America has imposed sanctions against 37 Chinese companies
The U.S. Department of Commerce has added 26 Chinese firms to its blacklist due to their involvement in supplying prohibited goods to Russia.
Another eight were restricted due to an incident involving a Chinese aerostat that entered American airspace. Sanctions also affected three companies involved in programs to create similar aerostats.
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The U.S. Department of Commerce has added 26 Chinese firms to its blacklist due to their involvement in supplying prohibited goods to Russia.
Another eight were restricted due to an incident involving a Chinese aerostat that entered American airspace. Sanctions also affected three companies involved in programs to create similar aerostats.
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China's exports returned to growth in April, boosting the economy
In dollar terms, exports increased by 1.5% compared to the previous year, while imports grew by 8.4%. Economists had forecasted a smaller growth. These indicators are expected to remain positive in the coming months, as there was a downturn in the middle of last year. The data confirm an increase in global demand, which supports economic growth within China. Sales abroad are crucial while household consumer spending remains weak.
Other trade leaders in Asia also saw an increase in foreign trade due to strong demand in the U.S. South Korea's exports grew by nearly 14%, and Taiwan reported a record level of shipments to the U.S. Meanwhile, China increased its exports to Southeast Asia, but not to the U.S. and EU. In imports, supplies to China from the U.S., South Korea, Taiwan, the Netherlands, and Russia grew by more than 10%.
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In dollar terms, exports increased by 1.5% compared to the previous year, while imports grew by 8.4%. Economists had forecasted a smaller growth. These indicators are expected to remain positive in the coming months, as there was a downturn in the middle of last year. The data confirm an increase in global demand, which supports economic growth within China. Sales abroad are crucial while household consumer spending remains weak.
Other trade leaders in Asia also saw an increase in foreign trade due to strong demand in the U.S. South Korea's exports grew by nearly 14%, and Taiwan reported a record level of shipments to the U.S. Meanwhile, China increased its exports to Southeast Asia, but not to the U.S. and EU. In imports, supplies to China from the U.S., South Korea, Taiwan, the Netherlands, and Russia grew by more than 10%.
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Germany's export sector is showing signs of recovery, thanks to USA and China
According to the latest data from the Federal Statistical Office of Germany, exports in March increased by 0.9% compared to February, surpassing expectations by nearly 0.4%. This uptick comes after a 1.6% drop in February, which had sparked concerns about the competitiveness of Europe's largest economy.
The sudden shift is largely attributed to heightened demand from China and the USA. This situation underscores why European leaders are keen on improving relations with China. Despite a 3.7% increase in exports to the USA and a 3.6% rise to China, protectionism still poses significant challenges for any export-driven economy, particularly for Germany with its rising costs and decreasing competitiveness.
Overall, the situation in Germany remains challenging. Industrial orders fell by 0.4% in March, and the outlook for German industry remains subdued. This presents a complex scenario: both Russia and the EU are adjusting to the repercussions of sanctions. The impact is palpable on both sides—Russia is mitigating issues with record government spending, while Germany is sliding into recession. Yet, a complete disaster has been averted, even without Russian gas or European machinery.
It will be interesting to see what changes in the next 3-4 months. However, it seems that Germany may struggle to emerge from recession and return to even a modest growth rate of 1% per year by the end of 2024. Therefore, trade wars with China are currently highly undesirable for Europe.
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According to the latest data from the Federal Statistical Office of Germany, exports in March increased by 0.9% compared to February, surpassing expectations by nearly 0.4%. This uptick comes after a 1.6% drop in February, which had sparked concerns about the competitiveness of Europe's largest economy.
The sudden shift is largely attributed to heightened demand from China and the USA. This situation underscores why European leaders are keen on improving relations with China. Despite a 3.7% increase in exports to the USA and a 3.6% rise to China, protectionism still poses significant challenges for any export-driven economy, particularly for Germany with its rising costs and decreasing competitiveness.
