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Spanx taps Goldman Sachs to explore options including sale - NYT
  + stars: | 2021-06-25 | by ( Reuters Staff | ) sentiment -0.89   time to read: +1 min
June 25 (Reuters) - Shapewear maker Spanx has tapped Goldman Sachs to explore options including a sale, New York Times’ DealBook newsletter reported on Friday, citing multiple sources familiar with the matter. The report said Spanx has attracted interest from private equity firms, including Carlyle, and that any deal could value it at $1 billion or more. It also said Spanx's founder Sara Blakely could retain some ownership in the company. Demand for apparel has rebounded in recent weeks as the United States returns to relative normalcy on the back of speedy COVID-19 vaccinations and easing of restrictions. Spanx made between $50 million and $80 million in operating earnings on revenue of $300 million to $400 million over the past year, the NYT report said.
Persons: Spanx, Goldman Sachs, New York Times ’, Carlyle, Sara Blakely, Kim Kardashian West Organizations: New York Times Locations: United States
MOSCOW — Russia accused Britain and the United States on Friday of trying to incite conflict in the Black Sea and said it would defend its borders using all possible means, including military force. Russia claims the U.K.'s HMS Defender violated its border near Cape Fiolent in Crimea on Wednesday. "Washington and London are denying reality... they are trying to provoke conflict," he said. It confirmed a British destroyer, HMS Defender, had sailed through what it described as waters belonging to Ukraine. The British embassy in Tbilisi, the Georgian capital, wrote on Twitter on Friday that HMS Defender was set to arrive in the port city of Batumi on the eastern coast of the Black Sea.
Persons: Britain, Sergei Ryabkov, Ryabkov Organizations: British, Russian Federal Security Service, TASS Russia, NBC, HMS, Twitter, Russia's Defence Ministry Locations: MOSCOW, Russia, United States, Moscow, Britain, Crimea, Russian, Washington, London, Cape Fiolent, Ukraine, British, Tbilisi, Batumi, Syria's
MEXICO CITY, June 25 (Reuters) - Mexico is facing an “unprecedented situation” in terms of the shocks affecting inflation due to the COVID-19 pandemic and future interest rate moves will depend on the evolution of inflation, said Bank of Mexico Governor Alejandro Diaz de Leon. “Despite having a negative product gap, we are seeing multiple upward revisions in prices, shortages in different inputs and that’s because of COVID, not because of the economy’s traditional cyclical behavior,” said Diaz de Leon. “We’re in an unprecedented situation in terms of the shocks that are affecting inflation.”Diaz de Leon, whose term as governor concludes at the end of 2021, said the rate hike would contribute to bringing inflation towards the bank’s 3% target, plus or minus one percentage point. With Mexican consumer prices rising 6.02% in the year through the first half of June, Banxico now expects headline inflation to converge to its target during the third quarter of 2022. Banxico’s board deliberately avoided giving guidance on future monetary policy actions because future rate moves will depend on the evolution of inflation, and Thursday’s rate decision was fundamentally aimed at avoiding contaminating inflation expectations and the price formation process, Diaz de Leon said.
Persons: Alejandro Diaz de Leon, Banxico’s, Diaz de Leon, , , ” Diaz de Leon, Banxico, Anthony Esposito, Mark Potter Organizations: MEXICO CITY, Bank, Mexico, Bank of, Reuters Locations: MEXICO, Mexico, United States, Bank of Mexico
The Paris Club agreement over a “bridging” period until next year means Argentina will avoid a damaging default next month. It came with a commitment to strike a deal with the IMF by March 31 to revamp repayments it cannot make. The Paris Club, which has a long history with Argentina, includes among its members the United States, Germany, Brazil and Japan, which are also members of the IMF. The IMF on Thursday said it welcomed Argentina’s deal with the Paris Club, though it had no timeline currently for a new agreement. Some analysts said that even with an IMF deal, Argentina’s problems would persist, with rising poverty levels, runaway inflation and tight capital controls still in place.
