DIRS.INFO The most relevant business & tech news

☆ Oil prices rise as US-led strikes in Yemen raise fears of wider conflict
▼ + stars: | 2024-01-12 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —US-led airstrikes on Houthi targets in Yemen rattled energy markets on Friday, sending oil prices sharply higher. Oil prices rose sharply after US-led strikes on multiple Houthi targets in Yemen in response to repeated attacks on commercial shipping in the Red Sea. Another concern is that oil facilities in Saudi Arabia could get hit by a retaliatory strike from the Houthis. In 2019, roughly 5% of world oil supply was briefly knocked offline in a large-scale drone attack on Saudi oil facilities. Despite Friday’s gains, oil prices remain lower than where they were before the October 7 attacks by Hamas against Israel due to concerns about oversupply.

Persons: Brent, “, ”, Robert Yawger, ” Yawger, John Kirby, CNN’s Becky Anderson, ” Kirby, ” Matt Smith, ” Helima Croft, Croft, ” Croft Organizations: New, New York CNN, Mizuho Securities, White House National Security Council, RBC Capital Markets, CIA Locations: New York, Yemen, East, Red, Iran, Saudi Arabia, Saudi, Gulf of Oman, Hormuz

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan. "Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. German automaker Volkswagen Group (VOWG_p.DE) told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business. ($1 = 7.2421 Chinese yuan renminbi)Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuan, Dado Ruvic, Fiona Lim, Lim, SWIFT, Mercedes, Yuan internationalisation, Mark Williams, It's, Maybank's Lim, Williams, Samuel Shen, Rae Wee, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, BMW, Crédit Agricole S.A, National Bank of Canada, People's Bank of China, Standard Chartered Bank, Bank of China's, Volkswagen Group, Reuters, Benz Group, Capital Economics, Thomson Locations: Rights SHANGHAI, SINGAPORE, China, Hong Kong, Asia, Russia, Argentina, Pakistan, Nigeria

☆ Brazil proposes yuan guarantees in trade with Argentina amid dollar shortage
▼ + stars: | 2023-08-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Brazil's finance minister proposed the use of yuan guarantees for its trade with Argentina. This would help bring security to Brazilian companies as Argentina faces a dollar shortage. This comes as Argentina faces a shortage of dollars, which is the dominant currency in global trade. Using yuan guarantees would take away default risk, and the idea has been green lit by the Brazilian Treasury. AdvertisementAdvertisementAnd Argentina said in April it will pay for imports from China in the yuan instead of US dollars.

Persons: Fernando Haddad, Haddad Organizations: Service, Finance, Banco, Brazilian Treasury Locations: Argentina, Wall, Silicon, Brazil, Brazilian, Beijing, China

☆ India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE
▼ + stars: | 2023-08-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars. The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company. Nations including India, Russia, and other BRICS members have been pushing to de-dollarize. Monday's deal marked India's first crude oil payment to the UAE in rupees. Leaders from BRICS nations — a bloc that includes Brazil, Russia, India, China, and South Africa — have made a particular push for their own non-dollar currency.

Persons: Dedollarization, Stephen Jen Organizations: United, Indian Oil Corp, Abu, Abu Dhabi National Oil Company, Nations, Service, UAE, Eurizon Locations: United Arab Emirates, Abu Dhabi, India, Russia, Wall, Silicon, UAE, China, France, Israel, Brazil, South Africa, Argentina

☆ It's not just China —India's now pushing a de-dollarization narrative by touting the use of the rupee for trade
▼ + stars: | 2023-07-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

India's pushing to internationalize the Indian rupee, according to a report from its central bank. The US dollar has been the world's reserve currency since the Second World War, playing a crucial role in the world's trade and financial system. In its Wednesday report, the RBI working group encouraged the opening of rupee-denominated accounts for non-residents in India and overseas. While the macro geopolitical environment is spurring countries to seek alternative currencies to trade with, there's long been uneasiness over the dollar's outsized dominance in global trade and finance. Just 0.01% of India's trade in goods was settled in the rupee last year, Bloomberg reported on Friday citing people familiar with the matter.