Overall, the situation in Germany remains challenging. Industrial orders fell by 0.4% in March, and the outlook for German industry remains subdued. This presents a complex scenario: both Russia and the EU are adjusting to the repercussions of sanctions. The impact is palpable on both sides—Russia is mitigating issues with record government spending, while Germany is sliding into recession. Yet, a complete disaster has been averted, even without Russian gas or European machinery.
It will be interesting to see what changes in the next 3-4 months. However, it seems that Germany may struggle to emerge from recession and return to even a modest growth rate of 1% per year by the end of 2024. Therefore, trade wars with China are currently highly undesirable for Europe.
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Sanctions return oligarchs' money back to Russia
Wealthy Russian businessmen are beginning to transfer their assets to Russian jurisdiction, reports Bloomberg. This is especially relevant for those whose companies are directly in Russia. Some are transferring assets to friendly states, such as the UAE. The reason lies in the significant risks of confiscation in the West.
Traditionally, Russian billionaires earned in Russia and then transferred profits to offshore accounts. In foreign jurisdictions, their assets, often earned by not entirely honest means, were safe. Additionally, this allowed them to reduce taxes and conceal information about their ownership. After the imposition of sanctions, this no longer works—assets related to Russia can easily be confiscated.
In Russia itself, there are two trends regarding private business. On one hand, there has been an increase in cases of nationalization. Sometimes assets that were privatized more than 30 years ago are expropriated.
On the other hand, the government welcomes the return of companies home and actively facilitates redomiciliation. Sometimes it even conducts it forcibly and freezes property rights to bring firms back under Russian jurisdiction. However, usually, businesses are simply attracted to special administrative regions, where a preferential tax regime operates.
Many Russian oligarchs have realized that Western havens are not so safe. Now those who have been extracting resources from the country for years are simply forced to build their lives in Russia. Some of them will have to face justice. Calls to return assets began as early as 2014, with certain concessions offered. But at that time, almost all oligarchs again chose a luxurious life in Europe. Now, they have no other choice. Any, even the friendliest jurisdiction can instantly cease to be so.
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Wealthy Russian businessmen are beginning to transfer their assets to Russian jurisdiction, reports Bloomberg. This is especially relevant for those whose companies are directly in Russia. Some are transferring assets to friendly states, such as the UAE. The reason lies in the significant risks of confiscation in the West.
Traditionally, Russian billionaires earned in Russia and then transferred profits to offshore accounts. In foreign jurisdictions, their assets, often earned by not entirely honest means, were safe. Additionally, this allowed them to reduce taxes and conceal information about their ownership. After the imposition of sanctions, this no longer works—assets related to Russia can easily be confiscated.
In Russia itself, there are two trends regarding private business. On one hand, there has been an increase in cases of nationalization. Sometimes assets that were privatized more than 30 years ago are expropriated.
On the other hand, the government welcomes the return of companies home and actively facilitates redomiciliation. Sometimes it even conducts it forcibly and freezes property rights to bring firms back under Russian jurisdiction. However, usually, businesses are simply attracted to special administrative regions, where a preferential tax regime operates.
Many Russian oligarchs have realized that Western havens are not so safe. Now those who have been extracting resources from the country for years are simply forced to build their lives in Russia. Some of them will have to face justice. Calls to return assets began as early as 2014, with certain concessions offered. But at that time, almost all oligarchs again chose a luxurious life in Europe. Now, they have no other choice. Any, even the friendliest jurisdiction can instantly cease to be so.
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No trade peace with China
The Biden administration is planning to significantly increase tariffs on Chinese electric vehicles, according to the Wall Street Journal. In a strategic move, these tariffs could be quadrupled, marking a significant escalation in the trade tensions between the United States and China. Additionally, Bloomberg reports that the new tariffs will target not only electric vehicles but also other strategic industries.
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The Biden administration is planning to significantly increase tariffs on Chinese electric vehicles, according to the Wall Street Journal. In a strategic move, these tariffs could be quadrupled, marking a significant escalation in the trade tensions between the United States and China. Additionally, Bloomberg reports that the new tariffs will target not only electric vehicles but also other strategic industries.
