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Bloomberg
32 minutes ago
- Business
- Bloomberg
China Tech Alive And Well: JPMorgan
The Asia Trade Chinese tech stocks are "alive and well" and remain attractive despite market turmoil, according to JPMorgan Asset Management APAC Equities Portfolio Manager Aisa Ogoshi. She speaks to Bloomberg TV's Paul Allen and Haidi Stroud-Watts on The Asia Trade. (Source: Bloomberg)
Malaysian Reserve
35 minutes ago
- Business
- Malaysian Reserve
Oil tankers going dark off Malaysia as Iran trade draws scrutiny
TANKERS involved in a vital hub of the Iran-to-China oil trade are disappearing from digital tracking systems, as the threat of US sanctions forces tactical changes to keep crude flowing. Over recent months, more vessels have started switching off their transponders as they near waters off eastern Malaysia, a hotspot for the transfer of Iranian oil from one to ship to another for transport to China. Previously, systems were rarely disabled, signaling when tankers anchored next to each other. While the tactic of going dark is not new, it's being used more regularly off Malaysia to avoid scrutiny. The White House says the Iranian oil trade generates revenue that supports Tehran-backed militia groups including Hamas, and has sought to hobble flows through sanctions on ships, ports and refiners. 'Ship-to-ship transfers have been used to mask the origin of those cargoes,' said Muyu Xu, a senior crude oil analyst at Kpler in Singapore. 'Now they're switching signals off for longer, so that it's now even harder trace those flows back to the source, which is Iran.' A recent example is the Vani, an unsanctioned very large crude carrier that was built in 2004 and has the capacity to carry 2 million barrels. The empty vessel signaled its position off eastern Malaysia on May 15, before going dark then and reappearing fully laden in the region five days later, according to ship-tracking compiled by Bloomberg. While Vani was missing from digital tracking systems, the tanker conducted a ship-to-ship transfer on May 18 with the Nora, a US-sanctioned vessel that had collected Iranian crude from the Kharg Island export terminal, according to Kpler and Vortexa. Vani is now signaling Qingdao in China as its destination, data from the two analytics companies show. Avani Lines Inc., based in the Marshall Islands and the registered owner of Vani, doesn't have a listed phone number or email address for contact on the Maritime Portal run by S&P Global Inc. China's independent refiners are the biggest buyers of Iranian crude, attracted to the discounted barrels because they help buffer typically razor thin margins. While official Chinese data shows the nation hasn't imported oil from the OPEC producer since 2022, third-party figures signal robust flows. China imported around 1.46 million barrels a day from Iran last month, down from a five-month high in March, according to Kpler. Flows started to slip late last year but have since recovered. Other methods being used to keep the Iran-to-China trade in business include the use of zombie ships — vessels that take on the identities of scrapped tankers to appear legitimate. In April, at least six ship-to-ship transfers off Malaysia were conducted with vessels that had disabled their transponders, including one with the Celine, a US-sanctioned ship, that had loaded Iranian oil from Kharg Island, according to Kpler. In the same month last year, only one tanker went dark. Ships can be identified conducting oil transfers by analyzing satellite imagery, but the process is labor intensive and picture quality depends on the weather. It requires matching tankers to photos of vessels with known identities, a method that needs more time and can be prone to human error. 'It's getting more and more difficult to track those sanctioned flows,' Emma Li, senior market analyst at intelligence firm Vortexa Ltd., said during a client presentation in Singapore in early April attended by Bloomberg News. –BLOOMBERG
Yahoo
an hour ago
- Business
- Yahoo
Suspects in Manhattan Crypto Kidnapping, Torture Case Plead Not Guilty as Investigation Widens
Two men suspected in the kidnapping and torture of a 28-year-old Italian cryptocurrency investor have pleaded not guilty, while the investigation into their case appears to have expanded to the New York Police Department itself. New York police had previously arrested William Duplessie, 33, and John Woeltz, 37, on the charges, as well as a third individual, Beatrice Folchi, 24, though her prosecution is being deferred. The victim has not been publicly named. The men are accused of kidnapping the victim and holding him hostage in a luxury townhouse in Manhattan's ritzy SoHo neighborhood for more than two weeks. During that time, New York City police say the trio tortured the man, forcing him to take drugs, dangling him from a ledge, urinating on him and electrocuting him in an effort to force him to hand over the private keys to his bitcoin. The alleged perpetrators are accused of making t-shirts of the victim with a crack pipe in his mouth and taking Polaroids of the victim with a gun to his head. The victim escaped last Friday, grabbing his laptop and getting out of the townhouse and then seeking help from a traffic officer. Duplessie entered a not-guilty plea to five different charges, including kidnapping with an intent to collect a ransom, kidnapping and causing a physical injury, criminal possession of a loaded firearm, assault with an intent to cause a physical injury with a weapon and unlawful imprisonment, according to the court docket. Woeltz was charged with kidnapping, assault, unlawful imprisonment and criminal possession of a firearm, and he also pleaded not guilty, according to his court docket. Two NYPD officers, including a detective assigned to Mayor Eric Adams' protection detail, worked for both Duplessie and Woeltz in their off-duty hours and have now been placed on modified duty, Bloomberg reported Thursday. A source familiar told CoinDesk that the two officers are not believed to be part of the kidnapping, but rather did security work for the defendants. They may have driven the victim from an airport to the townhouse, but have not been tied to his torture, the source said. A spokesperson for the NYPD said the matter was "under internal review." A spokesperson for the mayor's office said in a statement that, "Every city employee is expected to follow the law, including our officers, both on and off duty. We are disturbed by these allegations, and as soon as it came to our attention, the officers were placed on modified duty. The investigation is ongoing." UPDATE (May 29, 2025, 22:27 UTC): Adds additional detail.
