Bitcoin slips on profit-taking but on track for biggest gain in 8 months

Bitcoin slips on profit-taking but on track for biggest gain in 8 months
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Updated 27 October 2021

Bitcoin slips on profit-taking but on track for biggest gain in 8 months

Bitcoin slips on profit-taking but on track for biggest gain in 8 months

LONDON: Bitcoin fell on Wednesday to its lowest level in 1-1/2 weeks, taking losses since hitting a record high last week to around 12 percent — though the digital currency is still on track for its best month since February.

Bitcoin, the world’s largest cryptocurrency, fell as much as 3.7 percent to $58,100, its lowest since Oct. 15. It has lost 12.1 percent since it hit an all-time high of $67,016 on Oct. 20.

By 1413 GMT, bitcoin was trading down 2.3 percent at $58,965. Smaller coins such as ethereum and ripple which tend to move in tandem with bitcoin also fell between 3.5-7 percent.

Bitcoin’s losses were down to traders taking profit from its recent rally, said Tony Sycamore, analyst at City Index. The digital currency has notched up gains of almost 35 percent so far this month, which if maintained would be its best performance in eight months.

Bitcoin is facing “a short-term downtrend,” said Du Jun, co-founder of major crypto exchange operator Huobi Group, adding that further falls may be limited given relatively low trading volumes.


Saudi retailer Alhokair sees stock rise 2.22 percent on Subway deal: Market wrap

Saudi retailer Alhokair sees stock rise 2.22 percent on Subway deal: Market wrap
Updated 28 sec ago

Saudi retailer Alhokair sees stock rise 2.22 percent on Subway deal: Market wrap

Saudi retailer Alhokair sees stock rise 2.22 percent on Subway deal: Market wrap

RIYADH: The stock value of the leading financial retailer in Saudi Arabia, Fawaz Abdulaziz Alhokair Co., has risen after striking a new deal with the Subway global restaurants chain. 

The shares are up despite fears around the new strain of COVID-19, adding to the optimism of Saudi’s financial market amid the collapse of other stocks. 

The retailer company’s share price rose by 2.22 percent as of 12noon, Riyadh time, on Tuesday.

However, other stocks in the Saudi Exchange continue to decline with the rise of omicron.

Saudi’s main stock index, Tadawul All Share Index, was down by 1.54 percent to 10,644.32 points since the market opened.

SABIC petrochemical shares declined by 2.70 percent, contributing further to the market fall.

Spichem and Chemanol were among the lowest-performing stocks.

Top gainers included Amana Insurance and Enaya, increasing by 3.45 percent and 2.30 percent respectively.

Despite the market decline, Saudi’s parallel market Nomu is up by 0.06 percent.

 


Papa John's to open more than 100 new restaurants in Saudi Arabia over the next five years

Papa John's to open more than 100 new restaurants in Saudi Arabia over the next five years
Image: Shutterstock
Updated 35 min 27 sec ago

Papa John's to open more than 100 new restaurants in Saudi Arabia over the next five years

Papa John's to open more than 100 new restaurants in Saudi Arabia over the next five years
  • Saudi Arabia's food and beverage market has grown since the launch of Vision 2030

CAIRO: PJP Investment Group has announced its partnership with Papa John’s to open more than 100 new restaurants in Saudi Arabia over the next five years, according to a statement. 

PJP, which specializes in food and beverages and is wholly owned by Levant Capital, opened the first four new outlets in Riyadh on Tuesday, October 26 in Sulaimaniyah, Al-Nouzha, Al-Malqa and Qurtubah.

"Our plan is to open more than 100 restaurants in the next 10 years." said Tapan Vaidya, CEO of PJP Investment Group.  

Saudi Arabia's food and beverage market has grown since the launch of Vision 2030, making it the leading market for quick-service restaurants and giving them the opportunity to grow their global presence by opening new branches in the Kingdom. 

