Gold holds just below its opening price, constrained by US 10-year Treasury yield rising to 4.272%. Traders await US Nonfarm Payrolls, Q3 GDP, and the PCE Price Index, which could influence the Fed’s policy outlook. Political and geopolitical tensions linger as election polls narrow; though Israel’s conflict with Iran woes begin to fade. Gold traded slightly below its opening price at the beginning of the week and is down by 0.15%, weighed down by rising US Treasury yields. Market players prepare for a busy economic docket in the United States (US), as the data will be crucial with investors looking for cues for the Federal Reserve’s (Fed) monetary policy path. The XAU/USD trades at $2,742 after hitting a daily high of $2,747. The yield on the US 10-year Treasury note continued to climb, up by three basis points at 4.272%. This has kept Bullion prices from recording a new all-time high above $2,758 as some analysts eye the $2,800 mark toward the end of the year. Meanwhile, traders are also eyeing the November 5 US election. According to polling site FiveThirtyEight, Trump’s chances of winning the US election have increased to 52% compared to 48% for Vice President Kamala Harris. Despite this, the Democratic nominee still holds a slight lead in most national polls. Traders are also awaiting a busy economic schedule, which will feature a tranche of job data: JOLTS, ADP Employment Change, Initial Jobless Claims, and Nonfarm Payrolls. Other data will be revealed like the Gross Domestic Product (GDP) for the third quarter of 2024, the ISM Manufacturing PMI, and the Fed’s preferred inflation gauge — the Personal Consumption Expenditures (PCE) Price Index. Aside from this, geopolitics came back to the fore over the weekend after Israel launched missiles at several military targets in Iran, avoiding energy and nuclear facilities. It’s worth noting that Fed officials are in blackout mode as they prepare for the November 7-8 meeting. They will break that period once Chair Jerome Powell  speaks at his press conference. Daily digest market movers: Gold price dips ahead of busy US docket The US Dollar Index (DXY), which tracks the Dollar’s value against a basket of six currencies, is flat at 104.27. On Tuesday, the US schedule will feature the JOLTS Job Openings report for September, which is expected to show a dip from 8.04 million to 7.99 million. At the same time, the Conference Board (CB) is expected to release October’s Consumer Confidence reading, which is likely to improve from 98.7 to 99.3. The US Bureau of Economic Analysis will reveal Wednesday’s GDP for the third quarter. Estimates suggest the economy grew 3% QoQ, unchanged compared to 2024’s second quarter. The Atlanta Fed GDP Now model suggests the economy grew by 3.3% in Q3 2024. Data from the Chicago Board of Trade, via the December fed funds rate futures contract, shows investors estimate 49 bps of Fed easing by the end of the year. XAU/USD technical outlook: Gold price drops below $2,750 Gold price uptrend remains intact with no reversal pattern around record highs, though it has consolidated within the $2,700-$2,750 area. A breach of the top of the range will immediately expose the all-time high at $2,758. Once surpassed, the next stop would be the $2,775 area before challenging $2,800. On the other hand, if sellers move in and push prices below $2,700, the first support would be the September 26 swing high, which turned support at $2,685, followed by the 50-day Simple Moving Average (SMA), which turned support at $2,603. Momentum suggests the non-yielding metal could consolidate as the Relative Strength Index (RSI) remains bullish but aims lower. Until the RSI clears the latest peak, Gold could’ve had the chance to print record highs. Otherwise, beware of a pullback. Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.   Source link The post Gold price retreats as traders await for US data, heightened US yields first appeared on Forex Trader Hub.

