News around the World

Qatar signs deal with China to supply gas for 27 year

The recent volatility of gas supply since the Ukraine war has driven country leaders to understand the importance of having long-term energy supply.

QatarEnergy chief Saad al-Kaabi said that they are happy about the firm signed a 27-year sales and purchase agreement with Sinopec of China. This agreement is the longest in the history of liquefied natural gas deals and an important milestone for North Field East Project. The North Field is part of the world’s biggest gas field what Qatar shares with Iran.

Image source: https://media.cnn.com/api/v1/images/stellar/prod/221121093100-south-pars-iran-qatar-joint-gas-field-file.jpg?c=16×9&q=h_720,w_1280,c_fill

My Collections

Perth Mint – 1929 WA Centenary Medal and Sovereign Set (50 mintage)

Uniting the Perth Mint’s 1929 Western Australia Centenary Medal with a 1929P Gold Sovereign set, this prestigious pair forms a unique remembrance of the celebrations for the 100th anniversary of Western Australia in 1929, perfect for the avid collector.

Key features:

• 1929 Centenary Medal in Very Fine- Extremely Fine condition

• 1929 Gold Sovereign in Extremely Fine – about Uncirculated condition

• Commemorative set

• Prestigious timber case

• Mintage: 50

Product Specification:

Includes: The 1929 Western Australia Centenary Medal / The King George V 1929P Gold Sovereign

Year Date: 1929 / 1929

Metal Content (Troy oz): 32g Copper / 0.235

Fineness (% purity)/ Grade: Very Fine- Extremely Fine / 91.67

Maximum Diameter (mm): 39mm / 22.05

Story:

Founded in 1829

Although Europeans had contact with the west coast of the ‘Great Southern Land’ from the 17th century, European settlement did not take place until the 19th century. Indeed, it was not until May of 1829 that Britain’s Swan River Colony – renamed Western Australia in 1832 – was formally established. Celebrations were held for the centenary of Western Australia in 1929 and included the issue of the 1929 Western Australia Centenary Medal.

The 1929 Western Australia Centenary Medal

An iconic element Australian numismatics, the 1929 Western Australia Centenary Medal was struck at the Perth Mint. The obverse carries the portrait of George V by Australian artist Sir Bertram Mackennal – so well known from its employment upon Australian coinage from 1911 to 1936. The reverse carries George Kruger Gray’s distinctive, vigorous portrayal of a Black Swan, one of Western Australia’s most powerful symbols. Spanning an imposing 38mm, the 1929 Western Australia Centenary Medal is presented in Very Fine to Extremely Fine.

The King George V 1929P Gold Sovereign

The perfect partner for the Perth Mint’s 1929 WA Centenary Medal, this impressive set also comprises the Mint’s 1929P Sovereign – struck in the centenary year of Western Australia! The first of a 3-year-only type, the 1929P was the first to carry the Modified Portrait of George V and revised St George & the Dragon motif. Scarce in better grade, with so many coins lost or melted for the gold, this is your chance to secure the 1929P Gold Sovereign in Extremely Fine to about Uncirculated condition.

Source:

1929 WA Centenary Medal and Sovereign Set (perthmint.com)

https://www.downies.com/pm-1929-wa-centenary-medal-sov-set

News around the World

Rishi Sunak will be the first person of colour to lead the UK

Rishi Sunak, whose parents came to the UK from the East Africa in the 1960s, is of Indian descent. His father was a local doctor while his mother ran a pharmacy in southern England. Sunak studied at the exclusive Winchester College, Oxford, and Stanford universities. He is known for his expensive taste in fashion and has worked for banks and hedge funds including Goldman Sachs.

Sunak has also been scrutinized over the tax arrangements of his wife Akahata Murty, the daughter of an Indian billionaire. In 2022, Sunak and his wife appeared on the Sunday Times Rich List of the UK’s 250 wealthiest people.

Sunak stood by Johnson for a long time. However, he turned against him after Johnson’s slow act for the Partygate scandal. Thereafter, Sunak’s shock resignation let to Johnson’s demise. Johnson believes Sunak betrayed him by resigning from his government which triggering his resignation on July 7 this year.

Image source: https://media.cnn.com/api/v1/images/stellar/prod/221024084150-01-rishi-sunak-102322.jpg?c=16×9&q=h_720,w_1280,c_fill

Investment, News around the World

UK Prime Minister Liz Truss apologized for her mini-budget

Ian Vogler/AFP/Getty Images

Image source: https://media.cnn.com/api/v1/images/stellar/prod/221017124957-03-liz-truss-lead-image.jpg?c=16×9&q=h_720,w_1280,c_fill

UK Prime Minister Liz Truss apologized for her controversial mini-budget that crashed the UK Sterling, rattled financial markets and led to her firing her closet political ally. Despite of the huge pressure from the investors and party member, Truss insisted that she would lead her Conservative Party into the next general election.

