Aurelia Butler

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    in Economy

    Britain set to join transpacific trade group

    Britain is set to join an 11-member Asia-Pacific trade bloc, with accession talks expected to be wrapped up by the end of this week.British officials said talks to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership were reaching the “end game” stage, while one told the Financial Times: “The deal is done.”Britain’s accession to the group will bolster claims by Prime Minister Rishi Sunak that Brexit has allowed the UK to pursue a new trade strategy, while also enhancing his foreign policy “Asia-Pacific tilt”.However, the economic gains for Britain are minimal, according to the government’s own projections, and will do little to offset the European trade losses incurred as a result of Brexit.The government estimates that the deal will increase UK GDP in the long term by just 0.08 per cent, although it said that could increase if Thailand and South Korea later joined the group.The current membership of the CPTPP, a free trade agreement signed in 2018, is: Australia, Canada, Japan, Mexico, New Zealand, Singapore, Brunei, Chile, Malaysia, Peru and Vietnam.The deal could also be controversial. The FT reported this month that as part of the agreement, Britain would eliminate import tariffs on palm oil from Malaysia, a product blamed for widespread deforestation. British officials declined to comment on the terms of the deal before it was finalised. Diplomats in one CPTPP member state said the agreement, first reported by Politico, would be wrapped up by the end of the week.Japan has been one of the leading supporters for Britain joining the group. In 2018, former prime minister Shinzo Abe told the FT that Japan would welcome the UK “with open arms”.UK government data showed that in 2020 the 11 CPTPP countries were the destination of 8.4 per cent of UK exports of goods and services and the source of 6.8 per cent of imports.Although trade deals have been touted as one of the big “benefits of Brexit”, they have done little to compensate for the barriers to trade erected by Britain’s departure from the EU.

    Official forecasts suggest that Brexit will lead to Britain’s GDP being 4 per cent lower in the medium term, a loss that dwarfs the economic benefits of doing a deal with countries on the other side of the world.However, Sunak views the agreement as economically and strategically important, giving Britain a new role in a region dominated by China. This month the prime minister signed a submarine deal with Australia and the US as part of the Aukus deal.The closure of the CPTPP deal was assisted by the recent resolution of the row between the UK and EU over customs arrangements for Northern Ireland, British officials confirmed.In particular, CPTPP members had raised fears that Britain’s threat to rip up the Northern Ireland protocol — now dropped by Sunak — could have set a precedent for future applicant countries to the bloc, notably China.Downing Street confirmed that talks to join CPTPP were “progressing well” and that a further meeting would take place by the end of the week. More

  • 113 Shares119 Views

    in Cryptocurrency

    Shrinking Ethereum Supply Pushes ETH Price Closer to $2K

    Available reports show that the Ethereum network has removed nearly 70,000 ETH from circulation since the last major update, the Merge. That update saw Ethereum transition from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) algorithm. This development has reduced the selling pressure on ETH, the second-largest cryptocurrency by market capitalization.In the crypto industry, reducing the number of circulating tokens is considered a bullish signal for any asset. It is an idea consistent with the economic principle of demand and supply, where a reduction in supply creates scarcity, which by extension, results in an increase in the demand and value of an asset.According to a renowned cryptocurrency analyst popularly known on Twitter as Pentoshi, the shrinking supply of ETH is one of the forces behind the crypto’s current price rally. He believes this force could remain intact and push Ethereum to $2,000 soon.In a tweet, Pentoshi suggested that Ethereum may have already embarked on the rally to $2,000, considering recent price behavior. He noted that ETH is currently sitting above the previous range high, and sustaining this position would signify a bullish trend. However, if the price drops below it, the bullish trend will become invalidated.The analyst expressed confidence in the continued bullish trend, noting his belief that ETH would reach $2,000 soon. He supported his claim by acknowledging the failure of the recent Binance FUD (Fear Uncertainty and Doubt) to push the ETH price lower as a bullish momentum behind the current rally.The Binance FUD resulted from a bug that affected one of its engines, leading to the suspension of some critical services. The issue was arrested quickly, and the exchange reassured users of the safety of their assets.Ethereum traded at $1,814 at the time of writing, having gained 5.14% in the last 24 hours.The post Shrinking Ethereum Supply Pushes ETH Price Closer to $2K appeared first on Coin Edition.See original on CoinEdition More

  • 125 Shares179 Views

    in Cryptocurrency

    Freeport clears SEC Reg A review for tokenized art offerings

    The underlying pieces are prints of iconic blue-chip Warhol works, including “Marilyn (1967),” “Double Mickey (1981),” “Mick Jagger (1975)” and “Rebel Without a Cause (James Dean) (1985).“ Current Andy Warhol paintings can fetch anywhere between $6 to $195,040,000 apiece, according to MutualArt. Continue Reading on Coin Telegraph More

  • 138 Shares119 Views

    in Economy

    Italy PM’s party presents bill to split retail and investment banks

    The proposal by the Brothers of Italy (FdI) party comes in the wake of the collapse of U.S. tech lender Silicon Valley Bank (SVB) and the emergency takeover of Credit Suisse by banking rival UBS, which raised fears of systemic stress that could lead to more bank failures.The bill would de-facto reintroduce 1930s-era legislation scrapped in the 1990s by deregulation reforms that some left- and right-wing politicians blame for contributing to recent financial crises. Allowing retail banks to engage in “speculative trading” is “dramatically negative for the real economy and undermines the most elementary principles of safeguard for the social and ethical foundation of the economy,” the FdI bill states.The draft law, seen by Reuters on Wednesday, would give banks 12 months to reorganise their operations and choose between commercial and financial investment activities. The proposal, which was quietly introduced to the lower house of parliament on March 17, is sponsored by the head of FdI in the lower Chamber of Deputies, Tommaso Foti, and fourteen party colleagues, including former Economy Minister Giulio Tremonti.Foti did not immediately respond to a request for comment.FdI promoted a near-identical bill in the last parliamentary term, when the party was in opposition and with Meloni as the bill’s chief sponsor, but it did not go past committee stage and never reached the floor of the house for approval. In the United States, calls for similar banking reforms, with the reintroduction of the 1933 Glass-Steagall Act, have come from left-wingers within the Democratic Party, such as Senator Elizabeth Warren. More

