Coinbase makes superapp play
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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Running on Coinbase's Base public blockchain network, the app is designed to help the cryptocurrency giant expand its userbase and mimic the success of Chinese superapps such as WeChat.
Base includes a one-click checkout feature that lets users make payments with the USDC stablecoin. Coinbase unveiled the stablecoin payments stack, which is already live with Shopify, in June.
The app also includes crypto trading functionality, chat, a social feed, support for mini apps ranging from games to prediction markets, and its own identity verification system called Base Account that lets users use their credentials to log into other apps.
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Reuters
a few seconds ago
- Reuters
Chinese exports of two critical minerals plunge even as rare earths rebound
BEIJING, July 21 (Reuters) - China's exports of two critical minerals used in weapons, telecommunications and solar cells have plunged over the past three months amid a crackdown on smuggling and transshipment that has involved China's top spy agency. Exports of antimony and germanium in June were down 88% and 95%, respectively, versus January, according to customs data published on Sunday. Much as with rare earths, China is by far the largest miner and or refiner for both elements. Both were added to an export control list in 2023 and 2024, respectively. Exports to the U.S. were then banned in December as part of retaliation for chip restrictions. Rare earths were added to the same control list in April, precipitating a sharp collapse in export volumes that forced some carmakers in Europe and the U.S. to pause some production lines. But where rare earth export volumes rebounded sharply last month thanks to a deal struck between Washington and Beijing, exports of germanium and antimony fell to some of the lowest levels on record. The collapse in export volumes coincides with well-publicised crackdown on critical mineral export control evasion. China's spy agency said last week it had detected attempts to bypass controls via transshipment, where cargoes move through a third country before going on to their final destination. The week before Reuters reported that unusually large quantities of antimony were being exported to the United States from Thailand and Mexico in what appeared to be transshipment conducted by at least one Chinese company. China's exports of antimony to Thailand have collapsed by 90% after hitting a record in April. There have been no exports to Mexico since April. Spot market prices for high-purity germanium have more than doubled since China imposed export restrictions in July 2023. Antimony prices have nearly quadrupled from May last year.
The Independent
30 minutes ago
- The Independent
Chinese investors snap up stocks on hopes for an end to price wars and overcapacity
China's stock market is buzzing over government promises to tackle price wars that have hurt profits and worsened global trade tensions. The prevailing catchphrase is 'anti-involution,' and it reflects efforts to curb intense competition and overcapacity in industries like solar panels, steel, and electric vehicles. With rising trade barriers such as President Donald Trump 's higher tariffs, and relatively weak domestic demand, manufacturers have been slashing prices, undermining their bottom lines and driving some out of business. The producer price index, which measures the price that factories receive for their goods, has fallen steadily for nearly three years in China in a prolonged bout of deflation. The long-running issue spilled over into global markets as low-priced Chinese exports worsen trade friction with key trading partners including the United States and Europe. Solar panel glass makers agree to cut output by 30% In a series of recent statements, the Chinese government and industry associations have signaled they're getting serious about reining in cut-throat competition, known as invollution or 'neijuan' in Chinese. The top 10 makers of glass for solar panels agreed on June 30 to shut kilns and cut production by 30%, an industry association said. The government has launched an auto safety inspection campaign, addressing concerns that automakers were skimping on quality to cut costs. It's unclear whether these efforts will succeed, but the sense that China may finally be tackling this chronic problem was enough to spark a rally in stocks in some of those under-pressure sectors. Shares of Liuzhou Iron & Steel Co. gained 10% on Friday and have risen more than 70% since June 30. Solar panel glass producer Changzhou Almaden Co. fell at the end of last week but is still up about 50%. More broadly, two exchange traded funds in solar panels and steel have risen about 10%, outpacing a 3.2% rise in the Shanghai Composite, China's leading market index. The performance of EV-maker stocks has been mixed, with Li Auto and Nio recording double-digit percentage gains while market leader BYD declined. Foreigners can't buy Chinese stocks directly but they are able to invest in about 2,700 stocks and 250 exchange traded funds through the Hong Kong exchange. Government calls intense price wars 'disorderly' The gains follow high-level government pronouncements against disorderly price wars. On June 29, the People's Daily newspaper, the mouthpiece of the ruling Communist Party, ran a lengthy page 1 article on involution, saying they run counter to the party's goal of high quality economic development. Chinese leader Xi Jinping weighed in at a closed-door economic meeting, calling for better regulating competition and incentives by local governments to attract factory investments that are blamed for overinvestment in affected industries. The tougher talk began with a focus on automakers in late May, specifically around electric vehicle price wars that began more than three years ago. Analysts at investment bank UBS said the shift is good news for auto industry profits and company stocks. 