Tag Archives: Market News

The company’s CEO Helena Helmersson said H&M upped sales in multiple markets even as customers reduced their spending behavior. On Thursday, popular fashion retailer H&M saw its shares reach a 16-month high as its Q2 profits exceeded expectations. The multinational clothing company gained 16.74% to reach its highest level since February 2022. At a time when people are spending more on food to survive the increasing cost of living, the retailer managed to surge as it targets...

The European Commission’s proposals for the use of cash and the digital Euro contain similar content as a draft bill leaked earlier in June. The European Union has published proposals that seek to preserve the use of cash in the region, while simultaneously setting a framework for the possible issuance of a digital euro. According to proposals by the European Commission, the aim is to ensure that banknotes and coins are still as accessible as ever while digital options are also supported....

The SEC may prefer to give BlackRock the approval because of its reputation. According to some Bloomberg analysts, BlackRock has a 50% chance of getting approval for its spot Bitcoin Exchange Traded Fund (ETF) from the Securities and Exchange Commission (SEC). On the other hand, they also speculated that Grayscale has a 70% chance of winning its ongoing legal case against the regulator. Eric Balchunas made the comment about the two companies in a tweet after Elliott Stein, a senior...

The UK Law Commission has submitted its proposal to the government to provide a comprehensive legal foundation for digital assets. As crypto adoption grows in the UK, lawmakers have started demanding a proper law base governing digital assets. The UK Law Commission has proposed having proper crypto rules to make the country a global hub for digital assets and non-fungible tokens. In a report on Wednesday, June 28, the independent panel of the Law Commission noted that the long-awaited...

Despite a few headwinds Wise has recently faced, the company’s stock jumped after revealing a spike in profits and revenue. British fintech online money transfer firm Wise’s (LON: WISE) stock jumped almost 18% on Tuesday in reaction to a rise in company profits. In a recent statement, the London-based fintech noted that its profit before tax tripled to £146.5 million ($186.5 million). The company also reported that its earnings per share tripled to 11.53 pence. According to data from...

The Bank of England (BoE) has made extensive research on the best format for developing a digital pound to supplement the fiat system. The Bank of England (BoE) is working on re-establishing the pound as the preferred global reserve currency through a Central Bank Digital Currency (CBDC). The rise of the digital economy post-Covid-19 global pandemic through the cryptocurrency market has most governments thinking about moving to decentralized ledger technologies (DLTs). Moreover, the use of...

The state-owned Aramco believes that the oil demand forecast for the rest of 2023 is solid even though metrics point to a dwindling economy. Saudi-owned oil and gas firm Saudi Aramco has a strong outlook on oil for the rest of the year as it anticipates healthy demand from India and China. Saudi Aramco predicts strong demand from both countries regardless of an economic retraction expected in global markets. Speaking at the Energy Asia conference in Kuala Lumpur, Aramco CEO Amin Nasser...

In conjunction with its decision to allow Bitcoin and Ethereum ETF trading, HSBC has launched the Virtual Asset Investor Education Centre. HSBC Holdings plc (LON: HSBA), the largest bank in Hong Kong, has made history by becoming the first bank in the region to offer crypto trading services to its customers. As revealed by Independent Chinese Journalist, Wu Blockchain, customers can now buy and sell Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs) listed on the Hong Kong...

Berkshire Hathaway purchased 225 million of the EV maker’s shares for $230 million in 2008. American multinational conglomerate Berkshire Hathaway (NYSE: BRK.B) sold 2.52 million shares of Chinese EV maker BYD listed in Hong Kong on the 19th of June. A stock exchange filing revealed that the investment company sold the shares for HKUS$ 675.80 million, equaling $86.3 million. Berkshire Cuts China’s BYD Shares Holdings Following the sale of the BYD share, Berkshire Hathaway’s holdings in the...

As per Bernstein research, there is the “headroom for a compliant ETF to grow its share as a bitcoin on-ramp solving the pain of custody”. In its latest research report on Monday, June 26, private wealth management giant Bernstein stated that Grayscale‘s dominant position in the crypto market could be under threat following BlackRock‘s recent filing of the spot Bitcoin ETF with the US SEC earlier this month. Currently, Grayscale is the world’s largest crypto asset manager running a $19...