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    Butter thefts highlight cost of Russia’s war economy

    $1 for 4 weeksThen $75 per month. Complete digital access to quality FT journalism. Cancel anytime during your trial.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 edition More

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    China’s cleantech boom fuels its confidence on the climate stage

    Chinese diplomats will arrive in Azerbaijan with a message for the UN COP29 climate conference. In the “real world”, they will argue, China is racing ahead of schedule in its efforts to decarbonise its economy. It is also helping the developing world do the same via its booming renewable energy and electric vehicle industries, as well as its Belt and Road infrastructure initiative.Chinese officials, meanwhile — in line with recent discussions with diplomats and other foreign visitors — are expected to push back at moves from Washington and Brussels that link negotiations over climate change to Beijing’s industrial policy and trade practices. They will also be increasingly assertive in highlighting China’s efforts to finance the green transition in the developing world, despite western calls for Beijing to be more ambitious.And, with COP29 opening after Donald Trump’s US presidential election win, expectations that the country will withdraw from the Paris agreement on climate change have been raised.Li Shuo, an analyst of Chinese climate and energy policy, says global climate diplomacy is at risk of becoming “more politicised, more divisive” and drifting to “a rather irrelevant status” because of the US government’s insistence on linking climate and trade issues.“China’s impressive success when it comes to embracing the low-carbon economy . . . is not a political story but a ‘real economy’ story,” argues Li, director of the China Climate Hub at the Asia Society Policy Institute think-tank. “Which part of the world wins that ‘real economy’ competition?”Beijing’s growing confidence in climate diplomacy marks a significant change after years of pressure from western leaders, who have argued that the world’s biggest polluter — accounting for about a third of global emissions — needs to act more quickly to help the world tackle global warming. Several statistics point towards China’s decarbonisation efforts outstripping Beijing’s expectations, and progressing towards the dual goals of peak emissions before 2030 and carbon neutrality before 2060 that President Xi Jinping announced four years ago. Beijing achieved its target of having 1,200 gigawatts of installed solar and wind capacity — enough to power hundreds of millions of homes annually — in July, six years early. The government’s original goal of electric vehicles to account for half of car sales by 2035 is on course to be achieved next year.Some content could not load. Check your internet connection or browser settings.At the same time, China’s foreign direct investment outflows are tracking at record levels. They are underpinned by cleantech investments in the developing world and supported by one of Xi’s hallmark foreign policies, the Belt and Road, which Beijing is now refocusing on green investments.China’s emissions could even fall this year: CO₂ output in the third quarter hovered around last year’s levels and declined in the previous three months, according to an analysis by UK-based climate news site Carbon Brief. This reflects, in part, both the surge in low-carbon electricity generation in China, which is home to about two-thirds of the world’s solar and wind power projects under construction, and transport sector electrification. It also raises the possibility that China’s total emissions peaked in 2023 — seven years ahead of Xi’s 2030 target. The China-Laos high-speed railway, a key project of Beijing’s Belt and Road Initiative, connects Kunming, capital of the Yunnan province, with Vientiane More

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    EOS Climbs 13% In Bullish Trade

    The move upwards pushed EOS’s market cap up to $886.3705M, or 0.03% of the total cryptocurrency market cap. At its highest, EOS’s market cap was $17.5290B.EOS had traded in a range of $0.5809 to $0.5945 in the previous twenty-four hours.Over the past seven days, EOS has seen a rise in value, as it gained 39.32%. The volume of EOS traded in the twenty-four hours to time of writing was $547.5128M or 0.25% of the total volume of all cryptocurrencies. It has traded in a range of $0.4083 to $0.6295 in the past 7 days.At its current price, EOS is still down 97.45% from its all-time high of $22.98 set on April 29, 2018.Bitcoin was last at $81,538.7 on the Investing.com Index, up 3.11% on the day.Ethereum was trading at $3,180.51 on the Investing.com Index, a gain of 0.05%.Bitcoin’s market cap was last at $1,616.6342B or 59.75% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $385.2153B or 14.24% of the total cryptocurrency market value. More

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    Shiba Inu (SHIB) to Perform Biggest Price Pump? Bitcoin (BTC) Eyeing $80,000, Don’t Miss Toncoin (TON) Bullish Reversal Rally

