Aurelia Butler

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    in Economy

    Economists are overly reliant on rules

    Standard DigitalWeekend Print + Standard Digitalwasnow $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

  • 125 Shares129 Views

    in Cryptocurrency

    Dora Announces Progression Into A Unified Multichain and MultiVM Explorer

    Dora 2.0 Update Allows searchability across 10+ chains alongside bridging, and swapping across all supported chains & expansion into new VM ecosystemsDora, the unified search, discovery, & action engine for the multichain world, is excited to announce a series of significant upgrades to its services, which will provide Dora users with a unified search view, and actions interface to enable bridging and swapping for more than 10 chains, including Ethereum, Base, Rari, Xai, Palm Network, Gnosis, Scroll, and more. Current blockchain services can be highly siloed, with significant barriers or friction for interoperability, innovation and liquidity. The launch of the Dora 2.0 Update is a key step in Dora’s vision to support the progression towards a multichain and multiVM world by providing an unfragmented and unified multichain experience. Due to Dora’s recent agreement with Movement and Fluent (NASDAQ:FLNT), Dora will also progress to be the first multiVM block explorer. This will make Dora the only block explorer that allows users to not only search EVM chains but also review their SVM, Wasm, and Move interactions within the same interface, streamlining the user experience and reducing the complexity of managing and reviewing transactions.The announcement encompasses three key updates:About DoraDora is the Unified Discovery Engine for the Multichain World. We collaborate with a multitude of blockchain networks and rollup teams to provide comprehensive block explorer and search solutions. Our mission is to enhance the accessibility of on-chain data through innovative search capabilities, driving discovery and mass adoption of blockchain technology.For more information, users can visit about.ondora.xyzContactSenior ConsultantBridget van VoorstCW8 [email protected] article was originally published on Chainwire More

  • 125 Shares99 Views

    in Cryptocurrency

    Bitcoin price decline likely ‘a bear trap’ says crypto expert

    The defunct Mt. Gox exchange remains a key issue for the world’s largest cryptocurrency, with the exchange’s trustees recently starting to refund tokens to clients affected by a 2014 hack. The exact amount of this distribution is unclear, but wallets linked to the exchange moved about $9 billion worth of tokens earlier this year.Moreover, the German government has been offloading Bitcoin confiscated from a piracy website, potentially holding at least $2 billion worth of tokens.The sharp decline in Bitcoin price has raised concerns that major Bitcoin miners might start selling some of their holdings to break even, particularly after Bitcoin’s halving earlier this year reduced miner rewards.These factors have weighed on BTC significantly in the recent period, shaving roughly 15% of its value over the past month.Bitcoin is currently trading above the $58,000 mark, having bounced from last week’s low of $53,600. The cryptocurrency remains in a technical downtrend from March’s record high of $73,800, with consecutive lower highs at $71,300 and $63,900.Eugene Cheung, head of institutions at Bybit, said that while optimism remains for the medium-term outlook, the cryptocurrency market is not immune to abrupt macro events that could significantly affect global market sentiments. However, Cheung notes that the $57,000 support level has so far helped hold Bitcoin price, pointing to the resilience of the market and limiting further declines.“If the price can climb back above the 200-day moving average quickly, this recent decline could be considered a bear trap, and a rally higher could be expected,” Cheung told Investing.com.Historically, market corrections have acted as healthy resets within ongoing bull markets, aligning with well-established trends. Cheung notes that there has been a decline in trading activity and crypto prices on centralized exchanges for nearly two months following the halving event in previous Bitcoin cycles, a pattern that has repeated in the current cycle.“The market cycles can last 12 to 18 months after Bitcoin halving before producing a new cycle top,” he said. “Despite common fears that “this time is different,” the cyclical nature of markets often sees history not repeating but certainly rhyming.”Meanwhile, recent data from on-chain and market data analytics firm CryptoQuant offers a different perspective, suggesting that a major Bitcoin price correction or the onset of a sustained bear market could be imminent, as the profit and loss index hovers around its 365-day moving average. Previous crossovers to the downside preceded significant declines in May and November 2021.CryptoQuant’s bitcoin bull-bear market cycle indicator is also nearing a critical level that indicates a potential descent into a bear market. More

