Author: Journalist

SEOUL – South Korea’s Finance Ministry said on Dec 5 that the government will activate 40 trillion won (S$38 billion) worth of market stabilisation fund, after President Yoon Suk Yeol’s lifting of a martial law declaration affected financial markets. The Bank of Korea (BOK) may purchase government bonds and expand repo operations if needed, and the government is closely monitoring markets and will deploy measures according to contingency plans if needed, the Finance Ministry said in a statement. The government and the central bank earlier vowed to provide “unlimited liquidity” if necessary in the aftermath of the martial law declaration.…

THE tycoon behind China’s RoyalFlush trading app has added US$6 billion to his wealth since the nation’s stimulus blitz in September, underscoring how the volatility has been a boon for an elite few. Yi Zheng, an engineering graduate who founded the entity behind Hithink RoyalFlush Information Network in 1994, four years after China’s stock exchanges opened, is overseeing his company’s best share performance in half a decade after trading of mainland stocks surged. While Yi’s fortune is up 190 per cent since the announcements, it’s not yet clear if the sweeping measures will meaningfully lift the nation’s US$10 trillion stock…

The price of Bitcoin against the US dollars, reaching over $100,000, on a screen at a cryptocurrency exchange store in Hong Kong, China, on Thursday, Dec. 5, 2024. Paul Yeung | Bloomberg | Getty ImagesU.S. stocks were relatively unchanged on Thursday following a record day for equities, while bitcoin also reached all-time highs.The Dow Jones Industrial Average dipped 98 points, or 0.2%. The S&P 500 and Nasdaq Composite both slipped 0.1%.Bitcoin traded more than 3% higher, breaking above $100,000 for the first time. The move led crypto-related stocks such as MicroStrategy and Coinbase respectively 0.7% and 3% higher.Bullishness in crypto has…

Canalys’ latest research reveals that the global wearable band market grew 3% year on year in Q3 2024 to 52.9 million units. Shipments of all three device categories – basic bands, basic watches and smartwatches – grew annually. The basic band segment returned to growth for the first time since Q3 2020, growing 7% compared to Q3 2023 with 10.4 million units shipped, driven by recent product launches from Xiaomi with the Mi Band 9 and Samsung with the Galaxy Fit3. The basic watch segment has started to plateau amid slowing demand in India, growing 3% year on year to…

The US Commodity Futures Trading Commission’s (CFTC ) fines and investor relief hit a record US$17.1 billion, largely due to the agency’s crackdown on defunct crypto exchange FTX.Most of the fines and remedies in fiscal 2024 were tied to FTX and sister hedge fund Alameda Research, which led to more than US$8.7 billion in restitution and US$4 billion in disgorgement. The total was the largest in CFTC history, the regulator said in its annual report. The regulator also ordered US$2.85 billion in fines and relief for crypto company Binance and founder Zhao Changpeng, or CZ, to settle claims that the firm…

Stock Market News Today Live Updates: In an ever-evolving financial world, staying informed about stock market trends is crucial. Our Stock Market News provides real-time updates, insightful analysis, and in-depth coverage of the global financial landscape. From major index movements and corporate earnings to economic indicators and geopolitical events, we deliver the latest information impacting your investments and the broader economy. Our goal is to empower you with a clear understanding of market dynamics, investor sentiment, and potential opportunities, keeping you connected to the essential developments shaping the world of finance. Stay ahead with timely updates and expert perspectives on…

Crypto.com has secured a principal licence with Mastercard, enabling the company to directly issue cards on Mastercard’s network. Crypto.com will launch a card in Bahrain powered by Mastercard. The new programme will leverage Mastercard’s trusted, scalable and secure payments network to enable Crypto.com customers to use their card at over 150 million in-store and online locations worldwide. Users can easily fund their cards through the Crypto.com app using e-money wallets or third party-issued credit and debit cards. The innovative payment product will be available across all five Crypto.com card tiers, including Black Obsidian, offering rewards up to 8% on spending…

SINGAPORE – Agency, agency, agency. With Trump 2.0 tariffs lurking on the horizon, that was the common refrain invoked by several world leaders visiting Singapore this week, in asserting the idea that smaller economies have the power to act for themselves to mitigate the fragmenting effects of the rivalry among great powers such as China and the US. In the Asia-Pacific, that could well mean increasing regional trade to ensure economic stability. South-east Asia as a bloc is expected to be the world’s fourth-largest economy after the US, China and India by the end of this decade. “In the context…

A knockout round berth in the NBA Cup isn’t cause for celebration in New York Knicks coach Tom Thibodeau’s orbit. Thibodeau maintained focus on New York being ready to play when the visiting Charlotte Hornets come to the Garden on Thursday night. The Knicks completed a 4-0 run through East Group A of the in-season tournament by cruising to a 121-106 victory over the Orlando Magic on Tuesday night. Karl-Anthony Towns (23 points) and Jalen Brunson (21) headlined a balanced offensive attack that featured six scorers in double figures. New York, the No. 2 seed in the East quarterfinals of…

For the last decade, financial institutions have defaulted to closed, private blockchains for digital assets over open, permissionless systems. Many, if not most of the world’s biggest banks and financial institutions have invested in, and tested out digital assets on private, permissioned blockchain networks. None of them have achieved traction with customers, businesses or institutional investors.A key argument that financial institutions have made for prioritizing these efforts over putting assets on public blockchains is that regulators and regulations strongly prefer, and in some cases, specifically require permissioned blockchains. I believe that time is coming to an end.The “default” regulatory perspective…