Last Friday, Truss replaced Chancellor of the Exchequer Kwasi Kwarteng with Jeremy Hunt. Hunt then said that he would reverse almost all tax measures announced three weeks ago by his predecessor. Truss said it was painful to sack her “friends” Kwarteng as finance minister but said she stood by her decision.

Truss said that she still believed in the “high growth, low tax” formular she campaigned on to win the Conservative Party leadership in early September. However, she also recognized the UK was facing “very difficult circumstances at the moment.”

My Collections

Celebrating the Life and Legacy of Alan Turing

Celebrating the Life and Legacy of Alan Turing

The Royal Mint in UK is presenting a new coin series – Celebrating the Life and Legacy of Alan Turing.

Alan Mathison Turing was an English mathematician, computer scientist, logician, and cryptanalyst born in London. During the Second World War, Turning worked for the Government Code and Cypher School. His codebreaking logic saved estimated millions of live by shortening the war. 

After the war, Turning worked at the National Physical Laboratory, where he designed the Automatic Computing Engine, one of the first designs for a stored-programme computer. In 1948, he joined Max Newman’s Computing Machine Laboratory where he helped develop the Manchester computers. Despite of his various accomplishments, Turing was never fully recognized in UK during his lifetime. It is because much of his work was covered by the Official Secrets Act.

And in 1952, Turning was prosecuted for homosexual acts. He then accepted hormone treatment and died 16 days before his 42ndbirthday from cyanide poisoning. 

In 2009, the UK Prime Minister Gordon Brown made an official public apology on behalf of the UK government for “the appalling way Turing was treated”. Queen Elizabeth II granted a posthumous pardon in 2013 which has since led to further pardons to gay men and created what has become known as “Turing’s Law”. In recent years, Turing has become a figurehead for gay rights.

In 2022, The Royal Mint celebrates the man with a remarkable mind with a UK 50p coin available as a gold Proof, silver Proof, silver Proof Piedfort and Brilliant Uncirculated edition. 

Images source:

https://www.royalmint.com/globalassets/consumer/_campaigns/2022/alan-turing/category-page/t3-dt-primary-cat-alan-turing.png?width=2147483647

 

More information:

https://www.royalmint.com/our-coins/events/alan-turing/

Investment

The inflation is making the West difficult to go further on Russian oil

European Union and the United States have barred the import of Russian oil to cut off the revenue source for Kremlin and force Vladimir Putin to reconsider the war in Ukraine. However, it seems like this measure hasn’t worked.

When EU and the US looked at the data, they found that Russia is making just as much money from oil export as it was before the invasion of Ukraine. At the same time, global inflation is surging, and it generates Politian pressure on leaders like US president Joe Biden, British Prime Minister Boris Johnson, and French President Emmanuel Macron.

In the recent G7 meeting, these leaders tried very much to reach a consensus on that to do next. However, on oil, only few options are available. several measures were being discussed. For examples, price caps on Russian oil imports and centralized purchasing, insurance bans on ships. Unfortunately, these tools have downsides, and they could push the oil price and inflation rate even higher. These prospective measures may come with significant costs directly to consumers in the US and Europe.

Nevertheless, there is an uptick in exports to Asia. China is currently taking advantages of huge price discounts. Russia is selling barrels of its Urals crude for about USD 35 cheaper than the Brent global benchmark. The Kremlin is still getting a pretty good price for their oil export. The West need to go further to get Russian oil off the market quickly, since any delay will give market participants time to come up with creative ways to skirt the rules.

To make it harder for China, India, and other countries to keep importing Russian oil, EU intends to phase in a ban on insuring ships. Such a move may push China and India to find replacement barrels, the price of oil could easily go rocket high.

Therefore, Treasury Secretary Yellen suggested that using price caps to push down the price of Russian oil and depress Putin’s revenues while allowing more oil supply to reach the global market.

Image source: https://cdn.cnn.com/cnnnext/dam/assets/220624114155-india-crude-oil-freight-file-restricted-exlarge-169.jpg

Investment

Crypto experts shrug off the bitcoin plunge and here are the reasons

Cryptocurrency is having a terrible week. Still, long-term investors are really care about the steep drops in the value of digital currency and the temporarily halt of withdrawals in the exchanges. 