Share prices of Bitcoin miners soared as high as 24.4% on Oct. 28 as Bitcoin rallied over $70,000 — with an analyst pointing to an increasingly favorable macroeconomic climate and miners’ continued diversification into AI. “Deficit spending and lower interest rates are driving global liquidity higher [while] investors are fearful of high inflation over the long term, as evidenced by poor performance from treasury bonds since the Sept[ember] rate cut,” Mitchell Askew, head analyst at Bitcoin (BTC) mining firm Blockware told Cointelegraph. As such, investors are turning to the Bitcoin markets where Bitcoin mining stocks are trading at a “beta.” Some Bitcoin miners are also benefiting from diversifying into AI and high-performance computing sectors, Askew added. Singapore-based Bitdeer Technologies (BTDR) was the biggest winner on Oct. 28 with a 24.4% rally, while the Nasdaq-listed IREN (IREN), Gryphon Digital Mining (GRYP) and Hut 8 (HUT) increased 17.8%, 16.5% and 15.5%, respectively, Companies Market Cap data shows. Marathon Digital (MARA) and CleanSpark (CLSK) had double-digit gains of 11% and 10.2%, while Riot (RIOT) increased by 9.5% on the day. TeraWulf (WULF) and Core Scientific (CORZ) also performed strongly on Oct. 28. Daily change in share price of the top 10 largest Bitcoin miners by market cap. Source: Companies Market Cap Askew said the miners that became unprofitable following April’s 2024 Bitcoin halving event have since “capitulated.”  They were a “significant source of sell pressure,” so the relief of this is bullish for price action, Askew said.  “This is evidenced by the fact that mining difficulty is about to increase for the 3rd time,” Askew pointed out. Change in Bitcoin mining difficulty since Jan. 2024. Source: Blockware Solutions/ Glassnode On the other hand, “surviving miners are healthy, and profit margins for miners with the latest equipment are solid,” said Askew, adding: “We are so back.” It comes as Argentina, the United Arab Emirates and Ethiopia — recently confirmed they’re using state-owned resources to mine Bitcoin, Matthew Sigel, Head of Digital Assets at VanEck, noted in an Oct. 28 CNBC interview. Sigel highlighted that the BRICS members are arranging plans to settle international trade with Bitcoin in the future as a solution to “circumvent” the United States dollar. Russia’s sovereign wealth fund is investing in Bitcoin mining infrastructure throughout BRICS nations with the idea of settling global trade in Bitcoin — VanEck’s Head of Digital Assets @matthew_sigel on @SquawkCNBC pic.twitter.com/lhJeMhbddO — Business Blurb (@businessblurbb) October 28, 2024 Related: 3 signs Bitcoin’s ‘parabolic phase’ with a $250K target is about to begin Meanwhile, Bitcoin crossed the $70,000 milestone on Oct. 28 for the first time since June 10, following two weeks of strong net inflows into the US spot Bitcoin exchange-traded funds, totaling over $3 billion. Several crypto traders also claim Bitcoin saw a “golden cross” — a bullish chart pattern in which its 50-day moving average crosses above its 200-day long-term moving average — indicating the potential for a price breakthrough. VanEck forecasts Bitcoin will hit $2.9 million per coin by 2050.  For that to occur, Bitcoin would need to increase at a 16.6% compounded annual growth rate over the next 25 years. Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining Source link The post Bitcoin mining stocks rocket 24% on macro climate, AI play: Analyst first appeared on Forex Trader Hub.

By Ricardo Brito BRASILIA (Reuters) – Brazil’s Collective Defense Institute has filed two lawsuits demanding 3 billion reais ($525.27 million) from the Brazilian units of TikTok, Kwai and Meta Platforms (NASDAQ:) for allegedly failing to create mechanisms to prevent indiscriminate use of these social media platforms by minors, according to initial petitions seen by Reuters. WHY IT’S IMPORTANT Social media regulation has become a hot topic in Latin America’s largest country after a months-long feud between X owner Elon Musk and a Brazilian Supreme Court justice resulted in the company paying hefty fines.  DETAILS In the lawsuits, the organization demands the courts, both in the state of Minas Gerais, to order the companies to create clear data protection mechanisms and issue warnings about the risks to children’s and teenagers’ mental health due to platform addiction. The lawsuits are based on a series of studies on the possible damage caused by unsupervised use of social media, especially by children and teenagers. KEY QUOTE “It is urgent that measures be adopted in order to change the way the algorithm works, the processing of data from users under 18, and the way in which teenagers aged 13 and over are supervised and their accounts created, in order to ensure a safer, healthier experience … as is already the case in developed countries,” said lawyer Lillian Salgado, one of the plaintiffs. THE RESPONSE Meta Platforms said in a statement that it wants “young people to have safe and age-appropriate experiences on our apps, and we have been working on these issues for over a decade, developing more than 50 tools, resources, and features to support teens and their guardians.” The company, which owns Facebook, Instagram and WhatsApp, also said it had recently announced a new “Teen Account” on Instagram, which will arrive in Brazil soon and promises to automatically limit the accounts teenagers can see and who may contact them. TikTok said it had not received any notice about the case, while Kwai did not immediately respond to a request for comment. ($1 = 5.7113 reais) !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Brazil institute sues social media giants for $525 million over excessive use by minors By Reuters first appeared on Forex Trader Hub.

