Search for:

China’s overseas investment in metals and mining set to hit record

Receive free Belt and Road Initiative updates

China’s metals and mining investments overseas are on track to hit a record this year, new data shows, as the country races to secure resources to defend its position as the world’s biggest producer of electric vehicles, batteries, solar panels and wind turbines.

In the first half of this year, Chinese investments and new contracts in the mining and metals sector topped $10bn, according to a report from the Green Finance & Development Center at Fudan University in Shanghai reviewed by the Financial Times. That figure is more than the 2022 full-year total, and puts this year’s investments on track to exceed the previous record of $17bn in 2018.

China’s investment in the sector includes nickel, lithium and copper projects as well as uranium, steel and iron, highlighting intensifying efforts by Chinese companies across the clean technology supply chain to lock up access to resources amid forecasts of booming long-term demand as the world fights climate change.

The investments, which have spanned countries in Africa, Asia and South America, also reflect President Xi Jinping’s ambitions of economic self-reliance as he seeks to fortify China against the impact of rising geopolitical tensions with the US.

“Overall, China’s BRI [Belt and Road Initiative] engagement seems to become more strategic, in regard to both economic and industrial aspects: more bankable projects relevant for China’s and the host countries’ industrial development,” said Christoph Nedopil, director of the centre at Fudan University.

Once touted by Beijing as the “project of the century”, the Belt and Road Initiative was launched in 2013 offering countries an alternative to western-led financing for infrastructure projects such as roads, railways, bridges, ports and airports.

Xi’s hallmark transnational infrastructure investment programme ultimately drew in 148 countries and has surpassed $1tn in cumulative projects, while endowing Beijing with a potent source of diplomatic influence.

Fears over China’s economic leverage have prompted dozens of countries, including Italy, to review their BRI involvement in recent years, while China’s bailout lending has ballooned following a series of debt write-offs, scandal-ridden projects and allegations of corruption linked to the BRI.

While the BRI’s global footprint has shrunk in recent years, the resources sector has proven a rare bright spot. Beijing’s strategic drive to secure raw materials has also accelerated alongside the development of a sprawling domestic processing sector, further reducing its reliance on overseas refiners for metals including copper, aluminium, lithium and cobalt.

The Fudan University data, released on Tuesday, also showed that in the first half of 2023, investments as a share of BRI engagement reached a record 61 per cent, marking the first six-month period that construction contracts accounted for less than half the value of new BRI financing.

While the size of BRI deals has proportionally contracted, Chinese private companies have increased investment, picking up some of the shortfall from state-owned enterprises that characterised the scheme’s ambitious earlier years.

Nedopil added that changing risk evaluations by Chinese investors and banks meant that new BRI financing was focused on revenue-generating and resource-backed deals, which also benefited metals and mining, rather than construction contracts and infrastructure.

Additional reporting by Harry Dempsey in London

#Chinas #overseas #investment #metals #mining #set #hit #record

Litecoin Sharks Buy More Than 200,000 LTC Ahead Of Wednesday’s Halving

Over the last few months, Litecoin has emerged as one of the top trending cryptocurrencies due to its halving event happening in August. As this event drew closer, crypto investors began filling up their LTC bags in preparation for what is expected to be a very bullish event. And now, with less than two days left to go before the halving, sharks have made remarkable moves to position themselves for possible upside.

Litecoin Sharks Load Up Their Bags

A report shared by the on-chain tracking platform Santiment revealed how Litecoin investors are currently looking at the digital asset. The chart showed an impressive accumulation trend from dolphin and shark wallets, which have increased their holdings significantly in the last month.

Santiment’s report shows that these wallets holding between $9,500 and $950,000 worth of LTC have added over 200,00 coins to their balances since June 14. On this date, the total holdings of these wallets were sitting just slightly below 18 million. However, in the next two weeks, their balances grew above 18.1 million coins.

