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On October 23, International Energy Agency (IEA) Executive Director Fatih Birol stated that Europe is entering winter with historically low natural gas inventories and is struggling to withstand further supply shocks. Birol noted that Europe is particularly vulnerable due to its high dependence on Middle Eastern fuels. Europe was severely impacted by the closure of the Strait of Hormuz during the US-Israel war against Iran. "The sooner the ceasefire is reached, the better," Birol said. He added, "Typically, European countries stockpile large amounts of natural gas before winter. But as we enter this winter, gas inventories are far below historical averages." Birol warned, "This year and next year will not be easy for Europe." "I think if we experience a severe winter, European natural gas prices could rise."On October 23, the Japanese government released its Energy White Paper for Fiscal Year 2025 (April 2025 to March 2026), which pointed out that the vulnerability of Japans energy supply and demand structure has been highlighted again as the situation in the Middle East deteriorates. The White Paper noted that Japan has long relied on the Middle East for over 90% of its crude oil imports. Following the US and Israels military strikes against Iran in late February this year, navigation through the Strait of Hormuz, a crucial global energy transport route, was disrupted, leading to uncertainty in the supply of crude oil and petroleum products, and consequently hindering the flow of some petroleum-related products such as naphtha.October 23 - Data released by the London Stock Exchange Group (LSEG) on Friday showed that a Maltese-flagged tanker carrying 40,000 liters of Russian diesel fuel was en route to New York. This followed an agreement reached between Russian President Vladimir Putin and US President Donald Trump. Under the agreement, Russia agreed to lift its unilateral ban on diesel exports and supply diesel to global markets, including the United States, in an effort to lower fuel prices.The Semiconductor Equipment Association of Japan (SEAJ) reported that orders for chip manufacturing equipment in Japan increased by 48.2% year-on-year in September.On October 23, Iranian Foreign Minister Araqchi condemned the military relationship between the United States and Israel, calling it a "parasitic relationship." In a social media post, Araqchi stated that over the past three years, the United States has used "$11 billion of taxpayer money to provide missile defense for Israel." He also claimed that Washington has launched "even more interceptor missiles than Israel itself" to protect Israel. This comes less than two weeks before US voters elect members of Congress in the midterm elections. Polls show significant public dissatisfaction with US involvement in the Middle East conflicts.

Banking Behemoth Barclays Buys a Stake in Crypto Firm Copper

Skylar Shaw

Jul 26, 2022 11:35

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One of the biggest banks in the UK, Barclays, has participated in a fundraising round for Copper and is anticipated to spend millions of dollars in the cryptocurrency company, which counts Lord Philip Hammond, a former chancellor of the exchequer, among its advisors.


The investment round for Copper, which offers custody, prime broking, and settlement services to institutional investors investing in cryptoassets, is expected to be completed in the coming days.

Delay of nine months

Despite the recent cryptocurrency meltdown wiping away roughly $40 billion in investor money and more than $2 trillion in market value, Copper has still been able to attract investment from one of the most reputable banks in the world.


Barclays, the world's largest bank, has finished the lengthy investor negotiations that had been put off since November of last year as Copper struggled with a temporary regulatory registration in the UK.


More precisely, the Financial Conduct Authority (FCA) mandates interim registration for digital asset service providers in compliance with money laundering laws. This implies that in order to operate, all crypto-asset enterprises must first seek full FCA registration.


However, Copper subsequently made the decision to become regulated in Switzerland as a result of the financial watchdog's refusal to accept its license registration.


Blockchain.com and Revolut are just two of the many companies that operate under the Temporary Registration Regime (TRR), and more than 100 businesses filed for registration when the FCA took over as the UK's anti-money laundering and counter-terrorism funding body in 2020.

Banking Megacorp

Bloomberg reports that although Barclays has made an undisclosed investment in the "millions of dollars," individuals with knowledge of the situation indicated last year that the funds might increase Copper's worth to around $3 billion. Additionally, the sources said they were uncertain whether the sum raised would be made public.


In 2015, Barclays became one of the first traditional banks to promote cryptocurrency when it started enabling charities to accept contributions made in Bitcoin (BTC) as a form of alternative payment.


However, the bank also has a murky history with cryptocurrencies, having prevented UK-based clients from sending money to Binance by forbidding them from paying the exchange using a credit or debit card. The restriction was implemented soon after the Financial Do Authority said that Binance Markets Limited was no longer permitted to conduct cryptocurrency business in the nation.


Similar to this, Barclays already severed connections with Coinbase and is no longer the bitcoin exchange's financial provider.


In a Series B fundraising round that included Illuminate Financial Management, LocalGlobe, and MMC Ventures and was co-led by Dawn Capital and Target Global last year, London-based Copper received $50 million.

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