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Taiwan's Evergreen claims ship struck by unknown object near Oman
The Taiwanese firm said that a ship owned by?Evergreen Marine, which was struck by an unknown object near Oman has now safely departed the?Strait?of Hormuz. The company made a statement at the Taiwan Stock Exchange, stating that the starboard side?bridge of Ever Lovely, which is owned by its Singapore subsidiary, had been hit by an unknown object just 3.6 nautical mile off Oman’s Khawr Naiwah. After a?initial crew inspection, damage was discovered around the bridge windows. The crew, vessel, and cargo were all safe. The company reported that the main engine, navigation instruments and seaworthiness are all working normally. The'ship' was said to be following the route recommended by the British Navy agency UKMTO while passing through the strait. UKMTO said on Thursday that an Omani cargo ship reported a suspected attack while it was attempting to pass through the Strait of Hormuz.
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IAEA announces that repairs have been completed at Zaporizhzhya Nuclear Plant
The?U.N. The?U.N. The repairs were carried out in two separate locations: the switchyard at the Zaporizhzhya thermal power plant, which supplies electricity to the ZNPP via the backup 330 kV Ferosplavna-1?line, according to the agency. The Dniprovska Line has not been brought back to operation yet due to?extensive damages at its connecting substation. The International Atomic Energy Agency's Rafael Mariano Grossi stated in a statement that the line had been repaired but still needed to be brought back into operation. The agency stated that repairs to the substation are ongoing but not expected to be completed in the near future.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro Mibe, the chief executive of Honda Motor, received support from shareholders at the annual meeting held on Friday for his reappointment as a member of the Japanese automaker’s?board after apologizing to them for the poor financial performance. Honda has been forced to restructure its electric vehicle business, which cost more than $9 billion dollars in restructuring costs. It is also facing competition from Chinese competitors. Mibe apologized to shareholders at the beginning of the meeting for the concern and inconvenience caused due to the net loss in the financial results from the previous fiscal year. In addition to Mibe, Honda shareholders also approved 10 other nominees for the board, nine of whom were up for re-appointment, and one who was a new?director. Glass Lewis and ISS had advised that all directors be supported. Honda, amidst a rollback of EV subsidies, decided to write down its EV-linked debt. The market share for battery-powered vehicles in the U.S. was far below what the company had forecasted, Mibe explained. This meant that the planned models would require large incentives. Mibe stated that if the company had sold its planned EVs it "would have meant the automotive business staying in the negative for at least five, and possibly even seven years," adding that this would have created a very?critical situation within the company. REIGNATION CALLOUTS People familiar with the situation have said that Mibe's mishaps in recent months has attracted scorn from retired Honda executives. Former chief executive Nobuhiko Kawasmoto visited Tokyo headquarters in April and urged him to resign. Former?executives criticised Mibe's neglect of China, the largest auto market in the world, as well as its failed bets on EVs, which led to Honda's loss, and showed a growing dependency on the motorcycle division. A shareholder filed a motion near the end of the meeting calling for Mibe to be fired. However, the chief executive refused 'to put the matter to a vote.' He said that the topic was not on 'the agenda. Mibe stated that talks between Nissan Motors and Mitsubishi Motors regarding cooperation on next-generation vehicles technologies, which have been ongoing since mid-2024 are at an advanced level.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or on individual stocks. AIR FRANCE KLM: The Franco-Dutch carrier?Air France KLM?has successfully issued EUR 500 million senior notes under?its EMTN Program?with a 5-year maturity and a fixed coupon annual of 4.250%. These notes will be used primarily to fund general corporate purposes. LE SLIP FRANCAIS: French underwear manufacturer Le Slip Francais plans to trade its shares on the Paris stock exchange on Bastille Day, July 14. Michelin: The French tire manufacturer Michelin plans to phase out its BFGoodrich tire factory in Tuscaloosa in early 2027. LVMH/MARIE BRIZARD/PERNOD - The head of Paris police announced on Thursday that Parisians would be prohibited from drinking alcohol in public starting at midday on Friday to curb health problems arising from the current heatwave in France and Europe. VINCI: French construction and concessions group Vinci has won a EUR210m ($238.98m) contract for the second building at the new 'Reims Hospital. EUR157m was allocated to Vinci Construction, and the project will last 45 months. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Bangladesh calls on China to reduce the trade gap
?Bangladeshi Premier Minister Tarique Rahman?met?with Chinese president Xi Jinping on?Friday in?Beijing, where he urged a reducing of the trade deficit, diversification exports, and China's assistance in implementing major projects in his country. Rahman began a three-day visit to China on Wednesday. It is his first trip since becoming prime minister. Dhaka wants to strengthen its ties with China. It is one of the largest trading partners and development financiers. Rahman's visit is also of a broader diplomatic nature, as he seeks to maintain a balance between ties with Beijing and New Delhi. He was seen to be closer to India than his predecessor Sheikh Hasina. While relations between Dhaka & New Delhi have improved since Rahman's appointment, there are still disagreements. Rahman said that China could diversify Bangladesh's exports in order to reduce Bangladesh’s trade deficit. According to a report from a media pool, Rahman stated that "we request China to import our fresh mangoes, jackfruits, guavas, aquatic products such as?raw leather and jute products, and pharmaceutical products." He added that Bangladesh needed China's help in "implementing our major signature projects as well as upgrading and modernising our existing industrial unit," Bangladesh joined China's Belt and Road Initiative, Xi Ji's flagship development and infrastructure strategy aimed at connecting Asia with Africa and Europe in 2016. China is willing and able to support Bangladesh in importing more high-quality products, supporting Chinese companies in investing in Bangladesh and expanding cooperation in emerging industries like new energy, digital economy, and artificial intelligence. State media reported that Rahman met Premier Li?Qiang Thursday, where they signed several cooperation agreements to strengthen bilateral ties. Bangladesh owes China $6,2 billion according to World Bank data. The Asian Infrastructure Investment Bank in Beijing has also lent another $2.3 billion. Delhi has only lent $1.6 billion to its neighbor. Data from the American Enterprise Institute shows that Chinese companies have invested an additional $7.7 billion in Bangladesh's Energy Sector. Around half of this amount was spent on energy. Chim Lee is a senior analyst with the Economist Intelligence unit in Beijing. Lee explained that Bangladesh was a challenge because it didn't offer the same type of logistics corridor as Central Asia or Myanmar. Reporting by Joe Cash, Farah master and the Beijing Newsroom. Editing by Muralikumar Anantharaman & Lincoln Feast.
