News in Brief
China imports of Russian oil highest: Data
REUTERS – Chinese imports of Russian oil last month hit their highest level since February 2022, customs data showed Tuesday.
China is Russia’s largest economic partner, with trade between them reaching a record $190 billion last year.
In May, China imported 9.71 million tonnes of oil from Russia, Beijing said, more than double the amount from February 2022.
Crypto
a ‘flawed system’: BIS
AFP – The Bank for International Settlements (BIS) said Tuesday that decentralised cryptocurrencies are a “flawed system” and instead supported the development of a centralised alternative.
The BIS, regarded as the central bank of central banks, backed “tokenisation” or the conversion of money and other assets into digital tokens that can be traded on programmable platforms, saying it offers the promise of a “major leap” in the financial system.
Intel to spend $33b in Germany in landmark expansion
CNBC – Intel will spend more than 30 billion euros ($33 billion) to develop two chip-making plants in Magdeburg as part of its expansion push in Europe, a deal Chancellor Olaf Scholz hailed as Germany’s biggest ever foreign investment.
Berlin has agreed subsidies worth nearly 10 billion euros with the U.S. chipmaker, a person familiar with the matter said, more than the 6.8 billion euros it had initially offered Intel to build two leading-edge facilities in the eastern city.