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The yield on Japans 20-year government bond rose 2.0 basis points to 3.615%.New York silver futures fell 3.00% on the day, currently trading at $72.63 per ounce.Futures News, May 28th: Styrene prices continued to fall this week. As of May 27th, the average closing price in Jiangsu market was 9035 yuan/ton, a decrease of 630 yuan/ton from May 20th, a drop of 6.52%. 1. Costs: Following the renegotiation between the US and Iran, and Irans announcement of a peace agreement, oil prices fluctuated and fell. As of the close of trading on May 27th, Brent crude oil prices fell 10.22% compared to the previous Wednesday. Benzene followed the decline in oil prices, and downstream industries remained unprofitable, resulting in low enthusiasm for raw material procurement, which also put pressure on spot prices. However, the main ports maintained destocking to some extent, limiting the decline. As of the close of trading on May 27th, the average daily price in the East China market fell 7.54% compared to the previous Wednesday. 2. Supply and Demand: With the shutdown and maintenance of the Zhenhai Liande Phase I plant, weekly output may decrease by 3.17% week-on-week. Benzene production is expected to increase this Wednesday, but downstream buying interest remains weak. With export shipments being loaded, main port inventories have decreased to below 100,000 tons, providing fundamental support for prices. 3. Forecast: The current price drivers for bulk chemicals remain on the raw material side. The market continues to focus on developments in the Middle East. This morning, news circulated that the US was resuming strikes against Iran, reigniting concerns. This, coupled with declining US crude oil inventories, also supported oil prices. Looking at styrene fundamentals, Shenghongs plant will shut down for maintenance next week, while Xinyangs plant will restart, potentially leading to a slight decrease in output. On the demand side, downstream acceptance of current styrene prices has improved, and market activity may improve. Major ports may continue to reduce inventory, but decreased export orders may slow the pace of inventory reduction. With both costs and fundamentals providing short-term support, styrene prices are expected to continue rebounding, but geopolitical developments still need to be monitored.The Ukrainian parliament website shows that Ukrainian President Zelensky has submitted a draft law on approving the loan agreement between Ukraine and the European Union.On May 28th, Brendan Schulman, Vice President of Policy and Government Relations at Boston Dynamics, stated at the Humanoid Robotics Summit in Tokyo that robotics technology has so far been relatively unaffected by geopolitical pressures, but this could soon change. He noted that policymakers in Washington are beginning to pay attention to robotics. General government policies, such as tariffs on metals, also impact robotics because these policies affect supply chains.

Thai Energy Firm Gulf Concludes Investments in Binance.US and BNB

Cameron Murphy

Apr 20, 2022 09:43


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  • In Thailand, Gulf Energy Development and Binance have formed a joint venture.

  • Gulf has invested in Binance's US subsidiary and its flagship cryptocurrency, BNB.

  • In Thailand, the business will seek for a license to operate a digital asset exchange.


Gulf Energy Development PCL, owned by Thai billionaire Sarath Ratanavadi, has completed an investment in Binance's US branch and its hallmark cryptocurrency, BNB.


The move follows the announcement in January of a cooperation between the two companies to develop a digital asset market in Thailand. The partnership, according to Binance, is the "initial step" in investigating potential in Thailand. Despite this, the Thailand regulator has filed a criminal complaint against the exchange for operating without a license.

Investment To Deepen Crypto Market Involvement

Gulf disclosed its investment in Series Seed Preferred Stock issued by BAM Trading Services, which runs Binance, in a regulatory filing with the Thailand Stock Exchange on Monday. US.


"As a result, the Binance investment.


The United States not only allows the Company to participate in one of the world's quickest user scale-up exchanges, but it also offers the possibility of increased investment value after Binance.


IPO in the United States."


According to CEO Brian Shroder, Binance is planning an initial public offering (IPO) in two to three years. The cash will be used by Binance's US subsidiary to increase staff and product range, undertake ROI-based marketing campaigns, and make additional acquisitions ahead of its anticipated IPO, according to the filing.


Gulf also put money into Binance Coin (BNB), the native cryptocurrency that runs the BNB Chain ecosystem, for an unknown amount.


The business also announced a joint venture deal with Binance to establish a crypto exchange in Thailand, according to another regulatory filing.


"Following the formation of the joint venture, it will apply to appropriate authorities for a digital asset exchange license and other licenses."


Last week, Binance announced that it has gained primary permission from Abu Dhabi Global Market for its activities. Binance will be able to operate as a virtual assets broker-dealer as a result of the clearance, marking the company's third aggressive expansion in the Middle East after securing licenses in Bahrain and Dubai.


The joint venture, according to Gulf, would provide it greater opportunity to investigate the digital asset sector and expand the scope of its investments.

Thailand Crypto Tax

Thailand, however, prohibited cryptocurrency payments last month, citing price volatility, a lack of user safety, money laundering, and cyber-theft concerns as major factors in the decision.


Crypto firms would "not be authorized to promote or market crypto payments," according to the banking authority.


Following public criticism, the nation first planned a 15% tax on crypto assets, but eventually abandoned its proposals. However, when contrasted to India's 30% tax rate, this seems to be considerably less.

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