Category: News

Some USD stable coins will be stopped supported by Binance

          On 5th September 2022, Binance announced that it to stop supporting USDC and other stablecoins on its platform. Binance would convert customers’ holdings of the USD Coin (USDC), Pax dollar (USDP), and TrueUSD (TUSD) into Binance USD (BUSD) on 29 September 2022, and customers transferring those tokens to the exchange will see them automatically converted into Binance’s stablecoin after that date. However, customers will be able to withdraw money denominated in USDC, USDP, or TUSD when removing money from Binance.           However, Circle CEO Jeremy Allaire on Tuesday 6, September tweeted a suggestion that the move might ultimately benefit USDC, as Binance customers will still be able to deposit and withdraw funds in the form of USDC, but they will not have to manually convert those funds into Tether or BUSD to participate in Binance offerings like margin trading.          Binance, The world’s largest cryptocurrency exchange, said the move was designed to “enhance liquidity and capital-efficiency for users.” Furthermore, Binance didn’t mention why the changes don’t involve Tether’s

Terrible winter in the EU with ENERGY CRISIS extreme

          Belgium’s energy minister mentioned that the EU countries will face 5-10 terrible winters which that means the EU countries would face a lack of energy for decades if the relevant organization has done nothing to reduce gas prices.           Since Russia reduced the export volume of energy to the EU, this causes affects the demand to use gas and fuel in the EU over supplies, hence the energy prices are higher and the EU citizen face electricity bills that are high and it seems will not decrease.           However, Russia is the biggest supplier that exports energy worldwide, especially the EU countries, last year Russia supplied the EU which reach 40% of its gas. Since Russia invaded Ukraine, and the EU which supports Ukraine sanctioned the finances of Russia accordingly, Russia responded by reducing the export of energy to the EU.           The EU has implemented measures on energy-saving and purchasing gas from other alternative suppliers and because of these measures, Germany would

A 14-year record of raising the price of Thai instant noodles

          On 25 August 2022, The Department of Internal Trade of Thailand agreed to start raising the price of instant noodles which marked the first price increase on the must-have daily staple in 14 years that a 16% price hike from 6 Baht per package to 7 Baht. In fact, The Department of Internal Trade had been controlling the selling price and set the selling-price ceiling at 6 Baht per package, however, the manufacturer could not deal with the soaring cost of production.           The price has been controlled under 2 potential conditions for the soaring product price by the Department of Internal Trade by the following;                     1. Since raw materials prices have decreased, manufacturers must reduce the price of their products.                    2. They must constantly keep the department informed about the prices of raw materials so that the department can closely follow                    

The inflation rate in the UK dramatically hit a new 40-year high record

          The Office for National Statistics (ONS) published the data on Wednesday 17 August 2022 that the inflation in the UK was rising above 10% for the first time since 1982, it was hitting the new highest record of 10.1% when compared with the same month last year, up from 9.4% in June.           The main factor driving inflation in the UK hike is the pricing of foods and non-alcoholic drinks, the price of bread, cereals, milk, cheese, eggs, vegetables, meats, and chocolates.           However, the Bank of England adjusted the interest rate 6 times continuously in order to control inflation, at the beginning of August the bank of England adjusted the inflation rate rose to 0.50%, and it was hiked for 27 years since 1995.           The inflation in the UK is forecasted to go even higher at the end of this year, driven by electricity prices and gas prices, because at the end of the year is the winter season, and would

Domino Effect of visiting Taiwan

          On 2 August 2022, Nancy Pelosi, the 52nd Speaker of the United States House of Representatives, visited Taiwan late on Tuesday on a trip she said shows an unwavering American commitment to the Chinese-claimed self-ruled island, but China condemned the highest-level U.S. visit in 25 years as a threat to peace and stability in the Taiwan Strait. Pelosi said that discussions with Taiwanese leadership will focus on shared interests, including advancing a free and open Indo-Pacific. However, her arrival prompted a furious response from China when international tensions were already elevated by Russia’s invasion of Ukraine.           According to One China Policy, China considers Taiwan part of its territory and has never renounced using force to bring it under its control. The United States warned China against using the visit as a pretext for military action against Taiwan. If China begins an assault on Taiwan, The consequences to Taiwan will occur whether boycotting from other nations or exporting potential goods referring to the electronic industry.           Moreover,