Ranger Energy Services (NYSE: NYSE:) has reported a strong financial performance in its third quarter of 2024, despite a challenging market environment. In the earnings call held on [date], the company announced an 11% increase in revenues to $153 million from the second quarter, though there was a 7% decline year-over-year. Adjusted EBITDA rose by 20% from the previous quarter to $25.1 million. The High Specification Rigs segment achieved a record revenue of $86.7 million with a 22% gross margin, and Ancillary Services saw a significant revenue boost, primarily due to a 33% increase in coiled tubing revenues. The company also highlighted its strong balance sheet, with zero net debt and $86.1 million in liquidity, and its commitment to shareholder returns, having repurchased $15.5 million in shares. Looking ahead, Ranger Energy is optimistic about growth in 2025, especially in High Specification Rigs and Ancillary Services, and expects to see stabilization in Wireline services. Key Takeaways Ranger Energy reported $153 million in revenues, a quarter-over-quarter increase but a year-over-year decrease. Adjusted EBITDA reached $25.1 million, up 20% from the previous quarter. Record revenue in the High Specification Rigs segment at $86.7 million. Ancillary Services generated $36 million in revenue, with a notable rise in coiled tubing revenues. Strong balance sheet maintained with zero net debt and significant liquidity. Over 80% of free cash flow returned to shareholders through dividends and share repurchases. Management expressed confidence in the company’s growth prospects for 2025. Company Outlook Ranger Energy anticipates growth in High Specification Rigs and Ancillary Services for 2025. Wireline services are expected to stabilize after showing signs of recovery. The company is focusing on operational efficiencies to improve margins. Bearish Highlights Year-over-year revenue saw a 7% decline, primarily due to lower Wireline completions. Wireline services revenue remains down 43% compared to the previous year. Bullish Highlights High Specification Rigs and Ancillary Services segments reported record and increased revenues, respectively. The company has a robust balance sheet with zero net debt and strong liquidity. Significant cash flow has been returned to shareholders, with an aggressive share repurchase program. Misses Despite increases in certain segments, overall revenue declined year-over-year due to Wireline completion activity declines. Q&A Highlights Melissa Cougle discussed the company’s approach to improving margins and revenue through better calendar management and resource optimization. Stuart Bodden outlined future growth capital expenditures, focusing on well service rigs and complementary equipment, despite lead time challenges for equipment. Management expressed gratitude for investor interest and promised continued communication. Ranger Energy Services has demonstrated resilience in the face of market challenges, supported by its strong financials and strategic focus on high-margin service lines. The company’s leadership remains committed to delivering operational efficiencies and shareholder value as it prepares for a promising 2025. InvestingPro Insights Ranger Energy Services’ recent financial performance aligns with several key metrics and insights from InvestingPro. The company’s strong balance sheet, highlighted in the earnings call, is reflected in InvestingPro data showing that liquid assets exceed short-term obligations. This financial stability supports Ranger’s ability to navigate market challenges and invest in growth opportunities. The company’s aggressive share buyback program, mentioned in the earnings report, is corroborated by an InvestingPro Tip indicating that management has been actively repurchasing shares. This aligns with Ranger’s commitment to returning value to shareholders, as discussed in the earnings call. Despite the year-over-year revenue decline reported, InvestingPro data shows that Ranger Energy Services has been profitable over the last twelve months, with a P/E ratio of 17.79. This suggests that the company maintains profitability even in challenging market conditions. Additionally, the company’s trading near its 52-week high, as noted by InvestingPro, reflects investor confidence in Ranger’s performance and outlook. It’s worth noting that InvestingPro has identified 7 additional tips for Ranger Energy Services, which could provide further insights into the company’s financial health and market position. Investors interested in a more comprehensive analysis may find value in exploring these additional tips available through the InvestingPro product. Full transcript – Ranger Energy Services Inc (RNGR) Q3 2024: Operator: Hello and welcome to the Ranger Energy Services Third Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation , there will be an opportunity to ask questions. [Operator