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Market news: U.S. officials will meet with a Ukrainian delegation at 9 a.m. Sunday in South Florida.November 30th - OPEC+ is about to hold a meeting to assess the global oil market. Given the increasingly apparent signs of oversupply, the alliances oil-producing countries are still expected to pause supply increases in the first quarter of next year. Several representatives indicated that the Saudi- and Russian-led alliance is likely to adhere to the plan reached earlier this month to make a modest production increase in December, followed by stable production levels for the first three months of next year. While this pause demonstrates some caution from OPEC and its partners after their rapid resumption of oil production earlier this year, it still leaves the global market facing a significant oversupply in early 2026, potentially putting further pressure on oil prices.Ukrainian President Volodymyr Zelenskyy announced that he has appointed former Ukrainian Ambassador to the United States, Irina Markarova, as his advisor on reconstruction and investment.On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.

Mexican unicorn Bitso sets out transparency roadmap amid FTX crash

Skylar Shaw

Nov 28, 2022 14:14

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Unicorn exchange for cryptocurrencies in Mexico Following the well-publicized collapse of the cryptocurrency exchange FTX, Bitso created a transparency roadmap in response to growing user pressure, a top Bitso executive told Reuters on Thursday.


FTX filed for protection in the US earlier this month following a spectacular crypto meltdown in which traders withdrew $6 billion from the platform in just three days and rival exchange Binance abandoned a rescue plan.


According to Bitso's Chief Regulatory Officer Felipe Vallejo, the company, which has operations in Mexico, Brazil, Colombia, and Argentina, will release a solvency report in less than a month and is choosing an outside partner to conduct an audit.


Bitso recently joined a group of international businesses in the cryptocurrency industry that are attempting to produce an easily digestible report so users can determine for themselves whether businesses have the resources to support their transactions.


Since they only display assets and do not account for the amount of cryptocurrency or money owed to users, some companies' published proofs of funds are insufficient, he claimed.


According to Jean-Paul Servais, the head of international securities watchdog IOSCO, the FTX crisis has made it urgent to regulate cryptocurrency.


Regulators are working harder in the entire region. Brazilian lawmakers are accelerating the regulation of cryptocurrencies, and it is anticipated that Congress will make progress in the United States' expansive cryptocurrencies sector next year.


According to Vallejo, there are indications of activity in Argentina as well.


He continued, "Well-designed regulation can even be advantageous as it will eliminate bad actors from the ecosystem.


As Bitso implements the new transparency techniques, its growth may suffer in the short term, but Vallejo suggested that non-crypto services, like remittances to Mexico, could help mitigate the loss.


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