Litecoin sharks and Dolphins

LTC sharks and dolphins buy over 200,000 coins | Source: Santiment

There has also been a semi-constant uptrend among these investors. Although there were dips here and there in their holdings, they remained committed to the accumulation over this last two weeks, each time buying more coins than they sold.

The current accumulation from the dolphin and shark wallets are not isolated and just like the whale acquisitions, they are being driven by the same thing. The Litecoin halving is expected to take place on Wednesday and since this event has been historically bullish, it has triggered active participation from investors looking to capitalize on it.

If the LTC halving plays out as expected, then it is possible that the price of the altcoin will climb above $100 once more. This would put the majority of the LTC accumulated by the dolphin and shark addresses over the last two weeks back in profit territory.

However, the days leading up to the event haven’t been as bullish as expected. Even though LTC’s price is still trading above $90, it has seen only single-digit daily gains over this time. Naturally, with less than two days to go, there should have already been some rapid increases for the cryptocurrency but there has been none.

This current trend suggests that the halving may already be priced into LTC’s price, especially given the fact that the crypto bear market has continued.

At the time of writing, LTC is changing hands at a price of $93.80, down 0.98%, according to data from Coinmarketcap.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from

#Litecoin #Sharks #Buy #LTC #Ahead #Wednesdays #Halving

8990 Holdings optimistic of hitting P24-B revenues

8990 HOLDINGS, Inc. expects to hit a top line of P24 billion this year, its top official said on Monday, citing the listed developer’s property portfolio as the main driver.

“We are hopeful that we can really target P24 billion [in revenues] for the rest of the year,” said 8990 President and Chief Executive Officer Anthony Vincent Sotto in a media briefing.

Mr. Sotto added that revenues for the year would be mainly driven by the company’s properties in Metro Manila, which would mainly be contributed by its Ortigas and Manila projects.

Additionally, he said that the company is planning to expand to other parts of the country, by developing smaller offerings in the provinces.

“We are now looking at going to provinces that are ripe already for development, but in smaller areas. Before, we were targeting more than 20 hectares in a certain area, and we found out that it was better and faster to develop smaller areas,” he said.

He added that the company is targeting to develop five hectares of horizontal properties as it expands to Tacloban City, the provinces of Samar and Leyte in the Visayas, and other parts of Luzon and Mindanao.

Meanwhile, Mr. Sotto said in a statement that the company has 16 ongoing projects which are expected to contribute about P155 billion in revenues in the next seven to eight years.

“As of the end of the quarter, 8990’s land holdings now stand at 709.35 hectares with the addition of properties acquired in Cebu and Leyte,” he added.

The company said that its land bank in Luzon is expected to generate P98 billion on its top line, while Visayas and Mindanao are expected to contribute P67 billion and P6 billion, respectively.

During the first quarter, the company reported a 2.07% decline in attributable net income to P1.89 billion from P1.93 billion the previous year because of higher material costs.

In the three-month period, its revenues went up by 1.7% to P5.34 billion from P5.25 billion in the same period last year.

8990, through its subsidiaries, develops low-cost mass housing, medium-rise condominiums, and high-rise buildings.

It has six wholly owned subsidiaries, namely: 8990 Housing Development Corp., 8990 Luzon Housing Development Corp., 8990 Mindanao Housing Development Corp., 8990 Davao Housing Development Corp., 8990 Leisure and Resorts Corp., and Fog Horn, Inc.

On Monday, 8990 inched up by 0.11% or one centavo to P9.26 per share. — Adrian H. Halili

#Holdings #optimistic #hitting #P24B #revenues

lic mf- idbi mf merger: LIC Mutual Fund completes takeover of IDBI MF schemes

LIC Mutual Fund has completed the takeover of schemes of IDBI Mutual Fund. The effective date of merger was July 29. The move is in line with LIC’s mission to strengthen and diversify its product offerings, expand its footprint and grow its assets under management (AUM) to emerge as a leading MF house in the country.

