Bitcoin, Ether fall; Messi signs $20m crypto deal — Crypto Moves

Update Bitcoin, Ether fall; Messi signs $20m crypto deal — Crypto Moves
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Updated 11 April 2022

Bitcoin, Ether fall; Messi signs $20m crypto deal — Crypto Moves

Bitcoin, Ether fall; Messi signs $20m crypto deal — Crypto Moves

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, down 0.94 percent to $42,274 as of 09:00 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,183, down 1.94 percent, according to data from Coindesk.

Football star Messi seals $20m crypto deal: Crypto Moves 

Argentine football star, Lionel Messi, has joined digital fan token creator Socios.com as its global brand ambassador, over the next three years under a $20 million deal.

This deal does not include cryptocurrency payments to Messi, according to thenationalnews.com. 

Messi, whose move from Barcelona in August included a cryptocurrency payment, will be involved in a publicity and promotion campaign for Socios in the build-up to the Qatar World Cup, which starts in November, Reuters reported.

He becomes the latest athlete to enter the crypto world, after NFL quarterback Tom Brady and NBA star LeBron James. 

“Since I played my first professional game, the passion of the fans has been a driving force that has helped inspire me to be my very best. Fans deserve to be recognised for their support. They deserve opportunities to influence the teams they love,” Messi said.

He added: “Socios.com exists to enhance the fan experience, to enable fans to ‘be more’. I’m proud to join its mission to create a more connected and rewarding future for fans around the world.”

Dubai issues digital assests law

Dubai, one of the UAE's seven emirates and the region's trade hub, in March issued its first digital assets law, and formed the Virtual Asset Regulatory Authority. 

It recently licensed Binance and fellow global heavyweight FTX Europe, while companies such as crypto.com are setting up offices in the country.  

“By introducing this new, crypto-specific, regulatory body, Dubai continues to position itself as one of the most attractive jurisdictions for digital assets related businesses. It will continue to attract talent and investment associated to the industry, Jaime Baeza, CEO of ANB Investments — the crypto hedge fund — said. 

Baeza added: “Any individual or company wishing to offer certain services, such as exchange or custody related to virtual assets will require a license granted by VARA, and will be supervised by it. Among others, FTX and Binance have already been granted licenses.”

“This is a very positive step for the overall industry, and Dubai’s progressive leadership will likely pave the way for other jurisdictions such as the US to take a similar approach.”

India to prepare FAQ for crypto taxation

The Government of India is working on an FAQ on the taxation of cryptocurrencies, which is expected to clarify the applicability of income tax and GST on virtual digital assets. 

According to a Press Trust of India report, this FAQ is being formulated by the Department of Economic Affairs, Reserve Bank of India, and Revenue Department. 

Former Citi executives form crypto-focused investment firm

A trio of former Citi executives has set up Motus Capital Management, a crypto-focused investment firm to help clients bet on digital assets. 

The company was established by Alex Kriete, Greg Girasole, and Frank Cavall. 

While Kriete and Girasole were previously co-heads of Citi’s digital assets group, Cavallo was a director and investment counselor. 


China in-Focus — PAG to delay IPO; Yuan rebounds; Stocks rise; China pares back holdings of US Treasuries for 7th month

China in-Focus — PAG to delay IPO; Yuan rebounds; Stocks rise; China pares back holdings of US Treasuries for 7th month
Updated 14 sec ago

China in-Focus — PAG to delay IPO; Yuan rebounds; Stocks rise; China pares back holdings of US Treasuries for 7th month

China in-Focus — PAG to delay IPO; Yuan rebounds; Stocks rise; China pares back holdings of US Treasuries for 7th month

RIYADH: Private equity firm PAG, backed by Blackstone Inc., is considering a delay of its planned initial public offering in Hong Kong amid market volatility, Bloomberg reported, quoting people familiar with the matter. 

According to the report, the firm led by Chinese dealmaker Weijian Shan, is now more likely to make its debut in 2023. 

The firm has taken this decision due to market volatility which will lead investors to demand steep discounts, ultimately resulting in weak trading in the initial days, the people, who wished to stay anonymous, said. 

Bloomberg News has previously reported that the firm’s offering could raise as much as $2 billion. 

Yuan firms

China’s yuan firmed on Wednesday, recovering from a three-month low hit in the previous session on growing signals Beijing will provide more support to shore up growth in the struggling economy.

Traders were also eyeing minutes from the Federal Reserve’s July meeting due later in the day for any new clues on how large the central bank’s interest rate hike is likely to be in September.

The People’s Bank of China set the midpoint rate at 6.7863 per dollar prior to market open, weaker than the previous fix of 6.773.

In the spot market, the yuan opened at 6.7800 per dollar and was changing hands at 6.7711 at midday, 179 pips firmer from the previous late session close.

Stocks up

China and Hong Kong stocks climbed on Wednesday, led by gains in developers on rising hopes that the government would roll out supportive measures to prop up the country’s ailing property sector.

By the midday break, the benchmark Shanghai Composite index had climbed 0.3 percent, while the blue-chip CSI 300 index was up 0.7 percent.

In Hong Kong, the benchmark Hang Seng Index advanced 0.8 percent, while the Chinese H-shares listed in Hong Kong also gained 0.8 percent.

China pares back holdings of US Treasuries

China slashed holdings of US Treasuries for a seventh consecutive month in June, Treasury Department data released on Monday showed, with investors closely tracking this measure in the wake of tensions between the world’s two largest economies involving Taiwan.

