Legislators reconsider some legislation on cryptocurrency: Crypto Wrap

Legislators reconsider some legislation on cryptocurrency: Crypto Wrap
(Reuters)
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Updated 18 November 2021

Legislators reconsider some legislation on cryptocurrency: Crypto Wrap

Legislators reconsider some legislation on cryptocurrency: Crypto Wrap
  • He explained that while banks should be able to issue stable-coins, not all stable-coin issuers need to be banks.

RIYADH: Congress must pass legislation to regulate cryptocurrencies before their rapid growth and popularity poses risks to investors and the financial system, the chairman of the Joint Economic Committee said.

Don Baer, who held a hearing Wednesday on “crypto demystification,” acknowledged that most lawmakers have a steep learning curve when it comes to digital assets, but said it was imperative that they provide guidance to regulators, Bloomberg reported.

Bayer added that he would be happy if the bill was passed sometime next year. “We are trying to get ahead of this,” Beyer said in an interview.

Meanwhile, Federal Reserve Governor Christopher Waller said on Wednesday that stablecoins do not need to be regulated by the same rules as banks during a virtual conference organized by the Federal Reserve Board in Cleveland.

He explained that while banks should be able to issue stable-coins, not all stable-coin issuers need to be banks.

He also emphasized that the regulatory and supervisory framework for payment stablecoins should address the specific risks that these arrangements pose directly and fully.

"It does not necessarily mean imposing the full banking rulebook, which is geared in part toward lending activities, not payments," Waller said.

Crypto Services Partnership

Bitcoin services company NYDIG has forged a sponsorship deal with the two-time NBA champion basketball team Houston Rockets.

The deal will allow NYDIG to be the team’s official bitcoin service and bitcoin platform partner, which means the company will have exclusive access to many of the franchise spaces including social, digital and in-arena platforms.

The Houston Rockets will also work with NYDIG to expand knowledge and awareness about the cryptocurrency world and the uses of these new investment tools.

"Our organization has leaned on advancements in technology to remain on the cutting edge. Partnering with NYDIG allows us to leverage the growth of Bitcoin to provide creative rewards and payment options to our fanbase and associates," Houston Rockets President of Business Operations Gretchen Sheirr said.

Daily Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Thursday, falling by 4.58  percent to $59,285 at 4:51 pm Riyadh time.

Ether, the second most traded cryptocurrency, traded at $4,178, down by 1.27 percent, according to data from Coindesk.


Saudi TASI opens flat as investor sentiment slips: Opening bell

Saudi TASI opens flat as investor sentiment slips: Opening bell
Updated 12 sec ago

Saudi TASI opens flat as investor sentiment slips: Opening bell

Saudi TASI opens flat as investor sentiment slips: Opening bell

RIYADH: Saudi Arabian stocks opened flat on Tuesday, with the main index TASI just nudging higher, on weaker investor sentiment amidst cautious trading.

As of 10:20 a.m. Saudi time, TASI was at 12,081 points, and the parallel Nomu market traded at 25,560 points.

Saudi insurer Bupa Arabia topped the gainers in early trading as it surged 3.3 percent to SR139 ($37).

In the financial sector, the Kingdom’s largest bank by market value Al Rajhi Bank advanced 0.5 percent and Alinma Bank edged up 0.2 percent.

Financial sector gains were capped as shares in the Saudi British Bank, known as SABB, the Arab National Bank, and Riyad Bank fell 0.9, 1.3, and 0.9 percent, respectively.

Shares in utility provider ACWA POWER Co. went up by 1.33 percent.

Riyadh-based transport firm Saudi Public Transport Co. added 0.8 percent after it sealed a SR57.5 million public transport deal with the authority of Saudi Arabia’s Madinah Region.

Arabian Centres Co., known as Almrakez, gained 0.7 percent.

Almrakez said it will distribute cash dividends at SR0.75 ($0.2) per share for the first half of the fiscal year ending Sept. 30, 2021.

In energy trading, Brent crude oil reached $86.9 per barrel, and US benchmark WTI crude oil was at $83.8 per barrel as of 10:17 a.m. Saudi time.


Ericsson profits soar despite China trouble

Ericsson profits soar despite China trouble
Image: Shutterstock
Updated 32 min 17 sec ago

Ericsson profits soar despite China trouble

Ericsson profits soar despite China trouble

Swedish telecoms giant Ericsson said Tuesday its net profit soared in 2021, with a better-than-expected performance in the fourth quarter despite losing ground in the key Chinese market.


The world’s number two telecoms equipment maker is competing with China’s Huawei in the global rollout of ultra-fast 5G mobile phone networks.


But Ericsson’s sales in China have taken a major hit as it has faced reprisals there since Sweden banned Huawei and another Chinese firm, ZTE, from the European country’s 5G network in 2020 for security reasons.


Despite the challenges, the Swedish company expects to reach its long-term profitability target sooner than previously estimated.


“Our strategy to invest in technology leadership and grow market share in our core business underpinned a robust financial performance in 2021 and ensured a good Q4 for Ericsson overall,” chief executive Borje Ekholm said in a statement.


Net profit soared by 30 percent last year to 23 billion kronor ($2.5 billion, 2.2 billion euros).


Sales were stable at 232.3 billion kronor in 2021.


Its profit surged by 41 percent in the fourth quarter to 10.1 billion kronor, while sales rose by three percent at 71.3 billion kronor.


Analysts surveyed by Bloomberg had expected a quarterly profit retreating to 7.1 billion kronor.


