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Younger Indians prefer cryptocurrencies to traditional gold

The number of Indians who opt to buy and sell digital coins has been increasing in recent years, and reportedly now exceeds 15 million.

This figure is rapidly catching up with the 23 million traders of cryptocurrencies in the US, and is much higher than the modest 2.3 million crypto-investors in Britain. Among Indian households – which, between them, own over 25,000 tons of gold – the growth of investment in digital currencies is reportedly coming from the 18-to-35 age group. Indians aged under 34 are not focused on investments in gold as much as older consumers are, according to the World Gold Council.

Also on rt.com India’s Supreme Court allows cryptocurrency trading, calls central bank’s ban ‘unconstitutional’

“They find it far easier to invest in crypto than gold, because the process is very simple,” Sandeep Goenka, the cofounder of Zebpay, one of the oldest and most popular cryptocurrency trading apps available in India, told Bloomberg.

“You go online and you can buy crypto – you don’t have to verify it, unlike gold,” the expert added.

Nonetheless, regulatory uncertainty in the country is currently posing a major barrier to wider adoption. Last year, the Supreme Court overruled a 2018 regulation barring crypto-trading by banking entities, resulting in a surge. However, earlier this year, unnamed sources cited by Reuters said the Indian government was considering new legislation that would criminalize the possession, issuance, mining, trading, and transferring of crypto-assets.

Also on rt.com India considering TOTAL BAN on cryptocurrencies – media

The value of Indian digital asset holdings reportedly remains the second-biggest in the country’s market, which has traditionally been dominated by gold. A year ago, daily trading in the four biggest crypto exchanges surged from $10.6 million to $102 million, according to CoinGecko.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/527751-india-crypto-investment-gold/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Wastewater problem could cap US shale growth

Hydraulic fracturing, the technology that made the United States the world’s top oil and gas producer, has earned a really bad rap. Much of this ill reputation has had to do with increased seismic activity in shale oil and gas regions. But research cited by the US Geological Survey showed a few years ago that it’s not fracking itself that is the problem. 

The problem is the disposal of wastewater, and it is not going away.

Earlier this month, Rystad Energy warned in a report that the number of seismic events in key oil-producing regions has been on the rise. Since 2017, quakes of a magnitude above 2.0 had quadrupled. Seismic activity will increase further this year, Rystad analysts added, if the US oil and gas industry continued to produce hydrocarbons the same way.

Also on rt.com After years of massive losses, US shale eyes a $60-billion year

The amount of water that is used in the drilling and fracking of shale oil and gas wells varies widely. It can be anywhere from 1.5 million gallons to 16 million gallons, according to the US Geological Survey. But that was several years ago. Since then, water use has only grown as fracking activity has increased.

After drilling and fracking, the used water—typically called produced water—is disposed of in underground injection wells. The more water is injected, the more likely seismic events become because, put simply, millions upon millions of gallons of water injected into rock formation change the pressures in this formation, triggering increased seismic activity. Now, the USGS makes a point of noting that not all wastewater injection wells will lead to an increased likelihood of quakes. Still, the data cited by Rystad Energy indicates that even if some wells lead to more quakes, it’s bad enough. Since the start of this year, the consultancy noted, there have been 11 earthquakes in Oklahoma, Texas, Louisiana, and New Mexico with a magnitude of above 3.5. This compares with 14 such events for the whole of 2020 and six in 2018 and 2019 each.

‘Too much hype over environmental friendliness’: Former energy minister says Russian gas four times cleaner than American LNG ‘Too much hype over environmental friendliness’: Former energy minister says Russian gas four times cleaner than American LNG

Now, someone with a grim sense of humor might say quakes are a good indication of the recovery of oil and gas drilling after the worst of the pandemic, but the 2020 number is worrying because it was recorded in a year when drilling activity was severely depressed because of the pandemic. Indeed, the Rystad data showed that last year oil and gas drillers disposed of 11.3 billion barrels of produced water, down from 12.4 billion barrels a year earlier and 11.5 billion barrels in 2018. Yet seismic activity increased even further last year.

Drilling activity is also increasing now that oil prices have recovered faster than many expected. The increase is still cautious as upstream companies still remember the devastating blow their industry suffered last year. Yet demand is growing. This could lead to not only higher prices still but more drilling and, consequently, more wastewater disposal. Alternatively, it could lead to more water recycling and reuse.