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Xi's trip first results
The visit of the Chinese President to France ended without any significant agreements, while his trip to Eastern Europe proved to be more fruitful. President Macron had hoped to forge closer personal ties with his Chinese counterpart to influence Vladimir Putin to end war in Ukraine. However, China's stance remains unchanged.
In Budapest, Xi Jinping announced a series of new investments, promoting Hungary and Prime Minister Viktor Orban as models for the type of relationship the European Union could have with China. He also promised to build infrastructure in Hungary that would facilitate the distribution of products from Chinese factories across the trading bloc.
Additionally, it seems Xi has persuaded Serbia to become the first European country to join China's efforts to create a coalition challenging the US-led world order.
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The visit of the Chinese President to France ended without any significant agreements, while his trip to Eastern Europe proved to be more fruitful. President Macron had hoped to forge closer personal ties with his Chinese counterpart to influence Vladimir Putin to end war in Ukraine. However, China's stance remains unchanged.
In Budapest, Xi Jinping announced a series of new investments, promoting Hungary and Prime Minister Viktor Orban as models for the type of relationship the European Union could have with China. He also promised to build infrastructure in Hungary that would facilitate the distribution of products from Chinese factories across the trading bloc.
Additionally, it seems Xi has persuaded Serbia to become the first European country to join China's efforts to create a coalition challenging the US-led world order.
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Uranium Tears
Centrus, the largest nuclear energy company in the United States, has announced its intention to petition relevant government agencies. They highlighted that the ban on Russian uranium imports is unacceptable to them, and they plan to continue supplying their clients while safeguarding the interests of the entire American nuclear industry. The company aims to request the U.S. authorities to make an exception for them.
Nuclear power plants account for 29% of all power stations in the States, yet the country produces little fuel for them. Recently, the U.S. reported that it had managed to produce 200 pounds (90 kg) of enriched uranium for the first time, and by the end of the year, this figure is expected to reach 1 ton. However, this is still nearly 700 times less than what they import from Russia. Therefore, Centrus' request seems quite reasonable, and the chances of achieving it are real. The law approved by the Senate includes a provision allowing exceptions to the ban until 2027 if it serves the "national interests" of the States.
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Centrus, the largest nuclear energy company in the United States, has announced its intention to petition relevant government agencies. They highlighted that the ban on Russian uranium imports is unacceptable to them, and they plan to continue supplying their clients while safeguarding the interests of the entire American nuclear industry. The company aims to request the U.S. authorities to make an exception for them.
Nuclear power plants account for 29% of all power stations in the States, yet the country produces little fuel for them. Recently, the U.S. reported that it had managed to produce 200 pounds (90 kg) of enriched uranium for the first time, and by the end of the year, this figure is expected to reach 1 ton. However, this is still nearly 700 times less than what they import from Russia. Therefore, Centrus' request seems quite reasonable, and the chances of achieving it are real. The law approved by the Senate includes a provision allowing exceptions to the ban until 2027 if it serves the "national interests" of the States.
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New Record Investments for TON Cryptocurrency
Pantera Capital, a major American fund, has announced plans to invest in Pavel Durov's TON and Telegram. The fund is launching a new $1 billion cryptocurrency investment project, allocating 20% of its resources to liquid and public tokens. Dan Morehead, the founder of the fund, personally met with Durov and complimented him.
Pantera Capital sees promising investment opportunities in TON because this currency is linked to the massive internet platform Telegram, which has about 930 million users — currently the third most downloaded messenger in the world. This user base can be tapped to attract potential clients through services, games, earning opportunities, and advertising payments — all of which Durov discussed at the Token2049 conference in Dubai. In a public letter about the plans to invest in TON, Morehead emphasizes Durov's independence from government authorities, a fact evidenced by his biography, which Durov discussed in an interview with Carlson. These starting positions are expected to help TON stand out among the 23,000 existing cryptocurrencies in the world and soar.
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Pantera Capital, a major American fund, has announced plans to invest in Pavel Durov's TON and Telegram. The fund is launching a new $1 billion cryptocurrency investment project, allocating 20% of its resources to liquid and public tokens. Dan Morehead, the founder of the fund, personally met with Durov and complimented him.
