Argentinian exchange gets $50m in latest funding round: Market wrap 

Argentinian exchange gets $50m in latest funding round: Market wrap 
Short Url
Updated 22 September 2021

Argentinian exchange gets $50m in latest funding round: Market wrap 

Argentinian exchange gets $50m in latest funding round: Market wrap 

Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Wednesday, falling by 1.185 percent to $42,270.82 at 4:26 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, traded at $2,939.71, down by 3.05 percent, according to data from CoinDesk.

Funding

Argentina-based Latin American exchange Ripio has successfully raised $50 million in its latest Series B funding round.

The exchange, which has a strong position in its home country and Brazil, will use these new funds to expand into other areas of South America, such as Colombia, Mexico and Uruguay later this year.

These funds will also help Ripio continue to grow its Latam brand, after it acquired Bitcointrade, one of the most popular exchanges in Brazil

"For us, this announcement is a natural step that allows us to continue expanding and consolidating our products in the region, with the mission of expanding access to the crypto world, building simple tools and offering quality information and resources to facilitate the path to the new digital economy,” Sebastian Serrano, CEO of Ripio said.

The round had the participation of bitcoin investor Tim Draper, Amplo (investors of Robinhood), Marcos Galperin (CEO of Mercado Libre), and Martin Migoya (CEO of Globant), led by Digital Currency Group (DCG).

 

Bye-bye Binance

Meanwhile, amid worldwide regulatory scrutiny, global crypto exchange Binance has announced that it will stop offering futures contracts, options and leveraged tokens to Australian users within 90 days.

"Effective from 24 September, 9 a.m. (UTC), existing Australian users will have 90 days to reduce and close their positions for these products," Binance explained.

 

Iran urged to change policy 

In Iran, some parliamentarians have set out to change the government’s regulatory stance toward cryptocurrencies, citing opportunities to use them to improve the country’s economy.

They also expressed concerns about Tehran’s restrictive policies toward innovations. 

After the release of a study that recommended a new approach to the crypto industry, lawmakers have called for the adoption of friendlier regulations.

“Taking a restrictive approach only pushes innovative solutions underground,” a spokesman for the council's economic committee, Gholamreza Marhaba, told Iranian media.

He also said: “Our studies show that 50 percent of crypto activities are in the informal market. This is while supportive regulations can help enhance contribution of the digital currency to the economy.”


RCU signs strategic partnerships with ARCOM and Egis-led French consortium

RCU signs strategic partnerships with ARCOM and Egis-led French consortium
Updated 14 sec ago

RCU signs strategic partnerships with ARCOM and Egis-led French consortium

RCU signs strategic partnerships with ARCOM and Egis-led French consortium
  • The first phase of the development will see in excess of SR75 billion ($15 billion), to be invested in AlUla

RIYADH: The Royal Commission for AlUla (RCU) has signed two landmark strategic partnerships, to accelerate the regeneration of the historic city in Saudi Arabia's northwest.

The agreement with Saudi IT firm ARCOM and an international French consortium comprising Egis, Assystem and Setec set out a development timeline, based on three phases that lead up to 2035, as it moves from the planning stage to implementation following the launch for redevelopment in April this year.

The first phase of the development will see over SR75 billion ($15 billion) invested in AlUla.

This will include social, economic, and sustainability projects in five unique hubs, with a focus on hospitality, infrastructure, arts and culture, and social and community development.

The agreements were signed today at the Future Investment Initiative Forum currently taking place, in Riyadh, Saudi Arabia.

RCU chief executive Amr Al-Madan said.“These new long-term strategic partnerships are critical to realizing our ambition of creating a global benchmark for sustainable tourism.

“Our new partners will be instrumental in helping us deliver a detailed and certified plan, while our focus is set on phase one we will ramp up our integrated approach towards the development of phase 2 and 3, to drive traffic, and sustain a regular flow of tourists in the long run.”


