China to step up cryptocurrency crackdown

The value of bitcoin and other cryptocurrencies has plunged in recent days amid fears of a crackdown in Asia and concerns that many currencies’ rapid rise in value last year could reflect an inflating bubble. (AFP)
Updated 17 January 2018
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China to step up cryptocurrency crackdown

BEIJING: China is preparing for a new crackdown on cryptocurrency, planning to stamp out remaining trading in the country, according to state media.
China will gradually clean up over-the-counter trading platforms, peer-to-peer networks where large exchanges occur and firms registered in the country which allow Chinese to trade overseas, the state-run Securities Journal said Tuesday.
The publication cited an anonymous source close to regulators tackling online finance risks.
The new plan follows China’s crackdown on cryptocurrency trading last year, which saw Beijing shut down bitcoin exchanges and ban all initial coin offerings.
But alternative channels for trading cryptocurrencies have popped up, including on social networks like WeChat, QQ and Telegram.
Those online groups facilitating large-scale peer-to-peer trade appear likely to suffer greater scrutiny in the coming months.
The international value of bitcoin and other cryptocurrencies has plunged in recent days amid fears of a crackdown in Asia and concerns that many currencies’ rapid rise in value last year could reflect an inflating bubble.
At one point on Wednesday, the price of bitcoin on some exchanges had tumbled more than 20 percent, falling below the $10,000 mark that the currency broke through in November of last year.
The market movements come just one month after the most valuable cryptocurrency bitcoin broke through the $20,000 mark in December.


Mo-Salah to raise DHL flag in the MENA region for developmental and charitable causes

Updated 24 May 2018
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Mo-Salah to raise DHL flag in the MENA region for developmental and charitable causes

LONDON: DHL Express, the world’s leading express logistics provider, has signed a strategic partnership with Egyptian football superstar Mohamed Salah to become brand ambassador for the Middle East and North Africa (MENA) region for the next two years.
The new collaboration will see the parties working together on a series of marketing activities and corporate social responsibility (CSR) initiatives that reinforce the synergies between the core values of DHL Express as a business and Mohamed Salah as a sportsman and youth-inspirer.
The announcement made late on Wednesday in northern England comes just weeks ahead of Salah’s campaign to lead the Egyptian national team at the World Cup in Russia.
DHL’s CEO in the Middle East and North Africa, Nour Suliman, told Arab News that he was very proud of collaborating with Salah.
“Our partnership with Mo Salah is unique as it is the first contract with an individual player, but also it is a testament to the synergy of core values DHL Express and Mo Salah share — leadership, commitment, teamwork, precision, agility, determination,” he said.
When asked by Arab News about the meaning of this partnership, Salah said: “I am very proud to be the first player to partner with DHL, and I am happy to collaborate with an international brand.”
DHL did not disclose the funds earmarked for its CSR initiatives to be spent in the MENA region, and its region’s CEO said the initialtives to be developed are still a work in progress.
However, DHL said it has already significantly contributed to the development of the countries they operate in within the MENA region.
The company’s work includes supporting charities, working to help orphans, youth development, care and education among other causes.