Persons: , Siobahn Morden, Amherst Pierpont, Economy Minister Martin Guzman, Cristina Fernandez de Kirchner, Argentina’s, Nikhil Sanghani Organizations: BUENOS AIRES, Paris Club, International Monetary Fund, The, The Paris Club, IMF, Economy Minister, Peronist, The Paris, Capital Economics Locations: BUENOS, The Paris, Argentina, Amherst, Paris, Argentina’s, United States, Germany, Brazil, Japan, Buenos Aires
FREMONT, California, June 25 (Reuters) - Self-driving tech company, backed by Toyota Motor Corp, is considering going public in the United States to help fund its goal of commercializing driverless ride-hailing services, its chief executive told Reuters. “We’re still debating and considering,” said Peng, when asked about the time frame for a public share sale. Earlier this month, it said it had begun driverless testing on public roads in California’s Fremont and Milpitas ahead of the planned launch of a robotaxi service next year. It has also been testing driverless vehicles in Guangzhou, China. He said the next big challenge is to reduce manufacturing costs for driverless vehicles while expanding into more cities and regions and ensuring safety in different environments.
Persons: Motors Co’s, James Peng, , Lawrence Steyn, “ We’re, Peng, “ It’s, ” ROBOTAXI, Lou Tiancheng, Hyunjoo Jin, Christopher Cushing Organizations: Toyota Motor Corp, Reuters, Motors, JPMorgan Chase &, Google, Baidu Inc, Toyota Locations: FREMONT, California, United States, China, California’s Fremont, Milpitas, Guangzhou, Irvine , California
Taiwan, U.S. to hold long-stalled trade talks next week
  + stars: | 2021-06-25 | by ( Reuters Staff | ) sentiment -0.96   time to read: +2 min
TAIPEI (Reuters) - Taiwan and the United States will hold trade talks next week, the de facto U.S. embassy in Taipei said on Friday, resuming long-stalled discussions as Washington seeks to deepen its support for the Chinese-claimed island. FILE PHOTO: Flags of Taiwan and U.S. are placed for a meeting in Taipei, Taiwan March 27, 2018. The Office of the U.S. Trade Representative and Taiwan’s Office of Trade Negotiations will serve as the “chief consultants” for the talks, it added. Taiwan had been cautiously optimistic about resuming the high level trade talks with Washington this year after U.S. Secretary of State Antony Blinken signalled a possible resumption this month. While Taiwan is a member of the World Trade Organization, many countries are wary of signing trade deals with the tech powerhouse fearing objections from China, though Taiwan does have free trade deals with Singapore and New Zealand.
Persons: Tyrone Siu, Barack Obama, Donald Trump’s, Robert Lighthizer, Brent Christensen, Hsiao, , Antony Blinken, Biden Organizations: U.S, REUTERS, Tyrone Siu The Trade, American Institute, U.S . Trade, Taiwan’s, Trade, World Trade Organization, New Zealand, Washington Locations: TAIPEI, Taiwan, United States, Taipei, Washington, U.S, China, Beijing, Singapore, New
Column: Only half time in public debt match
  + stars: | 2021-06-25 | by ( Mike Dolan | ) + 0.00   time to read: +6 min
But it ups the ante on public debt even further. If additional debt-financed spending can lift economic potential without stoking inflation, decades of trepidation over unchecked public debt loads moving from crisis to crisis may well have been wide of the mark and a different regime of high but manageable public debt at hand. Persistently high inflation surprises and full passage of U.S. spending bills could challenge that market stability, they add, but that’s “a limited risk” at this stage. Parsing differing arguments on measuring sovereign debt sustainability, the effects of high debt on growth, possible tipping points and debt dynamics of ageing societies, the piece concluded with pretty stark warnings about the trajectory. “This ‘low interest rate/high public debt’ equilibrium is fragile, as it crucially hinges on a continuation of low inflation,” wrote Deutsche economist Sebastian Becker.
