France and Germany to propose bitcoin regulations

French Finance Minister Bruno Le Maire (R) addresses a joint press conference with Germany's interim Finance Minister Peter Altmaier following their meeting at the Economy Ministry in Paris on January 18, 2018. (AFP)
Updated 18 January 2018
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France and Germany to propose bitcoin regulations

PARIS: France and Germany said Thursday plan to make a joint proposal on regulating bitcoin at a meeting of finance ministers from the G20 countries in March.
“We have the same concerns and we share the goal of regulating bitcoin,” French Finance Minister Bruno Le Maire said at a joint press conference with his German counterpart Peter Altmaier.
Le Maire has tasked a former deputy governor of the Bank of France to come up with proposals.
“These proposals on regulation will be submitted as joint French-German position to our G20 counterparts” at their mid-March meeting in Buenos Aires.
The Group of 20 club of nations, which was born during the 2008 financial crisis, has focused on the global economy.
For his part, Altmaier said “we have a responsibility to our citizens to explain the risks and reduce the risks by regulations which are needed.”
Their promise to develop regulations came a day after a sharp drop in the value of bitcoin, which fell through the $10,000 level for the first time since November after authorities in China and South Korea cracked down on cryptocurrencies.


Oil prices rise on signs Iranian oil exports are falling further

Updated 16 October 2018
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Oil prices rise on signs Iranian oil exports are falling further

SEOUL: Oil prices rose on Tuesday on signs Iranian oil exports this month have fallen from September ahead of US sanctions against Tehran that are set to start in November.
International benchmark Brent crude for December delivery rose 27 cents, or 0.33 percent, to $81.05 per barrel by 0325 GMT.
US West Texas Intermediate crude for November delivery was up 12 cents at $71.90 a barrel.
Iran has exported 1.33 million barrels per day (bpd) to countries including India, China and Turkey in the first two weeks of October, according to Refinitiv Eikon data. That was down from 1.6 million bpd in September, the data showed.
The October exports are a sharp drop from the 2.5 million bpd exported in April before US President Donald Trump withdrew from a multi-lateral nuclear deal with Iran in May and ordered the re-imposition of economic sanctions on the country, the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC).
The sanctions on Iran’s petroleum sector will go into effect on November 4.
“Uncertainties will remain until Nov. 4 when it would be clear whether the United States would want to cut Iran oil exports to zero or grant waivers,” said Vincent Hwang, commodity analyst at NH Investment & Securities in Seoul.
“Brent prices are likely stay in the range of $80 a barrel or slightly higher, while WTI prices are likely to be $70-$75 a barrel,” Hwang added.
With the world’s only sizable spare oil output capacity, Saudi Arabia is expected to export more to offset the loss of Iranian oil supply from the sanctions.
Saudi Arabia’s Energy Minister Khalid Al-Falih said on Monday at a conference in New Delhi that the kingdom is committed to meeting India’s rising oil demand and is the “shock absorber” for supply disruptions in the oil market.
US crude stockpiles were forecast to have risen for the fourth straight week by about 1.1 million barrels in the week ended October 12, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA).
The API’s data is due for publication at 4:30pm on Tuesday, and the EIA report is due at 10:30am on Wednesday.