Tuesday, December 1

Day: September 29, 2020

Malaysian billionaire steps down to pursue ‘horse currency’ offering
Crypto News

Malaysian billionaire steps down to pursue ‘horse currency’ offering

The founder of Malaysian investment giant Country Heights Holdings is stepping down from his position to focus on issuing a cryptocurrency.According to a Sept. 28 article in news outlet The Edge Markets, billionaire Lee Kim Yew — also known as Lee Kim Tiong — will no longer be the executive chairman of Country Heights as of Jan 2021.“I am handing over the public-listed company’s business to the new directors and I will concentrate on cryptocurrencies,” said Lee.The 65-year-old announced in 2018 that Country Heights would be pursuing the development of an initial coin offering, or ICO, for the firm’s own cryptocurrency, reportedly called "Horse Currency.”Though the investment firm’s shareholders initially approved the ICO plan at a meeting in 2018, Lee’s decision to step down is c...
Wall Street Close: Stocks shudder ahead of the US election debate
Forex

Wall Street Close: Stocks shudder ahead of the US election debate

The Dow Jones Industrial Average lost 131.4 points, or 0.48%. The S&P 500 dropped 16.13 points, or 0.48%. The Nasdaq Composite fell 32.28 points, or 0.29%.US stocks were down on Tuesday as investors braced for the first of three Presidential election debates in the evening, 9pm ET, or 0100GMT.Investors are hesitant ahead of the first US presidential debate and watched for progress in talks for further fiscal stimulus in Washington.Consequently, the Dow Jones Industrial Average lost 131.4 points, or 0.48%, to 27,452.66, the S&P 500 dropped 16.13 points, or 0.48%, to 3,335.47 and the Nasdaq Composite fell 32.28 points, or 0.29%, to 11,085.25Looking tot he debate, the stakes are high with just five weeks before the Nov. 3 election.The Former Vice President Jo...
Sebi eases rules for delisting of listed subsidiaries
Stock News

Sebi eases rules for delisting of listed subsidiaries

Mumbai: The capital markets regulator has eased rules for delisting of listed subsidiaries and asked companies to disclose details of forensic audit initiated by them. These decisions along with a few others were taken in the Securities and Exchange Board of India’s board meeting on Tuesday. Companies have been exempted from doing a reverse book building—a process followed to decide on a price that has to be paid to public shareholders to buy back shares before delisting- for listed units. The regulator said to avail of this delisting route, the listed holding company and the listed subsidiary should be in the same line of business.“The exemption from reverse book building would provide an opportunity for eligible companies to streamline their corporate structure and consolidate the re...
What the COVID-19 pandemic means for blockchain and crypto
Crypto News

What the COVID-19 pandemic means for blockchain and crypto

In March 2020, COVID-19 was declared by the World Health Organization to be a pandemic. Just over six months after that declaration, there have been almost 33 million cases of the disease worldwide and nearly 1 million deaths. While most of the stories from the pandemic involve its astronomical cost in terms of human life and suffering, the disease has also revealed a number of problems in our global economic infrastructure. A surprising number of these weaknesses might be addressed, or at least reduced, with blockchain technology.As a result of COVID-19, businesses around the globe, including in the most economically advanced countries, have encountered supply issues that they were woefully unprepared to address. They could not collect and access important information rapidly enough t...
BoE’s Bailey: A lot of work to do before we can cut interest rates below zero
Forex

BoE’s Bailey: A lot of work to do before we can cut interest rates below zero

"We have a lot of very practical work to do before we would be able to cut interest rates below zero," Bank of England (BoE) Governor Andrew Bailey said on Tuesday and added that he cannot put a date on it, as reported by Reuters.Additional takeaways"Would need to see quite a strong downturn to get a negative figure for Q4 GDP growth.""If we cut rates below zero, would need to explain it very carefully to the public.""Tiered interest rates would add operational complexity.""I do not expect to see a sharp downward move in house prices when stamp duty land tax exemption expires but would not be surprised to see transactions fall a bit.""BoE can act at a very short notice if needed."Market reactionThe GBP/USD pair struggles to make a decisive move in either directi...
Venezuela sees its first Blockstream Bitcoin satellite node
Crypto News

