Cryptocurrency Live News & Updates : Zora Price Soars 600% After Binance Futures Listing
Zora (ZORA) surged to $0.054, marking a 600% increase since June, following its listing on Binance Futures with 50x leverage. Zora's recent price surge to $0.054, a 600% increase from its June lows, follows its listing on Binance Futures, which offers 50x leverage. This listing has significantly boosted trading volume, reaching over $230 million. Meanwhile, PayPal's PYUSD stablecoin faces challenges, losing ground to competitors like USDT, as the company prepares for its Q2 earnings report. Despite a bullish outlook for PayPal stock, the decline in PYUSD's circulation from $1.02 billion to $890 million raises concerns about its future viability. In other news, President Trump announced that trade agreements will begin on August 1, with a minimum tariff rate of 15% on the EU. Additionally, BNB and Bitcoin have shown positive movements, with BNB surpassing 820 USDT and Bitcoin exceeding 119,000 USDT, reflecting a broader trend of increasing cryptocurrency valuations. Show more
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First Post
an hour ago
- First Post
Trump gets tough on Russia: What's hope for Ukraine can cause economic turmoil elsewhere
As the shortened deadline approaches, the world watches to see whether Trump's high-stakes gamble will force a breakthrough in the Ukraine conflict or lead to unintended consequences on the global stage. read more US President Donald Trump sips Diet Coke from his wine glass after a toast, during a luncheon for world leaders at the 73rd session of the United Nations General Assembly in New York, US, September 25, 2018. File Image/Reuters In a bold move, US President Donald Trump has drastically shortened the timeline he initially set for Russian President Vladimir Putin to secure a ceasefire with Ukraine. Originally giving Russia 50 days, Trump now insists on a resolution in just '10 or 12 days,' signalling an aggressive push to alter the course of the ongoing war. The timing is critical. Ukraine is grappling with its toughest moment on the battlefield since the conflict began. STORY CONTINUES BELOW THIS AD By September 3, the original deadline, Russia is poised to solidify significant territorial gains. Over the past two weeks, Moscow's forces have made rapid and strategic advances, positioning them to potentially encircle key eastern Ukrainian cities like Pokrovsk, Kostiantynivka, and Kupiansk in the north. Such a development could shift the front lines dramatically, bringing Putin closer to his goal of seizing the Donetsk region. The next '10 or 12 days' will be pivotal. If Trump's ultimatum proves to be another hollow threat or if the deadline shifts again, it could fuel perceptions of weakness within his administration. Critics have already pointed to a pattern they dub ' TACO' (Trump Always Chickens Out), suggesting Trump may hesitate to follow through on tough measures. Trump's secondary tariff gamble Last week, Trump floated the idea of imposing tariffs as high as 100 per cent on Russia's trading partners if Putin fails to halt hostilities within six weeks. However, this threat is fraught with complications. Russia's closest trading partners, China and India, are deeply intertwined with the US in delicate trade and tariff negotiations. Imposing secondary sanctions or tariffs on these nations could have far-reaching consequences for the global economy. Tariffing China, India to carry serious implications India, a close US partner, relies heavily on Russian energy. Complex mechanisms allow it to purchase this energy without destabilising global oil markets, which could otherwise drive up prices and harm the US economy. China, a Russian ally, is even more dependent on Moscow's energy supplies and maintains a complicated, often tense economic relationship with the United States. Sanctions on either country could disrupt global energy markets and strain US relations with two critical trading partners. STORY CONTINUES BELOW THIS AD If Trump follows through with these sanctions, his actions would mark a significant escalation compared to the policies of his predecessor, President Joe Biden. Yet, the risk of miscalculation looms large. Punishing Russia's trading partners could derail ongoing negotiations with China and India, potentially backfiring on US interests and destabilising the global economy. As the shortened deadline approaches, the world watches to see whether Trump's high-stakes gamble will force a breakthrough in the Ukraine conflict or lead to unintended consequences on the global stage.
