News around the World

It is the first time that the extreme wealth and extreme poverty have increased simultaneously for in 25 years.

The extreme wealth and extreme poverty have increased simultaneously for the first time in 25 years. The world’s wealthiest residents, which are around 1% of the global populations have been getting far richer. The wealth accumulation of these super-rich accelerated far faster than the rest of the wolrd else over the past two years according to the Oxfam’s annual report. Meanwhile, the many of the less fortunate are struggling.

The wealthy are benefiting from the policies during the pandemic these two years. At the start of the pandemic, global governments, especially wealthier countries, poured trillions of dollars into their economies and stock markets to prevent a collapse. That prompted triggered tocks and other assets to soar in value. So much of that cash ended up with the ultra-wealthy as well as taxation weren’t not in place. Therefore, the riches become richer during the pandemic.

Narrowing the gap between the rich and the poor will be one of the great challenges in the post-pandemic period for many governments globally.


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The Royal Mint – The Royal Arms 2022 1oz Gold Bullion Coin

The Royal Mint – The Royal Arms 2022 1oz Gold Bullion Coin

This will be the final year of Royal Arms bearing the effigy of Queen Elizabeth II struck by The Royal Mint.

The effigy of Queen Elizabeth II appears on the obverse in a design by Jody Clark in 2015. The face value of “100 pounds” and Her Royal Majesty’s name are displayed around the circumference.

The collectors around the world assumed the effigy bearing on the coin will be changed to King Charles III in 2023 version. The last version of the Royal Arms bearing the Queen’s effigy will be one of the important collections for coins collectors worldwide.

The reverse side of the 2022 1 oz Silver Royal Arms Coin features the modern Royal Arms of England, designed by celebrated artist Timothy Noad. The design represents the United Kingdom in its entirety.

The Royal Arms can be seen on some historic buildings, UK passport and many different official documents.

Source: https://www.royalmint.com/invest/bullion/bullion-coins/gold-coins/the-royal-arms-2022-1oz-gold-bullion-coin/

Investment

Robert Kiyosaki said this is the “last chance” to buy gold and silver at “these low prices”.

The best-selling author of “Rich Dad Poor Dad” Robert Kiyosaki said that this may be the last chance to buy gold and silver at such low prices as the market wrap up a very volatile year.

He forecasted that the low of the gold market will be around USD 1,800 per oz and silver will be around USD 24 per oz.

Robert Kiyosaki is a big proponent of holding gold, silver, and Bitcoin in a portfolio. He suggested his Twitter followers that the current price levels might be the cheapest option to buy precious metals before the rally kicks in.

News around the World

Qatar signs deal with China to supply gas for 27 year

The recent volatility of gas supply since the Ukraine war has driven country leaders to understand the importance of having long-term energy supply.

QatarEnergy chief Saad al-Kaabi said that they are happy about the firm signed a 27-year sales and purchase agreement with Sinopec of China. This agreement is the longest in the history of liquefied natural gas deals and an important milestone for North Field East Project. The North Field is part of the world’s biggest gas field what Qatar shares with Iran.

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News around the World

Rishi Sunak will be the first person of colour to lead the UK

Rishi Sunak, whose parents came to the UK from the East Africa in the 1960s, is of Indian descent. His father was a local doctor while his mother ran a pharmacy in southern England. Sunak studied at the exclusive Winchester College, Oxford, and Stanford universities. He is known for his expensive taste in fashion and has worked for banks and hedge funds including Goldman Sachs.

Sunak has also been scrutinized over the tax arrangements of his wife Akahata Murty, the daughter of an Indian billionaire. In 2022, Sunak and his wife appeared on the Sunday Times Rich List of the UK’s 250 wealthiest people.

Sunak stood by Johnson for a long time. However, he turned against him after Johnson’s slow act for the Partygate scandal. Thereafter, Sunak’s shock resignation let to Johnson’s demise. Johnson believes Sunak betrayed him by resigning from his government which triggering his resignation on July 7 this year.

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Investment, News around the World

UK Prime Minister Liz Truss apologized for her mini-budget

Ian Vogler/AFP/Getty Images

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UK Prime Minister Liz Truss apologized for her controversial mini-budget that crashed the UK Sterling, rattled financial markets and led to her firing her closet political ally. Despite of the huge pressure from the investors and party member, Truss insisted that she would lead her Conservative Party into the next general election.

Last Friday, Truss replaced Chancellor of the Exchequer Kwasi Kwarteng with Jeremy Hunt. Hunt then said that he would reverse almost all tax measures announced three weeks ago by his predecessor. Truss said it was painful to sack her “friends” Kwarteng as finance minister but said she stood by her decision.

