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₹2,000 note withdrawal sparks mini gold rush, cash payments at petrol pumps and more

<ul><li><keyword id="14677124" type="General" weightage="80" keywordseo="heid" source="Orion">HEID</keyword> and HPCL collaborate to start electric battery swap services at HPCL petrol stations.</li><li>This will enable rickshaw drivers to stop by at the nearest battery stations being set up and swap discharged batteries with fully charged ones.</li><li>The inauguration ceremony was held a few days ago on August 6.</li></ul><keyword id="20630" type="General" weightage="100" keywordseo="honda" source="Orion">Honda</keyword> Motor’s unit Honda <keyword id="14677126" type="General" weightage="50" keywordseo="power-pack-energy-india-private" source="Orion">Power Pack Energy India Private</keyword> (HEID) and oil company <keyword id="156363" type="General" weightage="20" keywordseo="Hindustan-Petroleum-Corporation" source="Orion">Hindustan Petroleum Corporation</keyword> (HPCL) on Tuesday said they had started electric battery swap services at HPCL petrol stations. HEID will operate the battery swap services that will enable auto rickshaw drivers to stop at the nearest battery stations being set up and swap discharged batteries with fully charged ones. This will significantly reduce drivers’ initial cost of purchasing an electric vehicle (EV) as well as allay concerns about running out of batteries, the companies said in a statement. “Swappable batteries address the key EV adoption issues such as - high upfront costs, range anxiety and long charging time,” said Sandeep Maheshwari, executive director-retail at HPCL. Honda’s technology and HPCL’s 20,000+ retail outlets in the country will ensure scalability, he added. HEID intends to create the largest battery swap network with more than 70 stations in Bengaluru in the next 12 months. Furthermore, the service will be expanded to other major cities in a phased manner, the statement said. “HEID would focus on three actions – expanding its battery swap network in Bengaluru, ensuring reliable service with a highly integrated system monitoring every unique battery and exchanger, and supporting vehicle manufacturers who are developing EV that utilizes Honda Mobile Power Pack,” said <keyword id="14677125" type="General" weightage="50" keywordseo="kiyoshi-ito" source="Orion">Kiyoshi Ito</keyword>, president and CMD at HEID. The inauguration ceremony was held a few days ago on August 6, the companies added. HEID and HPCL had signed a memorandum of understanding (MoU) and a commercial agreement to collaborate for working in the e-mobility sector in February this year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/microsoft-onboards-ondc-to-launch-shopping-app-for-indian-consumers/articleshow/93452707.cms">Microsoft onboards ONDC to launch shopping app for Indian consumers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/coinswitch-launches-10-million-web-3-discovery-fund-to-invest-in-early-stage-indian-startups/articleshow/93452169.cms">CoinSwitch launches $10 million Web 3 Discovery Fund to invest in early-stage Indian startups</a>