    According to chart analysis, SHIB has confidently moved above the $0.0000200 range after soaring past significant resistance levels. The asset has breached significant moving averages, indicating robust bullish momentum and a possible basis for long-term growth. An increase in SHIB’s volume also suggests increased investor interest and trading activity.Price and volume increases together can frequently serve as a launching pad for additional gains; $0.0000175 and $0.0000184 are important support levels to keep an eye on as they should help contain any brief declines in the price of SHIB.With these supports holding, SHIB has a strong base on which to build its rally. The level of $0.0000230 should be watched by traders on the resistance side as it may be the next target if bullish sentiment holds firm. Shiba Inu’s recent performance indicates that it might be in a good position to benefit from the growing popularity of the altcoin market as a whole. Investors seeking high-return opportunities outside of Bitcoin may increase their inflows into SHIB if the altcoin rally picks up steam.By examining the chart, it can be seen that Bitcoin has overcome earlier resistance levels at about $70,000, paving the way for a possible move toward $80,000. Since Bitcoin recently broke out, it has once again entered uncharted territory, and there are currently no significant resistance levels until that target. Key support levels to keep an eye on though are close to $70,000 and $66,000, which were previously resistance but could now provide strong support if Bitcoin experiences a decline.The technical indicators support Bitcoin’s optimistic outlook as well. Although it is leaning toward overbought levels, the Relative Strength Index (RSI) is still in bullish territory, indicating that although there is still room for Bitcoin to rise, investors should be on the lookout for any consolidation or slight corrections. A bullish trend is also indicated by the moving averages’ alignment with shorter-term averages such as the 50-day EMA sitting significantly above the longer-term ones.One more important consideration is volume. Strong buying interest is indicated by the recent spike in trading volume, which frequently encourages additional price increases. In order to confirm ongoing bullish momentum, investors must keep an eye out for sustained volume in addition to price action.The 50-day EMA, a crucial short-term indicator that traders frequently use to determine the beginning of bullish momentum, has been successfully broken above by TON in recent days. Furthermore, the 100-day and 200-day EMAs, which are frequently regarded as crucial levels in identifying medium- to long-term market trends, are getting closer to TON. A strong reversal could be confirmed by a break above these levels, attracting more buyers hoping to profit from an altcoin rally.There is still opportunity for growth even though the Relative Strength Index (RSI) is close to the overbought zone with a reading in the mid-60s. This indicator points to a positive setup for long-term upward movement by implying that there is continuous buying interest without indicating an impending sell-off. Volume, a crucial confirmation factor for price movements, has also gone up, giving the current rally more support.This increase in volume suggests that investors and traders are actively investing in this bullish reversal, which strengthens the possibility of further momentum if Toncoin can hold onto its current positioning. The 100-day EMA at about $5.27 and the 50-day EMA at about $5.05 are important support levels for investors to keep an eye on. Toncoin may indicate strength and stability in the current uptrend and lay the groundwork for future gains if it maintains these levels.This article was originally published on U.Today More

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    Stellantis, partner Leapmotor scrap plan to make second EV model in Poland, sources say

