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UBS: Raises gold price target from $3,000/oz to $3,200/oz amid rising risks.On March 17, Indian Prime Minister Narendra Modi said that US President Trump is "better prepared" for his second term and has provided a clear roadmap. In a few weeks, Washington plans to impose reciprocal tariffs. India will be one of the trading partners facing tariffs starting in April, which may cause difficulties for Indian exporters in industries ranging from automobiles to agriculture. After Modi and Trump met last month, the two countries agreed to resolve the tariff dispute by the fall of 2025. "This time, he seems to be more prepared than before," Modi said. "He has a clear roadmap in his mind with clear steps, each designed to lead him to his goals." Modi also praised Trumps "kindness and humility", emphasizing the close ties between the leaders of the two countries. "His (Trumps) expression reflects his America First spirit, just as I believe in country first. I represent India first, and thats why we are so well connected," Modi said.Japans 40-year government bond yield rose to 3%, the highest level since it was issued in 2007.Japans 30-year government bond yield rose to 2.63%, the highest level since April 2006.On March 17, Morgan Stanley published a report, indicating that according to the full-year performance of 2024, the earnings forecast of Haifeng International (01308.HK) was adjusted, and the earnings per share forecast for 2025 was raised by 2%, the earnings per share forecast for 2026 was raised by 6%, and the earnings per share forecast for 2027 was introduced to 19 US cents. The bank believes that further earnings revisions in the downward cycle of container shipping from 2025 to 2026 will put pressure on Haifeng Internationals valuation. Therefore, the bull market-benchmark-bear market target price-earnings ratios were adjusted from 14 times, 11 times and 7 times to 12 times, 9.5 times and 6.0 times, respectively. The baseline scenario valuation multiples are basically in line with the historical average since 2011, taking into account the potential special dividends from 2025 to 2026, while the bull market scenario valuation falls within a standard deviation range. Based on this, the bank lowered the weighted target price of Haifeng International from the previous HK$21.3 to HK$18.8, and the rating was "in line with the market".

Stablecoin Tether hires BDO Italia for monthly proof-of-reserve reports

Alice Wang

Aug 19, 2022 14:59

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he biggest stablecoin in the world, Tether, said on Thursday that it has hired the accounting company BDO Italia to attest for its asset reserves. By the end of the year, it plans to publish its reports monthly rather than quarterly.


A stablecoin is a form of cryptocurrency with a fixed value, such as a 1:1 peg to the dollar. They are often used to transfer money into conventional currency or between other cryptocurrencies.


According to Tether, the currency maintains its value by maintaining dollar-denominated reserves that are equal to or greater than the value of Tether coins currently in circulation. These reserves have long been the focus of investigation, which intensified in May when the collapse of the stablecoin TerraUSD caused a sell-off in the cryptocurrency markets.


The British Virgin Islands-based corporation Tether has recently issued papers in which accounting firms vouch for the extent of its cash holdings. As of March 31, the reserves were at $82.4 billion, of which $39 billion was held in US Treasury bonds and $20 billion in commercial paper.


The latter two studies were produced by MHA Cayman, a company from the Cayman Islands.


According to its website, Tether has previously worked with Moore Cayman, a different Cayman Islands company.


BDO Italia is an independent member firm of BDO International Limited and an Italian-based audit and assurance business. At least two of Tether's executives are from Italy. According to Chief Technology Officer Paolo Ardoino, the majority of the team's personnel are headquartered in Europe and the Bahamas, where the majority of the reserves are held.


The partnership between Tether and BDO Italia, the business stated in a statement, is "the next stage in the firm's route towards a thorough audit."


According to Ardoino, "Our community has requested over time to enhance the auditing company that we are utilizing because they thought they needed something greater."


According to Ardoino, Tether would reduce its holdings of commercial paper from $8.4 billion on July 1 to $200 million by the end of August. He omitted to say which assets these monies had been invested in.