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Kapital News Highlight - July 2

Monday, July 2, 2018

A weekly highlight for your updated and forward-thinking financial insight : 

  • China loosen up restrictions imposed on foreign investment in its free trade zones in the latest step to fulfill its promise to open up the economy. The National Development and Reform Commission (NDRC) said that restrictions in oil and gas exploration, nuclear fuel production and telecommunication would be eased. Several bans and restrictions will be erased such as the regulations to conduct oil and gas exploration development through joint ventures, and a ban on foreign investment in production of nuclear fuel and radioactive minerals. (US News)


  • Business groups warned the US President that his threat for steep tariffs on imported cars could disadvantage the US and damage the global economy. General Motors Co. delivered a harsh warning saying that 25% tariff would likely lead them to reduce US operations and cut jobs. The National Foreign Trade Council (NFTC) also said that auto tariffs will raise costs for automakers, which will give impact on customers. (The Hill)


  • Venezuela's inflation rate increased above the 40,000% mark this week, the first time on record. The government even has largely stopped reporting economic data including measuring the inflation. The Venezuelan President, Nicolas Maduro put the blame on the roiled economy onto others. However, some economists said that the economy of Venezuela will continue to collapse as long as Maduro is in power. (Business Insider)


  • The government of Malta has established a national body to drive the development of Islamic finance by enacting legislation to facilitate the sector which is intended to attract the Middle East companies to do business in Malta. A parliamentary secretary for financial services, digital economy and innovation, Silvio Schembri said that Malta government would oversee the drafting amendments so that the Islamic financial institutions had stronger links with EU member states. (New York Times)


  • LINE Corporation will establish the cryptocurrency exchange BITBOX in July 2018. BITBOX will offer more than 30 highly demanded cryptocurrencies for global users with support in 15 languages. Moreover, BITBOX will also trade highly demanded coins including Bitcoin and Bitcoin Cash with low trading fee of 0.1%. The CEO of LINE Corporation, Idezawa Takeshi said that the launch of BITBOX showed the commitment of LINE to meeting the growing demand for more diverse financial options. (FintechNews SG)

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