Truss said that she still believed in the “high growth, low tax” formular she campaigned on to win the Conservative Party leadership in early September. However, she also recognized the UK was facing “very difficult circumstances at the moment.”

News around the World

Nearly 1 billion people had their of personal data leaked in China possibly

A massive online database in China apparently containing the personal data of up to one billion Chinese citizens was left unsecured and publicly accessible possibly for more than a year.

Those personal data was collected by the Shanghai police and stored in a database had been hosted by Alibaba Cloud. Both Alibaba and Shanghai police did not aware of this possibly data leak until last week. An anonymous user in a hacker forum offered to sell the data for 10 bitcoin and brought it to wider attention.

The anonymous user claimed the data included names, address, mobile numbers, national ID numbers, ages, birthplaces, and billions of records of phone calls made to police to report on civil disputes and crimes. As China is home to 1.4 billion people, the data breach of 1 million personal data could potentially affect more than 70% of the population. This would be the largest leak of public information by far.

The database which did not require a password possibly was shut down already. However, it is unclear how many people have accessed or downloaded the database during the 14 months of more. Experts are worried that this personal data leak might lead to extortion. Extortion of individual will often happen after data leaks. Hackers can even try to ransom individual using the leaked information.

 

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Investment

Crypto experts shrug off the bitcoin plunge and here are the reasons

Cryptocurrency is having a terrible week. Still, long-term investors are really care about the steep drops in the value of digital currency and the temporarily halt of withdrawals in the exchanges. 

Bitcoin, the world most valuable cryptocurrency, dropped nearly to USD 21,000 in recent days. it is sitting nearly 70% below its historical high of USD 68,000 per coin in November 2021. Ether, the second most valuable digital currency has lost about nearly 75% of its highs.

Due to the extreme market conditions, crypto exchanges like Binance and Celsius Network temporarily halted withdrawals and indicating that it would “take time” to reopen the exchanges.

In the meantime, Coinbase, the largest cryptocurrency exchange in the United States by trading volume announced it would lay off about 18% of its workforce and citing that “could lead to another crypto winter and could last for an extended period.”

However, the leaders in the cryptosphere are not really worried about the volatile market. They believe that the bear market in crypto is not the same as the bear market for stocks: the lows are more extreme, but then so are the highs. Crypto bear markets usually drew down 85 to 90% and then bounced back according to the past performance. Crypto market is naturally more volatile.

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Investment

Gold Price Down USD 50 on the Day Indicating Markets in Chaos.

The markets in chaos: precious metals prices down, Bitcoin price hits lowest level since December 2020 and stocks plunges. Analysts warn of panic selling as investors are pre-reacting to the Federal Reserve’s interest rate hike on this Wednesday following a high inflation rate of the U.S.

The inflation is now expecting at annual pace of 8.6%. economists believe the Fed will need to get more aggressive to tame the inflation. The U.S. dollar reacted positively to the expected rate hike and goes stronger. In response to rising yields and a strong U.S. dollar, Gold saw a very sharp sell off as it plunged around USD 50 per oz on the day.

The precious metals are struggling as investors are still digesting inflation data and the looming economy downturn in China caused by the latest outbreak in Beijing and Shanghai. The latest lockdowns could lead to a much more extended period of supply chain issues and disruption.

Even though the market expects that the Fed will have an aggressive rate hike, but it is still not enough to get the inflation under control.

in the meantime, gold remains at risk of a more significant selloff. The support at USD 1,800 per ounce might not hold and we will see a retreat towards USD 1,750 per ounce. 

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Investment

The Securities and Exchange Commission (SEC) has been reviewing the ways that brokers trading every day

The Securities and Exchange Commission (SEC) has been reviewing the ways that brokers trading every day. Investors are worried that the way millions of everyday global investors buy and sell stocks is going to change. And this change will be bad news for so-called free-trading apps like Robinhood as well as other similar business models.

When an investor buy or sell stocks on an app, the trade seems to be instantaneous. But, this buy-sell action is a complex process of Wall Street players exploiting tiny differences in prices to rake in huge amounts of cash.

Here is now it works:

When you place a buy or sell order, your broker for example Robinhood takes your order to a firm known as a wholesaler or market makers – the middlemen who are supposed to get you the best prices and who pay the brokers for the privilege of executing the trades. They typically make pennies off each transaction.

And the process above is called “payment for order flow”. Now this process has come under scrutiny by regulators due to the fallout from the January 2021 run-up stocks like GameStop.

The SEC are likely to roll our new rules as early as this Wednesday. One proposed new rule will be added more competition at the middleman level to ensure retail investors are really getting the best prices. It may also mean trading orders will be routed into auctions where trading firms would have to compete to execute them. In the future, investors may need to pay more trading fees on so-called free-trading apps.

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