Pantera Capital sees promising investment opportunities in TON because this currency is linked to the massive internet platform Telegram, which has about 930 million users — currently the third most downloaded messenger in the world. This user base can be tapped to attract potential clients through services, games, earning opportunities, and advertising payments — all of which Durov discussed at the Token2049 conference in Dubai. In a public letter about the plans to invest in TON, Morehead emphasizes Durov's independence from government authorities, a fact evidenced by his biography, which Durov discussed in an interview with Carlson. These starting positions are expected to help TON stand out among the 23,000 existing cryptocurrencies in the world and soar.
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Tesla is facing challenges in China and Europe
The sales dropped 21% compared to last year. In China, Tesla's market share fell from 4% to 2.6%, despite overall car sales in the country increasing by 28%. Tesla struggles to compete with Chinese manufacturers who offer similarly priced but superior options. A potential solution for Tesla could be the introduction of robotaxis in China, which could then expand globally. Additionally, the imposition of a 100% tariff on Chinese electric cars in the U.S. effectively secures Tesla's home market.
In Europe, Tesla's factory in Germany is under pressure from eco-activists, with over 1200 participants demanding a halt to the deforestation near a city required for the Gigafactory's expansion. They, ostensibly guided by environmental concerns, are suspected to be influenced by the German auto lobby. This lobby initially delayed the factory's production start by nearly a year through similar actions and is now attempting to obstruct Tesla's further expansion in the EU, suggesting that Elon Musk may have chosen the wrong country for his factory.
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The sales dropped 21% compared to last year. In China, Tesla's market share fell from 4% to 2.6%, despite overall car sales in the country increasing by 28%. Tesla struggles to compete with Chinese manufacturers who offer similarly priced but superior options. A potential solution for Tesla could be the introduction of robotaxis in China, which could then expand globally. Additionally, the imposition of a 100% tariff on Chinese electric cars in the U.S. effectively secures Tesla's home market.
In Europe, Tesla's factory in Germany is under pressure from eco-activists, with over 1200 participants demanding a halt to the deforestation near a city required for the Gigafactory's expansion. They, ostensibly guided by environmental concerns, are suspected to be influenced by the German auto lobby. This lobby initially delayed the factory's production start by nearly a year through similar actions and is now attempting to obstruct Tesla's further expansion in the EU, suggesting that Elon Musk may have chosen the wrong country for his factory.
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Unexpected cost of sanctions
Italy has spent around €32 million over the last two years on the upkeep of yachts owned by Russian oligarchs, which are moored in Italian ports due to European authorities' sanctions. These yachts were intended to be sold, but legal complications have delayed their disposal, leaving the Italian Ministry of Finance to cover ongoing maintenance and docking fees.
Each yacht incurs about €10,000 per month for utilities like electricity and water, and docking fees range from €10,000 to €12,000 per month. Additionally, annual engine maintenance can exceed €50,000 per yacht.
Amidst these expenditures, discussions in Rome have increasingly focused on confiscation, but legal grounds for such actions are still lacking. Italy is not alone in facing high costs for maintaining seized Russian assets; the USA reportedly spends $7 million annually to maintain "Kerimov's yacht", with efforts to auction it remaining fruitless so far.
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Italy has spent around €32 million over the last two years on the upkeep of yachts owned by Russian oligarchs, which are moored in Italian ports due to European authorities' sanctions. These yachts were intended to be sold, but legal complications have delayed their disposal, leaving the Italian Ministry of Finance to cover ongoing maintenance and docking fees.
Each yacht incurs about €10,000 per month for utilities like electricity and water, and docking fees range from €10,000 to €12,000 per month. Additionally, annual engine maintenance can exceed €50,000 per yacht.
Amidst these expenditures, discussions in Rome have increasingly focused on confiscation, but legal grounds for such actions are still lacking. Italy is not alone in facing high costs for maintaining seized Russian assets; the USA reportedly spends $7 million annually to maintain "Kerimov's yacht", with efforts to auction it remaining fruitless so far.
