DOT takes lead as Bitcoin recovers, but retail market still yet to join party October 14, 2021 A swift recovery for Bitcoin has seen the price of the largest cryptocurrency climb back to more than $57k, having briefly dropped below the $55k mark yesterday.
Long read: Untangling the shipping crisis will take more than a favourable wind October 14, 2021 IT IS EASY to forget how lucky we are in the UK. A rapid vaccine rollout has almost entirely banished the spectre of Covid-19 from the country’s economy. But, there are signs the pandemic is still stopping the world from getting back to normal – none more so than in the global shipping industry.Covid-19 continues [...]
Global concrete industry pushes for 25 per cent cut in CO2 emissions by 2030 October 13, 2021 Forty global cement and concrete manufacturers have pledged a new 25 per cent reduction in CO2 emissions by 2030. The Global Cement and Concrete Association (GCCA) is aiming to accelerate the long-term shift to greener concrete, as part of the industry’s wider plans to achieve net zero in concrete manufacturing by 2050 Concrete is the [...]
Stablecoin Tether pressured to reveal the location of its reserve funds October 8, 2021 Tether, a stablecoin pegged to the price of the US dollar, is facing scrutiny once again over the location of its reserve funds. Tether Holdings Inc issues one token for each dollar it receives. This means that trades made using USDT are supposedly backed by the companies’ dollar reserves – a quality which has made [...]
Is bling out? What Chinese “common prosperity” means for luxury goods October 8, 2021 Evergrande Group will not have helped to calm the nerves of investors in European luxury goods companies. They’ve viewed recent developments in China with some trepidation. The difficulties facing the country’s second largest property developer (by sales) add to a checklist of concerns. These concerns include a slowdown in economic activity (for background, see: China: what [...]
Elektron fired up over orders October 6, 2021 Components manufacturer Elektron said yesterday that its order books going into the second half were 5 per cent ahead of last year. The firm, which makes switches and indicator lights for household appliances such as coffee machines and laser printers, reported an operating profit of £1.02m in the six months to 31 July up 5 [...]
Canary Wharf skyscraper faces uncertain future as China cracks down on builders October 6, 2021 Many development projects in London are in limbo as Beijing is cracking down on overleveraged firms and casting a pall of uncertainty on their ability to bankroll their ventures. Greenland, a major Chinese real estate developer which rushed to London in post-recession boom along with many others, is reportedly struggling to finish ‘Spire’, which when [...]
Chinese airlines push back against IATA’s net-zero pledges October 5, 2021 Chinese carriers lobbied global airlines body IATA to push back its net-zero 2050 deadline but they were rejected by the organisation, which stressed its commitment to the Paris Agreement, according to reports. Chinese airlines have pushed back against the International Air Transport Association’s (IATA) resolution to commit to net-zero CO2 emissions by 2050. Carriers reportedly [...]
New car sales down a third in September as shortages throttle production October 5, 2021 New car registrations fell by 34.4 per cent last month making it the worst September on record according to data from the Society of Motor Manufacturers and Traders (SMMT). In a blow for the automobile sector just 215,312 new cars were sold in September 2021 – up from lows of 68,033 in August – but [...]
Sinic Holdings becomes latest firm to get caught up in Evergrande’s downward spiral October 5, 2021 Sinic Holdings has become the latest firm to be caught up in the downward spiral set off by Evergrande, the Chinese behemoth considered too big to fail by market analysts. Fitch ratings downgraded Sinic today after it defaulted on its debt interest payment. The firm is uncertain to honour a $246m bond repayment due later [...]