Persons: Michael Oliver, Lars Baron, stokes, what’s, , busily, Christian Keller, Akash Utsav, , that’s, PIMCO’s Tiffany Wilding, Andrew Balls, Sebastian Becker Organizations: Soccer Football, Saint Petersburg, REUTERS, European, Barclays, JPMorgan, Deutsche Bank, Deutsche, Reuters Locations: Sweden, Poland, Saint Petersburg, Russia, hove, Britain, Cornwall, CORNWALL, U.S, United States, France, Italy, Germany
WASHINGTON — Vice President Kamala Harris, after weeks of pressure from her political opponents, will visit the U.S.-Mexico border Friday, as part of her role addressing the root causes of migration. "[Harris' trip to the border] is really about building on the work that she has been doing. Republicans criticized Harris' decision to visit El Paso rather than other parts of the state like, the Rio Grande Valley, which see significantly more border crossings. Although partisan politics are likely to hang over Harris' trip Friday, she will also be forced to confront major policy issues. Rohini Kosoglu, domestic policy adviser to the vice president and one of Harris' longest serving aides, said that Harris "has spent her career fighting for immigrants."
Persons: WASHINGTON, Kamala Harris, Harris, Alejandro Mayorkas, Sen, Dick Durbin, Veronica Escobar, Sanders, Joe Biden, , Donald Trump, Greg Abbott, Jen Psaki, Abbott, El Paso, Trump, Biden, Tyler Moran, Rohini Kosoglu Organizations: El, El Paso Central Processing Center, Customs, Protection, Department of Homeland, Republicans, NBC, Texas Gov, House Republican, White, Republican, Biden, Domestic Locations: U.S, Mexico, El Paso, Illinois, Texas, Central America, Guatemala, Europe, Rio Grande, El, California, United States, Covid
"The Taliban has nearly doubled the number of districts it controls, has captured key areas and military bases, and demoralized segments of the Afghan security forces and the government," Roggio said. We don't want to capture any province or provincial headquarters anywhere in Afghanistan by September 2021 when the U.S. forces leave our country," the Taliban commander said. "We neither imprison them nor punish the Afghan security forces who surrender peacefully. Somal Nazari left his village in Faryab province Sunday along with his young family as Taliban forces approached the city of Maymana. Afghan government forces have struggled to clear out the Taliban from districts they had captured, suffering serious casualties.
Persons: Roggio, Ashraf Ghani, Abdullah Abdullah, Biden, Washington, Zabihullah Mujahid, Marcus Yam, Somal Nazari, Nazari, , Dawlat Abad, Ghani, Deborah Lyons Organizations: High Council, National Reconciliation, White, NBC News, U.S, Doha, NATO, Taliban, UH, Blackhawk, Los Angeles Times, Getty, AK, NBC, Afghan, Soviet, . Security Locations: Tajikistan, Kabul, Kunduz province, United States, Afghanistan, United, U.S, Doha, Mazar, Kandahar, Faryab, Maymana, Sharif, Balkh, Faryab province, Dawlat, Afghan, Wardak, — Wardak, Logar
Take Five: The missing piece in the Fed puzzle
  + stars: | 2021-06-25 | by ( ) + 0.00   time to read: +4 min
Adding perky jobs data to the mix could change that picture, markets fear. Analysts expect the economy to add 600,000 jobs in June - the largest monthly gain in three months – up from a gain of 559,000 jobs in May. The U.S. Fed has shifted to a hawkish bias. Some mid-cap deals pulled stock market debuts recently: Marex Spectron in London, PHE Holdings in Paris and Primafrio in Madrid. But Nordgold aborting its debut might be the first casualty of expected central bank tightening as the hawkish Fed pushed gold 6% lower.
Persons: Jerome Powell, Philip Lane, Wise, Tom Westbrook, Dhara, Abhinav Ramnarayan, Marc Jones, Saqib Ahmed, Karin Strohecker, Toby Chopra Organizations: Federal Reserve, U.S, Fed, ECB, PHE Holdings, Bankers, CHINA BULLS, Thomson Locations: U.S, United States, Europe, Asia, London, Paris, Primafrio, Madrid, China, Singapore, New York
Didi's $4 billion U.S. IPO fully covered - sources
  + stars: | 2021-06-25 | by ( Reuters Staff | ) sentiment -1.00   time to read: 1 min
FILE PHOTO: A man is seen under a Didi logo at the headquarters of Didi Chuxing in Beijing, China November 20, 2020. REUTERS/Florence Lo/File PhotoHONG KONG (Reuters) - Didi Global Inc’s initial public offering (IPO) to raise up to $4 billion in the United States has been covered on the first day of its bookbuild, according to four sources with direct knowledge of the matter. The sources could not be named as the information has not yet been made public. Didi did not immediately respond to a request for comment.