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Apple ❤️ GPT
Apple Inc. has entered into an agreement with the startup OpenAI to integrate artificial intelligence technologies into iPhones, according to a Bloomberg report citing sources. This partnership will enable the use of ChatGPT in the upcoming iOS 18.
Additionally, Apple has been in discussions with Google regarding licenses for Alphabet Inc.’s chat-bot, Gemini. Although these talks have not yet resulted in an agreement, they are reportedly ongoing.
The agreement with OpenAI will allow Apple to add the chat-bot as a new feature in its AI deployment program. Apple plans to announce a range of AI features next month during its annual Worldwide Developers Conference, Bloomberg notes.
Last chance for Apple to introduce something exclusive.
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Apple Inc. has entered into an agreement with the startup OpenAI to integrate artificial intelligence technologies into iPhones, according to a Bloomberg report citing sources. This partnership will enable the use of ChatGPT in the upcoming iOS 18.
Additionally, Apple has been in discussions with Google regarding licenses for Alphabet Inc.’s chat-bot, Gemini. Although these talks have not yet resulted in an agreement, they are reportedly ongoing.
The agreement with OpenAI will allow Apple to add the chat-bot as a new feature in its AI deployment program. Apple plans to announce a range of AI features next month during its annual Worldwide Developers Conference, Bloomberg notes.
Last chance for Apple to introduce something exclusive.
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Sanctions hit the most sacred thing
In 2023, Russian vodka exports plummeted by more than half, totaling just $59.7 million for the year. Kazakhstan was the top importer, purchasing $27.9 million worth of vodka, which represents a 22% decrease from 2022. Israel and Armenia followed as the second and third largest importers of Russian vodka. The total value of these exports in 2022 was significantly higher at $141.7 million. The dramatic drop in exports is attributed to the weakening of the ruble and sanctions imposed by European countries.
Want to support Russia? Drink vodka!
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In 2023, Russian vodka exports plummeted by more than half, totaling just $59.7 million for the year. Kazakhstan was the top importer, purchasing $27.9 million worth of vodka, which represents a 22% decrease from 2022. Israel and Armenia followed as the second and third largest importers of Russian vodka. The total value of these exports in 2022 was significantly higher at $141.7 million. The dramatic drop in exports is attributed to the weakening of the ruble and sanctions imposed by European countries.
Want to support Russia? Drink vodka!
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Chinese car manufacturer Zeekr listed on NYSE
Zeekr, a premium automotive brand based in Hangzhou and part of China's private Geely group, raised $441 million in its U.S. IPO by selling 21 million American depository shares priced between $18 and $21. The shares closed at $28.26 and slightly rose in after-hours trading to $28.39.
The IPO comes amid new trade barriers expected to be implemented by the U.S. and Europe against environmentally friendly technology produced in China. The Biden administration is expected to raise tariffs on the import of Chinese electric vehicles from 25% to 100% on Tuesday. The European Commission is investigating imports of electric vehicles from China and is expected to increase tariffs in the coming months.
In China, the electric vehicle industry is highly competitive and continues to show robust growth, with sales up more than 30% in the first four months of the year. In early April, sales of electric vehicles and plug-in hybrids for the first time accounted for more than half of new car sales in China.
Since listing, three electric vehicle startups have experienced varying stock performances: Li Auto's shares have increased by 66%, while shares of Xpeng and Nio are trading below their IPO prices.
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Zeekr, a premium automotive brand based in Hangzhou and part of China's private Geely group, raised $441 million in its U.S. IPO by selling 21 million American depository shares priced between $18 and $21. The shares closed at $28.26 and slightly rose in after-hours trading to $28.39.
The IPO comes amid new trade barriers expected to be implemented by the U.S. and Europe against environmentally friendly technology produced in China. The Biden administration is expected to raise tariffs on the import of Chinese electric vehicles from 25% to 100% on Tuesday. The European Commission is investigating imports of electric vehicles from China and is expected to increase tariffs in the coming months.