Bitcoin, the world most valuable cryptocurrency, dropped nearly to USD 21,000 in recent days. it is sitting nearly 70% below its historical high of USD 68,000 per coin in November 2021. Ether, the second most valuable digital currency has lost about nearly 75% of its highs.

Due to the extreme market conditions, crypto exchanges like Binance and Celsius Network temporarily halted withdrawals and indicating that it would “take time” to reopen the exchanges.

In the meantime, Coinbase, the largest cryptocurrency exchange in the United States by trading volume announced it would lay off about 18% of its workforce and citing that “could lead to another crypto winter and could last for an extended period.”

However, the leaders in the cryptosphere are not really worried about the volatile market. They believe that the bear market in crypto is not the same as the bear market for stocks: the lows are more extreme, but then so are the highs. Crypto bear markets usually drew down 85 to 90% and then bounced back according to the past performance. Crypto market is naturally more volatile.

Image source: https://www.pexels.com/photo/round-silver-and-gold-coins-730564/

 

Investment

Gold Price Down USD 50 on the Day Indicating Markets in Chaos.

The markets in chaos: precious metals prices down, Bitcoin price hits lowest level since December 2020 and stocks plunges. Analysts warn of panic selling as investors are pre-reacting to the Federal Reserve’s interest rate hike on this Wednesday following a high inflation rate of the U.S.

The inflation is now expecting at annual pace of 8.6%. economists believe the Fed will need to get more aggressive to tame the inflation. The U.S. dollar reacted positively to the expected rate hike and goes stronger. In response to rising yields and a strong U.S. dollar, Gold saw a very sharp sell off as it plunged around USD 50 per oz on the day.

The precious metals are struggling as investors are still digesting inflation data and the looming economy downturn in China caused by the latest outbreak in Beijing and Shanghai. The latest lockdowns could lead to a much more extended period of supply chain issues and disruption.

Even though the market expects that the Fed will have an aggressive rate hike, but it is still not enough to get the inflation under control.

in the meantime, gold remains at risk of a more significant selloff. The support at USD 1,800 per ounce might not hold and we will see a retreat towards USD 1,750 per ounce. 

Image source: https://www.pexels.com/photo/gold-and-silver-round-coins-and-bullions-8442328/

Investment

The Securities and Exchange Commission (SEC) has been reviewing the ways that brokers trading every day

The Securities and Exchange Commission (SEC) has been reviewing the ways that brokers trading every day. Investors are worried that the way millions of everyday global investors buy and sell stocks is going to change. And this change will be bad news for so-called free-trading apps like Robinhood as well as other similar business models.

When an investor buy or sell stocks on an app, the trade seems to be instantaneous. But, this buy-sell action is a complex process of Wall Street players exploiting tiny differences in prices to rake in huge amounts of cash.

Here is now it works:

When you place a buy or sell order, your broker for example Robinhood takes your order to a firm known as a wholesaler or market makers – the middlemen who are supposed to get you the best prices and who pay the brokers for the privilege of executing the trades. They typically make pennies off each transaction.

And the process above is called “payment for order flow”. Now this process has come under scrutiny by regulators due to the fallout from the January 2021 run-up stocks like GameStop.

The SEC are likely to roll our new rules as early as this Wednesday. One proposed new rule will be added more competition at the middleman level to ensure retail investors are really getting the best prices. It may also mean trading orders will be routed into auctions where trading firms would have to compete to execute them. In the future, investors may need to pay more trading fees on so-called free-trading apps.

Image source: https://www.pexels.com/photo/silver-iphone-2068664/

Investment

The global economy is on the edge of a precipice

The global economy is on the edge of a precipice, and it may be the biggest crisis since the Second World War.

The invasion of Ukraine has compounded the effects of the Covid-19 pandemic. It brings the cost of the food and fuel to skyrocket which weighing on the economic recovery and fanning inflation.

Rising interest rates are putting more pressure on countries, companies, and households. Climate changes, market turbulence and ongoing supply chain constraints also make the situation become more worse.

To lower economic stress, the IMP is calling for government officials and business leaders meeting in Davos to discuss reducing trade barriers.

However, earlier this month, Indian government decided to ban the export of wheat and it triggered the price of grain soaring. Some countries are heading in the opposite direction of IMF and implementing restrictions on trade in food and agriculture products that could probably exacerbate the shortages and push the prices even higher.

Image source: https://www.pexels.com/photo/american-and-chinese-flags-and-usa-dollars-4386371/