‘I don’t mind missing 2060 net-zero target’ says senior PIF official

‘I don’t mind missing 2060 net-zero target’ says senior PIF official
Updated 15 min 2 sec ago

‘I don’t mind missing 2060 net-zero target’ says senior PIF official

‘I don’t mind missing 2060 net-zero target’ says senior PIF official

A leading figure in Saudi Arabia’s sovereign wealth fund says he does not mind if the country misses its goal of net zero by 2060, as long as it pushes ahead with environmentally-friendly policies.

The Kingdom’s Crown Prince Mohammed bin Salman bin Abdulaziz announced on Sunday his country would cut carbon emissions to net zero within 40 years — a move that received widespread praise from world leaders.

Speaking at the Future Investment Initiative Forum in Riyadh on Wednesday, Fahad AlSaif, head of Global Capital Finance at Saudi’s Public Investment Fund (PIF), said it would be “shameful” if the Kingdom missed the target by reneging on environmental commitments.

AlSaid said: “What we are planning to do in the Kingdom is to ensure there’s affordable energy, commitment to climate change and also affordable communities and cities. 

“This is all summed up by all of the initiatives that the Kingdom is taking, more precisely the Public Investment Fund, the NEOM, the Red Sea, the renewable energy sector, the 2060 zero-emission carbon target, the 278 million tons of carbon emissions reduction that we are actually aspiring to as a KPI by 2030.   

“The Kingdom of Saudi Arabia is playing a major role to ensure that we are able to collaborate and to ensure that we are able to set a new benchmarks. 

“We are willing to take that challenge. The intent is there, the capacity is there, the trajectory is there, and we have to prove that we are able to progress.

“I don’t mind not achieving the target, but I would be very shameful if I were not able if I have taken dramatic decisions by taking u-turns.”


Chinese industrial profits surge; mixed signals from Western Europe's consumers: Economic wrap

Chinese industrial profits surge; mixed signals from Western Europe's consumers: Economic wrap
Getty Images
Updated 35 min 56 sec ago

Chinese industrial profits surge; mixed signals from Western Europe's consumers: Economic wrap

Chinese industrial profits surge; mixed signals from Western Europe's consumers: Economic wrap
  • Compared to January, profits in the coal mining and washing industries surged by 172.2 percent in September

The industrial sector’s profits in China saw a year-on-year jump of 16.3 percent in September to reach CNY738.74 billion ($115.5 billion), official data revealed. This is higher than last month’s gain of 10.1 percent.

While the sector faced rising prices and disruptions in the supply chain, mining and raw materials industries still grew at significantly high rates, pushing the entire sector’s profits up. 

Compared to January, profits in the coal mining and washing industries surged by 172.2 percent in September while profits of the fuel processing industry soared by 930 percent over the same period. On the other hand, power firms experienced a decline in profits, falling by 24.6 percent.

Consumer Confidence in Western Europe

France’s official statistics agency said that consumer confidence declined to 99 points in October, down from 101 points in September. It was below the long-term average of 100. 

Households were mainly worried about the impact of increasing prices on their ability to save in the future. They also seemed to have a negative outlook for their future financial situation and standard of living.

Germany's GfK consumer climate index unexpectedly jumped to 0.9 heading into November 2021. This is the highest level since April 2020. However, rising prices could pose risks to consumer confidence if they were to persist.

The GFK Group added that Germans seem to make more purchases now in a bid to avoid surging prices in the future.

Australia’s Inflation Rate 

Year-on-year inflation rate in Australia was down to 3 percent in the third quarter of 2021 from a 12.5-year high of 3.8 percent in the previous quarter, official data showed. 

Transportation costs slowed to 10.4 percent in 3Q of this year compared to 10.7 percent in the previous quarter. Similarly, price inflation for tobacco and alcohol products reached 4.4 percent, falling from the previous period’s 6.7 percent rise.

Turkey’s trade deficit and economic confidence

The trade deficit in Turkey sharply narrowed to $2.55 billion in September, down from a deficit of $4.86 billion in the same month last year, Turkish Statistical Institute said.

Exports jumped by a significant 30 percent year-on-year in September to reach $20.8 billion. Exports for manufactured products rose by 29.7 percent while sales of mining and quarrying activities leaped by 38.8 percent.

