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CRU Spotlight: Is the Auto Industry Driving EU Steel Sheet Demand Towards a Cliff

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The European car industry is currently experiencing challenges from around the world that may lower European automotive production, a key element of steel demand in the region. In addition to Section 232 tariffs on cars imported into the US, Japanese car manufacturers may shift production back to Japan, resulting in lower sheet demand in Europe. In this Insight, we explore how these risks could affect European steel sheet demand.

The European car industry is facing challenges on multiple fronts. In the UK, Honda announced the closure of their production in Swindon. Whilst this could easily be seen as a ‘Brexit’ effect, there are concerns this may be the start of a broader shift for Japanese car manufacturers re-shoring production back home. In addition, the US administration is expected to declare car imports a national security threat allowing them to impose tariffs under Section 232 (S232), similar to the measures already introduced for steel and aluminium. Meanwhile, sales of European premium segment cars have been affected by a slowdown of demand in China. All of this is set against a backdrop of trade tensions between US and China, fears about a coming recession and a global economic slow-down which are all weighing on the car industry. In this CRU Insight, we outline the impact of decreasing European car production on European sheet demand, driven by the risks highlighted above.

US car imports maybe hit by Section 23

The US is the most important export market for European produced cars, accounting for 1.2 million units—31% of non-EU sales. However, the potential introduction of S232 tariffs on cars imported into the US from around the world is likely to lead to demand destruction in the US, and, in turn, lead to lower demand for cars produced in the EU. I n this scenario, CRU estimates that Western European steel sheet demand may reduce by 250-350 kt/yr. In addition, it is not only finished vehicle sales that are expected to be affected by possible trade measures. Car parts account for 34% of sheet demand and are also expected to be impacted by the Section 232 tariffs.

To support the case for Section 232 tariffs on car imports, the US administration conducted an investigation to determine if the high import numbers of non-US produced cars pose a risk to national security. Car imports into the US were worth nearly $300bn in 2017, accounting for 70% of all cars sold (excluding pick-up trucks). If evidence is found, Section 232 tariffs (or potentially quotas) may be introduced, similar to those in place now for aluminium and steel. That said, US tariffs on imported vehicles are not new as there is already a duty of 25% in place for the important pick-up truck segment.

Read the full story: https://www.crugroup.com/knowledge-and-insights/spotlights/2019/is-the-auto-industry-driving-eu-steel-sheet-demand-towards-a-cliff

Read more about CRU: http://bit.ly/About_CRU

SOURCE CRU

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Leading Decentralized Investment Banking Group – Coinstreet Partners, Awarded Asia Futurist Leadership Award

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From left : Prof. Spencer Li - Independent Director of Coinstreet Partners, Ms. Eva Law - Founder and Chairman of the Association of Family Offices in Asia, Mr. Samson Lee - Founder and CEO of Coinstreet Partners, Mr. Chan Heng Fai - Chairman of Coinstreet Partners; at the Asia Futurist Leadership Award Gala.

 

The Asia Futurist Leadership Award in the category of High Flyer Award – Outstanding Deal Originator In Asia was awarded to Coinstreet Partners by the Association of Family Offices in Asia, the Association of Private Bankers in Greater China and the Women In Leadership Association at the Asia Futurist Leadership Summit, held in Hong Kong during International Financial Week.

Asia Futurist Leadership Awards (AFLA) recognize family offices, family enterprises, industry professionals, private banks, institutions, funds and new ventures around the world that are creating a positive environment, promoting sustainability and making social impact, ultimately contributing to the creation of a better world.

The Association of Family Offices in Asia, principal organizer of AFLA, is a professional society that distinctively connects single, multi and virtual family offices as well as the industry societies in the region. It currently has more than 9000 institutional associates and hundreds of single and multi-family office members, with investment net worth typically over USD50 million.

“Digital assets are one of the transformative forces shaping the new face of the financial service industry and the economy as a whole. We would like to see more prudent players and regulation to ensure this development heads in the right direction,” said Ms. Eva Law, Founder and Chairman of the Association of Family Offices in Asia. “We are very pleased to see Coinstreet Partners win this award and look forward to their continuous effort to make digital assets widely available, and bring value to investors and to economic development.”

“Congratulations to Coinstreet for winning the Asia Futurist Leadership High Flyer Award, it recognizes them as an outstanding deal originator in Asia, and their vision to crossover Finance, Media and Technology is an exciting future trend,.” said Ms. Mercedes Ho, Executive Director of Forbes Global Allianceand the presenter of the award.

Coinstreet is a leading decentralized investment banking group and consultancy firm in the F.M.T. (Finance, Media & Tech) field, providing a business eco-system for the new era of digital economy. Coinstreet focuses on five business segments: Token Finance Consultancy, Digital Asset & Wealth Management, PR Media & Investor Relations, Digital Asset Tokenization & Trading Platform, and Decentralized Finance & DLT Solutions.

