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Malaysian Reserve
a day ago
- Business
- Malaysian Reserve
Chinese trader made RM7b on gold builds a giant bet on copper
Massive copper position defies trade war fears and market pullback A RECLUSIVE Chinese billionaire whose prescient gold trades turned into an eye-catching windfall has now become China's biggest copper bull, amassing a bet worth nearly US$1 billion (RM4.44 billion) in a market jolted by escalating competition between the US and China. Bian Ximing, who made an early fortune in plastic tubes before seeking a quiet life in Gibraltar, has made waves over the last two years with his investment in Chinese gold futures, betting on what he argued would be a global effort to reduce reliance on the dollar and counter inflation worries. His fund came in just as bullion was beginning a record-breaking ascent and made roughly US$1.5 billion in profit in the process, according to Bloomberg calculations. As trade war and potential truce roil markets, Bian and his brokerage, Zhongcai Futures Co (Zhongcai), are responsible for the largest net long position in copper contracts on the Shanghai Futures Exchange (SHFE), according to people familiar with the matter and bourse data. After 10 months of purchases, on May 16 they were long nearly 90,000 tons in copper futures, counting Bian's own investment and funds he manages through Zhongcai — enough to dwarf any peers. It's a position that the 61-year-old tycoon, who personally accounts for the lion's share of the Zhongcai investment, intends to maintain, the people said, even after geopolitical ructions prompted some of his investors to pull out — an expression of confidence in the metal and in the economy of the world's largest consumer. The people asked not to be named as company discussions are private. 'It's a quite unique copper position that is worth following,' said Li Yiyao, a vice president of Cofco Futures Co's Shanghai North Bund division. 'It reflects a ver y long-term, bullish sentiment on the metal based on fundamentals which differs from the usual mid or short-term strategies we see in the market.' She added that Bian's counterintuitive moves during the worst of the trade turmoil, standing firm as many others exited, were particularly remarkable. A handful of larger-than-life figures have dominated Chinese commodities trading since the economic boom began two decades ago, transforming the industry. Bian ranks alongside Xiang Guangda, founder of nickel pioneer Tsingshan Holding Group (Tsingshan), or magnates like He Jinbi, the missing founder of Maike Metals International Co Ltd (Maike) and Ge Weidong, founder of Shanghai Chaos Investment Group Co Ltd (Shanghai Chaos), one of the earliest commodities-focused hedge funds in China. Though his methodolog y has differed from that of traditional physical traders, his rivals and managers describe the austere Bian as having a deep understanding of a market that has become increasingly difficult to read for those outside China. The billionaire, described by those who know him as unassuming and direct, has also stood out for his seclusion, running his team of Chinese managers and the brokerage he took over two decades ago via video call from the southern tip of the Iberian Peninsula. Since moving from eastern China more than a decade ago, attracted by warmer weather and proximity to European assets, Bian makes few trips home to visit his investment team and factories. That hasn't stopped him from garnering a loyal following in China for his Warren Buffett-like online musings on investment philosophy, keenly parsed by anyone eager to emulate a strategy closer to that of a traditional western hedge fund than the more speculative approach of homegrown traders. A good investor must 'let go of his own ego and be less obsessed and then choose the right targets and be stubborn,' Bian wrote in one of his periodic posts in January. 'When choosing targets, focus on trends. When implementing projects, focus on timing. When maintaining projects, focus on costs.' His lieutenants occasionally write up their own 'reflections' on the company site. Bian declined to comment for this story. Zhongcai did not respond to emailed queries. Bloomberg used bourse data and conversations with multiple business associates, rivals and other traders to build a picture of his operations and trading. Bian isn't alone in seeing an upward trajectory for copper, an industrial metal vital for the electrification of the world. The longterm dynamics of the energy transition and limited mine supply have long been highlighted by bulls. Commodity traders in the last few months have been chasing gains from Trump's copper tariff threat, which has drawn cargoes to US warehouses and left the rest of the world short. Mercuria Energy Group Ltd's (Mercuria) metals boss Kostas Bintas, one of the more outspoken boosters, suggested in March that copper could reach US$12,000 or US$13,000 a ton, well above previous records and current levels closer to US$9,500. Still, a more volatile market has made the metal's next move hard to predict, while prices at historically high levels are also testing the resilience of large physical consumers in China. Bian has been in and out of copper before. He held short positions through much of 2024, even