Day: September 12, 2020

Iran’s currency hits new record low against the dollar
Currencies

Iran’s currency hits new record low against the dollar

TEHRAN, Iran (AP) — Iran’s currency on Saturday dropped to its lowest value ever against the dollar, and has seen its value fall by 30% since June amid severe U.S. sanctions imposed on Tehran. Money exchange shops traded the Iranian rial 262,000 for a dollar. The rial had traded at 256,000 to $1 on Thursday, and markets were closed Friday, the start of the weekend in Iran. The rial has tumbled from a rate of 200,000 in late June. Iran's currency was at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers. The currency unexpectedly rallied for some time after President Donald Trump’s decision more than two years ago to withdraw the U.S. from the nuclear deal and reimpose crippling trade sanctions on Iran. The sanctions have caused Iran’s oil export...
Gemini to accept deposits in PAX Gold, Amp and Compound
Crypto News

Gemini to accept deposits in PAX Gold, Amp and Compound

Crypto exchange Gemini will begin accepting deposits in PAX Gold (PAXG), Amp (AMP) and Compound (COMP) with trading to start Sept. 15. Gemini will offer US dollar trading pairs for PAXG, AMP, and COMP via its ActiveTrader platform and API connections. The exchange will also offer trading and custody support for 12 cryptos and custody for 13 cryptos. Gemini co-founder Tyler Winklevoss tweeted the addition of PAXG, COMP and AMP shows the exchange’s commitment to DeFi. The #DeFi revolution is upon us. @Gemini is now accepting deposits for $AMP @amptoken, $PAXG @PaxosStandard, and $COMP @compoundfinance. Trading to begin on 9/15! https://t.co/2Yj2IoxpCY — Tyler Winklevoss (@tylerwinklevoss) September 11, 2020 Gemini said in its statement that the three assets “expand the range of our pl...
Combative MFs may dash small-cap party hopes
Stock News

Combative MFs may dash small-cap party hopes

MUMBAI: The weekend celebrations of investors in small-cap stocks over the capital market regulator's stricter investment norms for mutual funds' multi-cap funds-a product with a mandate to invest across share categories-- may prove to be premature. Mutual funds are looking at various possibilities that would help multi-cap schemes avoid forced purchases of small- and mid-cap stocks to comply with Securities and Exchange Board of India's new rules for this product category that requires minimum investments in bluechips, mid-caps and small-caps. Fund officials told top distributors and investment advisors on Saturday that Asset Management Companies would look to merge multi-cap funds into large- and mid-cap schemes. Multi-cap schemes have invested majority of the corpus in large-cap stock...
Unpopular but essential – petroleum products improve lives in unappreciated ways
Investing

Unpopular but essential – petroleum products improve lives in unappreciated ways

We encounter petroleum1 products on an almost constant basis – like something as inconspicuous as an iPhone case or as essential as indoor plumbing. Though petroleum is synonymous with automobiles, this represents less than half of petroleum demand. Perhaps surprisingly, an almost equivalent amount of petroleum demand is derived from non-transportation sources. Where else do we encounter petroleum products? How about in milk cartons, golf balls, MRI scanners, lipstick, crayons, and solar panels. Regardless of its ubiquity, petroleum is often vilified for its role in the environment, primarily from use as transportation fuel. Today, transportation accounts for 14% of global greenhouse gas emissions, with approximately two-thirds coming from cars and trucks.2 Agriculture, industrial, and po...
AnChain.AI and Bluehelix partner for compliance solutions
Crypto News

AnChain.AI and Bluehelix partner for compliance solutions

Blockchain company AnChain.AI and decentralized finance and technology provider Bluehelix plan to launch solutions addressing compliance within blockchain networks. According to reports, the two companies will roll out its Blockchain Ecosystem Intelligence, or BEI, risk engine solution. BEI is based on an API and will offer comprehensive real-time, preventive blockchain intelligence. AnChain.AI said BEI looks over 100 million crypto address and smart contracts and sifts through this using a machine learning model. It will find the best compliance structure to meet anti-money laundering (AML) when determining the source and destination of the funds. Bluehelix’s cloud platform delivers these results to its over 270 exchange clients.  Both companies note BEI can become a one-stop so...
AstraZeneca coronavirus vaccine clinical trials resume in U.K. after pause over safety concerns
Business news

