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Alibaba (09988.HK) will announce its results for the quarter ending March 2026 and fiscal year 2026 on May 13.On April 29th, Julius Baer analyst Norbert Rücker stated that the challenge facing oil-producing countries is not the UAEs exit from OPEC, but rather a broader structural shift in the oil market. He added that US shale oil and South American deepwater oil illustrate a new landscape in the oil market characterized by stagnation and intensified competition. The UAEs exit from OPEC aligns with the analysts long-term view that ample supply and increased competition will anchor oil prices at high levels above $60 per barrel. The geopolitical consequences of the exit remain unclear. However, Rücker stated that this move comes at a time of larger-scale restructuring in regional relations and "may help find solutions to ongoing conflicts."On April 29th, ANZ Bank stated in a report that the UAEs exit from OPEC will have a limited short-term impact on oil prices, as prices are driven more by geopolitical, inventory, and logistical factors than by institutional changes. Furthermore, ANZ noted that even without OPEC+ production targets, the UAEs ability to convert production capacity into exportable supply will still be affected by the operating environment around key chokepoints in the Gulf region.Futures News, April 29th: Greige Fabric Inventory: As of April 29th, greige fabric weaving inventory was approximately 32.7 days. The industry generally maintains a cautious approach to greige fabric inventory control, and due to volatile raw material prices, purchases are proceeding cautiously, resulting in a continued decline in greige fabric inventory. Both domestic and international trade orders are weak, and factories are currently primarily focused on fulfilling previous orders, hence the operating rate this week dropped to 61.8%. Greige Fabric/Material Trading: According to data monitoring and analysis of feedback from 350 price-collecting units, the Ministry of Commerces China•Shengze Silk and Chemical Fiber Index continued to rise on April 29th, with the chemical fiber fabric price index closing at 101.68 points, an increase of 0.05 points compared to the previous trading day.Barclays said late Tuesday that the UAEs decision to withdraw from OPEC will enable the country to achieve faster oil supply growth after emerging from the current crisis. As OPECs fourth-largest oil producer, the UAE announced on Tuesday that it will withdraw from the organization on May 1. Barclays stated that this announcement assures potential investors that the countrys economic recovery will not be constrained by OPEC+ production quotas. The bank added that tanker traffic in the Strait of Hormuz remains sluggish, with the three-day moving average of crude oil and product tankers, including those carrying liquefied petroleum gas (LPG), around 3-4 vessels, a decrease of approximately 95% compared to last year.

The acceptance of Bitcoin by the Central African Republic perplexes the cryptoverse

Skylar Shaw

Apr 29, 2022 09:36


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Buying and selling goods and services using bitcoin, a digital money that resides on a shared ledger across a worldwide network of computers, requires a dependable, fast internet connection and broad access to computers or cellphones.


Despite this, the Central African Republic has an internet penetration rate of about 11%, or around 550,000 individuals online last year, according to the DataReportal website. According to the Economist Intelligence Unit, just around 14% of people have access to power, and fewer than half have a mobile phone connection.


Four analysts and crypto specialists stated that adopting bitcoin in one of the world's poorest nations, with low internet usage, extensive warfare, unreliable energy, and a populace that is mostly unaware of cryptocurrency, would be difficult.


In a statement released on Wednesday, the Central African Republic gave little information on how it intended to solve these issues. It did not reply to a request for comment from Reuters.


The decision, according to the government, made the Central African Republic one of the world's "most imaginative nations," but locals in Bangui, where most people use mobile money to purchase items and pay bills, were perplexed.


"What is Bitcoin?" you may wonder. "What can bitcoin offer to our country?" Auguste Agou, who operates a local forestry firm in Bangui, remarked on Thursday.


After El Salvador, the African country of 4.8 million people is the second in the world to use bitcoin.

A tiny but growing network of corporate and individual crypto users already existed before the Central American nation legalized bitcoin as legal cash in June. However, internet faults have hindered its usage in commerce.


"We do not expect widespread adoption of cryptocurrencies in the country, given the enormous barriers to adoption and risks associated with use, as well as the seemingly limited upsides," said Nathan Hayes, an analyst at the Economist Intelligence Unit.


Chainalysis, a crypto use tracker based in the United States, has no data on the Central African Republic, which has been wracked by turmoil for years and is home to Russian mercenaries assisting the government in its fight against rebel groups.

IMF CAUTION

Some argue that by embracing bitcoin, the Central African Republic is sending a statement about the Central African CFA franc, a regional currency managed by the Bank of Central African States (BEAC) and tied to the euro that is used by six countries.


The BEAC is required under the monetary union to keep at least 50% of its foreign assets with the French Treasury, a requirement that has been criticized as stifling economic growth.


According to Rahul Shah, director of financials equities research at Tellimer, Bangui's crypto move "reflects regional dissatisfaction about the usage of the CFA franc, with its colonial implications."


Other cryptocurrency supporters saw it as a criticism to the CFA franc.


"In terms of development, Central Africa is significantly behind," said Chris Maurice, CEO of crypto exchange Yellow Card Financial, which has roughly a million members in 16 African nations and is authorised to operate in the CFA franc region.


"To the French economic system, it's a gigantic middle finger."


On Wednesday, a BEAC representative told Reuters that it had not been informed in advance and that no answer had been received. On Thursday, the BEAC did not respond to calls for comment.


The International Monetary Fund (IMF), which had persuaded El Salvador to abandon its plan to declare bitcoin legal money in January, has expressed reservations about the Central African Republic's proposal.


"It's critical not to consider such things as a solution for the economic issues that our nations confront," IMF Africa Department Director Abebe Aemro Selassie said during a news conference on the organization's economic forecast for Sub-Saharan Africa.


"You must ensure that the legal structure, in terms of money flow transparency, and the governance framework that surrounds it, are all solidly in place."

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