Venezuela sees its first Blockstream Bitcoin satellite node

A Bitcoin services startup based in South America has just launched the first Bitcoin node connected to the Blockstream satellite network within Venezuela.According to a Sept. 25 blog post from startup Cryptobuyer, the launch of the node will keep the Bitcoin (BTC) blockchain updated for Venezuela users without being dependent on a local internet connection. Crypto training course provider AnibalCripto deployed the node while CryptoBuyer provided financial and logistical support.“Having a 24/7 always-available digital money system independent of local internet infrastructure is now a reality,” said AnibalCripto CEO Anibal Garrido. “With this development, we are no longer subject to requirements such as the use of an Internet Service Provider, which may attempt to break the principles...
CLSA upgrades Tata Steel to outperform, retains sell on JSW Steel
Stock News

CLSA upgrades Tata Steel to outperform, retains sell on JSW Steel

Mumbai: CLSA has upgraded Tata Steel to outperform following the recent correction but retained a sell rating on JSW Steel on stretched risk-reward ratio. The brokerage has raised target price on Tata Steel to Rs 405 from Rs 340 and raised target price on JSW Steel to Rs 220 from Rs 185.Tata Steel and JSW Steel are down 18% and 7% respectively in the past one month versus the Nifty which has fallen 4% on moderating fundamentals and global risk-aversion.CLSA said the domestic demand has improved from the first quarter but the outlook remains uncertain.The brokerage said iron ore integration augurs well for Tata Steel in a rising domestic iron ore price environment and its focus on deleveraging will ease balance sheet concern but growth is likely to be delayed as the outlook for Euro...
EUR/USD to see a fresh fall amid coronavirus concerns in Europe and uncertainty about the US elections
Forex

EUR/USD to see a fresh fall amid coronavirus concerns in Europe and uncertainty about the US elections

EUR/USD has been struggling to recover from last week's substantial falls. Coronavirus concerns, inflation figures and tensions ahead of the presidential debate could keep the pair down, FXStreet’s analyst Yohay Elam reports.Key quotes“One million coronavirus deaths – the world has reached that grim milestone and the focus on Europe is weighing on sentiment. That is only one of the reasons preventing EUR/USD from recovering and may bring it down to new lows.”“Christine Lagarde, President of the European Central Bank, expressed concern about the virus and the impact on the economy. Will the Frankfurt-based institution provide more stimulus? Reportedly, that is fiercely debated and the ECB remains split between hawks and doves. The bank also has to deal with weak inflation, and new s...
Hacker steals $15m after degens pile into unreleased Yearn Finance project
Crypto News

Hacker steals $15m after degens pile into unreleased Yearn Finance project

The decentralized finance (DeFi) community's insatiable appetite for unaudited code has once again ended in tears and the loss of millions.Eminence, an unfinished “economy for a gaming multiverse” being built by Yearn Finance's Andre ‘I test in production’ Cronje, was discovered by DeFi sleuths after the developer posted art teasers for the project to Twitter. He then headed to bed on September 28.Excitement for the upcoming project quickly reached a fever pitch, with the community FOMOing roughly $15 million into the EMN protocol. However, the protocol was quickly exploited and drained … before the hacker bizarrely opted to transfer $8 million of the funds back to Cronje’s yearn deployer account by the time the developer had woken up:3/x 5. We posted the first clan "Spartans". An...
G20 Energy Ministers: Committed to ensuring full, effective contribution to overcoming COVID-19
Forex

G20 Energy Ministers: Committed to ensuring full, effective contribution to overcoming COVID-19

G20 Energy Ministers reaffirmed their commitment to "ensure that the energy sector continues to make a full, effective contribution to overcoming COVID-19" pandemic, the statement highlighted, which was released following the conclusion of their two-day virtual meeting,Additional highlights“Recognize actions by both producers and consumers to stabilize energy markets.” Emphasize the importance of stimulus packages to stimulate inclusive economic activities.”“Will continue to work together to create the conditions for sustained capital investments, including bolstering investments in innovation and a skilled work force.”Market reactionDespite the upbeat statement from the G20 meeting, oil bulls failed to take advantage, as both crude benchmarks return to the red in Asia t...