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10:19
According to documents submitted to the U.S. Securities and Exchange Commission (SEC), the board of directors of ConocoPhillips has officially recommended that shareholders vote against a shareholder proposal to establish an independent board chairman.
The proposal requires that the position of Chairman of the Board should be held by an independent director to ensure the independence and effectiveness of the company's governance structure. However, the ConocoPhillips Board of Directors believes that the company's current leadership structure is already effective in safeguarding the interests of shareholders and supporting the company's long-term development strategy. The Board pointed out that the existing governance model has performed well in supervising company operations and managing risks, and therefore does not recommend making adjustments to the current structure. The vote will be held at the upcoming shareholders' meeting.
10:19
Japan's major silicon wafer manufacturer, SUMCO Corporation, recently announced an adjustment to its capacity expansion plans, temporarily postponing new factory projects to focus resources on upgrading existing plants and developing advanced process technologies.
It is reported that after this adjustment, the amount of subsidies SUMCO Corporation received from the Japanese Ministry of Economy, Trade and Industry has been reduced from the originally planned 75 billion yen to 19.3 billion yen. The company stated that it will focus on technological transformation and capacity optimization at its existing plants in locations such as Imari City, Saga Prefecture, with priority given to the research and development and capacity expansion of silicon wafer technology suitable for advanced chip manufacturing processes.
10:18
Energy shock drives German inflation higher, with price increases accelerating in several states
Golden Ten Data reported on March 30 that, driven by the energy price shock stemming from the US and Israel war with Iran, the inflation rate in four German federal states rose to at least 2.5% in March. This indicates that the nationwide inflation data, to be published later, may also trend higher. In North Rhine-Westphalia, Germany's most populous state, the annual inflation rate in March jumped to 2.7% from 1.8% in February. This upward trend is also reflected in Bavaria, Baden-Württemberg, and Lower Saxony, where inflation rates rose to 2.8%, 2.5%, and 2.6% respectively. Economists predict that Germany's harmonized inflation rate in March will climb to 2.8% from 2.0% the previous month. Holger Schmieding, chief economist at Berenberg Bank, stated that although the current increase is driven by the energy price shock, a comprehensive price surge triggered by the Iran war is only a matter of time. "Over time, food prices may rise due to fertilizer shortages, and higher transportation costs will affect multiple industries," he added. He further noted that if the conflict continues, inflation could exceed 3%. Financial markets currently expect the European Central Bank to raise interest rates three times this year, with the first hike likely in April or June.
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