'Though it's difficult to imagine a sudden U-turn of the industry from fierce competition to orderly consolidation, it's indeed possible to have near-term ceasefire of the price war,' they wrote. Weak demand and overcapacity bring a fight for survival After BYD launched another round of price cuts on May 23, some competitors, the main industry association and government all called for fair and sustainable competition. The EV battery industry, the cement association and major construction companies have issued statements echoing calls for an end to excess competition. The term involution, which suggests a spiraling inward and shrinking, was initially applied in China to students and young workers, who felt they were caught up in meaningless competition that led nowhere as the job market weakened and wages stagnated in recent years. At the industry level, it has come to mean sectors that have too many companies competing for a slice of the pie, leading to fierce price cutting to try to gain market share. The mismatch between production capacity — how much an industry can make — and actual demand for the product, reflects overcapacity that forces companies to compete for survival in a limited market space, said a recent article in the Communist Party magazine Qiushi. Obstacles to fixing the problem Some Chinese industries, especially steel and cement, have long suffered from overcapacity. A government push to promote green industries has fostered similar problems in that sector, including solar panels, wind turbines and electric vehicles. A flood of Chinese exports is leading to more trade barriers in Europe and the U.S. and in some emerging markets such as Mexico, Indonesia and India. Ultimately, economists say industries need to consolidate through company mergers and bankruptcies. But the process will take time. A major obstacle is provincial governments that want to protect local companies and jobs. Alicia García-Herrero, the chief economist for Asia-Pacific at the Natixis investment bank, said that recent comments by top Chinese economic officials suggest they realize something needs to be done. 'How much is action versus words, I don't know,' she said. 'But I do think it's a big problem for China.' ___ Associated Press researcher Yu Bing contributed.
The Guardian
31 minutes ago
- The Guardian
Alaska Airlines grounds flights after IT outage
US carrier Alaska Airlines grounded its flights after an IT outage on Sunday that affected its systems, the company said, without specifying the nature of the outage, marking the second time it has grounded its fleet in just over a year. 'At approximately 8pm Pacific on Sunday (0300 GMT on Monday), Alaska Airlines experienced an IT outage that's impacting our operations,' the carrier said in a statement. 'We requested a temporary, system-wide ground stop for Alaska and Horizon Air flights.' The Seattle-based airline said there would be residual impacts to its operations throughout the evening, without providing more details. The Federal Aviation Administration (FAA) did not immediately respond to Reuters' requests for comment. The FAA status page showed all destinations affected by the ground stop of Alaska's mainline aircraft, and the suspension of Horizon's operations. In April 2024, Alaska grounded its entire fleet due to an issue with the system that calculates the weight and balance of its planes, just a few months after a door panel on an Alaska Airlines-operated Boeing 737 MAX 9 jet blew off midair. Alaska Air Group maintains an operational fleet of 238 Boeing 737 aircraft, and 87 Embraer 175 aircraft, according to its website. In June, Alaska Air Group-owned Hawaiian Airlines said some of its IT systems were disrupted by a hack. Alaska Air Group said it was still determining the financial impact of that event. The news of Alaska's IT issues comes at a time when tech companies Google and Palo Alto Networks have warned of the 'Scattered Spider' hacking group's interest in the aviation sector. Canada's WestJet Airlines was struck by an unspecified cyber incident in June, while Australia's Qantas experienced a data breach in July where a cyber hacker accessed the personal information of millions of customers. It remains unclear whether Alaska's outage is related to Microsoft stating on Sunday that there were 'active attacks' on its server software used by government agencies and businesses. Alaska did not immediately respond to a request seeking comment on whether the outage was related to the Microsoft announcement.