Persons: Didi Chuxing, Florence, Didi Global, Didi Organizations: REUTERS, KONG, Reuters Locations: Beijing, China, United States
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland, Oct. 28, 2020. The bank’s management needs a new-look Credit Suisse, as its standing with customers and in Switzerland hits a low ebb. “The Swiss establishment is aware that without a domestic merger Credit Suisse will disappear in foreign hands,” one of the sources said. Earlier this year, when asked about a tie-up with Credit Suisse, UBS CEO Ralph Hamers threw cold water on the idea, saying he preferred “organic” growth. But many people who spoke to Reuters for this story, however, believed a deal between Deutsche Bank and Credit Suisse was unlikely.
Persons: Arnd, Antonio Horta, Osorio, , FINMA, , Ralph Hamers, Christian Sewing Organizations: UBS, Swiss, Credit Suisse, REUTERS, Greensill Capital, Suisse, Reuters, Germany’s Deutsche Bank, Deutsche, Deutsche Bank Locations: ZURICH, Bern, Switzerland, Swiss, Zurich, Washington, United States
SYDNEY, June 25 (Reuters) - The Australian and New Zealand dollars rose for a fifth consecutive session on Friday and were on track for solid weekly takings, as analysts predict further gains in the period ahead led by strong commodity prices and still-buoyant risk appetite. The Australian dollar was last up 0.1% at $0.7594 after hitting a near six-month trough of $0.7478 earlier this month. For the week, the Aussie is so far up 1.5%, its best weekly performance since early-May. For the week, the kiwi was up more than 2% so far, on track for its best weekly showing since November 2020. Australian government bond futures nudged lower too, with the three-year bond contract off 2 ticks at 99.50.
Persons: Organizations: SYDNEY, New, National Australia Bank, New Zealand Locations: New Zealand, United States, New
COLUMN-Only half time in public debt match: Mike Dolan
  + stars: | 2021-06-25 | by ( Mike Dolan | ) + 0.00   time to read: +6 min
But it ups the ante on public debt even further. If additional debt-financed spending can lift economic potential without stoking inflation, decades of trepidation over unchecked public debt loads moving from crisis to crisis may well have been wide of the mark and a different regime of high but manageable public debt at hand. Persistently high inflation surprises and full passage of U.S. spending bills could challenge that market stability, they add, but that’s “a limited risk” at this stage. Parsing differing arguments on measuring sovereign debt sustainability, the effects of high debt on growth, possible tipping points and debt dynamics of ageing societies, the piece concluded with pretty stark warnings about the trajectory. “This ‘low interest rate/high public debt’ equilibrium is fragile, as it crucially hinges on a continuation of low inflation,” wrote Deutsche economist Sebastian Becker.
Persons: stokes, what’s, , busily, Christian Keller, Akash Utsav, , that’s, PIMCO’s Tiffany Wilding, Andrew Balls, Sebastian Becker Organizations: Reuters, LONDON, European, Barclays, JPMorgan, Deutsche Bank, Deutsche Locations: hove, Britain, Cornwall, CORNWALL, U.S, United States, France, Italy, Germany
Florida condo collapse: Family, friends of the missing cling to hope
  + stars: | 2021-06-25 | by ( ) + 0.00   time to read: +4 min
SURFSIDE, FLA. — As crews worked through the night searching for nearly 100 people unaccounted for after the collapse of a 12-story condo building in Florida, their loved ones clung to hope. The doctor, singer and their daughter, who Fernadez called exceptional people, were in Florida to escape the Covid-19 pandemic in Argentina. Rubble hangs from a partially collapsed building in Surfside north of Miami Beach, on June 24, 2021. Moreno got a call from another friend around 6 a.m. Thursday, asking if he had heard about the collapse. Moreno realized it was his friend's building, but it wasn't until he called his friend's sister that he learned he was missing.