as the rest of the world took a rosier view of the Chinese economy. Just before the US election in November, he began a switch to an emphatic long position, in anticipation of a Trump victory that could prompt investment in local manufacturing and of Chinese economic stimulus efforts. He accelerated his purchases from early January, for his own investment and with managed funds, with Zhongcai Holding Ltd reaching a peak near 40,000 lots, or 200,000 tons of the metal, in early April, before Trump began his escalation of tariffs, exchange data shows. He later moved some of the brokerage's positions to CME Group's Comex (CME Group), to capture US turbulence, two of the people familiar with his investments said. As at the end of April, Zhongcai's copper bet generated a total profit of around US$200 million, according to the Bloomberg's calculation. Bian has concentrated his bets in Shanghai, a move that ultimately proved lucky. When copper prices briefly tumbled amid tariff uncertainties last month, Chinese markets were closed for a national holiday, sparing Bian and other Shanghai-based traders from the selloff and rebound. Some of his investors have backed out since then, two of the people said, rattled by the trade war and fears of a global recession. But Bian has increased his own long positions in copper in the past month in Shanghai and beyond, telling backers that he sees economic resilience in China and a continued rise for the metal. Rival traders say his is also a bet on China's shift to a higher-tech and so copper-hungry — economy, and on the ample liquidity to support it. The position 'is not big enough to distort the market, but it does provide a rare insight into Bian's strategy,'' said Jia Zheng, head of trading at Shanghai Soochow Jiuying Investment Management Co. 'People in the market have been tracking his gold and copper trades closely.' Born in 1963, in the aftermath of China's brutal Great Leap Forward modernisation campaign, Bian grew up in Zhuji, a township in the eastern Chinese province of Zhejiang. Mao Zedong's Cultural Revolution interrupted his education, but he ultimately graduated from a vocational school affiliated with the central bank in 1985. In 1995, as China was about to set off on its upward trajectory, he founded a factory making highend plastic tubes. Like many of his peers, he then rode a wave of massive economic transformation, building up an empire ranging from construction material to financial services and property, with units in the US, UK and Hong Kong (HK) and factories in India. He purchased the futures broker that became Zhongcai in Shanghai in 2003, naming it after his holding company Zhongcai Merchants Investment Group Co. Other investments include a major stake in the movie-making arm of Alibaba Group Holding Ltd (Alibaba Group). During his early years in chemical derivatives and plastics, Bian was already famous for his independent trading strategies when it was more common for others to work together to squeeze out rivals holding opposing positions. Not everything has gone to plan for Bian. The same flight to safety that has buoyed his gold positions has also hurt his equity and local municipal bond investments, people familiar with his holdings said, generating some losses. 'There are traps and opportunities everywhere — opportunities in risks and traps in opportunities,' Bian wrote in a blog post from last year. 'Investment is essentially a game of survival.' — Bloomberg This article first appeared in The Malaysian Reserve weekly print edition
Yahoo
27-05-2025
- Health
- Yahoo
Brooklyn man who supplied drugs that killed transgender activist Cecilia Gentili gets 19 years
A convicted felon who supplied the dose of fentanyl-laced heroin that killed transgender activist Cecilia Gentili will spend the next 19 years in prison, a federal judge in Brooklyn ruled Tuesday. Michael Kulian, 45, provided the drugs to Gentili's dealer and friend, Antonio Venti, and on Feb. 6, the 52-year-old activist and author died of the combined effects of fentanyl, heroin, xylazine and cocaine after Venti sold her the deadly 'bundle,' according to prosecutors. When law enforcement searched Kulian's Brooklyn home, which he shared with his elderly grandmother, they found 850 glassine envelopes containing a total 32.264 grams of fentanyl, as well as a digital scale, a .45 caliber handgun and ammo. On Tuesday, Judge Brian Cogan told Kulian that the 19-year sentence would send a message of deterrence, and ordered him remanded to start serving his time. Kuilan pleaded guilty in September to federal drug distribution and gun possession charges in Brooklyn Federal Court for his role in Gentili's death. Venti took a plea deal on July 18, 2024. Cogan sentenced him to five years behind bars in March. 'Gentili's death represents the loss of an outspoken advocate on behalf of a marginalized community. But her death is one of tens of thousands of such tragedies across this country,' Assistant U.S. Attorney Adam Amir wrote in a March 4 letter to the judge, pointing out that fentanyl or other synthetic opioids caused more than 81,000 overdose deaths in 2023. 'The defendant is not individually responsible for the magnitude of this crisis, but he is accountable for his choice to help perpetuate it — and the seriousness of the crisis thus warrants commensurately serious punishment,' he wrote. As part of their deals, both men admitted that their product caused Gentili's death. 