Author: Journalist

United International Holding said its CEO has died, just days after the company was listed on Riyadh’s main stock exchange.Sakhr Abdulrahman Mohammed Al-Mulhem died on Dec 6, the Saudi Arabian financial services firm said in a statement Sunday, without providing details.The company will give updates later on a new CEO, it said. United International started trading on the Saudi stock exchange on Dec 3 after its parent United Electronics, known as Extra, raised 990 million riyals ($353.57 million) by selling a 30% stake in the firm.The listing marked the latest private sector IPO in the Middle East, following fresh on the heels of…

Rarely in American politics has a new industry spent so much money, with such apparent impact, as the cryptocurrency business did in the last election. “Cryptocurrencies” like Bitcoin, are digital assets, created and maintained by networks of computers. Mystifying to some and mesmerizing to others, they’re used for transactions and as high-risk investments with potentially high rewards. At least 17 million Americans own crypto, and how the industry should be regulated in the U.S. has been the subject of much dispute. With an important piece of legislation now before Congress, perhaps it’s no surprise that big crypto companies were among…

Fresh off crypto’s success in the 2024 election and with the value of cryptocurrencies like Bitcoin and XRP soaring, Brad Garlinghouse, CEO of the crypto company Ripple, said his company has already contributed $25 million towards an industry super PAC with an eye toward the 2026 midterm elections.Crypto companies made a third of all direct corporate contributions to super PACs during the 2024 election. Of the 29 Republicans and 33 Democrats the industry backed, 85% won. Garlinghouse sees it as a major victory.”People are like, “Why did these companies come together and organize and say, ‘This matters’?” Garlinghouse said. “And…

Volatility ahead: the pros and cons The Santa Claus rally offers both opportunities and risks for traders. While its historical patterns often result in seasonal optimism and reduced trading volumes, it can also bring challenges like volatility and unpredictability, especially for newer investors. To make the most of this period, traders should employ careful strategies and risk management techniques, such as stop-loss orders, to mitigate potential downsides and navigate the market effectively. Pros Historically, the Santa Claus rally has delivered positive returns, with the S&P 500 averaging a gain of 1.3% during this period since 1950. This makes it a…

2024 has seen some massive stock rallies, as investor interest in themes such as AI has shown little sign of waning. As the year-end nears, CNBC Pro asked three fund managers what global stocks they are buying in the lead-up to 2025, as they attempt to get ahead of the curve. Here are five of their top picks: Novo Nordisk The Danish pharmaceutical company — behind the famed Ozempic and Wegovy weight loss drugs — is already popular with investors, with shares up almost 14% this year after rising over 50% in 2023. The firm remains a top pick for…

Customers stand at a cryptocurrency exchange store after Bitcoin soars above $100,000, in Hong Kong, China December 5, 2024. (Reuters photo) Bitcoin topped US$100,000 for the first time on Dec 5, jumping drastically from roughly $69,000 the day before the US presidential election about a month earlier.The sharp uptick in price has prompted investors, particularly cryptocurrency enthusiasts, to keep a close eye on what happens next in US politics. As a candidate, Donald Trump pledged to make the US the “crypto capital of the planet”. Now the president-elect even suggested the country might one day pay off its national debt…

Traders works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 2, 2024. Brendan Mcdermid | ReutersU.S. stock futures were little changed Sunday night after the S&P 500 and Nasdaq Composite posted their third straight winning week, ahead of key inflation data due out this week.Dow Jones Industrial Average futures rose by 11 points, or 0.02%. S&P 500 futures gained 0.02%, while the Nasdaq 100 futures was flat.The S&P 500 and Nasdaq closed at fresh records Friday, rising 0.96% and 3.34% for the week, respectively. The Dow was the lone laggard, closing the week…

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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