Time of India
an hour ago
- Time of India
Trump team hears pitches on access to Myanmar's rare earths
The Trump administration has heard competing proposals that would significantly alter longstanding U.S. policy toward Myanmar , with the aim of diverting its vast supplies of rare earth minerals away from strategic rival China, four people with direct knowledge of the discussions said. Nothing has been decided and experts say there are huge logistical obstacles, but if the ideas are ever acted upon, Washington may need to strike a deal with the ethnic rebels controlling most of Myanmar's rich deposits of heavy rare earths. Explore courses from Top Institutes in Please select course: Select a Course Category MBA Degree Artificial Intelligence Operations Management Digital Marketing healthcare Project Management CXO Data Analytics Data Science Design Thinking Others Product Management Data Science Technology others Cybersecurity MCA Leadership Healthcare Public Policy PGDM Management Finance Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Among the proposals are one advocating talks with Myanmar's ruling junta to get a peace deal with the Kachin Independence Army rebels and another calling for the U.S. to instead work directly with the KIA without engaging the junta. Washington has avoided direct talks with the country's military leaders following their overthrow of the country's democratically elected government in 2021. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo The ideas have been proposed to administration officials by a U.S. business lobbyist, a former adviser to Aung San Suu Kyi, in indirect talks with the KIA and some outside experts, the sources said. The conversations have not previously been reported. Live Events Rare earths are a group of 17 metals used to make magnets that turn power into motion. So-called heavy rare earths are used to build fighter jets and other high-performance weaponry. The U.S. produces very small amounts of heavy rare earths and is reliant on imports. Securing supplies of the minerals is a major focus of the Trump administration in its strategic competition with China, which is responsible for nearly 90% of global processing capacity, according to the International Energy Agency. Engaging the junta would be a sharp departure for the United States, given U.S. sanctions on the military leaders and the violence committed against the Rohingya minority that Washington calls genocide and crimes against humanity. Last week, the Trump administration lifted sanctions designations on several junta allies, but U.S. officials said this does not indicate any broader shift in U.S. policy toward Myanmar. The ideas pitched to the U.S. administration also include easing U.S. President Donald Trump's threatened 40% tariffs on the country, pulling back sanctions against the junta and its allies, working with India to process some heavy rare earths exported from Myanmar, and appointing a special envoy to execute these tasks, people familiar with the matter said. Some of these suggestions were discussed in a July 17 meeting in Vice President JD Vance's offices that included Adam Castillo, a former head of the American Chamber of Commerce in Myanmar who runs a security firm in the country, a person close to Vance's office said. Among those present were advisers to Vance on Asian affairs and trade. Vance himself did not attend, the source said. Castillo told Reuters he suggested to U.S. officials that the United States could play a peace-broker role in Myanmar and urged Washington to take a page out of China's playbook by first brokering a bilateral self-governance deal between the Myanmar military and the KIA. Myanmar's ruling junta and the KIA did not respond to a request for comment. While Vance's office declined to comment on Castillo's visit to the White House , one person familiar with the situation said the Trump administration has been reviewing policy on Myanmar, also known as Burma, since Trump's January inauguration and had weighed direct discussions with the junta over trade and tariffs. The White House declined to comment. REVIEWING MYANMAR POLICY The White House discussions were described as exploratory and in early stages by people familiar with them, who added the talks may result in no shift in strategy at all by Trump, given the administration's wariness about intervening in foreign conflicts and in Myanmar's complex crisis. "The officials took this meeting as a courtesy to the American business community and to support President Trump's efforts to balance the U.S. $579 (million) trade deficit with Burma," a senior administration official said when asked about the July 17 meeting. Castillo, who describes Myanmar's rare earth deposits as China's "golden goose," said he told U.S. officials that key ethnic armed groups - particularly the KIA - were tired of being exploited by China and wanted to work with the United States. Mines in Myanmar's Kachin region are major producers of heavy rare earths that are exported to China for processing. He said he had repeatedly urged officials in Washington to pursue a deal with the KIA that includes cooperation with U.S. partners in the Quad grouping - specifically India - for resource processing and