Yahoo
2 hours ago
- Business
- Yahoo
Taiwan Says US Trade-Deal Push Still On Despite Court Ruling
(Bloomberg) -- Taiwan is continuing efforts to secure a trade deal with the US, a top official in Taipei said, even after a court blocked many of the tariffs that President Donald Trump has threatened to impose on other countries. NYC Congestion Toll Brings In $216 Million in First Four Months Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania The Economic Benefits of Paying Workers to Move NY Wins Order Against US Funding Freeze in Congestion Fight NY Congestion Pricing Is Likely to Stay Until Year End During Court Case While the ruling may prompt some countries to adopt a 'wait and see' approach, Taiwan remains committed to negotiations, Deputy Foreign Minister Chen Ming-chi said in an interview Thursday. 'We are glad to see that there are some debates among different branches of government in the US,' he said. 'That will make everything more reasonable and more acceptable.' He added that 'we are serious about our negotiations and we are serious to have a fair trade with the US.' Trump's use of tariff threats to pressure other countries into cutting new trade deals was thrown into turmoil after a court said the US president exceeded his authority, significantly weakening his bargaining power at least temporarily. An appeals court offered Trump a temporary reprieve from the ruling but the saga could delay negotiations with other trading partners that began after Trump announced a 90-day pause on the steep 'reciprocal' tariffs that were rolled out in early April. If left intact, the US would impose a 32% levy on imports from Taiwan. Taiwan President Lai Ching-te has sought to downplay any tensions while highlighting the strength of relations with the US. He expressed willingness to increase imports from the US, including energy, agricultural and military goods, to lower the trade imbalance. Premier Cho Jung-tai has said preparations for a second round of talks were underway. Chen said he remains confident that his government will reach a deal before the US pause is set to lift and will push for Washington to drop Taiwan's tariffs 'as low as possible.' He added that as a strong American ally, Taiwan should push for lower rates than those on others. 'We want to be the special someone,' Chen said, adding that if other countries finalize the tariff at 10%, 'being special means lower than 10%.' Open The Market Chen indicated Taiwan had some room to lower tariffs on some US goods such as automobiles, which are subject to a 17.5% levy. 'I hope, as a consumer and a fan of the American car, we can have a lower tariff on US cars,' he said. He said the auto sector isn't a strategic one for Taiwan and shouldn't hinder talks with Washington. 'I'm very optimistic about the negotiation between the US and Taiwan, especially when it comes to autos.' Chen also said Taiwan would open its market to more US agricultural products. In addition to beef and pork, the government is reviewing a potential list of other goods, he said. Before the Trump administration announced the levies, Taiwan Semiconductor Manufacturing Co., the archipelago's biggest firm and a key supplier to Apple Inc. and Nvidia Corp., said that it would invest an additional $100 billion in the US. However, Chen said potential US tariffs on chip imports could complicate Taiwanese investments. Such levies would affect companies' cash flows, he said, hurting their ability to invest. Chen said plans for a sovereign wealth fund announced by Lai last week provided an opportunity for the self-ruled democracy to invest globally, 'especially with our close friend and our close trading partners, the US included.' --With assistance from Joanne Wong, Nikita Koirala and Lauren Faith Lau. (Updates with more comments from Chen.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Business
- Yahoo
Trump to Hold Press Conference With Musk as He Departs DOGE
(Bloomberg) -- President Donald Trump will hold a press conference at the White House alongside Elon Musk to mark the world's richest man's departure from his official role leading the administration's effort to slash the size and scope of the federal government. NYC Congestion Toll Brings In $216 Million in First Four Months Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania The Economic Benefits of Paying Workers to Move NY Wins Order Against US Funding Freeze in Congestion Fight NY Congestion Pricing Is Likely to Stay Until Year End During Court Case 'I am having a Press Conference tomorrow at 1:30 P.M. EST, with Elon Musk, at the Oval Office,' Trump said in a post on Truth Social. 'This will be his last day, but not really, because he will, always, be with us, helping all the way. Elon is terrific! See you tomorrow at the White House.' YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Sign in to access your portfolio
