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October 13th news, Recently, a number of large domestic steel companies such as Baosteel, Ansteel, and Benxi Steel announced the adjustment information of product price policies in November 2024, all of which have significantly increased the ex-factory price on the basis of October, with a maximum increase of 600 yuan per ton. For this increase, industry insiders believe that it is mainly due to the significant improvement in orders compared with last month, which has also indirectly promoted the price rebound. Mysteel analysis believes that under the stimulus of market policies, consumption expectations have changed significantly, while the inventory at the downstream end is low, and a round of replenishment is concentrated, which has led to a surge in steel mill orders. Due to the emergence of a tight economic structure in the early stage, it is more common to sell orders first and then buy raw materials. This round of sharp price recovery has also forced this part of demand to show a consumption explosion, which is also the main reason why steel mills received good orders from October to November.Iraq said it produced less than its OPEC+ quota in September. Iraq’s state oil marketing organization SOMO said it cut output by 260,000 bpd to 3.94 million bpd last month.Russias Ministry of Emergency Situations announced that four people, including two children, died in a fire at a gas station in Grozny, the capital of the Chechen Republic of Russia. The Russian Ministry of Emergency Situations pointed out that the fire has now been extinguished.Ukraines state-run gas transport company TransGas said the volume of Russian natural gas flowing through the Sudzha border crossing was 41.9 million cubic meters on October 13 and 42.3 million cubic meters on October 12.According to Irans Press TV: UN forces reported that the fifth peacekeeper was injured in the Israeli attack on Lebanon.

Apollo holds crypto for clients as it expands in digital assets

Skylar Shaw

Nov 01, 2022 15:50

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In a significant effort to introduce bitcoin to institutional investors, one of the biggest asset managers in the world, Apollo Global Management Inc., has started storing cryptocurrency on behalf of its customers via a collaboration with the digital asset exchange Anchorage Digital.


The decision was made amid a difficult year for the cryptocurrency industry, with bitcoin, the biggest digital asset in the world, down more than 50% since the beginning of 2022 as investors seemed uneasy about the world's historically high inflation rates.


Diogo Mónica, president of Anchorage Digital, a cryptocurrency company that possesses a national trust bank license from the Office of the Comptroller of the Currency, said: "It's the affirmation of this relentless drumbeat that [crypto] is here to stay." "The fact that there is short-term volatility doesn't really matter for the huge institutions since this is a process and technology with a very long time horizon."


Apollo said its partnership with Anchorage goes back to the middle of last year, when the company first started looking into how to best protect its customers' crypto assets. Apollo refused to specify what kinds of crypto assets it now owns. Apollo subsequently took part in the Series D investment round for Anchorage, which was completed in December 2021.


Adam Eling, chief operating officer of Apollo's digital assets division, stated, "We look forward to cooperating with Anchorage for the protection of client assets as we explore innovative ways to deploy blockchain technology throughout Apollo's company."


Mónica said that negotiations regarding how Anchorage can eventually strengthen its partnership with Apollo are already underway.


Christine Moy, a former executive at JPMorgan Chase who was recruited by Apollo in April, will oversee the company's digital asset strategy and play a crucial role in its investment choices in cryptocurrencies, blockchain technology, and Web3, a decentralized version of the internet.

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