-emphasis-on-guiding-civil-servants-to-private-sector-employment-the-island/

The National Chamber of Exporters submitted a proposal to the Prime Minister with a copy to the Ministry of Public Administration, Interior, Provincial Councils and Local Authorities on the provision of employment opportunities to civil servants in companies in the private sector for a fixed period.

The Chamber said in a statement: From media sources, we have learned that the Ministry of Public Administration has appointed a committee to examine the possibility of granting five years leave to government employees to work in the sector. private.

It stipulates that a committee of seven members has been appointed for this purpose and that the said committee must submit its report to the Council of Ministers within two weeks.

Sri Lankan exporters are offering to absorb public sector employees for employment in the sector to ease the burden of salaries and related costs on the government.

The export sector was able to sustain its business and also reached the pre-pandemic level of an average of $0.01 billion in export earnings during the period January to April 2022. At the dawn of the pandemic, exporters were facing difficulties with a lack of qualified personnel. workers. However, during the pandemic, many exporters have been forced to reduce operations and lay off employees, which has created a vacuum in crucial business areas.

In the current scenario, given the financial burden and seemingly excessive manpower attached to the public sector, NCE member exporters offer the following options to reach a win-win deal for the government and the utilities sector. exports. It should be noted that the labor needs of exporters vary depending on the industry concerned, but in general all categories can be considered.

1. Any government employee holding a permanent patent is eligible to apply for a job in the export sector, excluding the following institutions, as he is involved in law enforcement in the country, which may lead to conflicts of interest.

a) Police Department

b) Department of Inland Revenue

c) Customs Department

d) Excise Department

2. The government grants unpaid leave up to a maximum of 59 months.

3. The employer will offer a “temporary employment contract” to these selected people, which includes:-

a) Duration of the contract of 59 months (because at the end of the 60th month, the employee will be entitled to the gratuity.)

b) Their employment will be in accordance with the laws and statutes under which employees of the respective private company of similar scope are employed.

c) Entitlement to leave in accordance with the employer’s leave policy

d) The employment contract may be terminated by either party upon 30 days written notice.

e) In case of maternity leave, a stipulated number of days will be available as unpaid leave.

(f) After 59 months, the government shall reinstate such persons into public sector employment in accordance with the relevant rules and regulations.