eventual heavy rare earths supply to the United States. The so-called Quad grouping brings together the United States with India, as well as Australia and Japan. India's Ministry of Mines did not respond to an email seeking comment. An Indian government official, speaking on condition of anonymity, said he was unaware of whether the Trump administration had communicated any such plan to India but stressed that such a move would take several years to materialize because it would require infrastructure to be built for processing rare earths. Another pitch to the White House was more in line with the Myanmar policy Trump inherited from former President Joe Biden. Sean Turnell, an Australian economist and former adviser to Suu Kyi, whose government the junta toppled in 2021, said his rare earths proposal was to encourage the Trump administration to continue supporting Myanmar's democratic forces. In a visit to Washington earlier this year, Turnell said he met with officials from the State Department, the White House National Security Council and Congress, and urged continued support for the country's opposition. "One of the pitches was that the U.S. could access rare earths via KIA etc," he said, adding that the group wants to diversify away from China. There have also been multiple discussions between U.S. officials and the Kachin rebel group on rare earths through interlocutors in recent months, said a person with knowledge of the talks, which have not previously been reported. OBSTACLES In the years since the coup, Myanmar has been ravaged by civil war and the junta and its allies have been pushed out of much of the country's borderlands, including the rare earths mining belt currently under control of the KIA. A rare earths industry source said that U.S. officials had reached out around three months ago, following the Kachin takeover of the Chipwe-Pangwa mining belt, to ask for an overview of the Kachin rare earths mining industry. The person added that any new, major rare earths supply chain, which would require moving the minerals out of remote and mountainous Kachin State into India and onward, may not be feasible. Swedish author Bertil Lintner, a leading expert on Kachin State, said the idea of the United States obtaining rare earths from Myanmar from under the nose of China seemed "totally crazy" given the unforgiving mountainous terrain and primitive logistics. "If they want to transport the rare earths from these mines, which are all on the Chinese border, to India, there's only one road," Lintner said. "And the Chinese would certainly step in and stop it." For its part, the junta appears eager to engage with Washington after years of isolation. When Trump threatened new tariffs on Myanmar's U.S.-bound exports this month as part of his global trade offensive, he did so in a signed letter addressed personally to the junta's chief, Min Aung Hlaing. Min Aung Hlaing responded by lavishing praise on Trump for his "strong leadership" while asking for lower rates and the lifting of sanctions. He said he was ready to send a negotiating team to Washington, if needed. Senior Trump administration officials said the decision to lift some sanctions was unrelated to the general's letter.
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Business Standard
an hour ago
- Business Standard
Trump gets economy he wants, but growth risks may spoil his victory lap
President Donald Trump is getting his way with the world economy. Trading partners from the European Union to Japan to Vietnam appear to be acceding to the president's demands to accept higher costs in the form of high tariffs for the privilege of selling their wares to the United States. For Trump, the agreements driven by a mix of threats and cajoling, are a fulfillment of a decades-long belief in protectionism and a massive gamble that it will pay off politically and economically with American consumers. On Sunday, the United States and the 27-member state European Union announced that they had reached a trade framework agreement: The EU agreed to accept 15 per cent US tariffs on most its goods, easing fears of a catastrophic trans-Atlantic trade war. There were also commitments by the EU to buy $750 billion in US energy products and make $600 billion in new investments through 2028, according to the White House. We just signed a very big trade deal, the biggest of them all, Trump said Monday. But there's no guarantee that Trump's radical overhaul of US trade policy will deliver the happy ending he's promised. The framework agreement was exceedingly spare on details. Most trade deals require months and even years of painstaking negotiation that rise and fall on granular details. High-stakes negotiations break Trump's way Financial markets, at first panicked by the president's protectionist agenda, seem to have acquiesced to a world in which US import taxes tariffs are at the highest rates they've been in roughly 90 years. Several billion in new revenues from his levies on foreign goods are pouring into the US Treasury and could somewhat offset the massive tax cuts he signed into law on July 4. Outside economists say that high tariffs are still likely to raise prices for American consumers, dampen the Federal Reserve's ability to