Honda Power starts electric battery swap services at HPCL petrol pumps

<ul><li>The last <keyword id="30067" type="General" weightage="40" keywordseo="rbi" source="Orion">RBI</keyword> update says that 93% of the ₹2,000 notes are back with the central bank.</li><li>The ₹2,000 notes were first introduced during the <keyword id="3315394" type="General" weightage="50" keywordseo="demonetisation" source="Orion">demonetisation</keyword> exercise.</li><li>The deadline to deposit the notes is on September 30, 2023.</li></ul> With a couple of weeks to go before the deadline to deposit ₹2,000 banknotes, e-commerce giant Amazon has said that it has discontinued accepting them. Till now, many retailers along with e-commerce players, petrol pumps and even jewellers had generously started accepting these notes after RBI withdrew them in May, without banning them. However, with the festive season upon us, fewer and fewer retailers will be accepting the mega note at shops and stores and most people with residual notes will have to hit banking channels to deposit them. As of now, 93% of these notes accounting to ₹3.32 lakh crore are back with banks, said the latest RBI update on it, released in early September. “Consequently, the value of ₹2,000 banknotes in circulation as at the close of business on August 31, 2023 stood at ₹24,000 crore,” read RBI’s statement. Most of these notes had ended up with banks, which made the banking regulator come up with a temporary measure to mop up excess liquidity from the banks in its August 10 credit policy meeting update. The RBI said that scheduled banks shall maintain an incremental cash reserve ratio (I-CRR) of 10%. The new measure had come into effect the fortnight starting August 12, and the RBI has already decided to <a href="https://www.newindianexpress.com/business/2023/sep/09/rbi-to-withdraw-incremental-crr-in-phases-by-october-7-2613205.html">withdraw ICRR in a phased manner</a>. The RBI first introduced the 2000 rupee note as part of the demonetisation exercise on November 8, 2016. Currently, this is the highest currency note in circulation. The note was introduced as the ₹500 and ₹1,000 notes were withdrawn from the system to boost currency circulation. Now, with the circulation problem a thing of the past, the note has been withdrawn. Some history of updates 2017: The Indian central bank added a new security feature -- a fluorescent strip that glows green under ultraviolet light. 2018: RBI changed the design of the note with a portrait of Mahatma Gandhi on the front and a map of India on the back. 2019: Another security feature was added: a tactile strip that can be felt by people with visual impairments.

As the deposit deadline approaches, ₹2,000 notes fade from the system

The Election Commission strongly reacted after the Indian government announced use of <a href="http://www.businessinsider.in/searchresult.cms?query=indelible+ink&amp;sortorder=effectivedate">indelible ink</a> so that people do not withdraw from multiple banks. 
 The election body has written to the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">finance ministry</keyword> raising objections as several states will be going for polls. 
 
Meanwhile, woes of the common man increased after the government reduced the limit of exchange of notes from Rs 4500 to Rs 2,000. 
 Many opposition parties such as Aam Aadmi Party (AAP) and Trinamool Congress have united against <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>. 
 
Here are 10 latest developments in the <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation </a>so far 
 
 
 
(Images: Reuters/Indiatimes)

Demonetisation: Election Commission opposes use of indelible ink in banks. Here are today’s 10 latest developments

