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China aims for ‘”Olympic Blue” – plans to extend steel curbs

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China’s top steel hub will join the campaign to ensure blue skies for Beijing’s Winter Olympics next year.

The move will cap output and ordering other measures to slash pollution.

Tangshan a coastal town will extend steel curbs to March next year with air population falling by at least 40 percent.

The city’s steelmakers account for 8% of global output.

Steel mills in Tangshan will have to keep in place production curbs ordered this year but which are due to expire on Dec. 31, according to Mysteel. Other measures to boost air quality include curbs on heavy vehicles and cement production, and switching more transport to clean fuels.

Calls to Tangshan’s environmental office weren’t answered

The Olympics curbs come amid a gathering nationwide push to reduce steel output after production smashed records in the first half of the year. Mills in Tangshan — which churned out 144 million tons in 2020 — will have to reduce production by 12.4 million tons this year, while the broader Hebei province is aiming for a 21.7 million-ton reduction.

When Beijing hosted the Summer Olympics in 2008, authorities shut a high amount of factories in the industrial regions near the capital with the move titled “Olympic Blue.”

14 years on, it doesn’t seem like much has changed.

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Money

Amazon launches ‘Haul’ for low-cost goods

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Amazon has introduced ‘Haul,’ a new budget outlet with prices capped at $20 to take on low-cost rivals Shein and Temu.

The online giant says Haul will feature “crazy low prices” with delivery times of up to two weeks.

The launch marks Amazon’s foray into selling cheaper goods, similar to the fast-growing model of its Chinese competitors.

Retail analysts caution that this new venture may face environmental concerns similar to Temu’s and Shein’s.

With most items priced under $10, Amazon is banking on a surge in demand for affordable finds.

Haul offers free delivery on orders over $25, positioning itself as the new low-cost option in the crowded market.

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Money

Traders bet on Bitcoin hitting $100k by end of year

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Surge in Bitcoin prices follows pro-crypto political victories, with traders betting on a $100,000 milestone by year-end.

Bitcoin’s value surged past $90,000 on Wednesday, marking a record high amid investor excitement surrounding a possible cryptocurrency renaissance as Donald Trump steps into his second term as U.S. president.

The election of Trump, who has openly endorsed crypto, has sparked a 30% rise in bitcoin’s price since Election Day, boosted by the success of dozens of congressional candidates supported by crypto-friendly political action committees.

Hitting $100,000

According to Jake Ostrovskis, an OTC trader at crypto market maker Wintermute, traders are betting that Bitcoin could hit $100,000 before the end of the year, with $850 million in options contracts speculating on this milestone by December 27.

The crypto industry, which contributed around $170 million to support candidates viewed as allies, is optimistic about a wave of deregulation and favorable policies.

Trump has promised to establish a national bitcoin reserve and aims to replace SEC Chair Gary Gensler, who has led a strict regulatory approach to crypto.

With aggregate open interest on Bitcoin derivatives soaring to $61 billion, investors are increasingly bullish, betting on bitcoin’s growth via options and perpetual futures contracts.

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Money

Consumer prices rise as Fed weighs December rate cut

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Consumer prices ticked up in October, marking a slight rise after September’s 3½-year low, showing an uneven path for inflation.

Despite the bump, the increase likely won’t deter the Federal Reserve from a possible December interest-rate cut.

The Labor Department reported consumer prices were up 2.6% from a year ago, with core inflation, excluding food and energy, up 3.3%.

Steady consumer spending and hiring may fuel debate on slowing rate cuts early next year.

Investors welcomed the report, betting on a quarter-point rate cut in December.

This response reflects confidence that President-Elect Trump and the Fed will avoid early policy clashes, despite Trump’s pro-lower-rate stance.

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