LIC MF had an AUM of Rs 18,400 crore and IDBI MF had Rs 3,650 crore as of June. After completion of the merger, out of 20 schemes of IDBI MF, 10 schemes will be merged with similar schemes of LIC MF and the remaining 10 will be taken over by LIC MF on standalone basis, which will take its total scheme count to 38.

With this merger, investors invested in IDBI MF schemes will get access to LIC MF’s diversified basket of product offerings covering equity, debt, hybrid, solution oriented themes, ETF and Index funds.

“It is an important milestone in our journey as we are working towards developing our capabilities to serve as a diversified mutual fund house catering to investment needs across key markets in India,” said TS Ramakrishnan, MD and CEO, LIC MF.

The competition commission of India (CCI) had in March this year approved this takeover by LIC MF. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.

IDBI Bank is the sponsor of IDBI MF and IDBI AMC acts as the asset management company to IDBI MF while IDBI Trustee Company acts as the trustee company of IDBI MF.

Post transaction, the schemes of IDBI MF will form part of LIC MF with LIC AMC acting as the asset management company for the schemes of IDBI MF. LIC TC will act as the trustee company of the schemes of IDBI MF.”The merger complements our goal to strengthen our scheme offerings in the mid-cap, small-cap, gold fund, passive fund segments, etc. It will help us build a wider market presence and offer a more extensive range of product baskets. The combined strength will help us capture emerging opportunities in the thriving asset management industry and drive value for investors and distribution partners,” Ramakrishnan said.

“Our vision is to be a trusted partner in wealth creation and a mutual fund of choice. The track record of managing funds for over three decades has enabled us to gain trust of investors. We will remain focused and work towards delivering long-term performance by adopting adequate risk control mechanisms,” he added

#lic #idbi #merger #LIC #Mutual #Fund #completes #takeover #IDBI #schemes

Farabaugh joins Steelers Now as beat writer

Nick Farabaugh

After three years with the Steelers Now crew and covering the team in a part-time capacity, I’m elated to share that moving forward, I will join Alan Saunders on the Pittsburgh Steelers beat in a full-time capacity here at Steelers Now.

Since joining the website in 2020, I’ve had the pleasure and opportunity to cover many fantastic events ranging from covering the NFL Combine to the Senior Bowl to traveling to cover Steelers games and of course, Steelers home games. As someone who has learned the Steelers beat as much as possible as a young journalist in the wings, I can’t tell you how happy I am that I get to continue those connections moving forward.

Following my graduation from the University of Pittsburgh this April, I was unsure what the future held for me. But I am ecstatic to work on such a prestigious beat full time and be able to pour myself even deeper into learning the team. There’s more perspectives I want to cover from an interpersonal perspective, film perspective, and human perspective in the game of football. I’ve built a rapport with Steelers fans around the globe and feel extremely blessed to be able to continue to bring you coverage that makes me proud.

#Farabaugh #joins #Steelers #beat #writer

MAX Power Mining AGM Results

Article content

VANCOUVER, British Columbia, July 31, 2023 (GLOBE NEWSWIRE) — MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FSE: 89N) (“MAX Power” or the “Company”) announces the results of its annual general meeting of common shareholders held on July 28, 2023 in Burnaby, BC. Resolutions passed at the meeting included the appointment of D&H Group LLP as auditors for the ensuing year and the re-election of Ravinder Mlait, Bryan Loree, William DeJong, Mark Scott and Thomas Clarke as directors.

We seek Safe Harbor.
On behalf of the Board of Directors

Article content

“Rav Mlait”

Max Power Mining Corp

Contact: [email protected]

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

#MAX #Power #Mining #AGM #Results

Geyser Launches 5th Bitcoin Grant To Empower Educational Bitcoin Communities

Geyser, a leading Bitcoin grant organization, has announced the launch of its fifth Bitcoin grant, aimed at supporting educational initiatives and community-based programs focused on Bitcoin. The grant opens up opportunities for campaigns that promote and bolster Bitcoin schools and communities worldwide. 

