Dolce & Gabbana to launch its non-fungible token

Dolce & Gabbana to launch its non-fungible token
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Updated 29 August 2021

Dolce & Gabbana to launch its non-fungible token

Dolce & Gabbana to launch its non-fungible token
  • Bitcoin, the leading cryptocurrency, traded lower on Sunday, falling by 0.54 percent

RIYADH: In yet another sign of growing popularity of the cryptocurrency, Dolce & Gabbana is all set to launch its non-fungible token line on the luxe platform UNXD late next month to “connect the tangible with the metaphorical.”

UNXD is based on Polygon, a layer 2 networking that aims to be less expensive than Ethereum’s mainnet in terms of transaction fees.

Burberry, the British luxury fashion house, collaborated with Mythical Games to unveil its NFT line earlier this month. Blank Block Party, a game involving digital vinyl toys known as Blanks that exist on the blockchain was included in the Burberry NFTs.

High-end publications such as Vogue Singapore are also getting in on the act, with the fashion mag rolling out an NFT-filled issue including a “fire” dress from Balmain.

Scam

Turkish news channel TV100 reports that Turkish police have launched an investigation into a Dogecoin investment scheme that allegedly defrauded 350 million Dogecoin from around 1,500 investors.

The mastermind of the alleged scam, Turgut V, also organized one-on-one meetings in luxury venues, with attractive promotions to persuade investors to join the scheme, and used Telegram to direct investors to transfer their personal coins to the system.

The system worked well for the first three months and investors were able to receive their returns regularly. However, in the fourth month, Turgut V suddenly shut down the system and investors could not access it.

In the US, the Securities and Exchange Commission won a ruling against film actor Steven Seagal, after he failed to pay the agreed amount to settle a cryptocurrency fraud case.

The famous film actor paid over $330,000 to settle the cryptocurrency fraud case he was involved in. The commission alleged that Seagal failed to disclose his promise of $250,000 in cash and $750,000 in tokens to promote the initial coin offering (ICO).

However, the movie star only made one payment of $75,000 and is behind on the remaining amount, according to a letter from Maureen Peyton King, a lawyer for the (SEC), Bitcoin.com reported.

Transparency

South Korea’s Financial Services Commission (FSC), the country’s largest financial regulator, has announced a regulatory change to help improve transparency in virtual asset transactions.

As the announcement states, the Financial Services Commission and the Ministry of Interior and Safety issued advance notice of the organizational change to the Korean Financial Intelligence Unit that will add a designated department and staff tasked with overseeing virtual asset transactions.

Market

Bitcoin, the leading cryptocurrency, traded lower on Sunday, falling by 0.54 percent to $48,361.62 at 5:26 p.m. Riyadh time. While Ether, the second most-traded cryptocurrency, traded at $3,190.92, down by 1.13 percent, according to data from Coindesk.

 


Renewables will provide 95% of power capacity growth in next five years: IEA

Renewables will provide 95% of power capacity growth in next five years: IEA
Updated 14 sec ago

Renewables will provide 95% of power capacity growth in next five years: IEA

Renewables will provide 95% of power capacity growth in next five years: IEA

Jeddah: Renewable energy will make up 95 percent of total global power capacity growth in the next five years, according to the International Energy Agency.

The IEA’s executive director Fatih Birol said when it comes to renewables, solar power plays the most significant role.

“Solar is the new king of the global power markets,” he said.

About 55 percent of all power plants installed in the world will be solar, and while all countries will increase their renewable facilities, the lion’s share will be in China and India, he highlighted.

“These two giants account for about half of the entire renewable capacity installations,” he said, adding: “China, especially driven by solar power, alone provides about 40 percent of the global growth.”

One of IEA’s concerns is the high commodity prices, which will also result in an increase in renewable energy prices.

Birol added that India is well in line with the 500 gigawatt target, as mentioned at the COP26. 

He also said the southern Asian country is witnessing a huge growth in biofuels, and in the next five years the IEA expects India to become the third largest market in the world after the US and Brazil.

“Even though we are breaking a record in renewables transition, we still need to double that pace in order to be in line with our renewable targets as well as our net zero targets,” he said.

Electric cars are estimated today to amount to 10 percent of all the cars sold this year, compared to 2 percent in 2019.

Pointing to the two-year jump regarding renewable energy and electric cars, the executive director said: “We can clearly say that a new global energy system is emerging.”


Saudi tourism minister urges global coordination to tackle omicron

Saudi tourism minister urges global coordination to tackle omicron
Updated 38 min 37 sec ago

Saudi tourism minister urges global coordination to tackle omicron

Saudi tourism minister urges global coordination to tackle omicron

CAIRO: Saudi Arabia’s tourism minister on Wednesday called for a coordinated international response to omicron, a new variant of the coronavirus.

“The lesson of the pandemic is that we need more international coordination and a greater recognition of the critical role of tourism in our economies,” Ahmed Al-Khateeb wrote on his official Twitter account. 