AstraZeneca coronavirus vaccine clinical trials resume in U.K. after pause over safety concerns

AstraZeneca's building in Luton, Britain. Tim Ireland | Xinhua News Agency | Getty Images Phase three trials for AstraZeneca's coronavirus vaccine have resumed in the U.K. after they were halted earlier this week over safety concerns, the company announced Saturday. AstraZeneca said it received confirmation from the United Kingdom's Medicines Health Regulatory Authority that it was safe to resume clinical trials. The company declined to disclose medical information about the pause of the trial, but indicated earlier this week that a potentially unexplained illness was under investigation.   The company said "the standard review process triggered a voluntary pause" to all global trials on Sept. 6 so that independent committees and internal regulators could revie...
Focused equity funds: Where small can indeed be beautiful
Stock News

Focused equity funds: Where small can indeed be beautiful

To start with, let us look at the concept of focused equity funds. In the regular fund categories like largecap or multicap, there is no restriction on the number of stocks in the portfolio. In some cases, there is a restriction on the universe of the underlying e.g. 100 stocks to choose from in largecap or 150 in midcaps. In other categories e.g. ELSS, it is an open field for the fund manager. On Friday, Sebi clamped similar restrictions on multicap funds, which is enforceable by January 31. 2021. And then, there is the focused fund category defined by Sebi as “a scheme focused on the number of stocks (maximum 30)” and “mention where the scheme intends to focus, viz., multicap, largecap, midcap, smallcap.” The benefit of following such a strategy is that a lot of gains can be made if t...
Framework’s Michael Anderson: ‘Ethereum is where DeFi will continue to be’
Crypto News

Framework’s Michael Anderson: ‘Ethereum is where DeFi will continue to be’

Following the collapse of initial coin offerings, venture capital became the primary funding source for cryptocurrency projects. A slew of crypto-native funds opened their doors, one of them being Framework Ventures, a fund primarily investing in decentralized finance that was co-founded by Michael Anderson and Vance Spencer. Cointelegraph previously reported on Anderson’s philosophy of network capital, a change in investing mindset that is almost necessary in a space where decentralized protocols take the place of traditional companies and equity structures. Framework Ventures has made several investments, notably into Chainlink’s LINK token and Synthetix’s SNX token. But the fund is not all about passive investments, and it recently announced a formal spin-off focused on incubating a...
China announces new restrictions on U.S. diplomats’ activities
Business news

China announces new restrictions on U.S. diplomats’ activities

Combination of file photos showing U.S. President Donald Trump and Chinese President Xi Jinping. Mandel Ngan, Nicolas Asfouri | AFP | Getty Images China has announced new restrictions on the activities of U.S. diplomats working in mainland China and Hong Kong, in what it called a justified response to similar measures imposed on Chinese diplomats in the U.S. last year. In a statement posted online late Friday, a foreign ministry spokesperson said the rules would apply to senior diplomats and all other personnel at the American Embassy in Beijing and consulates throughout China. However, the spokesperson said China supported "normal exchanges and cooperation between all sectors of the two countries" and said the restrictions could be lifted if the U.S. were to revoke the measu...
Wall St week ahead: Fed meeting in focus as stocks wobble and coronavirus bill stalls
Stock News

Wall St week ahead: Fed meeting in focus as stocks wobble and coronavirus bill stalls

By Lewis KrauskopfNEW YORK: Investors are shifting their focus to the Federal Reserve's monetary policy meeting next week as they seek cues following a recent technology-led U.S. market sell-off. So far, few believe the past week's volatility in stocks - which knocked the Nasdaq down as much as 10 per cent from its highs and rocked other indexes - is the start of a larger sell-off that will throw the market off its course after a six-month rally. Some worry, however, that the moves may herald the start of a volatile period, as a much-awaited fiscal aid package stalls in the Senate and the U.S. presidential election looms. That's left investors looking to the Fed for its view of the nascent U.S. economic recovery and what the central bank may do if markets continue to slide. "The marke...