Aurelia Butler

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    in Economy

    Canadian inflation expectations bolster case for supersize rate hike

    OTTAWA (Reuters) -Consumer inflation expectations surged in Canada, hitting fresh highs in the short-term and up “significantly” over the long-term, a Bank of Canada survey showed Monday, bolstering calls for a very rare 75-basis point rate increase.”Consumers’ expectations for inflation have risen, alongside concerns about prices for food, gas and rent,” the central bank said in its second quarter Survey of Consumer Expectations. “Generally, people see inflation as being more pervasive now.” In a separate survey, the bank found businesses expect high inflation for longer, with firms eyeing survey-record wage increases over the next 12 months and many planning to pass rising costs onto customers.The surveys both reinforce calls for a 75-bp rate increase at the Bank of Canada’s next decision on July 13. That would be the largest hike since August 1998, when the bank lifted rates by 100-bp to defend the currency.”In particular, long-term (consumer) inflation expectations increased dramatically,” said Andrew Grantham, senior economist at CIBC Capital Markets, in a note, adding the across-the-board jumps were “not good news” for the central bank.Canada’s inflation rate hit a near 40-year high at 7.7% in May and prices are set to go higher before easing later this year. The bank has signaled it is willing to act aggressively to keep price increases from becoming entrenched.What central banks dread is a situation in which price increases become self-fulfilling — expectations for higher prices cause people to raise wage demands and accelerate purchases, driving further price increases.In its Business Outlook Survey, the bank found firms see inflation above 3% on average over the next two years, with nearly a quarter expecting price increases “well above” the 2% target for three years or more.Firms also plan to raise wages to attract and retain workers, the bank said, with businesses now expecting wage increases of 5.8% on average over the next 12 months, up from 5.2% in the previous survey. The Canadian dollar was trading 0.1% lower at 1.2890 to the greenback, or 77.58 U.S. cents. Money markets are betting the policy rate will hit 3.25% to 3.5% by year-end, up from a record low 0.25% at the start of 2022. More

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    in Cryptocurrency

    Visa debuts ‘no-limit’ Bitcoin card in UAE

    According to a Sunday press release, the card was first launched in 2021 and is available by invite only to just 10,000 individuals around the world. Holders will be able to convert their Bitcoin and other major cryptocurrencies into spendable cash.As per announcements, an invitation to join the exclusive club can be requested via the bitcoinblack website. Furthermore, the card is secured by the holder’s digital assets and offers premium perks such as a no-spend limit in places where Visa is accepted. Commenting on the new product, bitcoinblack CEO Prakash Chand said:Another element of exclusivity that the product brings to its holders is the ability to spend token rewards on various luxury items in bitcoinblack’s Haute Living Luxury Marketplace, “a curated online boutique that includes luxury watches, purses, cars, charter jet deals, private mansion access and more,” set to launch soon.Continue reading on BTC Peers More

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    in Cryptocurrency

    Singapore's financial watchdog considers further restrictions on crypto

    According to parliamentary records published on Monday, Singapore senior minister and MAS chair Tharman Shanmugaratnam said the financial watchdog may consider “placing limits on retail participation” for crypto investors as well as introducing rules on the use of leverage for crypto transactions. Shanmugaratnam also called for regulatory clarity among financial regulators around the world, “given the borderless nature of cryptocurrency markets.”Continue Reading on Coin Telegraph More

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    in Economy

    Egypt's Suez Canal revenue hits $7 billion record peak

    A statement from the authority attributed the rise to an increase in vessel numbers and cargoes, with total cargoes reaching a record high of 1.32 million tonnes, up 10.9% from 2020/21.The number of vessels transiting the canal rose 15.7% to 22,032. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.A 2015 expansion of the canal led to a limited rise in revenue and a further expansion is due to be completed in 2023.The second expansion was announced after the Ever Given cargo ship was grounded in the canal for six days in March last year, disrupting global trade. More

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    in Cryptocurrency

    Tron Founder Justin Sun Champions for Blockchain Tech in WTO Event

    Justin Sun, the founder of Tron and Grenada Ambassador to the World Trade Organization (WTO), said that blockchain could fix global economic crises at the Twelfth Ministerial Conference (MC12).Sun spoke during the Small Island Developing States (SIDS) segment, where delegates of various WTO member states raised the discussion on climate change, ocean management, and e-commerce, among other topics.He revealed that Grenada is “heavily dependent” on a multilateral trading system that is predictable, transparent, and efficient. Sun added that he is “working closely with WTO’s program on e-commerce in support of digitizing the economy.”Notably, the MC12 conference discussed pressing issues, including the post-pandemic crisis, food safety and security, environment protection, IP protection on COVID-19 vaccines, and e-commerce, among other subjects. The event saw the decision to impose the Work Program on Small Economies, the TRIPS non-violation and situation complaints, and the Sanitary and Phytosanitary Declaration for the MC12 initiative.Just recently, Sun appeared before the Organization of Eastern Caribbean States (OECS) and again championed digital innovation. “Grenada is facing an increase in commodities prices, climate crisis, and environmental emergencies,” says Sun. He believes optimized e-commerce and a borderless digital economy can address such crises.Sun is said to be playing an essential role in the economic development of Grenada. He claimed that as long as he serves as a WTO representative for the Caribbean country, Sun would advocate for cooperation between Grenada and other countries to boost economic growth and digital transformation.In 2017, Justin Sun founded Tron, a decentralized, open-source blockchain. The businessman stepped down from his post as Tron’s CEO to become a diplomat for Grenada in December 2021.Continue reading on CoinQuora More

  • 138 Shares139 Views

    in Cryptocurrency

    NFT trading volume falls to 12-month low as bear market continues

    Despite recording a whopping $42 billion in sales since the beginning of the year, NFT sales in June dropped to its lowest since June 2021, data from DappRadar and Chainalysis reveals.An earlier Bloomberg report predicted that the NFT market in June 2022 was poised to close the month at under $1 billion, the first time since June 2021. Citing data from DappRadar, Bloomberg noted that OpenSea’s June sales volume was $670 million, down by 75% from May’s figure. Comparatively, the leading NFT marketplace recorded $5 billion in monthly volume in January.However, The Guardian, in a report published on July 2, said that NFT sales figures for June 2022 was a little over $1 billion, down from its peak value of $12.6 billion in January.The NFT market began the year with a bang, with January and February accounting for more than half of the year-to-date volume of $42 billion. However, sales figures have been on a steady decline. This has been largely due to the current bear market which saw Bitcoin fall to an 18-month low of below $18,000.The NFT space has also been marred with a rising rate of scams and thefts. OpenSea, for instance, recently suffered a data breach involving the email addresses of its customers. Many users have taken to social media to complain about receiving multiple phishing emails.Continue reading on BTC Peers More