The minister called on the UN’s World Tourism Organization to address the latest strain. He also warned against the new variant’s impact on the Kingdom’s tourism sector. 

“Over the last few months, I have met with more than 100 tourism ministers (from around the world), and we share a consensus that the sector needs stronger support and international coordination,” he added. 

Saudi Arabia confirmed its first case of omicron on Wednesday. A passenger coming from a North African country was tested positive for the new strain.


OPEC+ sees worsening oil surplus Q1, 2022 - document

OPEC+ sees worsening oil surplus Q1, 2022 - document
Updated 44 min 19 sec ago

OPEC+ sees worsening oil surplus Q1, 2022 - document

OPEC+ sees worsening oil surplus Q1, 2022 - document

LONDON: OPEC+ sees the oil surplus worsening to 2 million barrels per day in January, 3.4 million bpd in February and 3.8 million bpd in March next year, an internal report seen by Reuters showed.

"Generally, the impact of Omicron seems to be jet-fuel related for now, particularly in Africa and Europe," the report said.


NY-based crypto firm plans to raise $500m in debt

NY-based crypto firm plans to raise $500m in debt
Updated 01 December 2021

NY-based crypto firm plans to raise $500m in debt

NY-based crypto firm plans to raise $500m in debt

CAIRO: Galaxy Digital, a New York-based crypto investment company, intends to raise $500 million in the debt market, the Financial Times reported on Wednesday.

The firm seeks to utilize the funds to expand the business.

“Galaxy is seeking to become the Goldman Sachs of crypto,” Financial Times reported on behalf of Novogratz, a former Fortress Investment Group executive.

“The company is growing quickly, with net income rising in the third quarter to $517 million, from $41.5 million in the same three months last year,” he added.

Galaxy detailed that the deal will only serve persons who qualify as professional investors.

The convertible note deal is expected to close this year, subject to Toronto Stock Exchange approval, where Galaxy’s shares are listed.

 


OPEC+ starts two days of talks amid oil price gyrations, Omicron fears

OPEC+ starts two days of talks amid oil price gyrations, Omicron fears
Image: Shutterstock
Updated 01 December 2021

OPEC+ starts two days of talks amid oil price gyrations, Omicron fears

OPEC+ starts two days of talks amid oil price gyrations, Omicron fears
  • But some analysts have suggested OPEC+ might put its plans to add 400,000 bpd to supply in January on hold

OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid big gyrations in crude prices and uncertainty about the impact of the Omicron coronavirus variant on energy demand.


Oil prices fell to near $70 a barrel on Tuesday, after hitting a three-year high above $86 in October, posting their biggest monthly decline in November since the start of the pandemic, as the new variant raised fears of a glut.


In November, Brent fell by 16.4 percent, while US crude fell 20.8 percent, the biggest monthly fall since March 2020.

Both contracts rebounded sharply on Wednesday, gaining about 5 percent.


Iraqi oil minister Ihsan Abdul Jabbar said he expected the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to extend existing output policy in the short term, the state news agency reported.


OPEC+ ministers, including those from the group’s biggest producers Russia and Saudi Arabia, have said there was no need for a knee-jerk reaction to amend policy.


Since August, the group has been adding an additional 400,000 barrels per day of output to global supply, as it gradually winds down record cuts agreed in 2020, when demand cratered because of the pandemic.


Algerian energy minister Mohamed Arkab said on Tuesday that OPEC+ would supply the global market with enough oil but urged caution about the impact of the Omicron variant, Algerian state news agency APS reported.


“The threat to oil demand is genuine,” said Louise Dickson, senior oil markets analyst at Rystad Energy. “Another wave of lockdowns could result in up to 3 million bpd of oil demand lost in the first quarter of 2022.”


But Goldman Sachs said the oil price slide in recent days had been excessive, with the market now pricing in a 7 million bpd hit to demand.


Adding pressure to prices, Federal Reserve Chair Jerome Powell said the US central bank was likely to discuss speeding up its reduction of bond purchases amid a strong economy and expectations that a surge in inflation would persist.


OPEC meets on Wednesday at 1300 GMT. That meeting will be followed on Thursday by a gathering of the wider OPEC+ group.


A delegate from the OPEC+ alliance said Wednesday’s OPEC meeting “should be straightforward.” 


But some analysts have suggested OPEC+ might put its plans to add 400,000 bpd to supply in January on hold.


Even before concerns about Omicron emerged, the group had been weighing the effects of last week’s announcement by the United States and other countries to release emergency crude reserves to temper energy prices.


OPEC+ has been gradually scaling back last year’s record output cuts of 10 million bpd, equivalent to about 10 percent of global supply. About 3.8 million bpd of cuts are still in place.


But OPEC’s November oil output has again undershot the level planned, as some OPEC producers have struggled to hike output, a Reuters survey found, after years of low investment and amid global pressures to reduce fossil fuel use.