<ul class="summary-list"><li>Exchange-traded notes (<keyword id="10018057" type="UNKNOWN" weightage="60" keywordseo="etns">ETNs</keyword>) are debt securities that track the performance of a financial asset or index and trade on stock exchanges. </li><li>ETNs pay a lump sum when they mature, and investors make money if the underlying tracked asset has risen in value.</li><li>While they offer investors access to exotic sectors and strategies, ETNs have drawbacks, like illiquidity and credit risk.</li></ul>Many investors are likely familiar with the exchange-traded fund (ETF), a bundle of easily-traded securities ideally suited for portfolio diversification. But what is an exchange-traded note, or an <keyword id="4607283" type="ORGANIZATION" weightage="60" keywordseo="etn">ETN</keyword>? Is it the same as an ETF?The short answer is that the two products are quite different. An ETF operates like a <a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-mutual-funds-step-by-step-guide" target="_blank" rel="noopener">mutual fund</a>, giving investors a tiny slice of ownership in each of the bundled assets it represents, while an ETN is a debt instrument most similar to a <a href="https://markets.businessinsider.com/news/stocks/corporate-bond-sales-reach-trillion-fastest-pace-ever-debt-market-2020-5-1029258342" target="_blank" rel="noopener">corporate bond</a>. ETNs come with unique risks that are tempered by benefits like exposure to novel markets and favorable taxation, so they're well worth exploring. <h2>What is an ETN?</h2>"Exchange-traded" means that ETNs are bought and sold on a national stock exchange, while "note" is a nod to the fact that an ETN is actually a debt. Much like a <a href="https://www.businessinsider.com/personal-finance/what-is-a-bond-ladder" target="_blank" rel="noopener">bond</a>, a note is an IOU from a bank or other financial institution, indicating your purchase, and lining you up for a potential payout when it matures. ETN investors don't own anything; rather, they hold this debt.Without ownership shares, that payout can't come in the form of dividends, so where does it come from? An ETN is modeled to track a specific <a href="https://www.businessinsider.com/coronavirus-investing-strategy-top-market-economy-metrics-14-experts-outlook-2020-4" target="_blank" rel="noopener">market metric</a> (a measure), and your return will be based on its performance. If that metric — it can be a particular asset, asset class, or an index — is higher when your note matures than it was when you purchased it, you make a profit, and vice versa. Take an ETN that models the <a href="https://markets.businessinsider.com/commodities/gold-price" target="_blank" rel="noopener">price of gold</a>, for example. You don't actually own any gold bars, but the value of your note is pegged to gold's price. The difference between the purchase price and the sale price of the underlying commodity is your return — minus any fees. <h2>How does an ETN work?</h2>As we previously mentioned, an ETN is a debt security, a financial asset representing a loan one party makes to another. One party (who buys the security) provides liquid capital, and the other (who issues the security) offers favorable terms for getting to use that capital, dictating term length, repayment of the principal, and often a set return.The catch is that for ETNs, everything except term length is unknown, as its success or failure is bound to the performance of the asset. Plus, the debt you're taking on is <a href="https://www.businessinsider.com/personal-finance/unsecured-loans-vs-secured-loans-what-is-the-difference" target="_blank" rel="noopener">unsecured</a> — there's no collateral to back it — which means you're staking everything on the promise of the borrower. At term's end, you'll be issued a lump-sum payout consisting of your initial principal, plus or minus the price change for the underlying asset. <h2>ETNs vs. ETFs</h2>Since ETNs are so often discussed in the same breath as ETFs, it's useful to compare the two assets. Both are exchange-traded products (<a href="https://www.businessinsider.com/dont-confuse-etfs-with-etps-2018-2" target="_blank" rel="noopener">ETPs</a>), and both track the movements of the metric they represent. But from there, ETFs and ETNs differ in three crucial ways:1. Format: An ETF is built like a mutual fund and issues returns as periodic dividends, whereas an ETN is a debt instrument and issues returns as a single payout.2. Risk: A successful ETF will perform identically to its tracked index or asset, but not every ETF is successful. Deviations are known as <a href="https://www.businessinsider.com/why-etf-tracking-error-occurs-and-how-to-avoid-it-2011-3" target="_blank" rel="noopener">tracking errors</a> and eat into returns. For ETNs, tracking errors aren't a factor, since they are tied directly to their tracked metric.3. Taxation: Your ETF distributes taxable dividends based on your ownership shares. Because ETNs issue lump-sum payments, note-holders pay taxes just once. <h2>What are the benefits of an ETN?