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.

 


Dubai real estate sales in 2021 record highest value since 2009

Dubai real estate sales in 2021 record highest value since 2009
Dubai skyline
Updated 16 January 2022

Dubai real estate sales in 2021 record highest value since 2009

Dubai real estate sales in 2021 record highest value since 2009

Dubai real estate deals were worth approximately 151 billion dirhams ($41.1 billion) in 2021, their highest value since 2009.

The total number of deals last year reached 61,241, the largest number since 2013, according to Al Arabiya.

This value jumped by 110 percent compared to 2020, while the total number of deals increased over the course of 2021 by 74 percent compared to 2020.

Of these deals, ready made properties accounted for 60 percent of total real estate transactions in Dubai in 2021, while the rest was made up of off-plan properties.


Egypt sees first private issuance of green bonds 

Egypt sees first private issuance of green bonds 
Updated 16 January 2022

Egypt sees first private issuance of green bonds 

Egypt sees first private issuance of green bonds 

A Norwegian clean energy company Is working on what wiuld be the first private issuance of green bonds in Egypt. 

Norway's Scatec plans to issue around $340 million in green bonds, secured by its six solar energy plants in Benban complex that has a production capacity of 390 megawatts, Alarabiya reported citing banking sources. 

This comes amid Egypt’s boom in clean infrastructure projects during the last decade.  

 


China plans to increase consumption during the holiday season: Macro snapshot 

China plans to increase consumption during the holiday season: Macro snapshot 
Getty Images
Updated 16 January 2022

China plans to increase consumption during the holiday season: Macro snapshot 

China plans to increase consumption during the holiday season: Macro snapshot 
  • German gross domestic product rose by 2.7 percent in 2021 compared to 2020

Despite a rise in COVID-19 cases, China is planning to uplift consumption during the holiday season, the country’s National Development and Reform Commission said.

China will still maintain pandemic control, yet its effect would be mitigated through the fine-tuning of those regulations to each area, Bloomberg reported.

The commission also called on e-commerce vendors and online entertainment channels to introduce more sales promotions during the season.

South Korea Interest Rates

In a bid to combat inflation, the Bank of Korea decided to raise its interest by 0.25 percent to the pre-pandemic level of 1.25 percent.

The bank also signaled that further hikes would take place in the remainder of the year, according to The Wall Street Journal. The country’s annual inflation rate reached 3.7 percent in December, noticeably above the central bank’s target of 2 percent.

Inflation is set to remain above the 3 percent mark for a while and would average more than 2.5 percent for the full year, the bank’s governor, Lee Ju-yeol, said.

German GDP growth

German gross domestic product rose by 2.7 percent in 2021 compared to 2020, according to first calculations by the Federal Statistical Office (Destatis).


“Economic development has been largely dependent on the infection rates of Covid-19 and associated preventive measures also in 2021,” said Dr. Georg Thiel, head of the Federal Statistical Office, at the press conference on the 2021 GDP in Wiesbaden. 

“Despite the continuing pandemic situation, more delivery bottlenecks and material shortages, the German economy has managed to recover from the sharp decline last year, even though the economic performance has not yet reached the pre-crisis level agai,” Thiel continued.

Moreover, GDP in 2021 was still 2.0 percent lower than it was in 2019 the year before COVID-19 started.

UK economy

Britain's economy grew 0.9 percent faster than expected in November, before the latest wave of coronavirus infections and restrictions on many businesses, and was 0.7 percent larger than it was in February 2020, according to the Office for National Statistics.


“It's amazing to see the size of the economy back to pre-pandemic levels in November – a testament to the grit and determination of the British people,” finance minister Rishi Sunak said.


Government deposits with SAMA in biggest monthly drop since 2016  

Government deposits with SAMA in biggest monthly drop since 2016  
Updated 16 January 2022

Government deposits with SAMA in biggest monthly drop since 2016  

Government deposits with SAMA in biggest monthly drop since 2016  
  • Compared to December 2020, SAMA's net foreign assets fell 2.4 percent

The government’s deposits with the Saudi Central Bank fell by SR74.7 billion ($19.9 billion) during December to reach SR538, preliminary data posted by SAMA revealed.

This change represents the biggest monthly drawdown of government deposits with SAMA since November 2016 when they fell by SR90.3 billion.

At the same time during December 2021, net foreign assets held by the Saudi Central Bank dropped by 2 percent from November to SR1.64 trillion, according to preliminary data.

Compared to December 2020, SAMA's net foreign assets fell 2.4 percent.

In addition, the Kingdom’s monetary base – which is the sum of currency outside banks, cash in vaults and bank deposits with SAMA – edged up by 0.5 percent in December on a month-on-month basis to reach SR356 billion.


Sixth Street Partners in final talks to buy stake in Eni's power unit: sources

Sixth Street Partners in final talks to buy stake in Eni's power unit: sources
Updated 16 January 2022

Sixth Street Partners in final talks to buy stake in Eni's power unit: sources

Sixth Street Partners in final talks to buy stake in Eni's power unit: sources
  • The companies all declined to comment

US investment firm Sixth Street Partners has emerged as the leading bidder for the power generation unit of Italian energy group Eni and is in advanced talks to buy a minority stake in the business, three sources told Reuters on Friday.

Eni, advised by JPMorgan, is looking to sell a stake of up to 49 percent in Enipower in a deal that could value the business at up to 1.2 billion euros ($1.4 billion), one of the sources familiar with the matter said.

The sale is expected to be wrapped up by the end of the first quarter, the source said.

BlackRock also studied a bid for the asset but a source close to the discussions said the fund's interest had cooled.

The companies all declined to comment.

Enipower, one of Italy's biggest power producers, runs five gas-fired plants and one co-generation plant in Italy with an overall capacity of more than 5 gigawatts.

As concerns about climate change push economies toward a lower carbon future, investing in fossil fuel assets is seen by some as a riskier bet than it used to be.

Eni, which has pledged to be carbon neutral by 2050, is selling the stake to help fund its shift away from oil and gas into cleaner businesses.

The group has merged its retail and renewable businesses and is planning to list part of the unit this year in what could be one of Italy's biggest IPOs of the year.