    Chinese automakers were told at a meeting with China’s Ministry of Commerce on Oct. 10 that they should pause their large-scale investment plans in European Union countries that had backed the tariff proposal, Reuters has previously reported.Leapmotor and Stellantis displayed the upcoming B10 EV at the Paris Motor Show four days after that meeting in an Oct. 14 debut both carmakers hailed as a milestone in their partnership.      Poland is among the 10 EU members which supported the EU’s decision to impose tariffs of up to 45% on imported Chinese-made EVs.Five EU members, including Germany and Slovakia opposed the tariffs, and 12 other member states abstained from the vote to approve the tariffs, which took effect on Oct. 30.      Stellantis and Leapmotor have not disclosed where the B10 SUV will be produced, and it was not clear if factors other than the pressure from Beijing on China’s automakers had played a role in the decision to shift planned production of the B10 from Poland.      China’s State Council Information Office, the agency that speaks for the government, did not immediately respond to a request for comment. China’s Ministry of Commerce also did not immediately respond to a request for comment from Reuters.      Polish industry ministry did not immediately reply to a request for comment.      Stellantis’ Tychy plant in Poland has been producing the T03 compact EV with components shipped from China. It is not immediately clear whether the T03 assembly was also under review and whether the plan would have impact on jobs.      Production in Germany, an option under consideration for the new joint-venture EV, would be more expensive than Poland in terms of utility costs and labour, the first person familiar with the review said.Leapmotor has said the B10 is the first of a B series of EVs it will roll out designed for markets outside China, including Europe, where it began sales in September.      Stellantis CEO Carlos Tavares said the partnership with Leapmotor and the B10 was a way to bring “high-tech, affordable” EVs to consumers outside China.Stellantis owns a 51% stake in the joint venture with its Chinese EV partner. Leapmotor owns the remaining 49% of the partnership, Leapmotor International.      German and Slovakian governments did not immediately reply to a request for comment from Reuters. Opel was not immediately available for comment.      Chinese companies have to seek approval from Beijing for their direct investments overseas under Chinese laws and regulations. More

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    NOV 8-Oil settles down 2% on receding hurricane risk, lackluster China stimulus

    By Shariq KhanNEW YORK (Reuters) -Oil prices settled more than 2% lower on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China’s latest economic-stimulus packages failed to impress some oil traders.U.S. West Texas Intermediate futures led the decline and settled at $70.38 per barrel, down by 2.7%, or $1.98. Global benchmark Brent crude futures fell by 2.3%, or $1.76, to$73.87 per barrel.Energy producers shut in more than 23% of oil output in the U.S. Gulf of Mexico by Friday to brace against Hurricane Rafael. However, the latest forecasts on trajectory and intensity reduced the risks Rafael poses to oil production.”Threats of supply outages due to Hurricane Rafael are subsiding as the storms shifts to circling in the center of the Gulf of Mexico for the next five days or so,” Alex Hodes, analyst at brokerage firm StoneX told clients in a note. The storm, which left a trail of destruction in Cuba this week, had weakened to a Category 2 hurricane on Friday, according to the U.S. National Hurricane Center’s latest advisory.Meanwhile, top oil importer China’s latest round of fiscal support disappointed oil investors. Chinese authorities announced a package easing debt-repayment strains for local governments, but those measures do little to directly target demand, UBS analyst Giovanni Staunovo said.”I guess some market participants were hoping for more stimulus measures coming from China,” he said. “Hence, the disappointment weighing on prices earlier today.”Deflationary pressures on the Chinese economy have been a heavy drag on oil prices this year, with customs data showing a sixth consecutive month of year-over-year declines in the country’s crude oil imports for October.Despite Friday’s losses, oil prices gained more than 1% week-over-week, drawing support from expectations of tighter sanctions on Iran and Venezuela by U.S. President-elect Donald Trump, which could cut oil supply to global markets.The U.S. Federal Reserve’s decision to cut interest rates by a quarter percentage point on Thursday could also helped lift oil prices by more than 1% in the previous session. More

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    BOJ divided on rate hike timing, October summary shows

    TOKYO (Reuters) -Bank of Japan policymakers were divided on how soon they could raise interest rates with some warning of the risk of renewed market volatility, a summary of opinions at the October policy meeting showed on Monday (NASDAQ:MNDY).Many in the nine-member board highlighted the need to scrutinise market developments, particularly yen moves, in determining whether Japan’s economy can weather higher borrowing costs, the summary showed.While the risk of a U.S. hard landing has subsided, the BOJ must spend time scrutinising market developments “as it was too early to conclude markets will restore calm,” one member said.Another member said the BOJ must “take time and exercise caution” when raising rates.Others, however, saw the need to communicate clearly the BOJ’s resolve to continue raising rates if its economic and price forecasts are met, the summary showed.”The Bank should consider further rate hikes after pausing to assess developments in the U.S. economy,” one member was quoted as saying, adding that Japan’s economy no longer needed substantial monetary support.At the Oct. 30-31 meeting, the BOJ maintained ultra-low interest rates but said risks around the U.S. economy were somewhat subsiding, signalling that conditions are falling into place to raise interest rates again. More