lower interest rates and make the US economy less efficient over time. Democrats say the middle class and poor will ultimately pay for the tariffs. It's pretty striking that it's seen as a sigh of relief moment, said Daniel Hornung, a former Biden White House economic official who now holds fellowships at Housing Finance Policy Centre and the Massachusetts Institute of Technology. But if the new baseline across all trading partners is 15 per cent, that is a meaningful drag on growth that increases recession risks, while simultaneously making it harder for the Fed to cut. The EU agreement came just four days after Japan also agreed to 15 per cent US tariffs and to invest in the United States. Earlier, the United States reached deals that raised tariffs on imports from Vietnam, Indonesia, the Philippines and the United Kingdom considerably from where they'd been before Trump returned to the White House. More one-sided trade deals are likely as countries try to beat a Friday deadline after which Trump will impose even higher tariffs on countries that refuse to make concessions. Trump's long-held theory now faces reality The US president has long claimed that America erred by not taking advantage of its clout as the world's biggest economy and erecting a wall of tariffs, in effect making other countries ante up for access to America's massive consumer market. To his closest aides, Trump's use of tariffs has validated their trust in his skills as a negotiator and their belief that the economists who warned of downturns and inflation were wrong. Stocks rose slightly on Monday morning on tariffs that once seemed unthinkably risky. Where are the experts' now? Commerce Secretary Howard Lutnick posted on X. But the story is not over. For one thing, many of the details of Trump's trade deals remain somewhat hazy and have not been captured in writing. The US and Japan, for instance, have offered differing descriptions of Japan's agreement to invest $550 billion in the United States. The trade deals do seem to count as a qualified win for Trump, with other countries giving the US favourable trade terms while accepting US tariffs, said Eswar Prasad, a Cornell University economist. "However, certain terms of the deals, such as other countries' investments in the US, seem more promising in the abstract than they might prove in reality over time.' Trump is also facing a court challenge from states and businesses arguing that the president overstepped his authority by declaring national emergencies to justify the tariffs on most of the world's economies. In May, a federal court struck down those tariffs. And an appeals court, which agreed to let the government continue collecting the tariffs for now, will hear oral arguments in the case Thursday. And he's yet to reach an accord with China which has deftly used the threat of retaliatory tariffs and withholding exports of rare earth minerals that are desperately needed for electric vehicles, computer chips and wind turbines to avoid caving in to Trump's demands. The US and China are talking this week in Stockholm, Sweden. Economists remain sceptical of the impacts for US consumers There is also skepticism that tariffs will produce the economic boom claimed by Trump. Analysts at Morgan Stanley said the most likely outcome is slow growth and firm inflation, but not a recession. After all, the 15 per cent tariffs on the EU and Japan are a slight increase from the 10 per cent rate that Trump began charging in April during a negotiation period. While autos made in the EU and Japan will no longer face the 25 per cent tariffs Trump had imposed, they will still face a 15 per cent tax that has yet to appear in prices at US dealerships. The administration has said the lack of auto price increases suggests that foreign producers are absorbing the costs, but it might ultimately just reflect the buildup of auto inventories to front-run the import taxes. Dealers built stocks ahead of tariff implementation, damping the immediate impact on retail prices. That cushion is starting to wear thin, Morgan Stanley said in a separate note. Our Japan auto analyst notes that as pre-tariff inventory clears, replacement vehicles will likely carry higher price tags. Economist Mary Lovely of the Peterson Institute for International Economics warned of a slow-burn efficiency loss' as US companies scramble to adjust to Trump's new world. For decades, American companies have mostly paid the same tariffs and often none at all on imported machinery and raw materials from all over the world. Now, as a result of Trump's trade deals, tariffs vary by country. US firms have to change their designs and get inputs from different places based on these variable tariff rates,' she said. It's an incredible administrative burden. There's all these things that are acting as longer-term drags on economy, but their effect will show up only slowly.' Mark Zandi, chief economist at Moody's Analytics, said that the United States' effective tariff rate has risen to 17.5 per cent from around 2.5 per cent at the start of the year. I wouldn't take a victory lap,' Zandi said. The economic damage caused by the higher tariffs will mount in the coming months. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