“The Association of Family Offices in Asia is a highly respectable organization in traditional investment communities,” said Mr. Samson Lee, Founder and CEO of Coinstreet Partners. “We are very honored to be the recipient of the Asia Futurist Leadership Award. It represents a significant recognition of our efforts and vision of the convergence between the traditional financial eco-system and the digital assets system.”

According to a survey from the World Economic Forum, around 10% of global GDP will be tokenized and stored on Blockchain by 2027. Coinstreet serves clients with tokenization needs ranging from stablecoins, real estate, financial services, technology, biotech, healthcare, telecommunications, energy, manufacturing, hotel, hospitality, lifestyle, gaming, media and entertainment sectors. Significant growth in the number of high-quality STO projects and global expansion of investor communities is expected, as adaption of this new corporate finance model gains popularity globally.

 

SOURCE Coinstreet Partners

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Monerium and Algorand enter partnership to issue e-money on the Algorand protocol

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Photo source: effectivecooperation.org

 

Monerium (https://www.monerium.com/), the world’s first authorized provider of licensed e-money for blockchains, and Algorand Inc. (https://www.algorand.com/), the world’s first open source, permissionless, pure proof-of-stake blockchain protocol, announce a non-exclusive partnership to support the Algorand protocol in 2020 with Monerium’s fully programmable and redeemable e-money.

Mainstream adoption of blockchains requires a reliable form of digital cash on-chain. Since receiving its e-money license in June 2019, Monerium has announced several B2B use cases for e-money, including a cross-border transaction in euros. Monerium now supports e-money across the EU, IcelandNorway and Liechtenstein in US Dollars, Euros, British Pounds, and Icelandic krona.

Algorand recently benefited from a significant upgrade, Algorand 2.0, which includes a number of features that enable sophisticated exchanges such as account quarantine, whitelist models, flexible asset reserve models and more.

“We look forward to supporting the Algorand protocol. Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus. The Algorand leadership has taken a pragmatic and deliberate approach in designing a blockchain for mainstream applications while staying close to the ethos of the open source community” states Sveinn Valfells, co-founder and CEO of Monerium. “Supporting new blockchains with mainstream relevance is a priority for Monerium.”

“Monerium and Algorand have a shared vision for real-world use cases that are enabled by advanced blockchain technology,” said W. Sean Ford, COO of Algorand, Inc. “We are thrilled that Monerium will be bringing their solution for e-money to Algorand and we look forward to our community’s ability to leverage the technology for straightforward regulatory compliance.”

 

SOURCE Algorand Foundation

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Kadena Launches Public Chain with Smart Contract Transactions, Completing Industry’s First Hybrid Blockchain

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Kadena, the first blockchain technology company to come out of JP Morgan’s Blockchain Center for Excellence, has announced the full launch of its public blockchain. Kadena’s public blockchain is first to market as a sharded Proof of Work Layer 1 network. Following the start of genesis mining in October 2019, Kadena has surpassed having two million blocks mined at hash rates as high as 40 TH/S. Today’s launch includes full transactions and the ability to write smart contracts. The latest functionalities of the network complete Kadena’s hybrid blockchain platform. Kadena is already delivering interoperability, scalability, and security across industries including financehealthcare, and insurance.

The hybrid blockchain supports interoperability using Pact, Kadena’s open-source, Turing-incomplete smart contract language with Formal Verification. The simple smart contract language is powerful enough to code complex contracts and execute multi-party transactions. Enterprises and developers alike will find that applications once considered too difficult to build are now achievable with Kadena. Removing the complexity and vulnerability of other smart contract languages, Pact advances secure and legible transactions.

“Despite blockchain having immense potential, our experience building JP Morgan’s first blockchain showed us its limitations,” said Founder and President Stuart Popejoy. “Launching a fully functional hybrid blockchain which seamlessly integrates a public chain with a private network is a significant step forward in reimagining what applications can do on-chain.”

Kadena’s public blockchain functions through a braided, parallelized Proof of Work consensus mechanism, the only protocol that has been validated in the market. The architecture enhances throughput and scalability while preserving the reliability of Bitcoin. Kadena Kuro, the platform’s next-generation private blockchain, overcomes the challenges of security, scalability, and speed found in existing blockchains such as Ethereum.

“We’ve solved the scaling challenges of Bitcoin with parallel Proof of Work chains while addressing the security issues of Ethereum with Pact,” said Founder and CEO Will Martino. “Today’s launch of our public blockchain with smart contract transactions, which completes our hybrid platform, advances mainstream adoption. We’re excited to see how Kadena’s blockchain will empower entrepreneurs and enterprises to bring in Economics 2.0.”

The launch comes after Kadena completed a year full of milestones in 2019, including the news that next-generation blockchain networks such as Cosmos and Polkadot are looking to implement the Pact smart contract language. Businesses exploring deployment of applications on blockchain were able to utilize the speed and security of Kadena Kuro when it got listed on AWS Marketplace and Azure Marketplace with free community editions.

 

SOURCE Kadena

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