  • 138 Shares149 Views

    in Cryptocurrency

    ‘March Has Been a Brutal Month for Crypto,’ Says Ron Hammond

    Ron Hammond, the director of government relations for the Blockchain Association, recently shared a Twitter thread about the recent challenges faced by the crypto industry in March. In the thread, Hammond criticized the US government’s treatment of crypto companies, specifically Coinbase SEC’s Wells notice and Binance CFTC’s enforcement action.In his thread, Hammond compared the US congress’s treatment of Coinbase and Binance. He argued that “Coinbase has done everything to engage with policymakers and offer solutions to compliance” issues than Binance, which has a “shady track record in compliance and with little engagement in DC.” Yet, regardless of the exchanges’ approach, both companies are facing similar outcomes. He mentioned that “while Binance news yesterday was no shock to DC, the Coinbase one was.”Hammond suggested that the recent actions by regulators, combined with the difficulty some firms are facing in obtaining bank accounts, have led some in the industry to question whether the “US is worth it.” He also expressed concerns about the direction of the administration on crypto, citing recent attacks on the industry and the migration of startups to other countries.In addition, he mentioned upcoming oversight hearings and legislation that could impact the industry. In one of his tweets, he said,Hammond also called for strategic actions to address the various challenges facing the industry, including custody, tax, accounting standards, stablecoin regulation, banking services, NFTs, spot market regulation, and mining.According to Hammond, while some blame the Biden Administration, others point to the collapse of FTX, Terra, and Celsius as the root cause of the attacks on the crypto industry. However, he mentioned,Nonetheless, he believes the upcoming oversight hearings and court decisions in April, May, or June are seen as pivotal in determining the future of the industry. “In a split Congress, anything is hard to accomplish but there is a strong coalition ready to fight,” Hammond stated as he ended his thread.The post ‘March Has Been a Brutal Month for Crypto,’ Says Ron Hammond appeared first on Coin Edition.See original on CoinEdition More

  • 113 Shares119 Views

    in Cryptocurrency

    SHIB Burn Rate Up 10,000% Since Shibarium Testnet Launch

    The meme coin Shiba Inu (SHIB) is once again turning heads after 814 million SHIB tokens were burned. The amount of tokens burned has been steadily increasing since the launch of the Shibarium testnet a few weeks ago. The amount of SHIB burned has increased by a massive 10,000% since this launch.This recent token burn occurred over seven consecutive transactions, with 814,901,863 SHIB tokens sent to dead wallets in an attempt to reduce the token supply. On March 27 alone, about 794,858,822 SHIB tokens were burned. 24 hours later more than 800 million tokens were burned.
    SHIB burn rate (Source: Shibburn)The Shibburn portal indicates that today, the burn rate has decreased by more than 98%. Just over 14 million SHIB tokens have been burned for today so far.In addition to the burn rate increasing, the number of SHIB holders who have become trillionaires saw a 5% increase over the past month. The fact that the number of SHIB whales are increasing could be a good thing as it indicates that there is a growing interest in the meme coin.On the other hand, it might be a cause for concern as there is now a way bigger concentration of wealth between only a few holders, which opens up the possibility for market manipulation and price swings.
    SHIB/Tether US 1D (Source: TradingView)SHIB is currently trading hands at $0.0000108 after a 4.45% price increase over the last day. The meme coin is, however, still down by 0.62% over the last seven days. Its market cap of $6,366,474,259 makes SHIB the 14th biggest crypto in terms of market capitalization.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post SHIB Burn Rate Up 10,000% Since Shibarium Testnet Launch appeared first on Coin Edition.See original on CoinEdition More

  • 150 Shares169 Views

    in Economy

    Britain expected to reach broad agreement on joining Pacific trade pact soon

    TOKYO (Reuters) -The 11 members of a trans-Pacific trade pact which includes Japan and Australia are expected to soon reach broad agreement with Britain on it joining the partnership, two sources familiar with the matter told Reuters on Wednesday.An announcement is expected to be made soon, the sources added, declining to be identified because the information has not been made public.Britain said negotiations with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) had been going well. Prime Minister Rishi Sunak’s spokesperson said ministers were due to discuss CPTPP with their counterparts later this week and there would be an update at the “earliest possible opportunity”.Britain has been looking to build global trade ties following its departure from the European Union, and began negotiations in June 2021 to join the CPTPP grouping as it also looks to pivot toward geographically distant but fast-growing economies, especially in the Indo-Pacific.       Other members of the group are Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.    Membership will supplement existing bilateral trade deals Britain has with several of the member countries, with the overall aim of further cutting tariffs on goods and reducing barriers to services and digital trade.  “We are making great progress on the UK’s accession to CPTPP, and aim to conclude talks at the earliest opportunity,” a spokesperson for Britain’s business and trade ministry said. “The Government is working to ensure that the UK joins on terms that work for British business and are in line with domestic priorities.” More