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The main contract for the container shipping index (European route) has extended its intraday gains to 3.00%, currently trading at 3010.0 points.On May 26th, the Bank of Japan (BOJ) announced that its new inflation indicator showed core consumer inflation, excluding one-off factors, rose to 2.8% in April, exceeding the 2% target and accelerating from 2.5% in March. This new indicator, which excludes institutional factors such as education and energy subsidies, shows a year-on-year increase significantly higher than the 1.4% increase in the benchmark core consumer price index released by the Japanese government last week. The BOJ began releasing this data in March to strengthen communication about potential inflation, as this information is crucial for its interest rate decisions. Analysts suggest that the April inflation data may help the BOJ demonstrate that even after excluding government subsidies, the inflation rate remains above the target level, thus providing a basis for raising interest rates next month.On May 26th, Kingboard Laminates (01888.HK) surged over 7% intraday, reaching a new high of HK$56.25. Citigroup issued a research report stating that due to the faster-than-expected increase in the average selling price of electronic-grade fiberglass cloth in May, and the anticipated increase in the average selling price of copper clad laminates (CCL) next month, Citigroup raised its earnings forecasts for Kingboard Laminates by 16% to 24% for 2026 to 2028, and raised its target price from HK$51 to HK$66. The bank expects Kingboard Laminates to benefit from rising CCL prices due to copper cost inflation, as well as a shortage of electronic-grade fiberglass cloth. It anticipates that the groups gross margin will enter an expansion cycle, surpassing the high of approximately 34% in 2021, reaching 28.3% in 2026, 33.1% in 2027, and 34.9% in 2028. Citigroup noted that in addition to benefiting from the electronic-grade fiberglass cloth business, the group also benefits from the shortage of AI-related copper foil. The group plans to further upgrade its facilities and build a 21,000-ton capacity, mainly for HVLP4 standards, which is expected to be put into operation in mid-2027. The bank maintains its "Buy" rating and regards Kingboard Laminates as its top pick in the China industrial AI infrastructure theme.According to Zhonglianjin Information Network, sulfur prices generally declined today. In Shandong, Dongming Petrochemical quoted solid sulfur at 7550 yuan/ton and liquid sulfur at 7400 yuan/ton, both down 150 yuan/ton from the previous period; Qicheng Petrochemical and Zhenghe Petrochemical quoted liquid sulfur at 7300 yuan/ton, both down 100 yuan/ton; Huaxing Petrochemical quoted liquid sulfur at 7260 yuan/ton, down 90 yuan/ton; Shangneng Petrochemical and Shenchi Chemical quoted liquid sulfur at 7290 yuan/ton and 7303 yuan/ton respectively, down 60 yuan/ton and 50 yuan/ton respectively; Wantong Petrochemical quoted solid sulfur at 7077 yuan/ton, down 30 yuan/ton. Regarding ports, Zhenjiang Ports price is 7400-7430 yuan/ton, down 30-40 yuan/ton from the previous period; Dafeng Ports price is 7380-7410 yuan/ton, down 30-40 yuan/ton from the previous period. In addition, Qingdao Refining & Chemicals solid and liquid prices remain stable, while Jincheng Petrochemical and Xintai Petrochemical have no prices quoted, and Huifeng Petrochemicals liquid sulfur price is currently unavailable due to unit shutdown.On May 26th, AntLingbo announced a deep strategic partnership with Jianzhi Innovation (Beijing) Robotics Technology Co., Ltd. According to the cooperation plan, the two parties will collaborate on data sharing across AntLingbos full-series embodied intelligent model matrix. They will also jointly develop dedicated data acquisition equipment to continuously improve the accuracy and dimensionality of human data and accelerate the scaling up of high-quality physical real-world data.

Banking Behemoth Barclays Buys a Stake in Crypto Firm Copper

Skylar Shaw

Jul 26, 2022 11:35

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One of the biggest banks in the UK, Barclays, has participated in a fundraising round for Copper and is anticipated to spend millions of dollars in the cryptocurrency company, which counts Lord Philip Hammond, a former chancellor of the exchequer, among its advisors.


The investment round for Copper, which offers custody, prime broking, and settlement services to institutional investors investing in cryptoassets, is expected to be completed in the coming days.

Delay of nine months

Despite the recent cryptocurrency meltdown wiping away roughly $40 billion in investor money and more than $2 trillion in market value, Copper has still been able to attract investment from one of the most reputable banks in the world.


Barclays, the world's largest bank, has finished the lengthy investor negotiations that had been put off since November of last year as Copper struggled with a temporary regulatory registration in the UK.


More precisely, the Financial Conduct Authority (FCA) mandates interim registration for digital asset service providers in compliance with money laundering laws. This implies that in order to operate, all crypto-asset enterprises must first seek full FCA registration.


However, Copper subsequently made the decision to become regulated in Switzerland as a result of the financial watchdog's refusal to accept its license registration.


Blockchain.com and Revolut are just two of the many companies that operate under the Temporary Registration Regime (TRR), and more than 100 businesses filed for registration when the FCA took over as the UK's anti-money laundering and counter-terrorism funding body in 2020.

Banking Megacorp

Bloomberg reports that although Barclays has made an undisclosed investment in the "millions of dollars," individuals with knowledge of the situation indicated last year that the funds might increase Copper's worth to around $3 billion. Additionally, the sources said they were uncertain whether the sum raised would be made public.


In 2015, Barclays became one of the first traditional banks to promote cryptocurrency when it started enabling charities to accept contributions made in Bitcoin (BTC) as a form of alternative payment.


However, the bank also has a murky history with cryptocurrencies, having prevented UK-based clients from sending money to Binance by forbidding them from paying the exchange using a credit or debit card. The restriction was implemented soon after the Financial Do Authority said that Binance Markets Limited was no longer permitted to conduct cryptocurrency business in the nation.


Similar to this, Barclays already severed connections with Coinbase and is no longer the bitcoin exchange's financial provider.


In a Series B fundraising round that included Illuminate Financial Management, LocalGlobe, and MMC Ventures and was co-led by Dawn Capital and Target Global last year, London-based Copper received $50 million.

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