A local Texas daily reported this week that one water recycling and reuse company was expanding its operations in the Permian in anticipation of a further rise in drilling production. The company, Breakwater Midstream, operates ten water recycling facilities in the area and plans to build another two. The company’s CEO, in comments on these plans, noted increased seismic activity in the region as one of the reasons for the growing demand for produced water treatment facilities.

Indeed, recycling and reuse is the most obvious alternative to dumping billions of gallons of water in wells, some of which would trigger increased seismic activity. 

But this is not cheap.

“To maintain water disposal at 2020 levels and offset its coming growth, the amount of water that is treated and recycled must instead grow going forward and the cost of doing that could accumulate to above $1 billion annually for oil and gas producers. The costs can vary per region, but the Permian Basin has very competitive economics compared to other areas,” said Rystad shale analyst Ryan Hassler in the consultancy’s report on seismic activity in the US shale patch.

Also on rt.com California Governor Newsom, facing recall election, vows to stop issuing fracking permits by 2024 and phase out oil extraction

What’s more, this amount will be growing as more drilling leads to more water use and therefore, more demand for produced water treatment. At the same time, in some positive news, as Rystad notes, Breakwater Midstream is by far not the only company expanding its water treatment operations. The more companies offer these services, the cheaper they should become. Yet, there is a twist.

A Democratic Congressman this month tabled a bill that could reclassify wastewater from oil and gas drilling operations as hazardous waste. This would obligate companies producing it to dispose of it in specially designated Class I disposal wells. To compare, currently, produced water is disposed of in Class II wells. There are close to 200,000 Class II wells. There are fewer than 300 Class I wells. If this bill becomes a law, any growth in the US shale oil and gas industry that Rystad and others are forecasting would be stumped severely, at least until wastewater processors build the necessary capacity to treat most of the water used in well drilling.

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/527747-wastewater-problem-us-shale/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Black Workers Stopped Making Progress on Pay. Is It Racism?

Consider information technology, which offers some of the best-paid jobs in the country. African Americans earn around one in 10 bachelor’s degrees in computer science nationwide. By contrast, they account for only 2.6 of every 100 computer workers in the region around San Francisco, including Silicon Valley.

Even with the credentials that many African Americans have in the field, Dr. Spriggs said in an interview, “Silicon Valley says, ‘Yeah, but they are not skilled.’”

But for all the evidence of racial disparities, many economists say employers’ racial biases cannot fully explain what’s going on in the workplace. The idea that discrimination alone has determined Black workers’ lot at work — their employment and their wages — does not mesh with how American society changed over the past half-century.

Simply put, if racism is the reason that Black workers have lagged in pay, said Erik Hurst, a professor of economics at the University of Chicago, how is it that they made such progress after World War II, significantly closing the wage gap with whites while segregation and other explicit barriers were still widespread? And why did this progress stop even though racial animus, by various measures, declined over the years?

The share of whites approving of interracial marriage, for example, rose to 87 percent in 2013, the last time Gallup asked the question, from 48 percent in 1965. The share of whites who said they would vote for a Black presidential candidate increased to 96 percent in 2020 from 77 percent in 1983 and 38 percent in 1958. Answers to many other questions asked by the General Social Survey, a long-running academic effort to understand the views of Americans, suggest that racial prejudice has declined over the last several decades.

Most of the gains made by African Americans in the workplace were made from the 1940s to the 1970s, when racial biases were much more prevalent across society. Then they got stuck.

“There was convergence between Blacks and whites, but then it stopped,” said Dr. Hurst, who is also ​deputy director of the Becker Friedman Institute for Economics, which sponsors a podcast I host. “The question is why.”

Article source: https://www.nytimes.com/2021/06/28/business/economy/black-workers-racial-pay-gap.html

An Accusation Blew Up a Campaign. The Media Didn’t Know What to Do.

The progressive website The Intercept (which had exposed a trumped-up sexual misconduct claim against a gay Democrat in Massachusetts last year) also looked into Ms. Kim’s accusations, calling former Stringer campaign aides, and found that a series of widely reported details from Ms. Pastor’s statement — though not Ms. Kim’s core allegations — were inaccurate. A longtime New York political hand who had known both Mr. Stringer and Ms. Kim at the time, Mike McGuire, also told me he’d been waiting to talk on the record about what he saw as factual errors in Ms. Kim’s lawyer’s account, but that I was only the second reporter to call him, after Ms. Glueck. Ms. Kim, meanwhile, had been open about her motives — she wanted voters to know about the allegation.