Instructions] As a reminder, this conference is being recorded today. I would now like to hand the call to Joe Meath, Vice President of Finance. Please go ahead. Unidentified Company Representative: Thank you and welcome to Ranger Energy Services Third Quarter 2024 Results Conference Call. Ranger has issued a press release summarizing operating and financial results for the three months ended September 30th, 2024. This press release, together with accompanying presentation materials are available in the Investor Relations section of our website at www.rangerenergy.com. Today’s discussion may contain forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today’s forward-looking statements due to various risks and uncertainties including the risks described in our periodic reports filed with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to update our forward-looking statements. Further, please note that non-GAAP financial measurements may be disclosed during this call. A full reconciliation of GAAP to non-GAAP measurements are available in our latest quarterly earnings release and conference call presentation. With that, I would now like to turn the conference call over to Stuart Bodden, Ranger’s CEO; and Melissa Cougle, Ranger’s CFO for their prepared remarks. Stuart Bodden: Thank you, and good morning, everyone. We are pleased to welcome you to our third quarter 2024 earnings conference call. This quarter’s performance continues to demonstrate Ranger’s differentiated business model that enables strong performance no matter macro conditions. Drilling rig count declines, completion activity decreases and gas market pressure have all contributed to challenging market conditions since early in 2023. Despite these conditions, Ranger’s financial performance has been markedly more resilient than the broader OFS complex. And we have once again validated our production-focused business model and set a new high watermark for some of our service lines. Our High Specification Rig segment continues to execute at a very high level, setting another quarterly record for revenue and adjusted EBITDA. Ancillary Services also achieved near-record results with our coil tubing business posting a new quarterly revenue record and our Torrent brand showing exceptional growth. Encouragingly, we saw positive rebound in our Wireline segment, giving us an indication of the future earnings potential of the business. These results are a testament to our teams and crews in the field. Ranger was able to deliver the second best quarterly results in our company’s history with sales of $153 million and adjusted EBITDA coming in at $25.1 million. Adding a few details around our segments, in our High Specification Rigs business, we achieved another record quarter with revenues of $86.7 million and adjusted EBITDA of $19.2 million, resulting in gross margins of 22%. This performance highlights our scale and targeted basins and the investments we have made in our partnerships with core customers. Over the past year, we have worked diligently to showcase Ranger’s commitment to quality assets and personnel at every well site, partnering closely with our customers and making strategic investments alongside of them as well. The results of those investments are now taking shape. Our production focus and commitment to quality have allowed us to grow our base of work with the highest quality customers and deliver more incremental services. As we head into Q4, we do expect seasonality will affect business performance because of weather and holiday impacts. But core customer demand remains strong and we anticipate another robust year in 2025 for this segment. Processing and Ancillary services also had an outstanding quarter, with revenues of $36 million and adjusted EBITDA of $8.8 million, which resulted in an impressive gross margin of 25%. We increased revenue by 17% and adjusted EBITDA by 21% quarter-over-quarter with our coiled tubing business and Torrent business driving the growth in this segment. Coiled tubing increased revenue by 33% and EBITDA by 52% over last quarter with record margins. The winter and holiday season will likely bring some declines in this service line, but we believe the declines will be less severe than those encountered last year. We are frequently asked about our gas conditioning and processing service line, branded Torrent. This business is focused on infield gas processing and has exposure to the fast-growing field power generation market. It showed impressive growth during the third quarter, nearly doubling its EBITDA from Q2. Service line margins are now touching 25% in some months and there is room to continue deploying additional assets with minimal reactivation CapEx. We have a great team leading this business and we are excited to see it continue to grow its contribution to Ranger as we reach further into this high-growth market. Lastly, I want to touch on