New cryptocurrency institute launched in Türkiye
A new institute has been established in Türkiye to combat recent problems in cryptocurrency exchanges and boost confidence in the sector. Emrah Inanc, head of the new Crypto Industry Development, Monitoring, and Reporting Institute, told Anadolu that transparency is crucial for development of the crypto industry.
"We formed our institution and started activities in order to develop the industry and boost confidence in the sector in this period when the sector is going through a difficult period," Inanc said.
The number of people trading cryptocurrencies in Türkiye as of 2022 was projected at over 8 million, he stressed. Turkiye is in the top five countries in the world in terms of cryptocurrency investments, Inanc highlighted.
Pointing that a number of Far Eastern cryptocurrency exchanges want to attract customers in Türkiye, Inanc said the lack of regulation and direct regulatory authority has led to inconvenient results.
"We are faced with allegations that some exchanges have blocked customer accounts illegally for financing terrorism and money laundering," he explained, acknowledging some of the public problems with the sector.
Inanc stressed that they are ready to periodically and transparently share with all relevant public institutions the shortcomings they have found with the stock markets that have been closely monitored.
He also warned traders about offshore cryptocurrency exchanges, saying: "In order to prevent these illegal practices and irregularities, we will take the necessary steps to block cryptocurrency exchanges, even if they are established in island countries, that cause unlawful transactions, cause victimization, and threaten our citizens and the country's economy."
Inanc underlined that all individuals and institutions can send their requests, suggestions and complaints to the group by filling out the form posted at cexreport.com.
Business magnate Rupert Murdoch has withdrawn a proposal to explore a possible merger of his media companies Fox and News Corp, according to a statement released Tuesday.
"In withdrawing the proposal, Mr. Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for the shareholders of FOX and News Corp at this time," Fox said.
"As a result of this action, the Special Committee of the Board of Directors of Fox Corporation has been dissolved. The Board would like to express its appreciation for the Special Committee's efforts on this matter," it added.
After the announcement, the stock price of Fox rose 1%, while News Corp shares fell 1.1% in afterhours trading on the Nasdaq.
Murdoch and his family own around a 42% voting stake in Fox and 39% in News Corp.
The proposed merger aimed to combine some of News Corp's operations in the US, UK and Australia with Fox's American brands Fox News and Fox Sports.
Oil prices decreased on Thursday influenced by weak economic data from the US amid recession fears and a hefty rise in crude stockpiles.
International benchmark crude traded at $83.92 per barrel at 9.20 a.m. local time (0620GMT), down 1.25% from the closing price of $84.98 a barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at $78.63 per barrel at the same time, a 1.47% fall after the previous session closed at $79.8 a barrel.
Oil prices retreated from their highest level in over a month after weak US data fueled recession worries. US Producer Price Index recorded its biggest decline since April 2020 in December, with a 0.5% fall, according to data released Wednesday.
Retail sales in the US fell 1.1% in December, below expectations, while industrial production fell 0.7%, the biggest drop since September 2021. Additionally, the US Fed reported that American companies expect "low growth" in the economy in the coming months.
Meanwhile, US crude oil inventories rose by about 7.6 million barrels during the week ended Jan. 13, data from the American Petroleum Institute showed.
A more-than-expected stockpile increase signals a drop in crude demand, weighing prices down. Official stock data from the US Energy Information Administration is scheduled to release later in the day, and if the estimated build-in stock levels is confirmed, prices are expected to fall further.
US household spending growth declined in December 2022, according to a survey released Tuesday by the Federal Reserve Bank of New York. The median increase in monthly household spending declined to 7.7% in December 2022, said the Survey of Consumer Expectations Household Spending.