Persons: —, It's, India's, Narendra Modi's Organizations: Service, Reserve Bank of India, Bank of International, Bloomberg Locations: China, Russia, India, Moscow

☆ Nouriel Roubini says the idea that BRICS countries will create a new world order is wrong as they are a 'mishmash' of systems
▼ + stars: | 2023-07-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The BRICS bloc is challenged by its own mixture of political and economic types, Nouriel Roubini said. "The idea that the BRICS are going to take over the world turned out not to be right." "The idea that the BRICS are going to take over the world turned out not to be right," Roubini said. "This BRICS is a bit of a mishmash that, by itself, has very different countries: economically, socially, politically, and geopolitically," Roubini said. Meanwhile, a rival currency may provide protection from Western sanctions, but by itself isn't sufficient for growth, he added.

Persons: Roubini, —, Nouriel Roubini, Mikhail Zygar, Vladimir Putin Organizations: Service, Argentina Locations: India, Brazil, Russia, China, South Africa, Ukraine

☆ Argentina's currency crisis is so dire that it's allowing people to open bank accounts using the Chinese yuan
▼ + stars: | 2023-07-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Argentina is allowing commercial banks to open deposit accounts in the Chinese yuan. The country is facing a drastic shortage in the US dollar, a major currency used in global trade. The Central Bank of Argentina said in a Thursday statement on its website that it is allowing the Chinese yuan as a form of currency in savings and checking accounts. The move complements the country's securities regulator announcing that Argentina can issue securities in the Chinese currency, the central bank added. Javier Milei, a leading presidential candidate, has proposed replacing the peso with the greenback as Argentina's local currency to tame inflation.

Persons: —, Javier Milei Organizations: Argentine, greenback, Service, Central Bank of, International Monetary Fund, Buenos Aires Times, Bloomberg, Reuters Locations: Argentina, Central Bank of Argentina, China, Beijing, internationalize, Argentine

☆ Foreign borrowers issue a record amount of yuan debt, helping internationalize China's currency
▼ + stars: | 2023-06-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Offshore yuan notes have reached a record issuance, as foreign borrowers take advantage of China's lower rates. So far this year, $10.4 billion worth of so-called panda bonds have been issued in China by offshore borrowers. According to Bloomberg, international borrowers have issued around $10.4 billion worth of "panda bonds" in 2023, a form of offshore yuan notes that remain within China's domestic interbank market. This year's issuance of panda bonds marks a new high, surpassing the prior record of $10.2 billion for the same year-to-date span set in 2021. That has induced foreign borrowers like the Mercedes-Benz Group and the Hungarian government to take advantage of China's lower rates.

Persons: —, That's Organizations: Service, Bloomberg, Benz Group, European Central Bank, US Federal Reserve, P Global Locations: China

☆ Hong Kong-listed stocks are about to be priced in yuan, giving China's currency another boost
▼ + stars: | 2023-06-18 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Hong Kong-listed stocks will be priced in yuan on Monday, giving China's currency another boost. Two dozen stocks, including Alibaba and Tencent, will be traded in the yuan and the Hong Kong dollar. Alibaba and Tencent will be among the shares that will be traded in both yuan and the Hong Kong dollar, which is pegged to the US dollar. Investors can choose to trade using Hong Kong dollars or yuan, which has seen significant volatility lately. The new Hong Kong trading program comes as Beijing tries to internationalize the yuan and challenge the US dollar's dominance on the world stage.