Wireline services. Third quarter performance in Wireline was encouraging, with revenue and margins growing quarter-over-quarter, giving us a sense that our restructuring efforts are paying off. We have discussed previously how the Wireline completions plug and perf space has become commoditized, which has put collateral pressure on traditional production Wireline work and Pump Down work as well. We continue to pursue opportunities to grow production in Pump Down related Wireline services work. Our progress has been slow but steady in production and Pump Down and we have seen revenues grow each quarter a great accomplishment given current market conditions. Due to our heavier exposure in our Northern region, seasonality is expected to more significantly impact this segment’s margins in the fourth quarter and first quarter where margins are expected to decline. However, moving into the spring, we believe we should return to an upward trajectory in Wireline and grow from the base we’ve created this year. We talk frequently of our balance sheet strength and how significant a role it plays in our overall financial strategy. Through current market conditions, we’ve made a priority of maintaining a rock-solid balance sheet, which provides us maximum flexibility to execute on opportunities for the benefit of our shareholders. We operate in a fragmented industry that is ripe for consolidation and we believe we are well positioned to continue to be a consolidator in this space. While we continue to look for opportunities to further consolidate the industry, we have taken dramatic action on the shareholder returns front, given the compelling investment our own shares represent and we believe our shareholder returns efforts have been second to none in small-cap energy. We have returned over 80% of our free cash flow year-to-date to our shareholders through a regular dividend and significant share repurchases. We have put our money where our mouth is and bought back our stock at highly accretive valuations. Despite strong financial results, cash flows and compelling capital returns, we believe the market continues to undervalue Ranger and we will continue to capture strong returns through our share repurchases from this value gap. Our multiples of adjusted EBITDA and free cash flow represent significant untapped value and our production focus and commitment to superior service quality and safety have proven remarkably resilient despite anemic US land rig count. We believe with consistent execution and greater understanding of our business model, our strengths will be more widely recognized and acknowledged by the market. Looking forward to 2025, we are becoming increasingly confident that we will achieve year-over-year growth. High Specification Rigs should continue its climb and further cement its role as a market leader and Ancillary Services is poised to keep increasing its contribution to our overall results as well. But once where smaller components of our business, such as P&A, coiled tubing and Torrent are now growing into larger service lines that generate robust margins with further growth potential. Finally, we are cautiously optimistic that Wireline will continue to stabilize and that 2025 will bring about further improvement in this regard. I want to thank our leadership team for their dedication and our employees for showing up every day, no matter the conditions with an excellent spirit and a dedication to service and safety. And I want to thank our customers for their loyal partnership. We are frequently asked about the impact of operator consolidation on our business and the answer is that we believe consolidation has been a net benefit to Ranger. Ranger continues to be a preferred partner with larger operators that prefer to work with high-quality service providers that will show up on time and perform the work on budget with well-trained crews and well-maintained equipment. Ranger has successfully built a reputation for quality and reliability, which is one of the key reasons for our continued success through the cycle. Finally, I would like to recognize and thank Charlie Leykum who has announced he will be stepping down from Ranger’s Board of Directors. Charlie and CSL (OTC:) have been with Ranger since its founding and he has been instrumental in setting the company’s strategic direction and supporting its growth. Quite simply, Ranger would not be where it is today without his leadership and guidance. He has been an invaluable member of the Board, and we are grateful for his contributions and everything he has done for the company. With that, I will turn the call over to Melissa to review our operations and financial results. Melissa Cougle: Good morning, everyone, and thank you for joining us today to discuss Ranger’s third quarter 2024 financial results. We take great pride in the progress we have made as an organization and particularly