Mick Morucci, CEO of Geyser, emphasized the importance of Bitcoin for underserved populations, stating, “These are the people that would most benefit from bitcoin, which can act as a shield. These are also those that are least aware of bitcoin.” The grant seeks to amplify the efforts of Bitcoin communities that are emerging across the globe, offering knowledge, education and tools to promote participation in the Bitcoin movement.

To fund the grant, Geyser has raised 1 BTC, thanks to generous donors and a partnership with Blink. The organization aims to distribute the proceeds to numerous projects that demonstrate impact, need and proof of work. Applications for the grant are currently open and will be accepted until mid-August. A board will evaluate the projects and select the most deserving recipients.

Geyser Grants stands apart from typical Bitcoin grants, which primarily focus on core developers. The organization aims to recognize and reward all Bitcoin creators for their contributions. Geyser Grants has already made a significant impact, contributing 2.2 BTC to over 100 projects centered around Bitcoin education, creative endeavors, and community building.

The grants serve multiple purposes, including promoting Bitcoin awareness, encouraging contributions to the Bitcoin ecosystem, recognizing important work in the space, empowering creators globally and fostering the growth of the Bitcoin creator ecosystem. To learn more about the grant or to apply, interested individuals can visit the Geyser Grants Round 5 page.

#Geyser #Launches #5th #Bitcoin #Grant #Empower #Educational #Bitcoin #Communities

Remote Monitoring & Tracking – Arrive Announces Successful Integration with Amazon Sidewalk

Arrive Announces Successful Integration with Amazon Sidewalk

Tested at Fishers IoT Lab, the device will be added to smart mailboxes to enhance service offerings and extend local Wi-Fi strength and reliability.

Arrive today announced it has successfully integrated its smart mailboxes with Amazon Sidewalk, the secure, free-to-connect community network designed to provide reliable connectivity for billions of devices.

The smart mailbox company plans to include the new technology in its devices, which are in mass production now and expected to be distributed in the third quarter of 2023.

Amazon Sidewalk is accessible to more than 90 percent of the U.S. population and is used by devices like Amazon Echo, Ring security cameras, outdoor lighting, motion sensors, Tile Bluetooth trackers, Level smart locks and CareBand, which provides wearable devices designed to help keep dementia patients safe. Other companies using Amazon Sidewalk include OnAsset Intelligence, a leading provider of supply chain visibility and asset tracking solutions; DeNova Detect, a natural gas leak alert system; MerryIoT water leak detection and PetSafe.

Amazon Sidewalk powers connected devices with a low-bandwidth, low-power network, which works even when there is a power outage. In March, Amazon opened the network to third-party developers hoping to expand the network to third parties.

“It’s another step forward in the evolution of the Internet of Things. Arrive is perfectly suited to amplify the benefits of Amazon Sidewalk,” said Arrive CEO Dan O’Toole. “Mailboxes are everywhere, and our smart mailbox offers so many additional benefits than the traditional box-on-a-pole unit. Adding this capability is a value add that will make a huge difference to people whether it’s alerts to human safety or mechanical issues or just peace of mind.”

O’Toole said Arrive’s use of the device is more comprehensive and meant to provide a wider array of uses. Arrive smart mailboxes are more than a place to drop mail or packages.

O’Toole said:

“Because of the virtually limitless applications and integrations, Arrive mailboxes are a powerful – and soon-to-be ubiquitous – low-power booster for all things IoT.”

“As more consumers and businesses rely on smart devices, it will be increasingly important to have a reliable, uninterrupted signal to ensure the devices can communicate with each other and with their owners in cases where there are Internet service provider interruptions,” O’Toole said. “That’s why we say our smart mailbox isn’t just another mailbox. Our Mailbox as a Service (MaaS) gives you every delivery option you can imagine as it ensures package safety but also provides an emergency alert system and offers a host of other applications like using our camera to track pets and packages and serving as a hub to connect disparate smart devices.”

IoT Business News 600x150 advert banner

#Remote #Monitoring #Tracking #Arrive #Announces #Successful #Integration #Amazon #Sidewalk