the price of oil on international markets is not high enough for them. oil and energy leaders are gathering again today in vienna for the latest opec summit. the biggest and most powerful player saudi arabia started this week with the news it s extending its voluntary output cut of1 million barrels per day to august. russia is making a similar move. but these cuts are failing to boost energy prices. why? jonathan robinsonjoins me now to explain he is global power & energy research director at frost and sullivan. just talk us through our oil is at the moment. just talk us through our oil is at the moment. oil, despite the cuts in production, at the moment. oil, despite the cuts in production, oil at the moment. oil, despite the cuts in production, oil prices- cuts in production, oil prices have stayed relatively low in what we have seen historically in the past year, 1.5 years. there are a few specific reasons for that. chinese demand, industrial out would, increasing
Irwin joining us with. And kay la, i will start you with. At the windy white house there, as it relates to what were hearing from the Treasury Secretary, and from cnbc language, to Plain English here, what it means. Well, its significant because the Treasury Secretary is saying that as of early june, the federal government wont be able to pay its bills anymore. Its allowed by congress to borrow up to 31 trillion and change, but its going to hit that number next thursday. After that point, treasury is going to be looking under couch cushions to try to finds some additional money. It will be pinching pennies. And it says it will stop contributing or investing into some federal workers retirement accounts, to try to conserve some of that cash in order to avoid reaching that debt limit, or not being able to pay for allies and adversaries that hold the u. S. Debt. So certainly the Treasury Secretary is trying to call on congress and say we need a deal in the coming months. I spoke to a seni
irwin joining us with. and kay la, i will start you with. at the windy white house there, as it relates to what we re hearing from the treasury secretary, and from cnbc language, to plain english here, what it means. well, it s significant because the treasury secretary is saying that as of early june, the federal government won t be able to pay its bills anymore. it s allowed by congress to borrow up to $31 trillion and change, but it s going to hit that number next thursday. after that point, treasury is going to be looking under couch cushions to try to finds some additional money. it will be pinching pennies. and it says it will stop contributing or investing into some federal workers retirement accounts, to try to conserve some of that cash in order to avoid reaching that debt limit, or not being able to pay for allies and adversaries that hold the u.s. debt. so certainly the treasury secretary is trying to call on congress and say we need a deal in the coming months.
California enacted its own version of New York's "BitLicense" law, the Digital Financial Assets Law (DFAL),1 becoming one of the first US states to implement a virtual currency-specific regulatory regime.
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