Author: Journalist

The Hong Kong government has published the Stablecoins Bill in the Government Gazette, marking a significant step toward enhancing the regulatory framework for virtual assets (VAs) in the city. The bill specifically focuses on creating a licensing regime for issuers of fiat-referenced stablecoins (FRS), a type of digital asset pegged to traditional currencies like the Hong Kong dollar. This development underscores Hong Kong’s commitment to promoting innovation while addressing financial stability risks and ensuring robust consumer protection in the virtual asset space. The proposed legislation mandates that any individual or entity issuing FRS in Hong Kong in the course of…

MOANA 2, the sequel to the animated Disney musical about a spirited Polynesian teenager who embarks on seafaring adventures, has topped the North American box office for a second week, according to industry estimates.In the new installment of the hit, the title character, voiced by Auli’i Cravalho, teams up with an unlikely crew and travels the far seas of Oceania to break the curse of an evil god who sank a mystical island.She gets help from a once-mighty demigod called Maui, who is voiced by Dwayne “The Rock” Johnson.The film took in US$52 million over the weekend, a downturn from…

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SOUTH-EAST Asia’s carbon market has the potential to generate a cumulative revenue of between US$946 billion and US$3 trillion over the next 25 years until 2050, if it sets the right policies to unlock these opportunities, according to a recent report. The revenue would come from a variety of carbon projects potentially worth up to US$267.7 billion by 2050, according to the report authored by carbon markets platform Abatable, the Asean Alliance on Carbon Markets, and an Indonesian-focused consultancy Equatorise. Projects aiming to curb deforestation under the United Nations (UN)’s reducing emissions from deforestation and forest degradation (Redd+) framework could…

Things have never looked rosier for foreign firms in China—at least according to the country’s Council for the Promotion of International Trade. The body, which is controlled by the commerce ministry, claims that 90% of foreign companies rate their experience in China as satisfactory or better. According to a recent survey by the council, foreign firms say the economy is strong, local markets are attractive and their outlook is bright. Following years of isolation during the covid-19 pandemic, China’s government insists that the country is open again for business, and that reforms have made life easier for foreign companies. Source…

Losses in the Chinese yuan and the euro have picked up in recent months, and that is worsening the outlook for emerging-market currencies in Asia and Europe.That’s because the yuan and euro play a role as “currency anchors” for their smaller peers, helping to either support them or drag them down depending on the prevailing market conditions. Their anchor role has become even stronger in recent months, a study of correlations shows.A surging US dollar and the threat of higher US tariffs have dragged down the yuan and euro since the end of September. The yuan also weakened as traders…

Bitcoin has seen its price climb back over $100,000 this week after bouncing wildly around the closely-watched level, with the chief executive of Wall Street’s biggest market maker admitting he’s got “FOMO.” Unlock over $3,000 in NFT, web3 and crypto perks — Apply now! The bitcoin price has more than doubled this year as a perfect storm hits the crypto market—with traders now braced for a game-changer this week. Now, as Tesla billionaire Elon Musk’s campaign against the spiraling $36 trillion debt pile spurs calls for a U.S. bitcoin strategic reserve, the U.S. Treasury has named bitcoin “digital gold” in…

Author: Viee, Core Contributor of Biteye “Within an hour of ACT’s launch, Twitter exploded.” In November, the launch of ACT and PNUT on Binance ignited the entire market, with ACT’s price skyrocketing tenfold in just ten minutes. Some held onto their coins, while others regretted selling too soon. Holders became overnight millionaires, leading to a “gold rush” in the Meme market in November, all in pursuit of the next hundredfold gem. The fear of missing out acted like a domino effect, triggering widespread speculation about Binance’s listing strategy: Why did Binance choose these coins, and who will be the next…

Things were already looking bad for Intel shares this year. But the chipmaker’s sudden ouster of its chief executive officer has led to even more investors throwing in the towel.The stock fell 13 per cent in the five days ending Friday (Dec 6), notching its worst week in three months after Intel abruptly announced that Pat Gelsinger was leaving and named two co-CEOs to run the business until it finds a permanent replacement. The chipmaker’s shares are down 58 per cent this year, on pace for the worst annual performance since at least 1983. “You want to be directionless and rudderless,…

UPCOMING EVENTS:Monday: China CPI.Tuesday: RBA Policy Decision, US NFIB Small Business Optimism Index.Wednesday: Japan Tankan Index, Japan PPI, US CPI, BoC Policy Decision.Thursday: Australia Labour Market report, SNB Policy Decision, ECB Policy Decision, US PPI, US Jobless Claims, New Zealand Manufacturing PMI.Friday: BoJ Tankan Index, UK GDP.MondayThe Chinese CPI Y/Y is expected at 0.5% vs. 0.3% prior, while the M/M measure is seen at -0.4% vs. -0.3% prior. Real rates in China continue to be too high when there’s a strong need for very low and even negative rates in such economic circumstances. Chinese officials keep pledging more support but…