 "It's an amazing opportunity to develop the Papa John's brand in Saudi Arabia and contribute to the Kingdom's Vision 2030." Vaidya also said


China’s largest crypto exchange chooses Singapore as Asian base

China’s largest crypto exchange chooses Singapore as Asian base
Updated 55 min 54 sec ago

China’s largest crypto exchange chooses Singapore as Asian base

China’s largest crypto exchange chooses Singapore as Asian base

RIYADH: Huobi Group, the operator of China’s largest crypto exchange, has chosen Singapore as its regional headquarters while deciding on another location in Europe.

Singapore has become the new base for the company after it recently shifted its focus outside its home city of Beijing, co-founder Du Jun told Bloomberg News.

The company plans to set up another regional headquarters in France or the UK in 2023, Jun added.

Huobi, which was founded in China in 2013, said it will offload all Chinese users by the end of this year.

Southeast Asia is an attractive market where the number of trading users quadrupled over the past month, Jun said.


Jordan to begin oil exploration in two areas in February, energy minister says

Jordan to begin oil exploration in two areas in February, energy minister says
Image: Shutterstock
Updated 30 November 2021

Jordan to begin oil exploration in two areas in February, energy minister says

Jordan to begin oil exploration in two areas in February, energy minister says

Jordan will begin oil exploration in two areas, Al-Jafr and Al-Sarhan, in February, the country's energy minister Saleh Al-Kharabsheh said on Tuesday, as reported by Jordan state television.


A detailed study is currently underway to consider drilling three medium-depth wells at the Al-Jafr site, the minister added, which will be conducted in cooperation with Jordan's National Petroleum Company.


Vingroup tapping global investors for car unit’s $1bn funding: sources

Vingroup tapping global investors for car unit’s $1bn funding: sources
VinFast a member company of Vingroup. Image: Shutterstock
Updated 30 November 2021

Vingroup tapping global investors for car unit’s $1bn funding: sources

Vingroup tapping global investors for car unit’s $1bn funding: sources
  • If successful, it is likely to end up as Vietnam’s largest private fundraising

Vietnam’s largest conglomerate Vingroup is in talks with investors, including Qatar’s sovereign fund and BlackRock, to raise about $1 billion in equity for its car unit, three sources aware of the matter said.


The fundraising exercise comes as VinFast, Vingroup’s automobile arm, is betting big on the US market, where it hopes that its electric SUVs and a battery leasing model will be enough to woo consumers away from the likes of Tesla and General Motors.


If successful, it is likely to end up as Vietnam’s largest private fundraising, underscoring heightened investor interest in Southeast Asia, a region where ride-hailing and delivery giants Grab and GoTo have raised billions of dollars.


The fundraising move also shows electric vehicle projects remain a major draw for investors.


“Electric vehicles are the topic of the year and there’s huge investor interest,” said one of the sources.


Vingroup is in discussions for the fundraising ahead of VinFast’s potential US listing that could take place as early as next year, said the sources, who declined to be identified as negotiations are still ongoing.


They said the company could finalize the private fundraising deal as early as next month. Vingroup is also in talks with global private equity firms.


The sources said Vingroup is in advanced talks with Qatar Investment Authority (QIA), the country’s $300 billion sovereign wealth fund, which has been diversifying its investments from its core European and US markets toward Asia.


BlackRock is the world’s largest asset manager.


Vingroup declined to comment while there was no response from QIA. BlackRock did not immediately respond to a request for comment.


VinFast plans a US listing within the next couple of years, its chief executive told Reuters earlier this month, aiming to join a growing list of electric vehicle startups that have taken advantage of investor enthusiasm and raised money.


Two sources told Reuters that VinFast was sticking to a previous plan of either listing via a special purpose acquisition company (SPAC) or making a standalone listing.


VinFast, established in 2017 as part of Vingroup, plans to start producing electric cars in the United States in the second half of 2024. It unveiled two electric sport utility vehicles, VF e35 and VF e36, at the Los Angeles Auto Show this month.