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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".On March 17, US President Trump said he had no intention of exempting steel and aluminum tariffs, and said reciprocal tariffs and industry tariffs would be implemented on April 2. Trump told reporters on Air Force One that reciprocal tariffs on US trading partners would be implemented together with automobile tariffs.March 17th, Deutsche Bank Research is optimistic about European stocks, both from a relative and absolute perspective. The banks strategists have noted the progress of Germanys multi-billion dollar infrastructure and climate funds and increased defense spending, and expect the positive momentum in European stocks to continue. The German MDAX index, which has outperformed the U.S. stock market in the past few weeks, remains its favorite index. Strategists believe that U.S. import taxes are the main source of uncertainty in the coming weeks, and the increasing likelihood of a slowdown in the U.S. economy due to tariff increases is the main risk to the absolute upside of European stocks. While they believe that the Ukrainian ceasefire is the most unpredictable catalyst, they add that if a credible ceasefire is achieved, it will reduce the expected risks of European stocks and attract U.S. investors.

Tornado Cash Still Receiving Tether Support, Despite U.S. Sanctions

Skylar Shaw

Aug 25, 2022 14:47

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This year, as the U.S. Treasury strikes down on projects it feels are harming American investors, cryptocurrency penalties have become the newest hot topic. The largest initiative to yet to come under this government's scrutiny is Tornado Cash, which is said to have played a significant part in the illegal underworld of cryptocurrency. According to numerous sources, this action is not just debatable but also unlawful. The most recent to oppose the choice is Tether (USDT-USD). The company's creators, who are not averse to controversy either, won't submit to the penalties.


Tornado Cash is really turning into a martyr for the cryptocurrency privacy cause. The project functions as a cryptocurrency mixer; participants pool resources, and the protocol then distributes tokens after mixing them together. Transactions become far less traceable as a result than regular crypto exchanges.


Tornado Cash has been operating well since its introduction in 2019, but once lawmakers began to show an interest in crypto legislation, it came under closer investigation. Senator Elizabeth Warren, for example, claims that the cryptocurrency market is plagued with criminality and that it serves as a shelter for ransomware attacks and drug trafficking. Thus, Tornado Cash is a weapon used in the criminal industry, enabling certain people to conceal their illegally acquired wealth.


Because of this, authorities are taking action against Tornado Cash. The project has just been sanctioned by the U.S. Treasury, making it impossible for American investors or businesses to collaborate on it. Numerous accounts connected to Tornado Cash were also blocked by the organization. Following the fines, Dutch authorities even detained developer Alexey Pertsev.

Tether Refuses to Comply with Cash Sanctions for the Tornado

The crypto community has responded vehemently to the penalties on Tornado Cash. Many claim that the penalty violates their First Amendment rights, yet coding is really protected as free expression according to a 1996 Supreme Court decision. Tether is currently breaking the rules.


One of the biggest initiatives in the cryptocurrency market is Tether. It also produces USDT, the biggest stablecoin. Tether has not yet agreed to stop supporting Tornado Cash. Instead, it has been doing business as usual, routing any transactions that consumers request via Tornado Cash.


Evidently, officials have not at all contacted Tether about the penalty. And even if they did, the business claims it would not be required to comply. Tether is protected from penalties, according to Chief Technology Officer Paolo Ardoino, since it "does not operate in the United States or onboard U.S. citizens as clients." Given the enormous influence Tether has as the biggest stablecoin business, this is undoubtedly a big thing.


Of course, Tether is not new to inciting the wrath of the American administration. After discovering that Tether was deceiving investors about the condition of its reserve backing, the New York State Attorney General banned trading of Tether in New York in 2021.


According to an unnamed insider at the Treasury's Office of Foreign Assets Control (OFAC), Tether's remarks have put it in a precarious position. The former official told The Washington Post, "Right now, it's a really poor moment for any crypto-related firm to [try the OFAC]." Investors will have to wait and watch to discover whether this source is reliable.