In mainland China, sales plunged by 7.7 billion kronor last year, but Ericsson made up those losses by gaining ground in other markets.
 


All you need to know before trading on Tadawul today

All you need to know before trading on Tadawul today
Updated 25 January 2022

All you need to know before trading on Tadawul today

All you need to know before trading on Tadawul today
  • The main index TASI closed 0.6 percent lower at 12,068 points, partially shrugging off gains from the past two weeks

RIYADH: Saudi Arabia’s stock exchange fell for a second consecutive day on Monday as cautious trading took over, and investors braced for more earnings announcements.

The main index TASI closed 0.6 percent lower at 12,068 points, partially shrugging off gains from the past two weeks. The parallel Nomu market slipped 0.5 percent to 25,573 points.

This was in line with other GCC stock exchanges, which were all down except for the Qatari bourse which saw a 0.3 percent rise in its QSI index.

Dubai’s DFMGI led the fallers as it registered losses amounting to 2 percent.

Bourses of Abu Dhabi, Bahrain, Oman, and Kuwait all edged down from 0.1 to 0.5 percent.

The Egyptian EGX30 index retreated 0.3 percent.

In energy trading, Brent crude oil reached $86.9 per barrel, and US benchmark WTI crude oil was at $83.8 per barrel as of 8:46 a.m. Saudi time.

Stock news

  • Riyadh-based Saudi Public Transport Co., also known as SAPTCO, sealed a SR57.5 million ($15 million) public transport deal with the authority of Saudi Arabia’s Madinah Region
  • Car rental firm Theeb Rent a Car has closed a SR27 million leasing agreement for four years with the Ministry of Human Resources and Social Development
  • Saudi petrochemical firm SABIC Agri-Nutrients has completed a SR1.2 billion partial acquisition in Dubai-based ETG Inputs Holdco LTD
  • Alandalus Property Co. has completed 70 percent of Al Jawharah Al Kubra project in Jeddah
  • Al Rajhi Capital, manager of Al Rajhi REIT Fund, has completed the extension of the limit on Shariah-compliant facilities granted to the fund by an amount of SR600 million
  • BinDawood Holding Co. is working with its legal advisor to compensate for the damages suffered because of the lawsuit filed against subsidiary Danube Co. for Foodstuffs and Commodities

Calendar

Jan. 25, 2022

End of East Pipes Integrated Co.’s initial public offering subscription

Saudia Dairy and Foodstuff Co., SADAFCO, to pay cash dividends at SR3 per share for the first half of its fiscal year

Jan. 27, 2022

End of Gas Arabian Services’ IPO book-building

End of Scientific and Medical Equipment House’s IPO book-building

Jan. 28, 2022

End of Elm Co.’s IPO book-building 

 


Chemicals sales soar as Saudi non-oil exports grow by 26%

Chemicals sales soar as Saudi non-oil exports grow by 26%
Updated 25 January 2022

Chemicals sales soar as Saudi non-oil exports grow by 26%

Chemicals sales soar as Saudi non-oil exports grow by 26%

RIYADH: Outgoing chemical shipments picked up pace significantly prompting the Saudi non-oil exports growth to hit an annual rate of 26.1 percent in November, according to data released by Gastat.

Exports of chemicals or allied industries expanded went up by 70.6 percent from a year ago and made up 34 percent of non-oil merchandise exports.

Sales of plastics and rubber also increased, rising by a yearly rate of 38.4 percent.

The ratio of non-oil exports to imports jumped to 52.6 percent in November, up from 42.3 percent in the previous month, as imports increased by only 1.4 percent compared to the higher growth of non-oil sales, Gastat pointed out in its latest report.

Moreover, oil exports surged by 112.8 percent and its share of total exports increased to 75.8 percent in November, up from 65 percent in the same month of the previous year. Overall merchandise exports leaped 82.5 percent from a year earlier.

China was the Kingdom’s main trading partner, accounting for 17.2 percent of total exports and 20.6 percent of imports. India and Japan were other major recipients of Saudi goods and services, buying 11.6 percent and 9.6 percent, respectively, of exports. South Korea, the US, the UAE and Egypt were also among the top 10 exporting destinations.

In addition, the US and the UAE provided Saudi Arabia with 11.4 percent and 6 percent, respectively, of its imports.

Looking at the major customs ports for imports, Gastat said that 25.9 percent of total purchases came through the Jeddah Islamic Sea Port in November. It was followed by King Abdulaziz Port, King Khalid International Airport and Bat'ha.


Alandalus Property completes 70% of ‘The Village’ project in Jeddah

Alandalus Property completes 70% of ‘The Village’ project in Jeddah
Updated 25 January 2022

Alandalus Property completes 70% of ‘The Village’ project in Jeddah

Alandalus Property completes 70% of ‘The Village’ project in Jeddah

RIYADH: Alandalus Property Co. completed 70 percent of the Al Jawhara Al Kubra project in Jeddah, according to a bourse statement.

The company completed 100 percent of the structure and concrete works, 80 percent of facades, 70 percent of electromechanical works, and 65 percent of interior finishings, it said in a statement to the Saudi stock exchange.

The project is expected to complete in the second quarter of 2022, as per the latest report received from the developer partner. It will be operational in the third quarter of 2022, Alandalus said.

There is a change in the cost by SR22.34 million ($5.95 million), making the total cost including the land value SR895.34 million, the company said.

This is mainly due to an increase in the built-up area, the implementation of additional works in the entertainment area, and some other works on the site, according to Alandalus.

The project is named “The Village,” and the trade name for the owner company Al Jawhara Al Kubra Co. will not be changed.