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Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro?Mibe, Honda Motor's Chief Executive Officer,?won the support of shareholders at its annual meeting on?Friday after apologizing to them for their poor financial performance. Honda wants to recover from strategic mistakes after posting its first annual loss for'seven decades' last month. The company was hurt by $9 billion in restructuring costs and competition from Chinese competitors. Mibe told shareholders that the financial results of the previous fiscal year had a net loss. Honda shareholders also approved 10 other nominees for the board, including nine directors who were up for reappointment, and one new director. (Reporting and editing by Thomas Derpinghaus; Daniel Leussink)
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Taiwan and Japan are affected by torrential rains caused by a passing storm
Tropical storms passing through Taiwan caused torrential?rains? that shut down southern Taiwan, forcing more than 5,000,000 people to miss work or school. Japan also issued flood and landslide alerts. The outer bands of Typhoon Mekkhala - now a tropical storm - are bringing heavy rains to some parts of Taiwan. This is especially true in Kaohsiung and Tainan in the south. On Friday, the governments of three Taiwanese regions with more than five million residents ordered all offices and schools to close. Flooding in Tainan caused a section of main north-south rail line to be closed. Japan also experienced heavy rains and strong winds, resulting in high-level alerts for flooding, landslides and swollen riverbeds. 2.2 million residents were ordered to evacuate. The Japan Meteorological Agency has warned of heavy rainfall across western Japan, caused by a stationary seasonal front and warm moist air that feeds into it. According to the Japanese land ministry, more than 200 flights have been cancelled, and dozens of trains lines have been halted. Many expressways were also closed. Toyota closed a factory located in Kyushu, a southern region, on Thursday afternoon. The decision to resume production for the second shift was expected later. No casualties were reported in Taiwan but authorities are evacuating 200 residents of two townships in Hualien County, which is downstream from a barrier lake that's rapidly filling up in the mountains. When?rocks or landslides, or other natural blockages create a dam across the river, usually in a valley. This dam blocks and holds back water. It can even stop natural drainage. In Hualien, another barrier 'lake' breached during Super Typhoon Ragasa and unleashed a wall of mud and water into homes. Rain will continue to fall over Taiwan for the next few weeks, but it should gradually decrease. Taiwan relies on the summer and fall typhoon seasons to replenish its reservoirs following a typically dry winter. Reporting by Ben Blanchard, Chang-Ran Kokiya and KantaroKomiya in Tokyo. Editing by Shri Navaratnam & Christopher Cushing.
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Southern Taiwan rail line and southern Taiwan shut down by torrential rain caused by a passing typhoon
A typhoon passing through southern Taiwan caused torrential rains, forcing more than 5 million people to miss work or school. Flooding also cut off a section of the main rail line. While Typhoon Mekkhala is currently over the Ryukyu islands in southern Japan, it did not directly landfall on Taiwan. However, its outer bands brought heavy rains to some parts of the island. All three governments, where more than 5 million people reside, have ordered that offices and schools be closed on Friday. The separate high-speed rail line did not report any problems, but a section of Tainan's main north-south line was closed due to severe flooding. Authorities in Hualien County on Taiwan's East Coast are evacuating almost 200 residents of two townships in the mountains below a barrier lake that is rapidly filling. When rocks, landslides, or other natural obstructions form a dam across a stream, usually in a valley, they block and hold back the water, hindering, or even stopping, "natural drainage". In a different part of Hualien, 19 people were killed last year when a barrier lake burst its banks due to Super Typhoon Ragasa. The wall of water and mud that engulfed homes was caused by the breach. It is predicted that rain will continue to fall over Taiwan at least for the next week. However, it will gradually ease. Taiwan relies on a traditional summer and fall typhoon to replenish its reservoirs following a typically dry winter. (Reporting and editing by Shri Navaratnam.)