</h2>The ETN was designed to provide the reliability of a bond with the profit margin of a stock and come with a whole host of additional benefits.<h3>Favorable tax treatment</h3>Because ETNs don't distribute dividends, many note-holders escape <a href="https://www.businessinsider.com/personal-finance/how-much-is-capital-gains-tax" target="_blank" rel="noopener">short-term capital gains taxes</a>. You'd only owe taxes on any profits when the note comes due or you sell it, and that'll usually be at the lower long-term capital gains rate. <h3>Access to novel markets</h3>ETNs give access to complex strategies and sectors of the market that are often difficult, if not downright impossible, for individual investors to reach, like <a href="https://markets.businessinsider.com/indices" target="_blank" rel="noopener">foreign markets</a>, <a href="https://markets.businessinsider.com/currencies" target="_blank" rel="noopener">currencies</a>, and <a href="https://markets.businessinsider.com/commodities" target="_blank" rel="noopener">commodity futures</a>. <h3>More accurate returns</h3>Since ETNs rack their associated metrics point for point, you won't miss out on profits due to funds' underperformance, expense ratios, or tracking errors. <h3>Potentially enhanced returns </h3>A <a href="https://markets.businessinsider.com/etfs/microsectors-fang-index-2x-inverse-leveraged-etn-us0636798490" target="_blank" rel="noopener">leveraged ETN</a> — which uses financial derivatives and hedging techniques — can offer even greater returns. Think of it as a multiplier. While a regular ETN typically tracks its underlying index on a one-to-one basis, a leveraged ETF may aim for a two-to-one or even three-to-one ratio. That means, if the value of the underlying commodity increases by 1%, your return increases by 2% with a leveraged ETN. But note: those same rules also apply to losses.<h2>What are the risks of an ETN?</h2>No investment product is without its downsides, so there are some reasons to be cautious about ETNs as well. <h3>Credit risk</h3>Every trade you make exposes you to market risk (the chance that the asset won't perform well). But ETNs come with credit risk as well: If the issuing institution defaults, your principal and return go with it. Short of that, even bad news about the issuer could ding the price of its ETN, impacting you if you wanted to sell it before maturity.<h3>Lack of liquidity</h3>ETFs can be traded throughout the day, allowing the nimble investor to take advantage of market movement, but the ETN is less liquid. Those hoping to jettison large blocks of units get the opportunity to do so just once a week, leaving you exposed to holding-period risk in the meantime.<h3>Fewer investment options</h3>ETNs are less in-demand than many other products, so options remain limited and prices can vary wildly. The issuing institutions do their best to keep valuations stable, but their methods can cause fluctuation.<h2>The financial takeaway</h2>If this sounds a bit too risky, there are other non-ETN options to explore. A good place to start is with bond ETFs or <a href="https://www.businessinsider.com/coronavirus-bond-yield-drop-means-us-government-should-rebuild-economy-2020-3" target="_blank" rel="noopener">bonds</a> themselves, which guarantee a fixed rate of return in advance. Unlike ETNs, bonds are rated by credit agencies, which indicates how big a risk they are.Or, if your interest is still piqued by ETNs, think about what asset classes are currently missing from your portfolio, and look for a note that tracks them. Once you've found one you like, observe how it's behaved over time, mark the reputation and stability of the issuing bank, and make sure you understand exactly what each note and its underlying asset contains. Then and only then should you take note to add that particular exchange-traded note to your portfolio.<h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/personal-finance/what-is-an-etf-exchange-traded-fund" target="_blank" rel="noopener">An ETF is a type of investment that's easy to purchase and requires little management</a></h3><h3><a href="https://www.businessinsider.com/etf-vs-mutual-fund" target="_blank" rel="noopener">ETFs and mutual funds can instantly diversify your portfolio, but they differ in how they're traded, managed and taxed. Here's what you should know.</a></h3><h3><a href="https://markets.businessinsider.com/news/stocks/investors-pumped-record-amounts-into-us-bond-funds-one-week-2020-6-1029283894" target="_blank" rel="noopener">Investors pumped $22.5 billion into US bond funds in a single week - the highest amount since 2007</a></h3><h3><a href="https://markets.businessinsider.com/news/stocks/bank-of-america-coronavirus-bond-corporate-raises-billion-fight-pandemic-2020-5-1029207438" target="_blank" rel="noopener">Bank of America raises $1 billion in a corporate bond offering to help health industry fight pandemic</a></h3><h3><a href="https://markets.businessinsider.com/news/stocks/corporate-bond-etfs-purchased-federal-reserve-credit-facility-economic-stimulus-2020-5-1029265409" target="_blank" rel="noopener">The Fed unveils top corporate-bond ETFs targeted in its $1.3 billion stimulus spree</a></h3>

