Weekly News Summary for June 16 to June 22

Weekly News Summary for June 16 to June 22

Friday: June 16: BlackRock Works with Spot Bitcoin ETF

BlackRock’s iShares fund management unit did some paperwork with the US Securities and Exchange Commission (SEC) for spot bitcoin (BTC) ETF, which will be called the iShares Bitcoin Trust. Mainly, it will consist of Bitcoin managed by a custodian representing the Trust. Based on the filing, the custodian will be a crypto exchange, Coinbase (COIN).

The SEC turned down other fund management companies’ attempts to open a spot bitcoin ETF like Grayscale and VanEck despite approving many futures-based bitcoin ETFs. Moreover, WisdomTree also tried to apply for approval to launch the WisdomTree Bitcoin Trust.

Monday: June 19: China to Cut Lending Benchmarks amid Slow Economy

China is anticipated to slash vital lending benchmarks due to the easing first experienced in ten months. Authorities are seeking to bolster a weak recovery from the second-largest economy in the world. The latest economic data showed the struggling state of the retail and factory sectors in maintaining momentum from the first quarter.

Furthermore, increasing issues about China’s post-COVID recovery could pause this year and lead to major job losses. Last week, the People’s Bank of China (PBOC) eased short- and medium-term policy rates. It is a sign that it will face another round of loosening monetary settings to boost recovery.

Tuesday: June 20: Oil Demand Growth Declines due to Strong EV Sales

On Tuesday, experts said that the 2023 crude oil demand in China is expected to be lower than anticipated since a solid demand for electric vehicles puts pressure on fuel demand. The forecasted oil demand would come at 743.00 million metric tons this year, equating to 14.86 million barrels per day.

According to analysts, the change in demand was mainly brought by the significant impact of the replacement of cars. Sales in China for electric vehicles rose by 10.50%, accounting for a third of car sales. The International Energy Agency also mentioned that high electric vehicle demand would reduce oil demand growth.

Wednesday: June 21: Twitter Continues Paying for Google Cloud Services

Twitter resumed paying for Alphabet’s Google Cloud services. According to a reporter, the platform refused to pay its bills when its contract came up for renewal. Its new CEO, Linda Yaccarino, helped reconnect its relationship with Google as both companies explored a better partnership wherein funds would be spent on Twitter’s advertising and use of its data access tool.

In addition, Twitter is dealing with a lawsuit claiming it did not pay workers their promised bonuses worth millions of dollars. The issue added to its pile of court cases documented since Elon Musk took over the social media company.

Thursday: June 22: Telix Pharma to Acquire Lightpoint Medical

On Thursday, radiopharmacy company Telix Pharmaceuticals improved by over 3.00%, hitting an all-time high after announcing that it will acquire Lightpoint Medical, a UK-based medical device company.

Telix had a deal to purchase the firm and its radio-guided surgery business. The integration of businesses would make a new surgeon-centred business unit. Also, the deal between the two entities follows a strategic collaboration to develop SENSEI for prostate cancer.

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