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Weekly news summary for March 18 to March 24

Friday, Mar. 18: GameStop Focuses on NFT Marketplace Release

GameStop Corp. turned its attention to the launch of its non-fungible token (NFT) marketplace and Web3 gaming division after the US video game retailer posted a $147.5 million net loss, or $1.94 per share, in the fourth quarter of 2021.

GameStop revealed that it plans to release its NFT marketplace at the end of the second quarter of 2022 and said its partnership deal with Immutable X is expected to provide the company with IMX tokens worth $150 million once it achieves “certain milestones.”

Monday, Mar. 21: Metals Prices Strengthen, Aluminum Extends Gains

Aluminum prices added another 3.6% on Monday, following Australia’s plans to cease alumina exports to Russia, raising the risk of cutting production of the metal commonly used in packaging and other businesses.

Meanwhile, Nickel Futures hit the 15% limit again, prompting the London Metals Exchange (LME) to suspend the futures contract’s trading, whereas platinum group metals gained on concerns over Russian supplies to global markets, and steel prices in Europe hit a record of €1,400 ($1,550) per ton.

Tuesday, Mar. 22: Creditor Banks Seize $2B in Evergrande Group Unit

Troubled China Evergrande Group stunned Chinese markets on Tuesday after it revealed that Evergrande Property Services, one of its subsidiaries, had creditor banks seized over CN¥13.4 billion ($2 billion) of its cash that has been pledged as collateral for third-party guarantees.

The disclosure clarified the unexpected suspension of the property developer’s Hong Kong-listed shares on Monday, while Evergrande has delayed the release of its annual earnings results and stated that it was working to raise new funds.

Wednesday, Mar. 23: UK Inflation Hits 30-Year High in February

UK inflation climbed to a 30-year high in February, with rising prices in transport, furniture, and household items mainly contributing to the latest surge that is putting new pressure on the government’s spring budget statement.

The Office for National Statistics (ONS) said the UK’s consumer price index (CPI) accelerated to an annual rate of 6.2% last month from 5.5% in January, its highest since 1992, while food prices also increased by 5.1% in February.

Thursday, Mar. 24: Oil Prices Fall Amid Iran Nuclear Deal Prospects

Oil prices dropped on Thursday after surging more than 5% in the previous day, as investors consider the possibility of fresh supply in constricted markets amid hopes for a new nuclear deal with Iran.

Brent crude futures shed 1.03% to $120.35 per barrel and has climbed over $14 or 13% a barrel this week, while the US West Texas Intermediate (WTI) lost 1.48% to $113.23 per barrel, with its gains since Monday reaching more than $10 or 10% a barrel.

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