Persons: —, HKEX Organizations: Hong Kong, Service, Hong, Hong Kong Stock Exchanges, Reuters, Investors, Bank of International Locations: Hong Kong, Beijing, Russia, China, Brazil, Argentina

☆ EU antitrust regulators approve Vivendi, Lagardere deal
▼ + stars: | 2023-06-09 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 9 (Reuters) - Vivendi (VIV.PA), the French media conglomerate controlled by billionaire Vincent Bollore, on Friday won conditional EU antitrust approval for its acquisition of France's largest publisher Lagardere (LAGA.PA). Vivendi last year announced the deal which would give it control of Lagardere's flagship weekly publications Journal du Dimanche (JDD) and Paris Match. Vivendi said in a statement that it was confident it would finalise those two transactions by the end of October. "The remedies proposed by Vivendi will allow for the preservation of existing competition in those markets, to the benefit of consumers." Reuters reported in April that the remedies were sufficient to help Vivendi gain EU antitrust clearance for the acquisition.

Persons: Vincent Bollore, Margrethe Vestager, Daniel Kretinsky, Yannick Bollore, Foo Yun Chee, Bart Meijer, Sudip Kar, Gupta, Louise Organizations: Vivendi, Paris Match, European Commission, Reuters, Le Monde, TF1, Thomson Locations: BRUSSELS, EU, Czech, Le

☆ Opinion | Even China Isn’t Convinced It Can Replace the U.S.
▼ + stars: | 2023-05-04 | by ( Jessica Chen Weiss | ) www.nytimes.com time to read: +2 min

Assessments of China based on cherry-picked phrases from party propaganda overlook the frequent gap between rhetoric and reality. Leading Chinese intellectuals openly acknowledge the difficulty of reconciling what China says with what it does. “Even we don’t believe much of what we say,” the Chinese economist Yao Yang, who is known for his pragmatic views, has said. But it is presently far from clear that it can — or even seeks to — replace the United States as the world’s dominant power. apparently see the United States as trying to keep China perpetually subordinate and vulnerable, opposing whatever China does or advocates in an international system that Beijing believes favors the United States and developed democracies.

☆ Aleph Alpha, a European rival to OpenAI, is in talks amid AI boom to raise up to $100 million in new funding, sources say
▼ + stars: | 2023-02-24 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Generative-AI startup Aleph Alpha is in talks with investors over a new funding round, sources said. Aleph Alpha, a German generative AI startup, is in talks with investors over a new funding round, Insider has learned. Founded in 2019 by CEO Jonas Andrulis, a former machine-learning engineer at Apple, and Samuel Weinbach, Aleph Alpha researches and develops AI systems with a focus on enterprise customers. Aleph Alpha declined to comment. Aleph Alpha has a chatbot called Lumi which is built on top of its language-learning model Luminous.

☆ ChatGPT predicts US dollar dominance will give way to a multipolar currency system as China's yuan gains influence
▼ + stars: | 2023-02-11 | by ( Brian Evans | ) www.businessinsider.com time to read: +4 min

Insider asked OpenAI's ChatGPT to weigh in on whether the US dollar or China's yuan would be the world's dominant currency in the future. The chatbot asserted that a "multipolar" system was likely, instead of a system dominated by one or two currencies. ChatGPT also noted the rise of both the euro and yuan in international trade. "Its widespread use, particularly in international trade, gives the US dollar significant influence on the world stage. Meanwhile, ChatGPT's currency prediction contrasts with that of "Dr. Doom" economist Nouriel Roubini, who wrote in the Financial Times recently that a bipolar currency system will emerge dominated by the dollar and the yuan.

☆ Pelosi warns US allies: 'Don't go near Huawei'
▼ + stars: | 2020-02-14 | by ( Amanda Macias | ) www.cnbc.com time to read: +4 min

Her comments come after the Justice Department brought new charges against Huawei , accusing it of racketeering and plotting to steal trade secrets from U.S. companies. Pelosi's hard stance against Huawei represents one of her few areas of agreement with President Donald Trump. The Trump administration is working to isolate Huawei from developing a larger foothold in U.S. partner countries. Last month, the Trump administration expressed disappointment after the U.K. announced it would allow Huawei to have limited access to some British 5G mobile networks. "The United States is disappointed by the U.K.'s decision," a senior Trump administration official wrote in a Jan. 28 emailed statement to CNBC.

Search resuls for: "internationalize"

14 mentions found