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BRICS NEWS: INDONESIA WANTS RUSSIAN OIL DEAL, IS UNAFRAID OF TRUMP WARNING
With the ongoing geopolitical concerns waging between the global south and the west, the plot has certainly thickened. Indeed, the BRICS expansion nation, Indonesia, has recently stated it wants to buy Russian oil while stating it remains unafraid of Western retaliation or the ongoing tariff warning from US President-elect Donald Trump.
Since Trump emerged victorious in the 2024 presidential election, he has issued a stark threat to the economic alliance specifically. Although focused on de-dollarization, oil bought from Russia would only further its local currency promotion policies. Therefore, it could be subject to the same consequence from the West. The question is, does it matter to nations now joining the group?
Indonesia Eyes Increased BRICS Trade as They Remain Willing to Pay ‘Geopolitical Costs’
For the last two years, the BRICS alliance has been the subject of interest for a number of nations. With the bloc championing economic equality on a global scale, it has sought to challenge the dollar. Now, that pursuit has elicited a harrowing response from the incoming US President. Yet, that has not deterred one of its most recent expansion countries.
The newest BRICS country, Indonesia, is reportedly seeking to buy Russian oil, while also noting they remain undeterred by Trump’s 100% tariff threat. Moreover, they have discussed increased exports to both China and India, with eyes on solidifying its place in the collective.
Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, recently said, “An opportunity to acquire oil from Russia emerged after we joined BRICS.” He noted that the opportunity would be one they accept.
“As long as it complies with regulations and presents no issues, why not?” Minster Lahadalia added. His sentiments were similar to Indonesia’s National Economic Council Chair, Luhut Binsar Pandjaitan.
“As long as it benefits the Republic of Indonesia, we are open to discussing it. If this step allows us to purchase oil at US$20 or US$22 cheaper, why not?” he added. This drove some concerns over Western retaliation. Yet Trade Minister Zulkifil Hasan answered those, noting that the country would not operate its trade dealings out of fear.
“Why don’t we want to [buy Russian oil]? We’re afraid? There’s no room for being afraid in trade. How can one conduct trade if one is afraid?” However, international relations and Indonesian politics expert, Ahmad Risky Umar, notes that “there is likely to be geopolitical costs.” Moreover, the country president, Pabowo Subianto, is said to be aware of and prepared to navigate them.
@ Newshounds News™
Source: Watcher Guru
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ELON MUSK FIRES BACK AT ‘BROKEN’ SEC AMID $150M X LAWSUIT
▪️SEC sued Elon Musk for delaying disclosure of his X share acquisitions in 2022.
▪️Musk criticized the SEC as the community backed him.
The U.S. Securities and Exchange Commission (SEC) has sued Elon Musk. They accuse him of failing to disclose his large Twitter share acquisition on time in early 2022.
The SEC alleges this delay allowed Musk to secure his stake at an artificially reduced price, saving $150 million.
The late disclosure also affected other investors. They missed the chance to sell their shares at potentially higher values, unaware of Musk’s involvement.
Why did the SEC sue Musk?
Under SEC rules, investors surpassing a 5% stake in a public company must report it within ten days—a requirement Musk allegedly exceeded by eleven days.
The SEC alleged stating,
“Because Musk failed to timely disclose his beneficial ownership, he was able to make these purchases from the unsuspecting public at artificially low prices.”
The SEC also added,
“That day, Twitter’s stock price increased more than 27% over its previous day’s closing price.”
For context, the SEC alleges that Tesla CEO Elon Musk began acquiring Twitter shares in early 2022. By March 14th, he had surpassed a 5% ownership threshold.
Between the 24th of March and the 4th of April 2022, Musk reportedly spent over $500 million to buy additional shares, underpaying Twitter investors by more than $150 million.
The regulator claims that Musk’s failure to disclose his ownership on time allowed him to buy shares at artificially low prices. The market was unaware of his significant stake, a material fact that would have influenced stock valuations.
This occurred days before Gensler’s resignation
Interestingly, the timing of the SEC’s lawsuit coincides with significant leadership transitions, as Chair Gary Gensler prepares to step down on 20th January, marking the start of Donald Trump’s presidency.
This period also aligns with Musk’s upcoming role as the head of the newly established “Department of Government Efficiency” (D.O.G.E.), where he will advise the incoming administration on streamlining government operations.
The overlap of these developments adds an intriguing layer to the unfolding legal and political narrative surrounding Musk and his involvement with X(formerly Twitter).
As anticipated, Musk took to X to voice his criticism of the SEC, and stated,
“Totally broken organization. They spend their time on shit like this when there are so many actual crimes that go unpunished.”
Needless to say, the community stood in favor of Musk.
@ Newshounds News™
Read more: AMB Crypto
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CONGRESSMAN TOM EMMER APPOINTED AS VICE CHAIR OF DIGITAL ASSETS SUBCOMMITTEE, PROMISES AMERICA WILL GUIDE CRYPTO FUTURE
Emmer is a pro-crypto Congressman who now joins Bryan Steil as part of the subcommittee’s leadership to oversee crypto regulation in the US.
▪️Under Trump’s leadership, Emmer will serve as the vice chair of the crypto and AI subcommittee.
▪️Emmer promises to put the country at the forefront of crypto progress and innovation, especially with SEC Chair Gary Gensler gone.
▪️Emmer is crypto-forward, and has contributed to multiple bills, including an anti-surveillance bill passed last year.
Congressman for Minnesota’s 6th District, Tom Emmer, has been appointed as Vice Chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. In an X post published earlier today, Emmer expressed eagerness to work with subcommittee Chairman Bryan Steil as they steer the future of crypto and AI.
@ Newshounds News™
Read more: CoinSpeaker
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