The EU is going into RECESSION

          After the world faced the Covid-19 pandemic, the world economy keep shrinking. In addition, the invasion of Russia-Ukraine driving a high inflation hike to 13% and low growth is soaring energy bills. The Bank of England has announced that the interest rates rose to 0.50% which reaches 1.75%, this rate is the highest rise in 27 years. After that, the Bank of England warned the UK will get into a recession, the economy will be shrink in the last 3 months of this year and keep shrinking until the end of 2023.           On the next day, after the Bank of England warned that the UK will into recession, it will spend time on 5 quarters (2022 – 2023), the Pound depreciated to 0.25% which reach 1.213 dollars, and depreciation to 0.12% which reach 0.843 euro.           Moreover, the Bank of England forecasted that the level of inflation will hit 13.3% in October 2022, and in 2023 the inflation rate still is high for a whole year,

The Worsens Inflation as Economic Crisis in Laos Hit 22-Year High

          Trading Economics reported the inflation rate in Laos hit 23.6% year-on-year in June, the highest since May 2000, establishing a surge in energy and consumer goods prices. The residents are struggling to challenge dizzying increases in the price of petrol, cooking oil, and other basic necessities. Furthermore, the Vientiane Times reported that the cost of living rose significantly including the cost of food, seasonings, non-alcoholic beverages, clothes, footwear, medicine, construction equipment, vehicles, spare parts, and other imported goods whereas the many low-income earners striving to afford basic necessities. According to the Lao Statistics Bureau, the highest surge in consumer prices in June this year was recorded in the communications and transport category, at 55.5 percent year-on-year.           In addition,  the smaller economies in which Laos has one of the highest inflation rates in the region, soaring fuel prices, and significant currency depreciation against the US dollar are creating pressure on inflation, particularly in Laos and Myanmar. The fuel price crisis has been possibly the most visible indicator of economic crisis, with

ECB hikes interest rate for the first time in 11 years

          On Thursday, 21st July 2022, the European Central Bank announced to raise the interest rate by 0.50%. This is the first time since 2011 which has raised interest rates, and from the announcement, it would begin to be effective on 27th July 2022. The cause of the ECB to raise its interest rates is because annual inflation in the European Union rose to 9.6% in June, reaching 8.6% for 19 countries that use the euro, and another factor is the surging of energy prices.           After the ECB announced raising interest rates, ECB denied providing a definitive direction of the rate raises in the future. Christine Lagarde, ECB president said “From now on we will make our monetary policy decisions on a data-dependent basis, We will operate month-by-month and step-by-step. What happens in September is going to depend on what data we have for September.”           However, We have to keep an eye on the interest rates in Europe that would affect the world economy together with

The Crisis of Myanmar Currency From Balance of Payments

          On 18th July 2022, the local correspondent reported that The Central Bank of Myanmar ordered companies and individual borrowers to suspend repayment of foreign loans, the latest procedure to prevent the nation’s decreasing foreign exchange reserves in order to prevent the reducting of International Reserves which to prevent the MMK capital flight, prevent the currency fluctuation, and sustain the financial stability of International Reserves.             Since Myanmar’s economy has been suffering from cash shortages for over a year, sharp increases in the prices of consumer goods, and a rapidly depreciated Myanmar Kyat (MMK) together with appreciated USD. Myanmar’s military regime tightened foreign exchange rules after the nation’s currency lost one-third of its value against the dollar after the coup triggered a freeze on parts of the foreign reserves held in the US and suspension of multilateral assistance, both key sources of foreign currency supplies. While, Most foreign exchange earners are mandated to convert their currencies into kyat at the central bank’s reference rate of 1,850 to a dollar set in

Dropped $30B of Foreign Exchange Reserves in Thailand

          On 9th July 2022, the reporter announced that the situation of bearish Thai Baht was hit to 36 THB per 1 USD at this time. It made the anxiety that will be affected the capital would be flown out, while the Bank of Thailand asserted that they won’t intervene in the Baht, and let it be as the market mechanism, according to the bearish Thai Baht is a middle-level when compared to the near regions, and they will take a part when Thai Baht fluctuation. Mr. Poon Panichpiboon said the Bank of Thailand intervenes in the Baht when it fluctuated by using foreign exchange reserves, in the beginning of 2022, the Bank of Thailand has foreign exchange reserves of $279 Billion, but at this time (report updated on 24th June 2022) foreign exchange reserves remain as $251Billion or dropped as $28 Billion, This cause has reflected that the Bank of Thailand seeks to find any path for Thai Baht, not to have fluctuated too fast.           However, the Thai Baht still