It’s easy to blame the relative lack of curiosity about the underlying story on the cliché of a hollowed-out local press corps, but that’s not really true in this case. The New York mayor’s race received rich and often ambitious coverage, as good and varied as I’ve seen at least since 2001, often from newer outlets like Politico and The City. The winner of the vote’s first round, Eric Adams, saw reporters investigate his donors and peer into his refrigerator.

In an article in Columbia Journalism Review, Andrea Gabor examined coverage of the race and found that the allegations had prompted news organizations to stop covering Mr. Stringer as a top-tier candidate. She suggested that reporters “recalibrate the judgments they make on how to cover candidates such as Stringer in their wake.”

In May, Mr. Stringer’s aides told me they were in talks with some former endorsers to return, as well as with the progressive movement’s biggest star, Alexandria Ocasio-Cortez, when they learned of an allegation from another woman: that some 30 years ago, Mr. Stringer had sexually harassed her when she worked for him at a bar. The Times reported the account of the second woman, Teresa Logan, with corroboration. The next day, Ms. Ocasio-Cortez endorsed Maya Wiley, who came in second after the in-person voting ended. She said that time was running out and that progressives had to unite, a suggestion that the second allegation had made up her mind.

But when you get beyond the reporters gaming out winners and losers, and beyond politicians weighing endorsements, here’s the strange thing: It’s not clear there’s anything like a consensus among voters on how the decades-old allegations should have affected Mr. Stringer’s support. Gov. Andrew Cuomo of New York, for instance, has weathered far more recent claims from his own aides. And even two of the legislators who dropped their support of Mr. Stringer told me they were still wrestling with the decision and their roles and that of the media. Ms. Ocasio-Cortez seemed to signal a similar concern when, on Election Day, she revealed that she had ranked Mr. Stringer second on her ballot.

State Senator Alessandra Biaggi said that the moment had been “incredibly painful” but that she’d begun to feel that “my integrity was being compromised” by staying with Mr. Stringer. She also said that if she were a New York City voter, she would have ranked Mr. Stringer among her top choices, and wished there was space for more nuance in public conversations about sexual misconduct allegations.

Yuh-Line Niou, a state assemblywoman from Manhattan, told me she thought the media had unfairly “put a lot of pressure on women who are survivors to speak up,” an experience that had been “scary and in a lot of ways violent.” She said she would have backed Mr. Stringer if he’d acknowledged that he’d harmed Ms. Kim, and added that his denial revealed that he had come from “a time when people don’t talk about what it is to be human, that you have to be perfect somehow.”

Article source: https://www.nytimes.com/2021/06/27/business/media/scott-stringer-accusations.html

As Scott Stringer’s Campaign Reeled, the Media Was Confounded

The progressive website The Intercept (which had exposed a trumped-up sexual misconduct claim against a gay Democrat in Massachusetts last year) also looked into Ms. Kim’s accusations, calling former Stringer campaign aides, and found that a series of widely reported details from Ms. Pastor’s statement — though not Ms. Kim’s core allegations — were inaccurate. A longtime New York political hand who had known both Mr. Stringer and Ms. Kim at the time, Mike McGuire, also told me he’d been waiting to talk on the record about what he saw as factual errors in Ms. Kim’s lawyer’s account, but that I was only the second reporter to call him, after Ms. Glueck. Ms. Kim, meanwhile, had been open about her motives — she wanted voters to know about the allegation.

It’s easy to blame the relative lack of curiosity about the underlying story on the cliché of a hollowed-out local press corps, but that’s not really true in this case. The New York mayor’s race received rich and often ambitious coverage, as good and varied as I’ve seen at least since 2001, often from newer outlets like Politico and The City. The winner of the vote’s first round, Eric Adams, saw reporters investigate his donors and peer into his refrigerator.

In an article in Columbia Journalism Review, Andrea Gabor examined coverage of the race and found that the allegations had prompted news organizations to stop covering Mr. Stringer as a top-tier candidate. She suggested that reporters “recalibrate the judgments they make on how to cover candidates such as Stringer in their wake.”

