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Ethereum blockchain to undergo major upgrade to cut energy use


LONDON, Sept 12 (Reuters) – A long-awaited software upgrade to the Ethereum blockchain aimed at slashing its huge energy consumption is expected this week, a move proponents say may widen the technology’s use and support the price of the ether token. 

The upgrade, known as the “Merge,” will mark a radical change to how transactions on the Ethereum blockchain occur and ether tokens are created. The new system will consume 99.95% less energy, according to the Ethereum Foundation, a body which acts as a spokesperson for the network. 

Full coverage: REUTERS

Explainer: The G7’s Price Cap On Russian Oil Begins To Take Shape

WASHINGTON, Sept 12 (Reuters) – The Group of Seven countries is working to cap the price of Russian oil in an attempt to limit Moscow’s ability to fund its invasion of Ukraine, a plan analysts say could work in the long term but might boost oil prices in coming months.

Officials in G7 countries, including U.S. Treasury Secretary Janet Yellen, say the unprecedented measure, set to begin Dec. 5, will cut the price Russia receives for oil without reducing its petroleum exports to world consumers.

Full coverage: REUTERS

Morning Bid: Turns Tides

A look at the day ahead in U.S. and global markets from Mike Dolan.

Turning tides in the year’s twin political and economic shocks dominate the start of the week for world markets.

Ukraine’s dramatic military counteroffensive against Russian troops at the weekend challenged many assumptions of a frozen conflict there for years to come – with potentially profound market implications in energy prices, inflation outlooks and geopolitical risk premia.

Full coverage: REUTERS

Oil Prices Rise As Uncertainty Mounts

LONDON, Sept 12 (Reuters) – Oil prices rose on Monday as Iranian nuclear talks appeared to hit obstacles and an embargo on Russian oil shipments loomed, with tight supply struggling to meet still robust demand.

Brent crude futures rose 92 cents, or 1%, to $93.76 a barrel by 0910 GMT. U.S. West Texas Intermediate crude was up 71 cents at $87.50 a barrel, or 0.8%.

Prices were little changed last week as gains from a nominal supply cut by the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, were offset by lockdowns in China, the world’s top crude importer.

Full coverage: REUTERS

European Shares, Euro Jumps On Ukrainian Advances In Northeast

LONDON, Sept 12 (Reuters) – European shares jumped on Monday after Ukrainian forces made a rapid advance in Kharkiv province in Russia’s worst setback since its Kyiv push was abandoned in March, while the euro extended on last week’s European Central Bank inspired gains.

On Saturday, Moscow abandoned its main bastion in northeastern Ukraine, in a sudden collapse of one of the war’s principal front lines after Ukrainian forces made a rapid advance.

Full coverage: REUTERS

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Industry Dynamics

Australian Mexican Restaurant's Shares Soar 36% on IPO Debut

Shares of the Australian Mexican restaurant chain, Guzman Y Gomez (GYG.AX), soared by more than one-third on their trading debut, marking the country's largest IPO in a year.  

2024-6-20 | Industry Dynamics

Federal Reserve Treads Carefully Towards Potential Rate Cuts 

Federal Reserve officials are cautiously optimistic about potential interest rate cuts later this year, seeking further signs that inflation is subsiding without negatively impacting a robust labor market.

2024-6-19 | Industry Dynamics

Berkshire Hathaway Nears 29% Stake in Occidental Petroleum 

Warren Buffett's Berkshire Hathaway has significantly expanded its investment in Occidental Petroleum OXY.N, acquiring an additional 2.95 million shares, as detailed in a regulatory filing.

2024-6-18 | Industry Dynamics