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.
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Penta Security and R3 Announce Strategic Partnership for Digital Asset Management and MPC Technology
Penta Security and blockchain software firm R3 today announced that they have entered into a global strategic partnership for digital asset management and MPC (Multi-Party Computation) technology, combining Penta Security’s technologies and R3’s extensive enterprise blockchain platform, Corda.
With technology and services playing a critical role in digital asset payment and management aspects, the demand for a safer digital asset and private key management solution is dramatically increasing. The partnership brings together deep skills in MPC, blockchain key management solutions, technology development, and deployment in the finance sector via R3’s enterprise blockchain platform Corda.
As a result, Penta Security is devoted to expanding in the finance industry with its MPC technology which is based on the secret-sharing algorithm, and PALLET, an advanced key management solution for blockchain. Both parties will be heading to achieve goals through various new projects by forming a software enterprise firm, in addition to deploying Penta Security’s MPC technology on R3’s major projects.
Dr. Sim, Chief Technology Officer at Penta Security, said: “There’s no doubt that the private key to successful blockchain deployment is the most important asset. We believe Penta Security’s MPC and digital asset management technology can provide an ideal key protection solution for both blockchain and digital asset key protection. By diversifying our offerings through strategic partnerships, we’re excited to be devoting our expertise in the evolving blockchain scene.”
Cathy Minter, Chief Revenue Officer at R3, said: “The creation of a new market, powered by digital assets, is one of the most exciting promises of blockchain technology. Coupling our Corda platform with Penta Security’s MPC technology will be one step closer to addressing the industry demand for secure digital asset management. We are proud to be partnering with Penta Security to deliver an industry-leading solution and look forward to them achieving continued success in the future.”
SOURCE Penta Security Systems
FiO Fixes Wine, Gaming and Fitness Industry Pain Points
Innovative SaaS platform FiO is expected to release details on how its blockchain-onboarding service solves long-existing problems in wine provenance, online gaming and fitness tracking next week.
FiO merges the latest blockchain technology and GPG encryption with existing ledger software to create easy-to-use decentralized solutions for conventional businesses.
The company’s FiO software boasts a conventional form factor and simple templates to create a painless experience for non-technical users. Only 3 simple onboarding steps are required: user registration, service selection and finally, a connection to their API.
FiO’s “plug & play” technology aims to fix inherent issues that have long plagued traditional industries. For example, with counterfeit wines a multi-billion dollar problem, FiO enables a reliable and immutable traceability platform for wine products as they make their way from the vineyard to the consumer.
Through FiO’s simple blockchain tool, users can create a robust decentralized ledger and shareable digital certification pertaining to a wine’s appellation, winemaker, vintage year and shipping and storage. This enhanced ability to record the production, obtaining and selling of wine should foster greater trust between producers, distributors, resellers and collectors.
In recent years the fitness industry has seen a boom in wearable, biometric devices that track the end-user’s fitness regime and health vitals. FiO allows fitness gyms to integrate AI-enhanced features without compromising customer privacy. Gym users can consolidate their health and fitness training data from wearables, equipment and even medical service providers in one location, import token economy items and connect with social fitness influencers and networks.
The gaming industry, currently worth $150 billion per year, is predicted to double in value by 2022, with an increasing demand for B2B game development solutions that build and manage in-game item economies.
Until now, players could only trade and sell their virtual items directly or on third-party websites, with little protection against fraud, hacking and theft.
With FiO, game developers can now facilitate the easy and secure transfer of in-game items and rewards between players through their existing wallets. This increased functionality and fungibility of gaming rewards through blockchain will likely attract new players to the industry.
FiO made it clear that its platform is highly flexible and its benefits can be applied to nearly any conventional businesses. The company, currently in its final fundraising round, welcomes interested parties to get in touch.
Crypto Earn: Now Earn 8% p.a. on EOS Deposits
Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has added EOS to Crypto Earn, allowing users to enjoy up to 8% p.a. on their deposits.
In addition to having EOS available in Crypto Earn, deposit and withdrawal of EOS is also enabled on the Crypto.com App.
EOS.IO is a free, open-source blockchain software protocol that provides developers and entrepreneurs with a platform on which to build, deploy and run high-performing blockchain applications. It is currently supporting over 260 projects.
Crypto Earn now supports 16 coins including BTC, ETH, LTC, XRP, BNB, TUSD, PAX, USDC, MCO, BAT, LINK, CRO, MKR, DAI, PAXG with the addition of EOS. Interest is paid out weekly in the coin deposited with flexible, 1-month or 3-month terms available. Users earn more by staking at least 500 MCO.
Note: For the U.S. users, both deposit and withdrawal of EOS and Crypto Earn deposit in EOS are initially available in 38 states: Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, and Wyoming.
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