In May, Mr. Stringer’s aides told me they were in talks with some former endorsers to return, as well as with the progressive movement’s biggest star, Alexandria Ocasio-Cortez, when they learned of an allegation from another woman: that some 30 years ago, Mr. Stringer had sexually harassed her when she worked for him at a bar. The Times reported the account of the second woman, Teresa Logan, with corroboration. The next day, Ms. Ocasio-Cortez endorsed Maya Wiley, who came in second after the in-person voting ended. She said that time was running out and that progressives had to unite, a suggestion that the second allegation had made up her mind.

But when you get beyond the reporters gaming out winners and losers, and beyond politicians weighing endorsements, here’s the strange thing: It’s not clear there’s anything like a consensus among voters on how the decades-old allegations should have affected Mr. Stringer’s support. Gov. Andrew Cuomo of New York, for instance, has weathered far more recent claims from his own aides. And even two of the legislators who dropped their support of Mr. Stringer told me they were still wrestling with the decision and their roles and that of the media. Ms. Ocasio-Cortez seemed to signal a similar concern when, on Election Day, she revealed that she had ranked Mr. Stringer second on her ballot.

State Senator Alessandra Biaggi said that the moment had been “incredibly painful” but that she’d begun to feel that “my integrity was being compromised” by staying with Mr. Stringer. She also said that if she were a New York City voter, she would have ranked Mr. Stringer among her top choices, and wished there was space for more nuance in public conversations about sexual misconduct allegations.

Yuh-Line Niou, a state assemblywoman from Manhattan, told me she thought the media had unfairly “put a lot of pressure on women who are survivors to speak up,” an experience that had been “scary and in a lot of ways violent.” She said she would have backed Mr. Stringer if he’d acknowledged that he’d harmed Ms. Kim, and added that his denial revealed that he had come from “a time when people don’t talk about what it is to be human, that you have to be perfect somehow.”

Article source: https://www.nytimes.com/2021/06/27/business/media/scott-stringer-press-coverage.html

Where Jobless Benefits Were Cut, Jobs Are Still Hard to Fill

She got an offer on the spot and took it.

Justin Johnson, too, already had a job when he showed up at an Express Employment Professionals office. He was working at a pet feed company, earning $14 an hour to shovel piles of mud or oats. But that week temperatures topped 90 degrees every day and were heading past 100.

“The supervisor pushed people too hard,” Mr. Johnson said. He had to bring his own water, and if it was a slow day, he got sent home early, without pay for the lost hours.

He accepted an offer to begin work the next day at a bottle packaging plant, earning $16.50.

Amy Barber Terschluse, the owner of three Express franchises in St. Louis, handles mostly manufacturing, distribution and administrative jobs. Wages, hours and a short commute are what matter most to job seekers, she said, and few would work for less than $14 an hour.

Ms. Terschluse said she had also had to educate employers, who have gotten used to low wages and the ability to dictate schedules and other conditions.

Some employers, she said, have also gotten into “a vicious cycle of replace, replace, replace.”

In industries like hospitality and warehousing, annual turnover rates can surpass 100 percent, which can pare overall growth. Mary C. Daly, president of the Federal Reserve Bank of San Francisco, said good job matches between employers and workers produced the most productivity and engagement.

A dynamic labor market is one where the two sides negotiate over compensation, Ms. Daly said. If jobless benefits allow people to be a little more choosy because they are not destitute, she said, then “I, as an economist, predict that will be better for job matches and a better economy in the long run.”

Article source: https://www.nytimes.com/2021/06/27/business/economy/jobs-workers-unemployment-benefits.html

China’s industrial profits soar over 83% in five months of 2021

The growth came on the back of recovery in demand. Compared with the first five months of 2019, the figure represented a rise of 48%. 

Statistics show that, in May alone, the profits of major industrial firms grew 36.4% in annual terms to 829.9 billion yuan ($11.4 billion). The pharmaceutical manufacturing industry saw profits skyrocket by 85.7% year-on-year in May, an increase of 23.6 percentage points from April.

A senior NBS statistician, Zhu Hong, cited by Xinhua News, said that nearly 70% of the 41 industrial sectors under the NBS measurement achieved a year-on-year increase in profits in May. Over 80% of the sectors’ profits exceeded the same period in 2019.

Also on rt.com China now India’s 2nd largest export partner

He noted, however, that profits were mainly concentrated in the upstream mining and raw-material manufacturing industries due to factors such as rising prices in bulk commodities. Meanwhile, the profit growth rate of private enterprises was lower than the average level of major industrial firms.

