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Chinese tech giant Tencent Holdings said it will step up its investment overseas and in industries such as "smart retail", having already invested in more than 800 companies. Tencent is known to have stakes in firms such as food delivery giant Meituan Dianping, e-commerce site Pinduoduo and video game companies such as Riot Games and Supercell. "Previously our traditional investment sectors were mostly focused on video games content and frontiers of science and technology," Lau told a gathering of more than 500 Tencent-backed companies....
(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.Libya’s biggest oil field began to halt production after armed forces shut down a pipeline, compounding supply disruptions that are continuing after a conference that aimed to broker an end to the OPEC nation’s civil war concluded in Berlin.The country’s oil production will be limited to 72,000 barrels per day once its storage tanks are full, according to a spokesman for the National Oil Corporation, down from more than 1.2 million barrels per day on Saturday. That’s the lowest level since August 2011, data compiled by Bloomberg show.Global oil prices jumped in Asian trading on Monday as the disruptions coincided with the shutdown of some oil output in Iraq, reigniting fears over the market’s vulnerability to geopolitical risk in key supply regions.The remaining production will come from offshore fields and the Wafa oil...
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The phase-one trade deal between the U.S. and China may bring some relief to copper exporters, helping shore up the finances of Chilean state-run producer Codelco, Mining Minister Baldo Prokurica said.Copper prices may rally to $3 a pound, from an average of about $2.72 last year, as Washington and Beijing work to resolve their trade dispute that has ushered in a “complex period” of economic uncertainty, hurting industrial demand for the metal, Prokurica said in a phone interview.U.S.-China tensions helped trigger a slowdown in global manufacturing, fueling concerns over the outlook for copper and keeping a lid on price gains even as inventories shrank. The two countries, the world’s biggest consumers of the metal, signed what they billed as the first phase of a broader trade pact on Wednesday. Copper prices rallied...
Most people believe that modern day capitalism "does more harm than good in the world," according to a new survey timed to the start of the World Economic Forum in Davos....
(Bloomberg) -- Cryptocurrency skeptic Peter Schiff said he can’t access his Bitcoin holdings after his digital wallet stopped accepting his password.“I just lost all the Bitcoin I have ever owned,” Schiff, chief global strategist at Alliance Global Partners, said in a series of posts on his unverified Twitter account. “My wallet got corrupted somehow and my password is no longer valid.”In a follow-up post, Schiff said it was “not that great a tragedy” as the Bitcoin were gifted to him.“My plan was to HODL and go down with the ship anyway,” he said, employing a phrase used to describe holding on to the security. “The difference is that my ship sank before Bitcoin.”Many Twitter commentators pointed out that the Bitcoin holdings still exist, even if Schiff cannot currently access them. Schiff is also not the first victim of crypto password issues.Customers lost access to about C$190 million ($145 million) of crypto...
Spot gold was up 0.3% at $1,560.89 per ounce by 0726 GMT, after touching its highest since Jan. 10 at $1,562.51 earlier in the session. U.S. gold futures were flat at $1,560.50. "Chinese New Year is in front of us and some buying has emerged because of that," Ajay Kedia, director at Kedia Advisory in Mumbai, said....
Spot gold was up 0.3% at $1,560.21 per ounce by 1120 GMT, after touching its highest since Jan. 10 at $1,562.51 earlier in the session. U.S. gold futures were flat at $1,560.30. "Investors are flocking towards gold in spite of a spike in equity markets mostly because of long-term uncertainties like political insecurity, probable equity market volatility in future, weak-earnings expectations and ultra-low interest rates," Commerzbank analyst Eugen Weinberg said....
