Venezuela’s interim president, Delcy Rodríguez, ordered the creation of a Special Commission to identify assets that are not essential to the State, in order to proceed with their liquidation and repurposing.

Considering that the country now needs to make the most of its resources, the official indicated that the team will “evaluate, among other elements of the national patrimony, non-productive companies in the hands of the State for their liquidation and repurposing.”

The commission will be composed of the Attorney General of the Republic, Arianny Seijo; the Vice President for Economic Affairs, Calixto Ortega; The Minister of Economy and Finance, Anabel Pereira; the Minister of National Commerce and Industries, Luis Villegas; the Minister of Communes, Michael Prado; and Luigi Pisella, former president of Conindustria, representing the private sector.

Rodríguez explained that the evaluation encompasses assets, including both productive and non-productive companies owned by the State. “Now that we want to streamline and expedite state processes, this commission will prioritize four key categories.”

The evaluation will focus on four areas:

1. – Strategic assets and goods that belong to and remain in the hands of the State.
2. –Public-private partnerships, where the State retains ownership but, given the need for capital, technology, and efficiency, reaches agreements that allow for the development of productive processes.
3. – Supply, based on assets that are not needed for the State’s strategic processes.
4. – Liquidation and disposal.

M.Pino

Source: bitacoraeconomica

(Reference image source: William Marques on Unsplash)

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La entrada Venezuela creates a commission to evaluate assets not needed by the State apareció primero en Bitfinance.

Evergrande, a Chinese real estate group that has been the headline of the news media for its million-dollar debts for some time, will be liquidated, sources indicated this Monday.

In 2023, Chinese real estate giant Evergrande was pressured by the court to present a viable restructuring plan. However, Judge Linda Chan of the High Court ordered the liquidation of the company on January 29 because it did not reach said goal.

The debts reported by the firm exceed USD 300,000 million. After the court’s decision was announced, Evergrande’s shares fell more than 20 % on the Hong Kong stock exchange“and its stock market listing was interrupted,” as was its listing of the electric car subsidiary.

The Evergrande crisis that has finally led the court to order its liquidation accelerated after a creditor presented, in 2023, the request for said process. The two parties began negotiations for an agreement that, unfortunately, was not achieved.

A lawyer representing the company’s creditors has indicated that the only person responsible for the liquidation is the real estate emporium itself. Even President Xi Jinping himself considered that the debt of Evergrande, and other firms in the sector, represented “an unacceptable risk to the economic well-being of the country.”

M.Pino

Source: DW

(Reference image source: Unsplash+, in collaboration with Mika Korhonen)

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La entrada Hong Kong court orders liquidation of real estate giant Evergrande apareció primero en Bitfinance.

In recent days, the crypto market has been experiencing a liquidation process of more than 260 million dollars, while the most important cryptocurrencies in the system registered significant losses.

According to BeinCrypto, Ethereum operators saw the liquidation of more than 17,600 ETH at about 43 million dollars, while Bitcoin was liquidated at 31 million dollars and Luna was quoted at 2.77 million dollars.

The exchanges that recorded the most liquidations were OKex, FTX and Binance, but more than “69,000 traders lost their positions”.

The income to the different platforms for buying and selling virtual currencies increased. “BTC exchange inbound volume (7d MA) hit a three-month high of 1,755,021 BTC.”

Falling markets

Currently, all markets are registering a decline and the crypto market is no exception, but the trigger that caused this behavior in recent days is unknown.

The total crypto market capitalization dropped in 24 hours from “$1.75 trillion to $1.62 trillion, with a trading volume of approximately $102 billion.”

For its part, Bitcoin registered a market capitalization in the order of 638,000 million dollars, much less than the trillion dollars achieved last year.

This behavior gives strength to the idea of ​​some analysts, who consider that the cryptocurrency market “is moving more in line with traditional markets.”

M. Rodríguez

Source: bolsamania.com

La entrada Massive liquidations impact the crypto market apareció primero en Bitfinance.