Meanwhile, imports rose by a lower 11.9 percent to be valued at $23.3 billion in September. This was mainly driven by a rise in purchases of intermediate goods, which increased by a 16.5 percent annual rate.

Turkey’s economic confidence index lowered to 101.4 in October. This is a 1 percent decrease from September’s reading of 102.4, the highest since April of 2018. 

Consumers and manufacturers’ sentiment got more pessimistic but service providers, retailers and constructors had a more favorable outlook. 

France’s producer prices

Industrial producer prices in France increased by 1.7 percent month-on-month in September, up from August’s 1 percent rise, official data showed.

Sources of inflationary pressures included rises in mining and quarrying activities prices as well as hikes in the costs of utilities.

In addition, producer prices rose annually by 11.6 percent in September compared to the same month in 2020. 

Indonesia’s FDI

Indonesia's foreign direct investment inflows fell by 2.7 percent on an annual basis to IDR 103.2 trillion ($7.3 billion) in the third quarter of 2021, official data revealed. This is a sharp decline when compared to the previous quarter’s 19.6 percent gain. Also, this was the first decrease since the second quarter of 2020.


SAIB net profit up 9% to $206.7m in first 9 months of 2021

SAIB net profit up 9% to $206.7m in first 9 months of 2021
Updated 43 min 16 sec ago

SAIB net profit up 9% to $206.7m in first 9 months of 2021

SAIB net profit up 9% to $206.7m in first 9 months of 2021
  • SAIB reported a net profit of SR274.3 million in the third quarter of 2021

RIYADH: The Saudi Investment Bank (SAIB) reported a net profit of SR775.6 million ($206.7 million) in the first nine months of 2021, a 9 percent increase from SR714.4 million in the year-earlier period, a bourse filing revealed.


The bank attributed the profit rise to a decline of 11.6 percent year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses, as well as provisions for credit and other losses.

The total operating income decreased by 5.4 percent year-on-year, on a decrease in net special commission income, exchange income, dividend income, fair value through profit and loss, and other income, the company revealed in a statement on Saudi Stock market (Tadawul).

SAIB reported a net profit of SR274.3 million in the third quarter of 2021, declining by 9 percent compared to the same period of last year, from SR301.3 million. The total operating income decreased by 5.6 percent year-on-year, with a lower fee income from banking services, exchange income, fair value through profit and loss, and other income. Total operating expenses grew by 2.3 percent year-on-year. 

SAIB profit decreased by 4.7 percent in the third quarter of 2021 compared to the previous quarter, from SR287.77 million.


Total shareholders' equity, excluding minority interests, reached SR14.69 million during the first nine months of 2021, compared to SR12.81 million in the year-earlier period.


Oracle signed as first tenant of NEOM’s data centre

Oracle signed as first tenant of NEOM’s data centre
Getty Images
Updated 27 October 2021

Oracle signed as first tenant of NEOM’s data centre

Oracle signed as first tenant of NEOM’s data centre
  • The agreement follows the launch of the Oracle Cloud Saudi Arabia West Region in Jeddah in February 2020

NEOM Tech & Digital Hold Co. announced Oracle as the first tenant of its hyper scale data centre at NEOM. 

Oracle Cloud Infrastructure (OCI), part of the US computer technology giant, is to be hosted at the data center to provide a high-performing, resilient foundation for cloud services.

The agreement follows the launch of the Oracle Cloud Saudi Arabia West Region in Jeddah in February 2020 and supports Oracle’s commitment to open two dedicated cloud regions in the Kingdom.

“Saudi Arabia is fast emerging as a global technology hub and NEOM Tech & Digital Hold Co.’s partnerships with Oracle and EzdiTek will enable us to build the foundations required to deliver on our full potential,” minister of communication and NEOM Tech & Digital Hold Co. chairman, Abdullah Alswaha, said. 

“Today’s announcement means the realization of technology that will serve the ambitions of the public and private sector across the region and beyond, positioning Saudi Arabia at the forefront of the industry,” he added. 

The company also announced a $500 million joint venture with EzdiTek, via its affiliate, FAS Energy Trading Co., to power the creation and operation of the data center.