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    S.Korea Dec inflation at 3.7%, 2021 rate at decade high of 2.5%

    SEOUL (Reuters) – South Korea’s annual inflation this year outpaced the central bank’s current forecasts and soared to a decade-high, proving to policymakers prices are becoming harder to tame and boosting the case for more interest rate hikes in 2022.The average consumer inflation rate for the whole year surged to 2.5%, the fastest since 2011 and up from 0.5% in 2020, government data showed on Friday.That beats the Bank of Korea’s 2.3% projection made in November.December consumer prices jumped 3.7% from a year earlier, slightly slowing from a decade-high of a 3.8% rise in November and beating a 3.6% gain tipped in a Reuters survey.Rebounding services spending and persistent supply disruptions are underpinning inflationary pressure in Asia’s fourth-largest economy and fanning views that the BOK could raise interest rates at its next policy meeting on Jan. 14.On Nov. 25, the BOK raised interest rates for the second time since the pandemic began to 1.00% and revised up it’s inflation outlook as concerns about rising household debt and consumer prices grew.An index measuring service costs increased 2.6% from a year earlier in December after a 2.4% gain a month earlier, while fresh food prices jumped 6.7% following a 5.6% increase in November. (The story has been corrected to change the year to 2022 in the first paragraph) More

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    U.S. appeals court revives Libor-rigging claims against banks

    NEW YORK (Reuters) – A U.S. appeals court on Thursday revived litigation accusing a slew of large banks of conspiring to rig the Libor interest rate benchmark, including during the 2008 financial crisis, to boost profits at investors’ expense and make the banks appear healthier than they were.The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge had jurisdiction over antitrust claims by investors including Charles Schwab (NYSE:SCHW) Corp that bought various Libor-based products from the banks, or bought Libor-based futures on the Chicago Mercantile Exchange.Without ruling on the merits, Circuit Judge Richard Sullivan said accusations that bank executives and managers in the United States were ordering the suppression of Libor provided jurisdiction under a conspiracy-based theory of liability.The appeals court adopted that theory after U.S. District Judge Naomi Reice Buchwald in Manhattan had dismissed investor claims in 23 separate cases from the decade-old litigation.Thursday’s 43-page decision by a three-judge panel revived many of those claims, and the appeals court returned those cases to Buchwald for further proceedings.The defendant banks sat on a panel involved in setting Libor.They included Bank of America (NYSE:BAC), Bank of Tokyo-Mitsubishi UFJ, Barclays (LON:BARC), Citigroup (NYSE:C), Credit Suisse (SIX:CSGN), Deutsche Bank (DE:DBKGn), HSBC, JPMorgan Chase (NYSE:JPM), Lloyds Banking Group (LON:LLOY), NatWest, Norinchukin Bank, Rabobank, Royal Bank of Canada, Societe Generale (OTC:SCGLY), UBS and WestLB.Lawyers representing the banks and the investors at the oral arguments, which were held in May 2019, did not immediately respond to requests for comment.Libor, or the London Interbank Offered Rate, has underpinned hundreds of trillions of dollars of transactions, including $265 trillion at the start of 2021.It has been used to set interest rates on such things as credit cards, student loans and mortgages.The benchmark is being scrapped https://www.reuters.com/markets/europe/libor-era-nears-its-end-2021-12-28 on Jan. 1, 2022 in the wake of rate-rigging that led to fines for several banks.It will be replaced by alternative rates, preferably those recommended by several banks and based on actual transactions.The case is In re Libor-Based Financial Instruments Antitrust Litigation, 2nd U.S. Circuit Court of Appeals, Nos. 17-1569, 17-1915, 17-1989, 17-2056, 17-2343, 17-2347, 17-2351, 17-2352, 17-2360, 17-2376, 17-2381, 17-2383 and 17-2413. More

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    Global Omicron surge drives cases to record highs in 20 countries

    Twenty countries spanning four continents have reported record-breaking numbers of Covid-19 cases in the past week, highlighting the strain Omicron is exerting on the health systems of both rich and poor nations globally.The World Health Organization has warned of an impending “tsunami” of infections as the highly transmissible coronavirus variant and the Delta strain circulate together.At least five countries — including Australia, Denmark and the UK — have experienced a surge of more than double the previous recorded peak in cases, according to Financial Times analysis.The US seven-day rolling average of cases neared 300,000 on Wednesday, its highest daily tally since the start of the pandemic, according to the FT’s data tracker. Countries are also testing much more now than at earlier stages of the pandemic, but the share of tests that return a positive result is climbing across the board, indicating that the surge in cases is real.In several countries — including England, Canada and Denmark — test positivity has already climbed to a record-high since widespread community testing began.PCR and lateral flow tests are currently unavailable or difficult to obtain in a number of countries, including the UK and Italy.Australia, which once pursued a “zero-Covid” policy, has had a surge in infections around five and a half times its previously recorded peak, the analysis shows.However, South Africa, one of the first nations to detect Omicron, late last month, said on Thursday that it believed it had passed the peak of its fourth wave driven by the variant, and lifted a midnight to 4am curfew on people’s movement with immediate effect.The country made the changes based on the trajectory of the pandemic, levels of vaccination and available capacity in the health sector, said Mondli Gungubele, a minister in the presidency.Data from the health department showed a 29.7 per cent fall in the number of new cases detected in the week ending December 25 compared to the number of cases found in the previous week, at 127,753, the government said.