Persons: , Nicholas Fernandez, Fernadez, Eva Marie Uzcategui, it's, Alan Cominsky, Daniella Levine Cava, Rolando Moreno, Moreno, Silvana López Moreira, Euclides Acevedo, Jenny Urgelles, Ron DeSantis, Joe Biden, Pablo Rodriguez, Rodriguez, creaking, weren't Organizations: Miami Beach, Getty, Dade Fire, Dade, NBC Miami Locations: FLA, Florida, Argentina, Surfside, Miami, AFP, Dade County, Paraguay, United States, South Florida, recertification
FBI feared Pennsylvania would seize fabled gold, court docs show
  + stars: | 2021-06-25 | by ( ) + 0.00   time to read: +6 min
The AP and The Philadelphia Inquirer petitioned a federal judge to unseal the case. Federal prosecutors did not oppose the request, and the judge agreed, paving the way for Thursday’s release of documents. The contractor detected an underground mass that weighed up to nine tons and had the density of gold, the affidavit said. Archer said that a turtle carving found on a rock near the proposed dig site was “very likely ... a KGC marker for that site." He noted the warrant granted by U.S. Magistrate Judge Richard Lloret gave FBI agents permission to dig from 6 a.m to 10 p.m.
Persons: Jacob Archer, Archer, , DCNR, corruptly ”, Archer wasn’t, Kem Parada, Bill Cluck, Richard Lloret, Warren Getler, ” Dennis Parada, Organizations: FBI, Associated Press, AP, Philadelphia Inquirer, ., Pennsylvania Department of Conservation, Resources, Commonwealth, Department of Conservation, Natural Resources, U.S . Mint, Knights, Union Army, U.S Locations: Pennsylvania, Philadelphia, United States, Elk County
Lawmakers want to make COVID-19 vaccines available to Americans living abroad. Now a bipartisan group of lawmakers is urging the administration to help make vaccines available to the as many as 9 million Americans living abroad. "While Americans abroad are eligible to receive vaccines in some countries, in others, Americans are ineligible as non-citizens," the senators wrote. "Should Americans living abroad wish to travel to the US to receive the vaccine, the financial burden of travel as well as lengthy quarantine requirements upon return to their host country may be prohibitive." Accordingly, the senators wrote, "millions of Americans abroad worry they may not have access to a vaccine for months or even years."
Persons: Joe Biden's, Antony Blinken, Chris Murphy, Jerry Moran, Michael George DeSombre, Scott Brown, , Michael G, Hearh Organizations: State Department, Insider, Service, COVID, Sens, Republican, Reuters, Embassy Locations: United States, States, Connecticut, Kansas, Thailand, Thailand's
LONDON — The U.K. has one of the highest Covid-19 vaccination rates in the world, yet it's seeing a new surge in coronavirus cases largely attributed to the delta variant that first originated in India. Experts say that close attention is being paid to the latest data out of the U.K. as it could be a bellwether for others. And there is a fear that where the U.K. now treads, others — like the U.S. — could follow. "All eyes (are) on UK Covid trends," Kallum Pickering, senior economist and director at Berenberg Bank, said in a note Tuesday. Secondly, he noted that new hospital admissions had increased less than recorded infections — and by much less than during the winter wave.
Persons: Anthony of Padua, Kallum Pickering, Pickering Organizations: St, Anthony of Padua Roman Catholic Church, LONDON, Berenberg Bank Locations: Bronx of New York City, United States, India, U.S
Travel writers make a career out of helping tourists navigate unfamiliar places. Here, CNBC's travel contributors share the biggest mistakes they see visitors make in the cities they call home. No matter if Google Maps shows your destination isn't far, take a taxi or the MRT [Mass Rapid Transit] train. —Christian Barker, AustraliaSeeing it all in New York City"New York is a vast destination with a litany of choices, and that makes any tourist's time in the city precious. I always wondered why visitors — be it tourists or business travelers — reduced the city to a shopping and dining paradise.
