Key Takeaways From President Macron Visit
Bloomberg's Dan Flatley discusses French President Emmanuel Macron's visit to the White House, and shares key takeaways from President Macron's and President Trump's press conference. He also talks about the US, Ukraine Minerals Deal and states the deal is close to being done. Dan speaks with Kailey Leinz and Joe Mathieu on Bloomberg's "Balance of Power." (Source: Bloomberg)
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18 minutes ago
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South Korea's Ruling Party Wants to Allow Companies to Issue Stablecoins: Bloomberg
South Korean President Lee Jae-myung's Democratic Party submitted a bill to parliament that would allow qualifying companies to issue stablecoins, Bloomberg reported on Tuesday. The Digital Asset Basic Act is aimed at improving transparency and encouraging competition in cryptocurrency, Bloomberg said. Companies would be able to issue their own stablecoins provided they have at least 500 million won ($368,000) in equity capital and can guarantee refunds through reserves as well as receiving approval from the Financial Services Commission. Lee, voted in as president last week, made a number of promises to South Korea's crypto industry during his election campaign, appealing to the nation's 15 million crypto investors. Among them, he said the country should support a won-based stablecoin market "to prevent national wealth from leaking overseas," the Korea Herald reported. Stablecoins are tokens pegged to the value of a traditional financial asset, such as a fiat currency, with the U.S. dollar being comfortably the most prevalent. Their stability provides a counterweight to the volatility of cryptocurrencies like bitcoin BTC and ether ETH, allowing users to hold capital in digital assets without having to worry about wild swings in price. The sector, which is dominated by Tether's USDT, has experienced a surge in interest this year thanks to, among other factors, progress toward regulation of the sector in the U.S. The strength of the stablecoin sector has been highlighted in the last week by the strong performance of USDC issuer Circle's stock (CRCL) following its initial public offering (IPO). The shares more than quadrupled during the first three days of trading. In addition, market cap of the sector reached $250 billion for the first time.
The Hill
20 minutes ago
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Ahead of UN climate talks, Brazil fast-tracks oil and highway projects that threaten the Amazon
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'Will it be, once again, a list of commitments that contradict what the country itself is putting on the table today — such as expanding the highway network and oil exploitation?' Protecting the environment was a central part of Lula's presidential campaign in 2022, when he ran against President Jair Bolsonaro, who presided over increasing deforestation and illegal activities in the Amazon, such as gold mining and land-grabbing. But when Brazil's environmental protection agency rejected the bid of Petrobras, the country's state-run oil company, to conduct exploratory drilling in an about 160 kilometers (99 miles) off Brazil's Amazonian coast, Lula supported the company's appeal and in February criticized the agency for taking too long, saying it 'seems like it's working against the government.' On May 19, the Brazilian Institute of the Environment and Renewable Natural Resources or IBAMA, approved an emergency plan to allow the drilling. A week later, IBAMA approved a rock-blasting operation along 40 km (25 miles) of the Tocantins River to enable year-round navigation, despite criticism from local grassroots organizations. The river, which cuts through the Amazon rainforest, is set to become a critical waterway to ship soybeans, mainly to China. The Federal Prosecutor's Office said the authorization was illegal because it failed to address issues highlighted during the environmental study, and filed a lawsuit seeking to have it overturned. Since taking office in 2023, Lula has argued that Brazil can both further its development while protecting the environment. 'France, the U.K., Norway and the U.S. also produce oil. And Brazil has the cleanest energy mix in the world: 90% of our electricity comes from renewables,' Lula said in an interview to French newspaper Le Monde published last week. 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Lula could veto all or parts of the bill, but according to press reports he is expected to support of the bulk of the changes with only minor adjustments. Lula has said he has no position on the environmental bill. Meanwhile, Congress has also approved rules that make it harder demarcate Indigenous lands and is moving forward with legislation to weaken licensing rules that, among other impacts. The bill is opposed by Lula's Workers' Party, but according to several press reports Lula will support of the bulk of the changes and will only negotiate minor adjustments. 'It's the perfect combo to wipe out environmental protections and Indigenous land demarcations in the country, accelerate the tipping point of the world's largest tropical forest and set off a carbon bomb against the global climate,' Climate Observatory, a network of 133 environmental, civil society and academic groups, said in a statement. Former U.S. Interior Interior Bruce Babbitt, who sits on the board of the nonprofit Amazon Conservation, said in a statement that the bill 'will lead to massive destruction of the Amazon rainforest. It should be opposed by all Brazilians and friends of Brazil in the international community.' The licensing bill has also deepened internal divisions within Brazil's government. Environment Minister Marina Silva said the law will end one of Brazil's crucial mechanisms of environmental protection, but she appears increasingly sidelined in the administration. Local media have reported that Lula's Chief of Staff Rui Costa promised the bill's sponsor that Lula would not oppose changes to licensing rules, and Minister of Transportation Renan Filho said in a social media post that the bill is 'excellent' news that will get the highway project moving. At a press conference last week, Lula praised Silva, calling her 'loyal' and adding that it's normal to have friction between the environmental and other ministries of government. But many see echoes of Lula's previous administration, during which Silva resigned from the same post after being marginalized by the rising influence of agribusiness. João Paulo Capobianco, executive secretary of the environment ministry, reiterated her criticism of the bill in a speech last week, calling it a 'real risk of setback.' He added that Silva is working with Lula's cabinet toward 'a point of convergence between those who seek efficiency — and deserve a response — and the need to preserve the system without dismantling environmental licensing.' ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Bloomberg
21 minutes ago
- Bloomberg
Chanos Doesn't Understand Our Business Model: Saylor
Legendary short seller Jim Chanos recently said to buy Bitcoin and short Strategy shares. In an interview on "Bloomberg Crypto" Strategy Executive Chairman Michael Saylor says Chanos doesn't understand our business model. (Source: Bloomberg)