    South Africa, with close to 3.5m infections and 91,000 deaths, has been the worst-hit country in Africa during the pandemic on both counts.Early evidence also suggests that Omicron is less severe compared with previous variants. This may be because coronavirus has infected millions since it first emerged two years ago, giving those infected some immunity, and because of vaccination. It is not yet known, however, whether Omicron is less virulent for those who have never been vaccinated or exposed to the virus, especially for those who are most vulnerable.Public health experts have warned against underestimating the impact of Omicron after concluding that the disease is milder. “The exponential increase in cases in countries and cities around the world can result in health systems coming under increasing strain,” Soumya Swaminathan, chief scientist at the WHO, told the FT. “A small percentage of a very large number of people can still fill hospitals and moreover increase the need for outpatient care tremendously,” she said. The sharp rise in cases has already placed a strain on hospitals in the US where states with high vaccination rates, including New York and the District of Columbia, are also experiencing a jump in infections.Kathy Hochul, New York governor, said on Wednesday that the state was deploying additional medical staff and increasing bed capacity as hospitalisation rates increase but remain lower compared to the same time last year.“We’re basically preparing for a January surge,” she said. “We know it’s coming”. New York state reported 74,207 Covid cases on Thursday, yet another all-time high, and 7,373 hospitalisations. Mike Ryan, WHO director for emergencies, said it was probable that the virus would evolve into an endemic phase, but “the virus itself is very unlikely to go away completely”.

    Since Omicron was first detected in southern Africa, nations have raced to stem its spread by restricting travel or closing borders altogether and expanding booster campaigns. Omicron appears to be more transmissible than Delta and able to pierce through immunity caused by vaccines and prior infection. Early evidence indicates full courses of existing vaccines could be less effective in combating the variant, though boosters can help restore some of that protection. For vaccines used mostly in poorer nations, that protection is even more diminished. Johnson & Johnson was the latest company to say an extra dose of its vaccine helped against the variant on Thursday.In the two years since it was first detected, coronavirus has infected more than 284m globally, killing more than 5.4m, according to Johns Hopkins University, though both figures are likely significant underestimates.Additional reporting by Martin Stabe in London More

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    SEC chair has a new senior adviser for crypto

    In a Thursday announcement, the SEC said Corey Frayer would be joining Gensler’s executive staff as a senior adviser on the agency’s oversight of cryptocurrencies. Frayer has worked as a professional staff member of the Senate Banking Committee as well as a senior policy adviser for the House Financial Services Committee with Representatives Maxine Waters (NYSE:WAT) and Brad Miller. Continue Reading on Coin Telegraph More

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    North Korean Hackers Stole $1.7 Billion in Crypto For Long-term Investments

    The North Korean government sees crypto as a long-term investment. Instead of cashing the stolen crypto out, they are keeping the assets. Some media outlets wrote that a part of the funds goes to North Korea’s military supplies.“Considering the fact that the price of bitcoin (BTC) has risen more than 60 times since 2017, when North Korean hackers started hacking cryptocurrency exchanges in earnest, North Korea is using the stolen cryptocurrency from the perspective of long-term investment. For North Korea, cryptocurrency has become the only financial asset that can be acquired while it is under tight economic sanctions, and [recognizes its value] for sanctions evasion-related purposes,
    The Asan Institute for Policy Studies’ Researcher Koh Myung-hyun was quoted.There are three specific North Korean crypto hacks noted: 2017 hack in South Korean platform Bithumb ($32 million stolen), 4,000 Bitcoins illegally obtained from YouBit, and $281 million worth of crypto was lost on Kucoin.In March 2019, North Korea’s capital Pyongyang was accused of stealing $670 million in fiat foreign and digital currencies.According to some sources, North Korea aims to use the money from crypto tokens for building a coastal Wonsan-Kalma tourist attraction, and a flagship hospital in the capital.On The FlipsideMany crypto trading platforms are focusing on strenghtening cybersecurity, as cybercrime in the industry is on the rise.Why You Should Care?North Korea could become a hub of crypto cyberattacks. EMAIL NEWSLETTERJoin to get the flipside of cryptoUpgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.[contact-form-7]
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