China’s stash of US government debt dropped to $967.8 billion in June, the lowest since May 2010 when it held $843.7 billion. 

In May, the world’s second-biggest economy had $980.8 billion in Treasuries, data showed. China’s hoard of US debt has seen multiple 12-year lows in the last few months.

Data also showed Japan increased its holdings of Treasuries to $1.236 trillion in June, from a revised $1.224 trillion in May. The Treasury report released in July showed Japan had $1.213 trillion in Treasuries for the month of May.

Overall, foreign holdings of Treasuries rose to $7.430 trillion in June from a revised $7.426 trillion in May.

 

(With input from Reuters) 


Saudi water bottler Al-Jouf expects up to 20% demand growth in Q3: CEO

Saudi water bottler Al-Jouf expects up to 20% demand growth in Q3: CEO
Updated 17 August 2022

Saudi water bottler Al-Jouf expects up to 20% demand growth in Q3: CEO

Saudi water bottler Al-Jouf expects up to 20% demand growth in Q3: CEO

RIYADH: Al-Jouf Mineral Water Bottling Co. is expected to see a 15 to 20 percent growth in demand in the current quarter, CEO Ramadan Abutaleb told CNBC Arabia.

The water bottling and beverages firm reported an 8 percent increase in profit for the first half of 2022, which, according to the executive, was driven by a rise in revenues.

Al-Jouf Water’s revenues surged by 11 percent during the six-month period to SR36 million, compared to SR33 million a year earlier.

Abutaleb pointed out that the company began exporting water to Kuwait and Jordan, noting that the market share of the firm in the northern region of Saudi Arabia exceeds 60 percent.


Saudi Alkhorayef Water sees 6% increase in H1 profits to $14m 

Saudi Alkhorayef Water sees 6% increase in H1 profits to $14m 
Updated 17 August 2022

Saudi Alkhorayef Water sees 6% increase in H1 profits to $14m 

Saudi Alkhorayef Water sees 6% increase in H1 profits to $14m 

RIYADH: Saudi Arabia’s Alkhorayef Water and Power Technologies Co. posted a 6 percent profit increase in the first half owing to revenue growth.

Its net profit reached SR52 million ($14 million), up from SR49 million a year earlier in the prior year period, according to a bourse filing.

The results were boosted by a 34 percent growth in first-half revenues to reach SR357.9 million due to increases in revenue in the water sector by 2.9 percent, and the integrated water solutions sector by 225.8 percent.


TASI starts flat amid higher inflation and lower oil prices: Opening bell

TASI starts flat amid higher inflation and lower oil prices: Opening bell
Updated 17 August 2022

TASI starts flat amid higher inflation and lower oil prices: Opening bell

TASI starts flat amid higher inflation and lower oil prices: Opening bell

RIYADH: Saudi Arabia’s benchmark index opened flat for the fourth consecutive session as investors struggled to assess the impact of declining oil prices and higher inflation.

TASI opened Wednesday at 12,545, while Nomu, the parallel market, started 0.77 percent lower at 22,034, as of 10:04 a.m. Saudi time.

In the energy market, Brent crude reached $93.19 a barrel, while US West Texas Intermediate declined to $87.46 a barrel, as of 10:06 a.m. Saudi time.

ACWA Power Co. added 1.73 percent, after announcing it will sign a $2.4 billion wind power deal with Uzbekistan's Ministry of Investment & Foreign Trade.

Amana Cooperative Insurance Co. climbed 3.03 percent, after its first-half losses narrowed by 50 percent to SR31 million.

Saudi Enaya Cooperative Insurance Co. increased 1.86 percent, after narrowing its net loss before zakat by 53 percent to SR14 million.

Alinma Tokio Marine Co. gained 1.73 percent, after turning into a profit of SR2.4 million in the first half of 2022.

Wataniya Insurance Co. fell 2.02 percent, after it saw its losses widen by 44 percent to SR37 million in the first half of 2022.

Arabian Centres Co. added 0.48 percent, after reporting a higher second-quarter profit of SR128 million.

Al Jouf Cement Co. rose 0.19 percent, after Abdul Karim Al-Nuhair was appointed CEO after Jamal Al Amer resigned.

Saudi Aramco lost 0.13 percent, despite achieving its highest quarterly profit since going public in 2019 with SR182 billion ($48.4 billion), a 90 percent jump over analysts' expectations.


Saudi insurer Salama proposes raising capital by $53m following 60% cut

Saudi insurer Salama proposes raising capital by $53m following 60% cut
Updated 17 August 2022

Saudi insurer Salama proposes raising capital by $53m following 60% cut

Saudi insurer Salama proposes raising capital by $53m following 60% cut

RIYADH: Salama Cooperative Insurance Co.’s board has proposed raising the company’s capital by SR200 million ($53 million) in a bid to support growth plans.

The insurer seeks to increase its capital from SR100 million to SR300 million, after its shareholders approved a 60 percent capital cut, according to a bourse filing.

Salama said the capital increase will be conducted through a rights issue offering, for which it hasn’t appointed a financial advisor yet.

The transaction is subject to approval from the Saudi Central Bank, the Capital Market Authority, and the company’s extraordinary general assembly.

To offset accumulated losses, the Saudi-listed firm recently announced a capital reduction from SR250 million to SR100 million by canceling 15 million shares.