ETNs combine a bond's reliability with a stock's profitability. Here's how they work, and how to weigh the risks and rewards

<ul class="summary-list"><li>The average <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> price have risen by more than half in the past 12 months.</li><li>Nearly 35 million people are expected to travel by road this Memorial Day weekend. </li></ul>Average <keyword id="11994710" type="UNKNOWN" weightage="60" keywordseo="gas-prices" source="Orion">gas prices</keyword> in the US have hit $4.60 for the first time, adding to the cost of driving as millions prepare to travel for Memorial Day weekend.<a href="https://gasprices.aaa.com/">Data from the AAA</a> shows the average price of regular unleaded reached $4.60 a gallon on Saturday, a new record and 51% higher than the same time last year. That will add to the cost of filling up tanks as some 35 million Americans prepare to travel more than 50 miles by road over the Memorial Day weekend, <a href="https://newsroom.aaa.com/2022/05/the-heat-is-on-memorial-day-forecast-points-to-sizzlin-summer-travel/">according to forecasts by the AAA</a>. Prices are higher still across the West Coast, with an average price of $6.109 in California and $5.224 in Washington state. Gas prices continue to rise across the US amid shortages as global supply chains unwind and the fallout of <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of Ukraine continues to push up the price of oil. A <a href="https://markets.businessinsider.com/news/commodities/gas-prices-outlook-6-gallon-fuel-demand-summer-driving-season-2022-5?utm_medium=ingest&amp;utm_source=markets">research note from JPMorgan</a> suggested prices across the US could average $6 this summer.But there is already evidence that the <a href="https://markets.businessinsider.com/news/commodities/gas-prices-record-high-us-demand-destruction-crude-oil-prices-2022-5">high cost of fuel is dampening demand</a>, with some opting to leave the car at home or not making trips to avoid soaring costs. Last week the House voted 217-207 <a href="https://www.congress.gov/117/bills/hr7688/BILLS-117hr7688ih.pdf">in favor of a bill</a> that would allow Federal Trade Commission to investigate companies accused of <keyword id="5570577" type="UNKNOWN" weightage="60" keywordseo="price-gouging" source="Orion">price gouging</keyword> in response to record prices at the pump, though <a href="https://www.businessinsider.com/larry-summers-compares-price-gouging-bill-to-trump-bleach-injections-2022-5">some including Larry Summers, the former Treasury Secretary, have questioned the logic of the bill</a>.

Gas prices hit new record high of $4.60 – just in time for Memorial Day weekend getaway

<keyword id="116241" type="UNKNOWN" weightage="20" keywordseo="petrol-pumps">Petrol pumps</keyword> were one of the few places where old notes were being accepted post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> and people thronged to tank up with old Rs 1000/500 notes. 
 
The sales of fuel shot up by 10% in November as the fuel stations were accepting demonetised notes. 
 As per reports, Indian Oil Corp, Bharat Petroleum and <keyword id="6374014" type="CITY" weightage="20" keywordseo="Hindustan-Petroleum">Hindustan Petroleum</keyword> sold nearly 89,000 kilo litres of petrol on average daily between November 9 and December 7. 
 
People lined up mainly for petrol as its consumption has increased. 
 
The average every day sales of diesel from November 9-December 7 was 225,000 kilo litres, 11.4% more than in November 2015 and 7.6% higher than in October this year. The growth in diesel consumption between April and October was just 3%.

Petrol, diesel sales go up post demonetisation as people rushed to tank up fuel with old notes