In China, the electric vehicle industry is highly competitive and continues to show robust growth, with sales up more than 30% in the first four months of the year. In early April, sales of electric vehicles and plug-in hybrids for the first time accounted for more than half of new car sales in China.
Since listing, three electric vehicle startups have experienced varying stock performances: Li Auto's shares have increased by 66%, while shares of Xpeng and Nio are trading below their IPO prices.
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Despite expectations of stricter regulations, the U.S. State Department has not prohibited American companies from engaging in oil projects in Venezuela.
Previously, the Biden administration declared that it would cancel all relaxations granted a year ago if Nicolás Maduro did not ensure the legality of Venezuela's presidential elections. However, on the eve of last Friday, the U.S. Treasury Department extended the general license for certain operations with Venezuela's state oil company, PDVSA, until November 15.
This extension allows oil and oil service corporations such as Chevron, Halliburton, Schlumberger, Baker Hughes Holdings, and Weatherford International PLC to continue their collaboration with PDVSA to increase oil production, which will be supplied to American refineries.
Publications in various media highlight that the commercial benefits of cooperating with Venezuela have outweighed the U.S. State Department's political principles.
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The country aims to develop its vast natural gas reserves to power the country and attract billion-dollar investments.
The exploration blocks are located in 12 governorates, primarily in central and southern Iraq. For the first time, this licensing round includes an offshore exploration block in Iraqi territorial waters of the Persian Gulf.
It's important to note that Iraq holds the world's second-largest proven crude oil reserves, only behind Saudi Arabia.
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This will be the fourth time in the last 26 years. The Ministry of Finance announced that the sale will start with 30-year bonds, followed by 20-year bonds in May and 50-year bonds in June. Officials do not disclose the volume of sales, but Bloomberg sources revealed that it is about 1 trillion yuan ($138 billion). There will be 600 billion yuan of 30-year bonds, 300 billion of 20-year bonds, and 100 billion of 50-year bonds. These sales will support a 1 percentage point increase in economic growth this year.
According to a Bloomberg source, the bond issue dates are likely calculated to offset the impact of protectionist tariffs that the US threatens to impose on Chinese goods. Beijing announced plans to sell the bonds during the National People's Congress, where they disclosed an annual economic growth target of 5% for 2024. This target requires additional stimulation, and the bonds are meant to provide that.
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China bashes US for sanctions
Chinese authorities are demanding the cancellation of unilateral sanctions recently imposed by the United States on about 20 national companies from mainland China and Hong Kong for working with Russia, stated He Yadun, an official spokesperson for China's Ministry of Commerce.
According to He Yadun, the United States maintains trade contacts with Russia when it is in their interest, and at the same time, applies so-called Russia-related sanctions against Chinese enterprises. Such actions by Washington are considered in China as a policy of intimidation and economic coercion.
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Chinese authorities are demanding the cancellation of unilateral sanctions recently imposed by the United States on about 20 national companies from mainland China and Hong Kong for working with Russia, stated He Yadun, an official spokesperson for China's Ministry of Commerce.
According to He Yadun, the United States maintains trade contacts with Russia when it is in their interest, and at the same time, applies so-called Russia-related sanctions against Chinese enterprises. Such actions by Washington are considered in China as a policy of intimidation and economic coercion.
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A memecoin named after streamer Keith Gill, known as Roaring Kitty, soared in price by 10,000% after he made his first social media appearance in three years.
Gill gained fame in 2021 after posting a series of videos online, which investors interpreted as a signal to buy shares of the video game store chain GameStop (GME). As a result, in January 2021, GameStop's stock rose from $20 to $483 over two weeks and earned the nickname "meme stocks." Gill's post on X was his first since June 2021 and gathered over 8 million views in just a few hours.
The Roaring Kitty memecoin (ticker KITTY) was launched a month ago on the Solana blockchain, and like many memecoins, it is traded only on decentralized exchanges (DEXs). The daily trading volume for the token exceeded $20 million with a liquidity of $500,000.
Meanwhile, GME shares rose by more than 50% in the pre-market trading on the New York Stock Exchange.
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