According to Zhu, efforts will be made to guide bulk commodity prices to return to the fundamentals of supply and demand, and to promote the sustainable recovery of the nation’s economy.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/527720-china-industrial-profits-growth/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Russia’s largest gold mining company to boost output amid global production drop

The company expects a small drop this year, partly due to an ore-grade decline at some of its Siberian mines, with output recovery in 2022 and 2023.

“The essence of our short-term strategy is providing an increase in production while maintaining costs, paying stable dividends amid just slight capex growth,” Polyus CEO Pavel Grachev said in an interview with Bloomberg.

The company is also planning to open a mine at Sukhoi Log, one of the world’s biggest gold deposits, in east-central Russia in 2027, which has estimated reserves of 540 million tons of ore, containing 40 million troy ounces of gold. The only other large project globally, in Canada, is on a much smaller scale, according to Grachev.

Also on rt.com Russia to open WORLD’S LARGEST gold mine in Siberia

Polyus is the world’s fourth largest gold miner and the biggest gold producer in Russia, with assets in the Krasnoyarsk, Irkutsk, and Magadan regions, and the Republic of Sakha in Yakutia.

This year, the company switched to hydropower through a contract with RusHydro for 90% of its electricity supply. It is now the only major miner working on 100% renewable power, Grachev said. Polyus also fully dropped the use of diesel fuel at its sites after building 600km of power lines, he added.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/527483-russia-polyus-gold-output/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Bitcoin will go all the way to $160K this year, CEO of crypto lending platform predicts

According to Alex Mashinsky, chief executive officer and co-founder of the centralized cryptocurrency lending platform Celsius, the crypto market was bound for a correction following bitcoin’s recent all-time high of over $63,000.

“When you go too high, too fast, you are bound for a correction,” Mashinsky told Cointelegraph at Bitcoin 2021 in Miami. “You can see my tweets in both March and February saying ‘we’re going to have a crash; we’re going to have a correction.’ I predicted $30,000. Bitcoin is like a spring – we stretch it too much and we put too much leverage. Too many people got greedy.”

He further forecast that he sees bitcoin reaching $160,000 this year, or possibly a bit lower: “We haven’t seen the highs yet for 2021.”

Also on rt.com Bitcoin spikes as Elon Musk denies ‘market manipulation’ says Tesla to resume crypto transactions when mining becomes ‘clean’

On the subject of Tesla CEO Elon Musk’s latest tweets about bitcoin, Mashinsky noted that the businessman is not helping the crypto community but rather manipulating the market. As such, he said, Musk is simply a “tourist” in the land of crypto. 

“If the richest guy in the world is willing to exchange a bitcoin for a Tesla, you have to ask yourself, who is getting the good deal? The minute you buy that Tesla, it’s worth less than what you paid for it, but bitcoin is going to continue to increase in value. So that transaction is good for Elon, but it’s not good for you,” Mashinsky explained.

Bitcoin was trading up almost 6% on Sunday, at $32.741 per token.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/527709-bitcoin-price-growth-this-year/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

China’s investment in new Silk Road countries exceeds $130 BILLION

“Over the past eight years, the Belt and Road Initiative has turned from a sketch into a reality, providing tremendous opportunities and bonuses to countries around the world,” the Chinese Foreign Ministry’s website quoted him as saying on Thursday at a video conference on cooperation within the framework of the initiative in the Asia-Pacific region.

“The aggregate trade between China and the countries participating in the One Belt, One Road initiative has exceeded $9.2 trillion. Direct investments of Chinese companies in the countries of the project have exceeded $130 billion,” Wang said.

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He also pointed out that despite the difficult epidemic situation, trade between China and the countries of the initiative reached a record $1.35 trillion in 2020.  That had a positive impact on combating the consequences of the Covid pandemic, stabilizing the economy and protecting the welfare of the population.

The ambitious multi-trillion dollar Belt and Road Initiative (also known as the ‘New Silk Road’), announced by Chinese President Xi Jinping in 2013, aims to boost connectivity and cooperation between East Asia, Europe and East Africa. It is expected to significantly expand global trade, cutting trading costs in half for the countries involved.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/527443-china-silk-road-investment/?utm_source=rss&utm_medium=rss&utm_campaign=RSS