China, already the world’s -second-largest bullion consumer, has installed the country’s first gold vending machine in a busy shopping district in Beijing, state media said yesterday.
Shoppers on the popular Wangfujing Street can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices, the People’s Daily said on its Web site.
Each withdrawal is capped at 2.5kg, or 1 million yuan (US$156,500), worth of gold, the report said.
Gold vending machines already exist in Britain, the US, the Middle East and Europe.
The machine was launched on Saturday by the Beijing Agricultural Commercial Bank and a gold trading company, the report said.
They plan to install an unspecified number of machines in secure locations, such as gold shops and upmarket private clubs.
Gold is often used as a hedge against inflation and the machines could prove popular among Chinese consumers looking for a convenient way to safeguard their cash amid rising prices.
Chinese consumer demand for gold soared 27 percent year-on-year to 579.5 tonnes last year, according to the World Gold Council.
India, the world’s top consumer, saw a 66 percent increase to 963.1 tonnes.
Despite the precious metal’s status as a safe-haven investment, gold prices slumped to below US$1,700 an ounce on Friday, as fears of a new worldwide recession amid a worsening eurozone debt crisis saw investors seek refuge in the US dollar.
RECORD BUDGET: TSMC does plan to raise its proposed capital expenditure a lot, and could benefit if Intel outsources more of its production to foundries, analysts said Intel Corp’s earnings conference call on Thursday is expected to clarify the US semiconductor giant’s outsourcing production plans, which would be crucial regarding Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) performance, analysts said. “TSMC stands to benefit if Intel outsources more of its fabrication to foundries,” SinoPac Securities Investment Service Corp (永豐投顧) analysts said in a note on Friday. Yuanta Securities Investment Consulting Co (元大投顧) was more cautious, saying that Intel’s contribution initially would be limited, but its outsourcing plans would still highlight TSMC’s leadership in technology, it added. “Intel will continue to manufacture server or high-end central processing units [CPUs], which have higher
Norway’s oil and gas reserves have made it one of the world’s wealthiest countries, but its dreams for deep-sea discovery now center on something different. This time, Oslo is looking for a leading role in mining copper, zinc and other metals found on the seabed and in hot demand in green technologies. The country could license companies for deep-sea mining as early as 2023, the Norwegian Ministry of Petroleum and Energy said, potentially placing it among the first countries to harvest seabed metals for electric vehicle batteries, wind turbines and solar farms. However, that could also place it on the front line of
‘BROAD RANGE’: The US Department of Commerce intends to deny a significant number of license requests for exports to Huawei, an industry association said US President Donald Trump’s administration notified Huawei Technologies Co (華為) suppliers, including chipmaker Intel Corp, that it is revoking certain licenses to sell to the Chinese company and intends to reject dozens of other applications to supply the telecommunications firm, people familiar with the matter told reporters. The action — likely the last against Huawei under Trump — is the latest in a long-running effort to weaken the world’s largest telecommunications equipment maker, which Washington sees as a national security threat. The notices came amid a flurry of US efforts against China in the final days of Trump’s administration. US president-elect Joe
MOBILE SMART: The Dimensity 1200 is 22 percent better in terms of performance than its predecessor, and 25 percent more power-efficient, the handset chip designer said MediaTek Inc (聯發科) yesterday unveiled its premium 5G processors — the Dimensity 1200 and Dimensity 1100 — as it vies for a larger slice of the world’s rapidly growing 5G smartphone market. Manufactured using Taiwan Semiconductor Manufacturing Co’s (台積電) 6-nanometer process technology, the Dimensity 1200 processor performs 22 percent better than the previous generation Dimensity 1000+ processor, and is 25 percent more power-efficient, MediaTek said. Chinese smartphone brands Xiaomi Corp (小米) and Realme Mobile Telecommunications (Shenzhen) Co (銳爾覓移動通信) are to be the first adopters of the latest Dimensity chips, the companies said during a virtual media briefing. Xiaomi plans to equip its first
RSS