Bitcoin and Ethereum up; Britain to exploit virtual assets' potential — Crypto Moves - Arab News

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Bitcoin, the topmost cryptocurrency internationally, traded higher on Tuesday, up by 1.13 percent to $46,738.95 as of 9:00 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3,520.68, up by 0.39 percent, according to data from Coindesk.
Britain formulates plan to exploit crypto potential
Britain set out a detailed plan on Monday to use the potential of crypto-assets and their underlying blockchain technology to help consumers make payments more efficiently.
As part of creating a global crypto-asset hub, John Glen, the country’s financial services minister said Britain would legislate to bring some stablecoins under the regulatory net, such as complying with existing payment rules.
Stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies or a commodity such as gold to avoid the volatility that makes bitcoin and other digital tokens impractical for most commerce.
The government said that all stablecoins that reference a fiat currency should be regulated.
“The approach will ensure convertibility into fiat currency, at par, and on-demand,” the finance ministry said. 
The ministry added that the Bank of England would regulate “systemic” stablecoins.
UK FM asks Royal Mint to create NFT
British Finance Minister Rishi Sunak has asked Royal Mint to create a non-fungible token to be issued by the summer, the Treasury said on Monday, adding it was part of its forward-looking approach toward crypto-assets.
An NFT is a digital asset on a blockchain, a record of transactions kept on networked computers.
RIYADH: Dubai’s Purchasing Managers’ Index, or PMI, has surged to reach 55.5 in March, reflecting a 33-month high, according to a statement.
The PMI climbed 1.4 points compared to February’s 54.1.
The rise is attributed to a stronger new business intake, a boost in supplier performance, and confidence in future activity. Most of this is linked to the lifting of COVID-19 measures.
The travel, tourism, and construction sectors reported strong activity growth with a rebound in international tourism — due to Expo 2020 —  as well as a surge in the number of construction projects.
In addition, inventories rising for the first time in months with a decrease in supplier lead time resulted in improved overall vendor performance.
While input prices rose significantly — especially for raw materials and energy, selling prices were lowered as corporations anticipated recovery in terms of sales.
“The Dubai PMI moved clear of its previous post-lockdown high in March, registering the strongest performance in the non-oil sector since June 2019,” the statement said, citing David Owen, an economist at S&P Global.
 
RIYADH: Saudi stocks opened in positive territory for a second straight day as oil prices ease.

The main index, TASI, gained 11 percent to 13,409, while the parallel market, Nomu, advanced 0.30 percent to 24,317, as of 10:06 a.m. Saudi time.

The early morning saw oil prices lower, with Brent crude trading at $100.22 a barrel and US West Texas Intermediate at $95.64 a barrel, as of 10:21 a.m.

The Saudi Cement Co. led the fallers with a 3.77 percent drop, while Almasane Alkobra Mining Co., known as Amak, led the gainers with a 3.85 percent gain.

Shares of Saudi pharma giants Aldawaa Medical Services Co. and Nahdi Medical Co. rose 0.26 percent and 1.18 percent, respectively.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading session 0.12 percent lower.

The Saudi Industrial Investment Group edged up 0.41 percent, after it was approved to acquire all shares of Petrochem.

In the financial sector, Alinma Bank and Al Rajhi Bank saw their shares rise 0.24 percent and 0.24 percent, respectively.
RIYADH: Saudi main stock index TASI started the trading week higher on Sunday, propelled by lifted investor appetite.
At the closing bell, TASI was up 0.6 percent to 13,395 points, while the parallel market Nomu edged down to 24,245.
Qatar topped GCC stock exchanges, adding 2.8 percent, followed by Oman and Bahrain.
Kuwait’s BKP and the Egyptian index EGX30 shed 0.3 and 1.8 percent, respectively.
Oil prices slid on Monday as Brent crude oil reached $100.95 per barrel and US benchmark WTI traded at $96.41 at 9:20 a.m.
Stock news
United Cooperative Assurance Co. received approval from the Saudi Central Bank to increase capital to SR700 million ($187 million) through a rights issue
Shareholders of Saudi Basic Industries Corp. approved the board’s proposal to distribute dividends of SR2.25 per share for the second half of 2021
Dar Alarkan Real Estate Development Co. announced that it had fully redeemed its $500 million Shariah-compliant Sukuk
Saudi Arabia’s United Electronics Co., known as eXtra, reported a 20 percent increase in profit to SR97 million for the first quarter of 2022
Saudi Industrial Investment Group has received approval to fully acquire National Petrochemical Co., better known as Petrochem
Calendar
April 11, 2022
National Petrochemical Co.’s shares will be suspended from trading on the Saudi stock exchange to commence delisting procedures
 
RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, down 0.94 percent to $42,274 as of 09:00 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3,183, down 1.94 percent, according to data from Coindesk.
India to prepare FAQ for crypto taxation
The Government of India is working on an FAQ on the taxation of cryptocurrencies, which is expected to clarify the applicability of income tax and GST on virtual digital assets. 
According to a Press Trust of India report, this FAQ is being formulated by the Department of Economic Affairs, Reserve Bank of India, and Revenue Department. 
Former Citi executives form crypto-focused investment firm
A trio of former Citi executives has set up Motus Capital Management, a crypto-focused investment firm to help clients bet on digital assets. 
The company was established by Alex Kriete, Greg Girasole, and Frank Cavall. 
While Kriete and Girasole were previously co-heads of Citi’s digital assets group, Cavallo was a director and investment counselor. 
RIYADH: Gold prices eased on Monday as the dollar and Treasury yields firmed on prospects of aggressive interest rate hikes by the US Federal Reserve. Fresh concerns over Russia’s attacks in eastern Ukraine also lent some support to the safe-haven metal.
Spot gold was down 0.2 percent at $1,942.93 per ounce, as of 0140 GMT, after hitting a more than one-week high of $1,949.32 earlier in the day. US gold futures were up 0.2 percent at $1,949.00.
Silver flat, palladium up
Spot silver was flat at $24.75 per ounce, and platinum rose 0.7 percent to $981.41. 
The auto-catalyst metal had gained 8.6 percent on Friday after newly refined Russian platinum and palladium were suspended from trading in London, denying access to the metals’ biggest trade hub. 
Grains rise
US wheat, soybean, and corn futures rose in early trading on Monday, extending gains after the US government’s latest global supply and demand assessment reflected the Ukraine crisis’s impact on Black Sea shipments.
The most-active wheat contract on the Chicago Board of Trade, or CBOT, was up 1.1 percent at $10.70-1/4 a bushel, at 0110 GMT, after closing at its highest level in two weeks on Friday.
CBOT soybean climbed as much as 0.5 percent to $16.97-1/2 a bushel, its highest since March 28.
CBOT corn rose as much as 0.5 percent to $7.72 a bushel, extending gains to a third session.
Metals fall
Most base metals fell on Monday, with aluminum prices sliding to their lowest in nearly four weeks, weighed down by a stronger US dollar and demand concerns as top consumer China grapples with lockdowns and COVID-19 cases.
Benchmark aluminum on the London Metal Exchange was down 1.2 percent at $3,335, at 0509 GMT, after touching the lowest since March 17, while copper dipped 0.6 percent to $10,265 a ton.
The most-traded May aluminum contract on the Shanghai Futures Exchange SAFcv1 was down 2.7 percent at $3,329.31 a ton at the noon break.
Nickel dropped 3.4 percent to $32,343.62 a ton after falling to its lowest since March 23 earlier in the session.
(With inputs from Reuters) 

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