Persons: you'd, — Christian Barker, I've, , you've, You'll, Lady Liberty, — Tracy Kaler, Sheryl Nash, Nance, haven't, a.m, — Carrie Hutchinson, it's, — Chris Dwyer, Petra Loho, Nigel Killeen Organizations: of, Empire, Metropolitan Museum of Art, Jacobs Stock Photography, DigitalVision, Melbourne, Cote, Orient, Mass Transit Locations: Singapore, Australia, New York City, New York, Midtown, Brooklyn, Central, Manhattan, New, York, Ellis Island, , New York, United States, Jamaica, Rivers, Montego, Portland . Jamaica, Melbourne, Hong Kong, United Kingdom, Austria, Bangkok, Thailand
Oil keeps climbing on tight supply outlook, eyes on OPEC+
  + stars: | 2021-06-25 | by ( ) sentiment -0.99   time to read: +2 min
Cranes at an oil industry support facility in Port Fourchon, Louisiana, U.S., on Wednesday, April 21, 2021. Oil prices rose on Friday, heading for a fifth straight week of gains, with demand growth seen outstripping supply on bets that OPEC+ producers will be cautious in returning more output to the market from August. Brent crude futures climbed 7 cents, or 0.1%, to $75.63 a barrel, headed for a 2.9% jump for the week. "(The market) certainly has momentum behind it...It's really in the hands of OPEC+," said Commonwealth Bank commodities analyst Vivek Dhar. That's going to determine where oil prices go," Dhar said.
Persons: It's, Vivek Dhar, Dhar Organizations: . West Texas, Brent, Organization of, Petroleum, Commonwealth Bank, ANZ, U.S Locations: Port Fourchon , Louisiana, U.S, Russia, OPEC, United States, Europe, China, Iran
Dollar firm as traders brace for U.S. inflation data
  + stars: | 2021-06-25 | by ( ) + 0.00   time to read: +3 min
The U.S. dollar held near multi-month highs on Friday as investors warily awaited U.S. inflation data, while the pound nursed modest losses after Bank of England (BoE) policymakers leaned away from flagging rate rises. "The dollar can jump if inflation surprises to the upside," said Joe Capurso, head of international economics at the Commonwealth Bank of Australia in Sydney. The stronger dollar has kept other majors in check through the week, even against currencies where rate rises are likely to land sooner than in the United States. With risk appetite looking resilient, any narrowing in this gap probably depends on how far the (Fed)-inspired U.S. dollar recovery can extend." In emerging markets, the Mexican peso surged to a two-week high following a surprise benchmark interest rate hike.
Persons: warily, BoE, Jerome Powell, Joe Capurso, Sean Callow, Sterling, Tapas Strickland Organizations: U.S, Bank of England, U.S . Federal Reserve, Reuters, Commonwealth Bank of Australia, U.S ., New Zealand, Westpac, National Australia Bank Locations: Asia, Sydney, U.S, United States, Australia
Chinese Tesla rival Xpeng to raise up to $2 billion from Hong Kong listing
  + stars: | 2021-06-25 | by ( Arjun Kharpal | ) sentiment -0.99   time to read: +1 min
GUANGZHOU, China — Chinese electric carmaker Xpeng will raise up to nearly $2 billion in a Hong Kong listing. At the maximum offer price, Xpeng would raise 15.3 billion Hong Kong dollars ($1.97 billion) before related costs such as underwriting fees. CNBC reported earlier this week that Xpeng is looking to raise between $1 billion and $2 billion. Its share offering in Hong Kong is unusual because it's not a secondary listing, as companies including Alibaba and have done. A secondary listing is when a company already has a main listing location such as the United States, and it then sells shares on another exchange.
