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Cryptoverse: Bitcoin’s no longer the king of the swingers

Sept 6 (Reuters) – Bitcoin’s been called a lot of things. Buzzy, beguiling, baffling, even bogus. But never boring. 

Yet, of late, it’s been eerily subdued. 

The king of the swingers has been uncharacteristically treading water for days at around $20,000 and hasn’t ventured far beyond that since June. 

That spells trouble for traders and exchanges that profit from bitcoin’s wild price lurches, and is opening the door to its archrival ether which is preparing to up its crypto game by moving to a meaner and leaner blockchain. 

Full coverage: REUTERS

Exclusive: Gazprom Says Nord Stream 1 Resumption Depends On Siemens Energy

VLADIVOSTOK, Russia, Sept 6 (Reuters) – Russian natural gas pipeline Nord Stream 1 will not resume shipments until Siemens Energy (ENR1n.DE) repairs faulty equipment, Gazprom’s (GAZP.MM) Deputy Chief Executive Officer Vitaly Markelov told Reuters on Tuesday. 

“You should ask Siemens. They have to repair equipment first,” he said on the sidelines of Eastern Economic Forum in Russian Pacific port of Vladivostok, when asked about when the pipeline could start pumping gas again. 

Full coverage: REUTERS

Oil Prices Ease On Symbolic OPEC+ Output Cut

SINGAPORE, Sept 6 (Reuters) – Oil prices inched lower on Tuesday, paringgains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to bolster prices after the market’s recent slide. 

Brent crude futures had fallen 81 cents, or 0.9%, to $94.93 a barrel by 0354 GMT. 

U.S. West Texas Intermediate (WTI) crude futures inched up from Monday to $88.57 a barrel, and were $1.70 higher, or 2.0%, than Friday’s close. There was no settlement on Monday, the U.S. Labor Day holiday. 

Full coverage: REUTERS

Lufthansa Pilots To Strike Again This Week, Union Says

FRANKFURT, Sept 6 (Reuters) – Pilots at German airline Lufthansa (LHAG.DE) will strike again this week, a labour union said on Tuesday, escalating a wage dispute that will further plague a summer of travel chaos. 

It follows a strike last week that forced the cancellation of hundreds of flights. 

The strike would affect pilots of both passenger and cargo divisions of the airline, said the union, Vereinigung Cockpit (VC), which groups more than 5,000 pilots. 

Full coverage: REUTERS

Honda Forms Partnership To Secure Supply Of Battery Metals

TOKYO, Sept 6 (Reuters) – Honda Motor Co (7267.T) has formed a partnership with trading company Hanwa Co (8078.T) to secure stable supply of metals used in batteries for electrified vehicles, the Japanese automaker said on Tuesday. 

Honda will be able to obtain essential metals such as nickel, cobalt and lithium through the partnership in the medium to long term, it said in a statement. 

Procurement of those elements will be among many challenges for automakers worldwide as stricter environmental regulations accelerate production and sales of cleaner, electrified cars. 

Full coverage: REUTERS

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Industry Dynamics

JPMorgan’s Exit from Wall Street Signals Shift in American Finance 

Today’s News  America’s largest bank, JPMorgan Chase, has made a significant move by closing its branch located on Wall Street, marking the end of a more than 150-year association between the bank and the iconic financial hub. The decision, announced on Friday, signals a profound shift in the traditional landscape of American finance.  While this […]

2024-4-22 | Industry Dynamics

UBS Shuts China Operations: Fund Closures, Layoffs Expected 

Today’s News  According to three sources familiar with the matter, UBS is taking steps to streamline its China private funds business, including shutting down some funds and reducing staff by one-third as part of a cost-cutting measure. Out of the 19 private funds launched by UBS since 2016, up to 17 equity and bond funds […]

2024-4-19 | Industry Dynamics

S&P 500's Losing Streak Signals Fading Rate-Cut Hopes 

Today’s News  Stocks extended their downward trajectory on Wednesday, deepening the April selloff as investors shifted away from expecting imminent interest-rate cuts. The S&P 500 experienced a 0.6% decline, marking its fourth consecutive session of losses, while the Nasdaq Composite dropped 1.1%, and the Dow Jones Industrial Average dipped 0.1%, losing 46 points.  This losing […]

2024-4-18 | Industry Dynamics