  • 125 Shares129 Views

    in Economy

    India warns UK not to impose deadline on trade talks

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

  • 150 Shares169 Views

    in Economy

    China plays down hopes for ‘strong medicine’ on economy at third plenum

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

  • 113 Shares119 Views

    in Economy

    Dollar adrift ahead of US inflation test; sterling firms

    SINGAPORE (Reuters) – The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England (BoE). The British pound rose to a one-month high of $1.28545 in early Asia trade, extending a 0.48% gain from the previous session after comments from BoE policymakers caused markets to scale back bets for an easing cycle to begin next month.BoE Chief Economist Huw Pill on Wednesday said price pressures in Britain’s economy were persistent and that the timing of a first rate cut was an “open question”. His colleague Catherine Mann signalled she is unlikely to vote for an interest rate cut in August. “Ahead of BoE’s 1 August meeting, the Monetary Policy Committee (MPC) will have only one more set of data,” ANZ analysts said in a note. “One set of data is unlikely to be sufficient for the MPC to be able to gain confidence on the path of inflation, and the MPC may lean in favour of waiting for more data. Our view is as data improves over summer, the MPC will have greater confidence to cut rates in September.” In the broader market, the dollar was on the back foot, though currencies were mostly trading sideways as investors were hesitant to take on fresh positions ahead of the U.S. inflation report.Against the greenback, the euro gained 0.04% to $1.0834, and the Aussie dollar rose 0.01% to $0.6754.The dollar was little changed at 104.95 against a basket of currencies. Expectations are for core inflation in the U.S. to have risen 0.2% on a monthly basis in June, putting the annual figure at 3.4%. “The consensus is looking for a benign 0.2% lift in the core CPI. We think that may also be the case,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia (OTC:CMWAY). “That outcome will obviously build confidence that the FOMC will be able to cut rates fairly soon, so I think a 0.2% (rise) may perhaps push the dollar a bit lower modestly if market pricing for a September (cut) increases.” Markets are now pricing in a more than 70% chance of a rate cut from the Federal Reserve in September, compared to a near-even chance a month ago, according to the CME FedWatch tool.Fed Chair Jerome Powell said on Wednesday the U.S. central bank will make interest rate decisions “when and as” they are needed, pushing back on a suggestion that a September rate cut could be seen as a political act ahead of the fall presidential election.Elsewhere, the New Zealand dollar rose 0.11% to $0.60885, nursing some of its losses from the previous session, when it fell 0.7% in the wake of the Reserve Bank of New Zealand’s dovish tilt in its monetary policy statement.The yen continued to be weighed down by stark interest rate differentials between the U.S. and Japan, and last stood at 161.54 per dollar, near a 38-year low.Many Japanese private banks who met with the Bank of Japan (BOJ) on Tuesday called for the central bank to halve its monthly bond purchases by around 2026, two officials with direct knowledge of the deliberations told Reuters. The BOJ is expected to lay out a plan on how to taper its huge bond buying at its upcoming policy meeting on July 30-31, as it works gradually towards policy normalisation. More

  • 138 Shares189 Views

    in Economy

    Bank of Korea holds rates, seen weighing when to cut rates

    SEOUL (Reuters) – The Bank of Korea extended a pause on interest rate for the 12th straight meeting on Thursday, as it continues efforts to tame inflation amid expectations policymakers will soon agree to lower the highest borrowing costs in 15 years. The benchmark interest rate was held at 3.50% at its policy review, as widely expected by all 40 economists surveyed by Reuters.Expectations the BOK could cut interest rates in the coming months gained momentum after headline consumer price readings for June released last week showed inflation slowed to an 11-month low of 2.4%, close to its target of 2%.South Korea’s economy is confronting sticky inflation and policymakers are waiting for sufficient evidence that prices are cooling to begin lowering borrowing costs from restrictive levels.The focus is on Governor Rhee Chang-yong’s press conference at 0210 GMT, where the names of any dissenters could be announced. Dissenting votes typically lead to policy changes in subsequent months. Governor Rhee said on Tuesday the central bank will now consider trade-offs between inflation and financial stability, given that price rises are easing amid a weaker won and rising household debt. Economists say a wobbly won, down about 7% this year against the dollar, can potentially push back the timetable for interest rate relief, even as political pressure for early rate cuts grows. “Sluggish economic growth and lower inflation support a near-term rate cut, although policymakers are likely to have concerns about FX and housing market,” Oh Suk-tae, an economist at Societe Generale (OTC:SCGLY) said.”The rise in USD/KRW towards 1,400 and the rebound in Seoul apartment prices should support a wait-and-see stance in monetary policy.” More

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    in Economy

    Brazil’s lower house of Congress takes major step to enact tax reform

    Lawmakers in the chamber are proceeding to additional votes on amendments to the proposal.The bill, which still needs a vote in the Senate, includes regulations needed to implement a constitutional tax reform approved last year.The overhaul would consolidate five existing taxes into a single consumption levy, also known as a value-added tax (VAT), featuring separate federal and regional rates. It would also introduce a tax on products considered harmful to the environment or human health, like cigarettes and alcoholic beverages.The list of harmful products subject to the tax also includes gambling games and electric vehicles (EVs), with some lawmakers citing the negative environmental impact of discarding EV batteries.Lower house lawmakers tweaked the original version of the bill by limiting the overall consumption tax to a maximum rate of 26.5%.The government of President Luiz Inacio Lula da Silva initially sent the implementing tax legislation to Congress in April.While the approved text did not add beef to a list of essential products that would be eligible for a tax exemption, lawmakers later voted for an amendment to provide it, in line with recent comments by the president endorsing the idea. More