LONDON—Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch on Wednesday what it calls the world’s first “crypto-backed” payment card. It signals the latest move by crypto and incumbent financial networks to join forces as digital assets become more mainstream. Nexo said the card, available in selected European countries…
Surging Power Prices Trigger Severe Metal Crisis: FT
April 14, 2022
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Inventories of aluminum, copper, nickel, and zinc, four of the main contracts traded on the London Metal Exchange, have plunged by up to 70 percent over the past year, as record power prices in Europe hit production and the Ukraine war threatened output from Russia, the Financial Times reports. Traders and big consumers have tapped warehouses…
Hyundai Motor to Begin Electric Vehicles Production in US
April 14, 2022
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SEOUL—Hyundai Motor Co. plans to add electric vehicles (EV) in its Montgomery assembly line in the United States, marking the South Korean automaker’s first EV production in the country, Hyundai Motor Manufacturing Alabama said on Tuesday. Hyundai said it plans to invest $300 million to build the Electrified Genesis GV 70 and hybrid version of…
Deutsche Telekom Buys Additional T-Mobile US Shares for $2.4 Billion
April 14, 2022
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DUESSELDORF, Germany—Deutsche Telekom said it has bought additional shares in T-Mobile US from Softbank for $2.4 billion, bringing CEO Tim Hoettges closer to his goal of securing direct control over the U.S. telecoms operator. The purchase of the 21.2 million shares via a call option raises Deutsche Telekom’s stake in T-Mobile US to 48.4 percent,…
Barry Callebaut CEO Says Staying in Russia Feels Right
ZURICH—Swiss chocolate maker Barry Callebaut will keep operating in Russia to help customers and employees there, even though images from the war in Ukraine create “enormous pressure,” it said on Wednesday. Shares in the Zurich based-group fell more than 5 percent as some analysts worried about its—albeit small—exposure to the turbulent Russian market, as well…
Fed’s Bullard Says Central Bank Must Put Brakes on Economic Activity: FT
The U.S. Federal Reserve must put the brakes on economic activity to tackle surging prices, James Bullard, president of the St. Louis Fed, told the Financial Times in an interview. It is a “fantasy” to think the Fed can bring inflation down sufficiently without raising interest rates, he said, adding that the Fed needs to…
Dogecoin to Use SpaceX’s Starlink for Offline Transactions
Dogecoin developers will roll out offline DOGE transactions using radio technology combined with SpaceX’s Starlink satellite network. What Happened: In an April 11 blog post from the Dogecoin Foundation, developers Timothy Stebbing and Michi Lumin outlined how “RadioDoge” could enable DOGE transactions for people without internet access. “RadioDoge focuses on using cheap and reliable Radio technology (HF/LoRaWAN) combined with the global Starlink satellite network to enable…
Risk of Interest Rate Rises Intensifies Worries Among Mortgage Holders
The expectation of upcoming hikes in interest rates has caused confidence to fall significantly among households having a mortgage in recent months. The Westpac-Melbourne Institute consumer sentiment index dropped 0.9 percent to 95.8 points in April, reaching the lowest level since September 2020, when fears of the COVID-19 pandemic were dominating. An index below 100…
Less Rice for the Same Price: Inflation Bites Asia’s Food Stalls
April 14, 2022
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Profits at Ma Hong’s spicy hotpot restaurant have been squeezed by about a fifth since he opened in downtown Beijing last year, crushed by beef tripe prices that have shot up by more than 50 percent and the surging costs of other key ingredients. “We sell it at the same price as before. Also with…
Japan’s Feb Machinery Orders Fall for 2nd Month, Adding to Growth Fears
April 14, 2022
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TOKYO—Japan’s core machinery orders posted their biggest monthly fall in nearly two years in February, official data showed on Wednesday, dragged down by a steep drop in demand from IT and other service firms to extend their decline into a second month. The data added to concerns that Japanese firms are holding off on investments…
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