During the presentation of the first-quarter earnings, the CEO of Western Union announced the launch of its USDPT stablecoin, scheduled for May.

It will be issued by Anchorage Digital Bank, which is currently the only federally licensed crypto bank in the United States.

According to the executive, the launch of the digital currency aims to offer an alternative to the SWIFT settlement system, leveraging the Solana blockchain “to process in real time and without business days what banks take up to three days to settle.”

The bank’s biggest ambition is to offer real-time settlement, 24/7, including holidays, unlike traditional banking.

The USDPT stablecoin is the first launch in Western Union’s plans. Second would be the Digital Asset Network (DAN), a platform that connects crypto wallets to the Western Union cash network. And third would be the Stable Card, planned for the end of 2026, which “will function as a debit card that allows users to hold stablecoins and spend in local currency through existing card networks, focusing on high-inflation markets where demand for dollar-denominated instruments is high.”

M.Pino

Source: cripto247

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The Organization of the Petroleum Exporting Countries’ report, published in June, placed Venezuela’s oil production at the end of May at 1,066,000 bpd; a slight increase compared to April’s 15,000 bpd.

According to these OPEC data, Venezuela “maintained an average of around one million barrels per day during the last quarter.”

However, according to secondary sources within the organization, the trend is the opposite; That is, “average Venezuelan crude oil production in May was 896,000 barrels per day, a drop of 32,000 barrels compared to April, and represents the lowest volume recorded so far this year.”

According to these sources, production from January to March was 926,000 barrels per day, a figure below the official figure. In April and May, the average fell to 912,000 barrels per day.

In this context, however, last month’s volume was 28,000 barrels per day higher than the 2024 average, “estimated by these same sources at 868,000 barrels per day.”

M.Pino

Source: elnacional

(Reference image source: Moritz Kindler on Unsplash)

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La entrada Venezuela’s oil production reported a slight increase in May apareció primero en Bitfinance.

Reports for May in China’s industrial sector indicate sustained growth, driven by innovation. According to data for last month, “China’s value-added industrial output grew 5.8 percent year-on-year.”

In the manufacturing sector, value-added output increased 6.2 % year-on-year, with increases of 9 % and 8.6 % in equipment manufacturing and high-tech manufacturing, respectively, according to the National Bureau of Statistics.

China’s industrial production grew 6.3 % from January to May. This sector is key to the Asian nation’s economy, as it serves as a benchmark for measuring the activity of large companies with annual revenues of at least 20 million yuan (about $2.79 million) from their core business.

This boost to the industrial sector is the result of effective policy support and continuous improvements, which have enabled relatively rapid expansion last month, “demonstrating strong resilience and potential,” said bureau spokesperson Fu Linghui.

The official highlighted strong expansion in high-end manufacturing, the digital economy, and the new energy sector. Specifically, last month saw an increase in production of 3D printing equipment. as well as industrial robots and new energy vehicles, by 40, 35.5, and 31.7 percent year-on-year, respectively.

M.Pino

Source: xinhuanet

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The recent decision by eight OPEC+ members to maintain the increase in crude oil production in May led prices to extend their previous losses.

On Thursday, April 3, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan, and Oman decided to maintain the increase in production in May, at 411,000 barrels of oil per day.

“Oil prices, which had already lost more than 4 % following US President Donald Trump’s announcement of imposing tariffs on his trading partners, deepened their decline,” the statement said. On the other hand, OPEC+ also announced that there will be another 3.65 million bpd in production cuts through the end of 2026 to support the market.

The eight OPEC+ members had considered increasing production by 135,000 bpd next month “as part of a plan to gradually unwind their most recent layer of cuts.”

However, at last week’s virtual meeting, they approached their decision differently. Upon learning of the measure, OPEC justified the decision by citing “the continuation of healthy market fundamentals and the positive market outlook,” which “includes the increase originally planned for May, in addition to two monthly increases.”

The eight member countries will meet again on May 5 to decide on the production quota for the month of June.