<ul class="summary-list"><li>Binance reached an agreement to purchase Sam Bankman-Fried's crypto exchange FTX on Tuesday. </li><li>Contagion fears were worsened by selling from Binance CEO and Bankman-Fried rival Changpeng "CZ" Zhao.</li></ul>Sam Bankman-Fried shocked the cryptocurrency world on Tuesday after the 30-year-old billionaire announced that his exchange FTX had entered into a transaction to be acquired by rival Binance. It is a stunning turn of events for Bankman-Fried and his exchange, with both viewed over the years as stalwarts of the crypto market, enduring the highs and lows of extreme volatility while other players went under. "Things have come full circle, and <a href="https://t.co/DWPOotRHcX">FTX.com</a>'s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for <a href="https://t.co/DWPOotRHcX">FTX.com</a> (pending DD etc.)," Bankman-Fried <a href="https://twitter.com/SBF_FTX/status/1590012124864348160" target="_blank" rel="noopener">tweeted</a> Tuesday.Here's a rundown of the events leading up to FTX asking Binance to come to its rescue as rumors of insolvency and widespread contagion swirled — less than one year since FTX enjoyed a $32 billion valuation. <h3>Balance sheets and billionaires</h3>Bankman-Fried's empire is diverges in two branches: FTX, a cryptocurrency exchange, and Alameda Research, a crypto trading firm.Fears of contagion — like that sparked by <a href="https://markets.businessinsider.com/news/currencies/crypto-market-deleveraging-near-end-three-arrows-capital-bitcoin-jpmorgan-2022-6">Three Arrows Capital's implosion</a> from its exposure to failed stablecoin Terra — began circulating last week, driven by reports of heavy exposure to FTX's native token on Alameda's balance sheet. A <a href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/">November 2 CoinDesk report</a> broke down some eccentricities, specifically that about $3.66 billion of firm's $14.6 billion worth of assets are comprised of so-called "unlocked" FTT token, with another $2.16 billion marked as "FTT collateral.""While there is nothing per se untoward or wrong about that, it shows Bankman-Fried's trading giant Alameda rests on a foundation largely made up of a coin that a sister company invented, not an independent asset like a fiat currency or another crypto," <a href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/">CoinDesk</a> writes.The report drove concerns about FTX's liquidity position, further compounded after some users reported difficulties in withdrawing cash funds from the exchange. Bankman-Fried took to Twitter on Monday to say that no one should be concerned about withdrawals being halted, which had happened with smaller exchanges as the crypto bear market deepened earlier this year. Alameda Research did not immediately respond to Insider's request for comment.Also driving concerns of a wider spread contagion was an announcement over the weekend from Changpeng "CZ" Zhao, the CEO of Binance, who announced a roughly $530 million sale of FTX's token. "Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books," CZ <a href="https://twitter.com/cz_binance/status/1589283421704290306?s=20&amp;t=yx8sZ9Xdr2lbrQTCn0mNsg">tweeted</a> Sunday, adding in a separate <a href="https://twitter.com/cz_binance/status/1589374530413215744?s=20&amp;t=yx8sZ9Xdr2lbrQTCn0mNsg">tweet</a> that the liquidation is "post-exit risk management, learning from LUNA."Zhao's net worth is roughly $18.3 billion, slightly above Bankman-Fried's $15.6 billion, according to the Bloomberg Billionaires Index. The pair have publicly feuded on Twitter in recent months on topics from frontrunning trades to industry lobbying. <h3>Fear spreads</h3>Following the news of Binance's acquisition, FTT rallied 20% to about $17.50 after plunging more than 32% beforehand. <a href="https://markets.businessinsider.com/news/currencies/crypto-prices-bitcoin-bnb-binance-ftx-takeover-liquidity-crunch-sbf-2022-11">The price of other cryptocurrencies</a> including Solana's SOL, bitcoin, and ether dropped Tuesday as well, as worries seeped across the broader crypto market. But some experts say that CZ's move to rescue FTX likely prevented a lot of pain. "Binance's acquisition of FTX probably stopped a lot of market contagion from happening, and this is a good thing," Brent Xu, chief executive and cofounder of Umee, a decentralized finance firm, told Insider.Xu maintained that a lack of transparency damaged FTX's standing across the sector. "People just didn't know what assets FTX had on their books, and so the result was an effective bank run that really shook the industry," he said.In response to a request for comment on the situation, a representative from FTX directed Insider to Bankman-Fried's series of <a href="https://twitter.com/SBF_FTX/status/1590012124864348160?s=20&amp;t=yx8sZ9Xdr2lbrQTCn0mNsg">tweets late Tuesday morning.</a>"Our teams are working on clearing out the withdrawal backlog as is," Bankman-Fried wrote on <a href="https://twitter.com/SBF_FTX/status/1590012126701441025?s=20&amp;t=yx8sZ9Xdr2lbrQTCn0mNsg">Twitter</a>. "This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we've asked Binance to come in. It may take a bit to settle etc. -- we apologize for that."<h3>Big VC bet turned sour</h3>It's worth noting, too, that Binance's purchase of FTX holds widespread implications for the venture capital investors who pumped billions into the exchange when crypto was booming. Sequoia Capital had invested in FTX last October when it was given a <a href="https://markets.businessinsider.com/news/currencies/ftx-crypto-exchange-25-billion-series-b1-sam-bankman-fried-2021-10">$25 billion valuation,</a> and the company was then valued at <a href="https://www.cnbc.com/2022/01/31/crypto-exchange-ftx-valued-at-32-billion-amid-bitcoin-price-plunge.html">$32 billion</a> after raising $400 million just month later in January."I would be very surprised if Binance was paying anywhere near the book-value of the underlying assets of FTX," Anthony Georgiades, cofounder of blockchain company Pastel Network, told Insider. "Binance is likely coming in and saying they will cover the liabilities for FTX, and then effectively have FTX hand over the rest of their assets."In Georgiades' view, it's unlikely Binance will come in and make investors like Sequoia whole again, because the primary goal will be to meet short-term claims such as customer withdrawals.