Organizations: Guangzhou International Automobile, China Import, Hong, Hong Kong, CNBC Locations: Guangzhou, Guangdong Province of China, GUANGZHOU, China, Hong Kong, New York, United States
China listing frenzy in U.S. set to be boosted by Didi IPO
  + stars: | 2021-06-25 | by ( Scott Murdoch | ) + 0.00   time to read: +4 min
A woman rides a Didi shared bicycle past the headquarters of Didi Chuxing in Beijing, China November 20, 2020. The rush of listings happened despite continued political tension between the two countries under President Joe Biden, and the looming threat of U.S. kicking out Chinese companies if they fail to meet auditing standards. The biggest Chinese listing in the United States so far this year was Full Truck Alliance (YMM.N), sometimes referred to as "Uber for trucks", which raised $1.6 billion earlier this week. Technology deals accounted for 24% of Asia IPOs in the first half and prospect of more emerging in the second half remains strong, according to Refinitiv data. Reporting by Scott Murdoch in Hong Kong; Editing by Sumeet ChatterjeeOur Standards: The Thomson Reuters Trust Principles.
Persons: Didi, Didi Chuxing, Florence, Didi Chuxing's, Joe Biden, Ivy Wong, Baker, Biden, Donald Trump, Uber, Alibaba, dealmakers, Alex Abagian, Morgan Stanley, Peter Cheng, Scott Murdoch, Sumeet Chatterjee Organizations: REUTERS, New, Holding Foreign Companies, Technology, Asia Pacific, Deacons, Thomson Locations: Beijing, China, HONG KONG, New York, United States, ASIA, Asia, Asia Pacific, Japan, Hong Kong
"Mining machines are selling like scrap metal." The local government of Sichuan, China's No.2 bitcoin mining centre after Xinjiang, issued a ban on cryptomining a week ago. Analysts say Beijing is also worried about potential competition for the digital yuan and that the power-hungry business of bitcoin mining could damage the environment. China's ban on bitcoin mining may see up to 90% of all mining in the country go offline, according to an estimate by Adam James, a senior editor at OKEx Insights. BIT Mining said on Monday that it had successfully delivered its first batch of 320 mining machines to Kazakhstan.
Persons: Dado Ruvic, Mike Huang, Liu Hongfei, Adam James, Nishant Sharma, Sharma, Winston Ma, Xianfeng Yang, Huang Dezhi, Huang, Sun, Wang Weifeng, Samuel Shen, Andrew Galbraith, Vidya Ranganathan, Raju Gopalakrishnan Organizations: REUTERS, State Council, Analysts, Communist Party, BlocksBridge Consulting, NYU Law, China's, BIT Mining, Thomson Locations: SHANGHAI, Texas, Kazakhstan, Sichuan, China's, Xinjiang, cryptocurrencies, Beijing, Inner Mongolia, Yunnan, China, Bitmain, United States, Canada, Australia, Russia, Indonesia, Guangdong
China's Bitmain suspends sales of cryptomining machines after Beijing's mining ban
  + stars: | 2021-06-25 | by ( ) sentiment -1.00   time to read: +1 min
Bitcoin mining computers are pictured in Bitmain's mining farm near Keflavik, Iceland, June 4, 2016. REUTERS/Jemima KellySHANGHAI, June 25 (Reuters) - Bitmain, China's biggest maker of cryptocurrency mining machines, said it had suspended sales of its products in the spot market to help ease selling pressure following Beijing's ban on bitcoin mining. read moreFollowing the ban, many Chinese miners are selling machines and exiting the business, or shipping machines overseas. "(Overseas) mining sites are not built overnight, and selling pressure is huge in the secondary market," Bitmain said in a statement. Bitmain said overseas markets where it and Chinese miners are seeking cheap electricity also include Belarus, Sweden, Norway, Angola and Congo.
Persons: Jemima Kelly SHANGHAI, Bitmain, Samuel Shen, Andrew Galbraith, Shri Navaratnam Organizations: REUTERS, China's, Council, Thomson Locations: Keflavik, Iceland, United States, Canada, Australia, Russia, Kazakhstan, Indonesia, China's, Inner Mongolia, Xinjiang, Yunnan, Sichuan, Belarus, Sweden, Norway, Angola, Congo
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