The volatility of crypto treasury tokens is stoked by the pivot towards fringe tokens.
New entrants push into less popular tokens as companies that are focused on stockpiling Bitcoin and other major cryptos come under pressure due to market saturation and a deteriorating sentiment. This is fueling concerns about increased volatility. The number of publicly traded companies investing in cryptocurrency in the hope that they will appreciate is on the rise. This boom has been fueled by President Donald Trump's crypto friendly stance, and the meteoric success Michael Saylor's Strategy. According to DLA Piper, as of September there were 200 digital asset treasury companies, mainly focused on bitcoin, with a combined capitaion of $150 billion. This is up threefold compared to a year ago.
Daily, more companies are launched, including penny stocks looking to increase profits. As bitcoin's value falls, companies are increasingly turning to more volatile, esoteric tokens to boost returns.
What are the risks for investors?
Greenlane, OceanPal, and Tharimmune, for instance, have announced that they plan to stockpile BERA (Bera), NEAR (Near) and Canton Coin respectively.
This trend shows how the volatile and speculative worlds of cryptocurrencies are becoming more intertwined with conventional markets, posing potential risks for investors.
The risk is higher when DATs expand to less liquid and exotic cryptocurrencies. This was confirmed by Cristiano Ventricelli at Moody's Ratings, senior analyst and vice president of digital assets.
Ventricelli said that when markets fall, the pressure on equity for these companies increases.
A VOLATILITY PIPELELINE
Since April, DATs have been funding token purchases through private placements (PIPEs) - by selling shares to private investors directly - often at a discounted price.
Analysis found that at least 40 DATs raised over $15 billion via PIPEs from April to November. Only five were focused on Bitcoin. Bitcoin suffered a loss for the first month since 2018 in October.
Public data shows that Winklevoss Capital and Galaxy Digital are among the heavyweight crypto investors who participated in these deals. Also included were Jump Crypto, Pantera Capital DWF Labs DWF Labs DWF Labs Kraken, Pantera Capital and Jump Crypto.
While institutional investors may be able to buy tokens directly, the DAT allows them to gain exposure and leverage their returns through regulated public companies.
Stock prices are often volatile because PIPEs give companies quick access to cash. However, shareholder dilution as well as the possibility of reselling shares after lockup periods have ended can cause volatility. Analysts say that because DAT companies rely so heavily on PIPEs they are particularly vulnerable to market declines. This was evident when the markets fell on 10 October due to renewed tensions between the U.S. and China. BitMine - which stocks ether - fell by more than 11%, and Forward Industries – which invests into Solana – fell by more than 15%. The stock of Strategy, a company that has made purchases using other methods, dropped by nearly 5%.
The hype surrounding DATs has subsided since they first hit the market. Peter Chung is the research director of Presto Research, a crypto-focused firm. He said: "I think it will come back."
OceanPal's spokesperson stated that its NEAR purchases allowed shareholders to take advantage of the token's AI-integrated capabilities. Greenlane declined comment.
Strategy BitMine and Tharimmune did not respond immediately to requests for comments. Neither did Winklevoss Capital or Galaxy Digital.
TRADING BELOW NET ASSET VALUE
Investors believed that they could buy more tokens with their credit.
Some are trembling as bitcoin's value has fallen and Strategy copies have flooded the market. According to The Block, at least 15 bitcoin treasury firms were trading under the net asset value for their tokens on Friday.
Bloomberg reported that Singapore-based 10x Research, which estimates retail investors who are big buyers Strategy and other bitcoin DATs of high-profile, have lost $17 billion in these trades.
Some DATs that focus on other large coin are also under pressure. ETHZilla, Forward Industries and other DATs have recently approved share repurchases. This is a common move to support share prices.
Michael O'Rourke is the chief market strategist of JonesTrading. He said, "I believe most of these digital assets treasury firms will end up trading at a discounted price to the digital asset."
'ABSOLUTELY DECIMATED'
Standard Chartered analysts stated in a note published in September that DAT companies held 4% of bitcoin, 3.1% ether, and 0.8% solana. Their fortunes, therefore, could have a major impact on coin prices.
Kyle Samani said that Forward Industries' chairman, Kyle Samani, stated in a press release that the buyback program allows "flexibility" to return capital to investors when they believe their stock is trading below its intrinsic value.
He and other DAT executives claim that their success is rooted in the ability to make intelligent investment decisions.
In an interview, Samani, co-founder of Multicoin Capital which invested in Forward Industries’ September PIPE, explained that "you're betting on management to go and do interesting things."
A spokesperson for ETHZilla said that the company was opportunistically repurchasing its shares when the stock price fell below the net asset value. While it has a large amount of ether on hand, the focus is primarily to put traditional assets onto blockchain.
Other DAT companies also look for ways to increase shareholder value. SUI Group which stocks Sui recently launched their own stablecoins.
He added that if a DAT simply sits back and buys tokens "long-term, you will be absolutely decimated." Hannah Lang reported; Michelle Price, Rod Nickel and Rod Nickel edited.
(source: Reuters)