M.Pino

Source: finanzasdigital

(Reference image source: Christian Harb on Unsplash)

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Apple is all set to announce its next products on May 7, during the Let Loose event on its website. These are the iPad Pro with an OLED screen and the iPad Air with a 12.9-inch screen.

The new devices incorporate new features, such as faster chips and “renewed accessories, such as the Magic Keyboard and the Apple Pencil stylus.”

The preview of this launch was made by Apple expert analyst and Bloomberg journalist, Mark Gurman, who noted that “the new iPad Pro OLED models will feature Apple’s internal M3 chip, along with a renewed Magic Keyboard and a Larger Apple Pencil; while the iPad Air will feature the next-generation M2 chip and will be available in two sizes – the standard 10.9-inch option and a larger 12.9-inch screen.”

Other features that the new iPad Pro models could be an M3 processor, front camera on one side, MagSafe wireless charging, thinner case and integrating a redesigned aluminum Magic Keyboard and a third-generation Apple Pencil with interchangeable magnetic tips.

On the other hand, the iPad Air will be available in “two models: one 12.9 inches with a mini-LED screen and another 10.9 inches, accompanied by an M2 processor with a front camera – also on one of the sides – and in new colors available.”

M.Pino

Source: 20minutos

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The Consumer Price Index (CPI) of Argentina returned repeatedly in May above three digits, reaching 114.2 % year-on-year, which represents an increase of 5.4 points compared to the data for April.

For its part, according to the National Institute of Statistics and Censuses (Indec), monthly inflation has been 7.8 %, 0.6 tenths less than in April. In turn, only in the first five months of the year, accumulated inflation is 42.2 % (ten points more than in April).

The monthly data for May is the second highest in the last year, only behind the figure of 8.4 % from last April. Similarly, in year-on-year terms, it represents the fourth consecutive month in which the index exceeds three digits.

The division of housing, water, electricity, gas and other fuels had a higher than average monthly increase, and was the only group that increased above double digits, up to 11.9 %. It is followed by restaurants and hotels (9.3 %) and health (9 %). Four other groups were also above the national average.

On the other hand, the two divisions with the least variation in May were education (4.9 %, one tenth less than in April) and food and non-alcoholic beverages (5.8 %).

K. Tovar

Source: El País

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The unemployment rate in the United States rose three tenths in May, up to 3.7 %, despite the fact that 339,000 new jobs were created, according to data published by the Labor Department.

However, the unemployment rate in the US still remains within the range of 3.4 % and 3.7 % in which it has been fluctuating since March 2022.

The total number of unemployed reached 6.1 million people after adding 440,000 new people to the unemployment lists. In particular, those unemployed for less than five weeks grew by 217,000, to 2.08 million, and those without work for 15 to 26 weeks, which added 179,000 more people to account for a total of 858,000.

The long-term unemployed (more than 27 weeks without a job) remained “basically unchanged” at 1.2 million, while those without a job for 5 to 14 weeks lightened their figure, to 1.87 million after falling in 50,000.

In the fifth month of 2023, employment continued to show an upward trend in professional and business services, services, public employment, construction, transportation and storage, and social assistance.

The number of people employed part-time for economic reasons held at around 3.74 million in May, while the labor force participation rate was 62.6 %, unchanged.

Source: dpa

(Reference image source: Joyce Romero, Unsplash)

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The spokesman for the International Monetary Fund (IMF), Gerry Rice, said that the Washington-based institution will do everything possible to reach a debt agreement with Argentina before May, as suggested by Argentine Economy Minister, Martín Guzmán.

“We do not have a tentative deadline. Minister Guzman reiterated the authorities’ desire to reach a conclusion by May and we will do everything possible to meet the deadline suggested by the minister,” Rice said.

The intention of the Argentine government is to close the refinancing agreement of 45,000 million dollars of debt with the IMF before May, in order to be able to face the negotiations with the Paris Club for the payment of 2,400 million dollars.

In this line, the spokesperson explained that the conversations between both actors will take place virtually in the coming weeks due to the epidemiological situation. Rice has slipped the possibility that the Argentine authorities make a face-to-face visit to Washington, although he has not confirmed a date.

K. Tovar

Source: dpa

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