Binance is buying FTX amid 'significant' liquidity issues. Here's how billionaire Sam Bankman-Fried's exchange got here.

<ul class="summary-list"><li><keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">Oil</keyword> shippers are using several tactics to hide that they're carrying Russian crude exports, the Guardian reported.</li><li>Using China's yuan instead of the dollar in trading and exchanging weapons or food for supplies are just two.</li></ul>Oil shippers are using several tactics to conceal that their crude cargoes are from <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>, <a href="https://www.theguardian.com/business/2022/jun/26/concerns-india-back-door-into-europe-for-russian-oil">sources told the Guardian</a>, as <keyword id="11897120" type="UNKNOWN" weightage="60" keywordseo="europe" source="Orion">Europe</keyword> and the US try to stem imports.At the same time, concerns are growing that <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>, which has snapped up <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> at discounted prices, has the potential to be used as a "back door" for those supplies to enter Europe, the Guardian reported Sunday.One workaround being used to mask the origin of Russian oil is paying in China's yuan rather than the US dollar, the standard currency for trade, sources told the newspaper. Alternatively, sellers will exchange Russian oil for goods like gold, food or weapons instead of a currency. <a href="https://markets.businessinsider.com/news/currencies/yuan-ruble-trading-surges-china-russia-ukraine-us-dollar-2022-5">Yuan-ruble trading</a> volumes have soared 1,067% since Russia began its war with <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, though this is broadly seen as a sign of the allies strengthening ties to help weaken the influence of the US.Another masking ploy is to make <a href="https://markets.businessinsider.com/news/commodities/russian-oil-exports-ukraine-high-seas-transfer-war-markets-buyers-2022-6">ship-to-ship transfers of Russian oil</a> on the high seas, which typically involves a Russian ship unloading oil to another vessel from a neutral party. That's increasingly becoming common practice as a way to hamper tracking and as buyers try to keep quiet any affiliation to sanctions-hit Moscow. To achieve this, more and more vessels are <a href="https://www.businessinsider.com/russian-oil-tankers-tracking-signals-dark-azores-islands-2022-6?r=US&amp;IR=T">"going dark"</a> , meaning shippers turn off the tanker's ID system to make it difficult to monitor its movements. "If a country or oil operator wants to hide the source of crude or oil products, it can very easily do so," Ajay Parmar, an oil market analyst at ICIS, told the Guardian.While trading Russian oil is not illegal, the practice undermines Western allies' attempts to hamper Moscow's efforts to fund its war in Ukraine by squeezing the market for its oil. The EU has agreed to <a href="https://www.businessinsider.com/european-union-leaders-russian-oil-2022-5?r=US&amp;IR=T">ban seaborne Russian oil imports </a>by the end of the year, while the US and UK have imposed their own sanctions measures.But <a href="https://markets.businessinsider.com/news/commodities/europe-greece-cyprus-malta-shipping-double-russian-oil-cargos-sanctions-2022-6">Greece, Cyprus, and Malta</a> have doubled the quantity of Russian oil they ship since the war began, and Russian oil products are <a href="https://markets.businessinsider.com/news/commodities/russian-oil-products-us-sanctions-refined-india-trade-ukraine-war-2022-6">likely ending up in the US</a> after being refined in India, according to reports.Concerns are mounting that the same is happening in Europe, with India being used as a back door. India and China have boosted their purchases of Russian crude at bargain prices in recent months, and together, they now <a href="https://markets.businessinsider.com/news/commodities/china-india-half-russia-crude-oil-exports-sanctions-2022-6?utm_medium=ingest&amp;utm_source=markets">account for about 50% of Russia's seaborne oil exports</a>. Nirmala Sitharaman, India's finance minister, defended the huge volumes of Russian oil purchases, saying the government is acting in the interest of the country's economy, <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Findias-finance-minister-defends-increased-purchases-of-russian-oil-11656324356%3Fmod%3Dlatest_headlines">the Wall Street Journal reported</a> Monday.In June, India has bought 1 million barrels of Russian oil a day on average, compared with 30,000 in February, the WSJ noted, citing Kpler data. Those supplies are likely to be refined there, then sent as petrol and diesel elsewhere, to ultimately end up in Europe's gas stations, some analysts say."Indian refiners are clearly taking significant volumes of discounted Russian crude and then re-exporting a material proportion of refined product back out of the country," Shore Capital analyst Craig Howie told the Guardian.Read more: <a href="https://www.businessinsider.com/cheap-stock-picks-to-buy-recession-bear-market-undervalued-morningstar-2022-6?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">Buy these 13 cheap stocks that will outperform in a recession-fueled bear market, according to Morningstar</a>