'Cecilia Gentili was tragically poisoned from fentanyl-laced heroin. Today, the perpetrators who sold the deadly drugs to Gentili are being held accountable,' Brooklyn U.S. Attorney Joseph Nocella said Tuesday. 'This office will be relentless in prosecuting fentanyl dealers.' Prosecutors were recommending roughly 22 to 27 years behind bars. Gentili founded Trans Equity Consulting, a New York City-based firm that offers guidance to the LGBTQ community and has a health care clinic at Callen Lorde, a center for LGBTQ+ healthcare. Previously, she was director of policy at Gay Men's Health Crisis. She also lobbied for the passage of the New York State Gender Expression and Discrimination Act, which became law in 2019, and was an actress on the television show 'Pose.' Her Feb. 15 funeral at Manhattan's venerable St. Patrick's Cathedral drew backlash and was denounced by Cardinal Timothy Dolan, who decried the 'the irreverence and the disrespect' of the mourners and requested a rare Mass of Reparation to pray for forgiveness. Gentili's family called the Church's reaction 'sanctimonious' and said the funeral brought 'precious life and radical joy to the Cathedral in historic defiance of the Church's hypocrisy and anti-trans hatred.'
New York Post
23-05-2025
- New York Post
College grads shocked as names are read at commencement — by AI: ‘What a beautiful personal touch!'
These grads got a robo-sendoff they won't forget. Students at New York City's Pace University were left shell-shocked — and maybe just a bit shellacked — when their recent graduation ceremony featured a synthetic surprise: Their names were read aloud not by a proud professor or a human announcer, but by a voice created by artificial intelligence. Instead of the usual pomp and circumstance, it was giving … self-checkout. Advertisement A viral video posted by @therundownai on Instagram shows Pace grads queuing up to have QR codes on their phones scanned — a moment some compared to 'fruit and vegetables at a supermarket checkout' — then hearing their names uttered aloud via disembodied AI over the sound system. 'Because nothing says 'we value you' like a synthetic voice butchering your name after four years and thousands of dollars,' wrote user @thedeveloperstory on Threads, who also shared the clip. 'What a beautiful personal touch!' Advertisement 4 A viral clip shows Pace grads lining up to scan QR codes on their phones — like produce at a supermarket checkout, but with diplomas instead of discounts. therundownai/Instagram The university did give students a heads-up, directing them to a website where they could phonetically spell their names and confirm the pronunciation. The goal? Accuracy. The result? A debate hotter than an outdoor, summer cap-and-gown ceremony. Advertisement Commenters on both Instagram and Threads were divided. One viewer beneath the IG post deadpanned: 'Imagine a school that would expel you for using AI to write a paper, but will use AI to read graduate names for them.' Another on Threads fumed, 'Laziness! Are they really scanning people's phones? What the actual F? That guy couldn't read their names?' 4 Pace University grads got a shock to the system when, instead of a professor proudly calling their names, a robotic voice took the mic — straight outta Silicon Valley. therundownai/Instagram One user even lamented the visual awkwardness. Advertisement 'Yeah, that looks super cheesy, since it's scanned right there in plain view of everyone,' they wrote. 'It's the whole idea that we know how the sausage gets made, but we don't necessarily need to actually see the sausage getting made.' Still, others were surprisingly on board. 'Same at Northeastern University,' noted one commenter. 'Students recorded their own name for pronunciation … an AI voice read their name.' 'Brilliant!' another gushed. Pace isn't alone in swapping live talent for machine precision, but for many students, the experience felt more 'Black Mirror' than commencement celebration. 4 Pace isn't the only school trading humans for high-tech — but for many grads, the ceremony felt more 'Black Mirror' than cap-and-gown magic. Chris Brignell – And it's not the first time Gen Z grads have felt overshadowed by AI. As The Post previously reported, nearly half of Gen Z job seekers now believe their degrees are already obsolete, thanks to AI tools like ChatGPT. Advertisement According to a Harris Poll for Indeed, 49% of Gen Z respondents said their college education has lost value in the job market — with some now questioning whether it was worth the time and debt. So, to recap: AI is eating their jobs, undercutting their diplomas — and now it's stealing their spotlight on graduation day. 4 To sum it up: AI's snatching their jobs, devaluing their degrees — and now it's hijacking their big moment on graduation day. Being Imaginative – Advertisement Even the good intentions couldn't save the vibe. As one Thread user wrote, 'When I graduated, the person reading out the names had done a run through … it didn't take that long, and was less weird than showing your phone for them to scan.' Perhaps next year's grads can just have ChatGPT write their diploma, too.