Oil shippers are hiding Russian cargoes by paying in Chinese yuan, exchanging weapons for crude, and 'going dark'

<ul class="summary-list"><li>An Iran nuclear deal that would lead to the country pumping more oil is unlikely any time soon, according to Goldman Sachs.</li><li>Goldman said the US and Iran have less of an incentive to strike a deal many think.</li></ul>An Iran nuclear deal that would lead to the country pumping more oil is unlikely to materialize any time soon, according to Goldman Sachs, despite crude prices falling sharply in recent days on hopes of an agreement.Goldman analysts, including Callum Bruce, said in a note Tuesday that a stalemate is "mutually beneficial" to the US and Iran. They also said Russia and Iran's growing closeness threatened any deal.<a href="https://markets.businessinsider.com/news/commodities/oil-prices-china-economy-slowdown-iran-nuclear-talks-demand-supply-2022-8">Oil prices have fallen</a> back to levels seen before Russia's invasion of Ukraine in recent days, in part because of signs of progress on the Iranian nuclear talks.The European Union has led efforts <a href="https://www.theguardian.com/world/2022/aug/08/eu-submits-final-text-talks-2015-iran-nuclear-deal-revival-tehran-washington">to revive the deal</a>, which limited Iran's nuclear ambitions in exchange for lifting some sanctions, but which was scrapped by US President Donald Trump. This week, Iran said it was happy to progress with talks along lines proposed by the EU.But Goldman's analysts said oil markets had gotten ahead of themselves and that Iran and the US have fewer incentives to sign a deal than is commonly assumed. Russia, a signatory to the original deal, is likely to be an obstacle, they said."Russia's interest in high commodity prices makes their obstruction of a deal more likely, in our view," the analysts wrote."Revived relations between the US and Saudi Arabia also reduce the likelihood of the Biden Administration seeking to obtain additional barrels from a nation it maintains no formal diplomatic relations with."The investment bank said it had been expecting more Iranian oil to come to the market later this year, but it said Tuesday that it had recently dropped those forecasts.If a deal were agreed, Iran would take around 12 months to fully ramp up its oil production, Goldman said. The bank estimated Iran would increase its output to 3.7 million barrels a day, from 2.7 million barrels currently. Exports would likely take several months to pick up. Without sanctions, Iran has capacity to export some 2 million barrels a day of oil. Goldman said an Iran deal could lower its $125 a barrel forecast for <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> next year by around $15 a barrel. Brent traded at around $92 Wednesday, having fallen around 13% over the last month.

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