Yahoo
23-05-2025
- Science
- Yahoo
A NASA rover just exposed something on Mars that eluded orbiters
A NASA rover taking rock samples on Mars has uncovered a plentiful mineral that was invisible to orbiters studying the Red Planet from space. Scientists say the discovery of siderite, a type of iron carbonate, could be crucial evidence to support the theory that Mars once had a thick carbon dioxide-rich atmosphere, allowing a warm enough environment to support oceans, lakes, and streams. Curiosity, a car-sized lab on six wheels, performed a chemical analysis of four rock samples drilled at different elevations of Mount Sharp, a mountain it has been exploring within Gale Crater. Three of the samples showed considerable amounts of siderite. Another sample, which had no significant traces of siderite, contained other iron-rich minerals that can form as siderite breaks down. This iron carbonate mineral is known to form on Earth under specific chemical conditions involving water, iron, and carbon dioxide. The study, published in the journal Science, suggests more carbon is stored in the Martian crust than previously thought. And if similar carbonates exist in other sulfate-rich regions, they could represent a hidden trove of Mars' ancient atmosphere. "The discovery of abundant siderite in Gale Crater represents both a surprising and important breakthrough in our understanding of the geologic and atmospheric evolution of Mars," said Benjamin Tutolo, lead author of the paper, in a statement. SEE ALSO: These scientists think alien life best explains what Webb just found NASA's Curiosity rover snaps a selfie image on lower Mount Sharp in Gale crater in August 2015. Credit: NASA / JPL-Caltech / MSSS The results contribute to mounting evidence that ancient Mars had the right chemical and environmental conditions not only to have liquid water but also to trap and cycle carbon in the air — factors that may speak to the planet's past habitability. Scientists have had a long-standing theory that Mars used to have surface water. But for that to happen, the planet also would have needed to be warmer, with higher air pressure. That has led them to believe that though Mars' atmosphere is extremely thin today, it must have been thick and carbon dioxide-rich in the past. Volcanoes could have released large amounts of carbon dioxide into the air. Over time, some of that gas escaped into space, but enough probably stayed to support lakes and rivers. Over the past three decades, researchers have found lots of evidence that water flowed on ancient Mars. But up until now there's been a missing puzzle piece for the atmosphere within the rock record: Carbon dioxide in the air and water almost certainly would have reacted with rocks to create various carbonate minerals, so where are they? At a Martian site nicknamed Ubajara, NASA's Curiosity rover discovers siderite, an iron carbonate mineral that might solve a mystery about how the planet lost its thicker atmosphere. Credit: NASA / JPL-Caltech / MSSS After drilling less than 2 inches below the surface, Curiosity used its CheMin instrument to conduct X-ray diffraction analyses of rock and soil samples, according to the new paper. The presence of siderite in them means the rocks likely formed in calm water like lakebeds, not volcanoes or lava. On Earth, siderate tends to form in shallow lakes and swamps. Curiosity also detected sulfates, minerals that form when water evaporates. Geologists glean clues about a planet's past from the order in which minerals formed. That siderite came first in the sequence suggests a gradual drying of ancient Martian lakes, leaving behind these other minerals. The sample that didn't have siderite but had evidence of its breakdown materials supports the notion that Mars' carbon cycle used to be active but became unbalanced over time. "Drilling through the layered Martian surface is like going through a history book," said Thomas Bristow, a NASA research scientist and co-author of the paper. "Just a few centimeters down gives us a good idea of the minerals that formed at or close to the surface around 3.5 billion years ago." If similar carbonates are found in other sulfate-rich layers across Mars, they could hold large amounts of carbon — perhaps equal to or even more than the carbon dioxide in Mars' air today. Future observations could confirm these findings and illuminate how the planet changed as it lost its atmosphere.
Time of India
22-05-2025
- Business
- Time of India
What is Amrit Bharat station scheme? PM Modi inaugurates 103 redeveloped railway stations - top facts for passengers
Prime Minister Narendra Modi inaugurated as many as 103 newly redeveloped railway stations under the Indian Railways' ambitious Amrit Bharat Station Scheme . The initiative is a part of the government's efforts to modernise railway infrastructure across the country, with a focus on comfort, cleanliness, and connectivity. Here is all that you need to know about the scheme and how it will boost your passenger experience: What is the Amrit Bharat Station Scheme? The Amrit Bharat Station Scheme is a nationwide project aimed at revamping railway stations in step by step manner. Each station is given a customised plan based on its specific needs, with improvements rolled out over time. The goal is to gradually elevate stations to modern standards while preserving their regional character. By making stations more functional, beautiful, and accessible, the scheme hopes to redefine India's rail travel experience while boosting local economies and urban development. What services will the upgraded stations offer? Passengers can expect a significant upgrade in comfort and convenience. Key improvements include: Cleaner platforms and better-maintained toilets Modernised waiting halls with enhanced seating Improved entry and exit points Roofing for passenger shelters Installation of lifts, escalators, and free Wi-Fi Clearly marked signage and improved information systems Many stations will also feature executive lounges and dedicated areas for business meetings. The 'One Station One Product' initiative will promote local crafts and products through kiosks within the station premises. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like USDJPY đang đi lên không? IC Markets Đăng ký The scheme also includes beautification efforts, with more greenery and thoughtful design to enhance the look and feel of the stations. What infrastructure changes are being made? The scheme goes beyond cosmetic upgrades. Station buildings are being modernised and designed to connect both sides of the city, making them important urban hubs. Improvements include: Integration with local transport systems like buses and metro services Infrastructure to support eco-friendly operations and noise reduction Improved planning to enhance overall station functionality Features to support accessibility for persons with disabilities The scheme aims to make these stations more than just places to catch a train, transforming them into vibrant community spaces that are shaped by the unique character of the region. Each redevelopment will draw inspiration from local culture, heritage, and architecture, making every station a gateway to the region's identity. For instance Ahmedabad's station from the grandeur of the Modhera Sun Temple, Dwarka station will feature design elements inspired by the Dwarkadheesh Temple. In the east, Odisha's Baleshwar station will carry Jagannath Temple's essence while in the south, Kumbakonam station will showcase traditional Chola architecture. Gurugram station will embrace a modern look, reflecting its status as an IT hub. Encouraging traditional artisans under the 'One Station One Product' concept This initiative is designed to promote India's rich tradition of local crafts and produce. Kiosks will showcase and sell items unique to the region, including handlooms and handicrafts, tribal artefacts, embroidered textiles such as chikankari and zari-zardozi and locally grown spices, tea, coffee, and other food products. These stalls will not only give travellers a taste of the region's heritage but also support local artisans and small businesses. Focus on better accessibility for the specially abled As part of the government's Sugamya Bharat Mission, Indian railways is working to ensure that stations are accessible to all, including persons with disabilities (Divyangjans) and passengers with reduced mobility. The accessibility guidelines include a wide range of features such as: Entrance ramps and designated accessible parking spaces Low-height ticket counters and help booths Accessible toilets and drinking water booths Subways and foot overbridges equipped with ramps or lifts Braille signage and tactile pathways for the visually impaired Clearly marked standard signboards for easy navigation A detailed set of accessibility guidelines has been developed to make train stations and services more inclusive for people with disabilities (Divyangjans) and passengers with limited mobility. These guidelines cover five key areas: information systems, station facilities such as toilets, drinking water booths, lifts, subways, lighting, and platform design; train coach design both inside and out, including seating arrangements; and a monitoring and feedback system to ensure continuous improvement. The roots of the Amrit Bharat Station Scheme date back to 2021, when Gandhinagar in Gujarat became the first railway station in India to be modernised under the initiative. The revamped station was equipped with state-of-the-art facilities, including a five-star hotel built within the premises, a first for Indian Railways. Later that same year, Bhopal's Habibganj station was transformed and renamed Rani Kamalapati Station, setting another example of modern, passenger-friendly infrastructure. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