in our differentiated performance. While we have faced our share of challenges, our trajectory has been undeniably positive. Our slow and steady approach has allowed us to build a business that delivers consistent, resilient performance with notably less impact from broader market conditions. When we have felt those effects, we have rallied together as a team and worked to streamline the organization according to market conditions and tweak strategy as appropriate. Starting with the top line, revenue for the third quarter was $153 million, an 11% increase over the second quarter and down 7% year-over-year due to Wireline completion activity declines. In fact, every service line in the company showed year-over-year growth in the third quarter, excluding Wireline completions. Net income for the quarter was $8.7 million, resulting in earnings per share of $0.39 which represents an improvement of 86% from the prior quarter, representing both our improved performance and the accretive impact of our share repurchase program. Cost of services for the quarter was $122 million, representing 80% of revenue. This is a 200 basis point improvement from both the previous quarter and the prior year period, reflecting the operating leverage we achieved by effectively managing white space on our calendar, capitalizing on favorable summer weather conditions and longer days that optimize utilization, while also closely controlling operating costs. Ranger is operating more efficiently than ever, focusing on the highest quality service lines, customers and assets. Adjusted EBITDA for the quarter was $25.1 million, a 20% increase from $21 million in the second quarter and a 5% increase over the prior year period of $24 million. Gross margin was 16.5%, nearly matching our prior peak level. Looking further into our segment results, High Spec Rigs set a new quarterly revenue record at $86.7 million increasing an incremental 5% from the record set last quarter at $82.7 million and an increase of 9% year-over-year. Rig hours increased by 3% from the previous quarter and 4% from the third quarter of 2023. Our pricing environment has remained relatively flat and resilient as well with the blended hourly rig rate for the quarter coming in at $741 per hour. In Ancillary Services, revenue was $36 million in the third quarter, a 17% increase from Q2 and a 13% increase over the prior year period. Coiled tubing was a standout performer with revenue up 33% quarter-over-quarter and adjusted EBITDA up 52%. Torrent gas processing service line also had its best quarter in recent history with EBITDA nearly doubling from the second quarter and on track for further significant growth in the fourth quarter. As Stuart mentioned, Wireline showed significant improvement in Q3. This segment concentrated in the Northern Basin benefits greatly from the longer summer days without weather disruption. The strong performance is an indication that our production-focused pivot is taking hold and the bottom of the market has likely been found. Revenue grew 24% from the second quarter, reaching $30.3 million with both production and Pump Down service lines showing double-digit growth from the prior quarter. Year-over-year, Wireline is down 43% with the decline being entirely driven by Wireline completion activity. Adjusted EBITDA was $2.7 million, a significant improvement from the $400,000 in Q2 with 9% EBITDA margins for the quarter. Turning to the balance sheet. We maintain a net debt zero position providing us with flexibility to manage our business in the best interest of our shareholders. We ended the quarter with $86.1 million of liquidity consisting of $71.3 million of capacity on our revolving credit facility and $14.8 million of cash on hand. For the first nine months of 2024, we generated $51.8 million in cash from operating activities comparable to the $53.1 million reporting during the same period of last year. Year-to-date, free cash flow stands at $23.1 million as compared to $25.2 million over the same prior year period. Capital expenditures of $28.7 million this year are running slightly above 6% of revenue due to the elimination of Wireline completions revenue stream and the deployment of growth CapEx earlier this year to upgrade coiled tubing assets and provide Ancillary equipment in support of additional rig work with stronger customers. Our capital allocation strategy remains disciplined and we are focused on investing in our business to preserve future cash flows, while also continuing to return excess cash to shareholders. Year-to-date, we have repurchased approximately 1.5 million shares for a total of $15.5 million. This is nearly double the amount repurchased in 2023 and represents our steadfast commitment to allocate cash flows toward their highest return potential, which has been our own stock to date. Over the past year, we have far exceeded our minimum return commitment of 25% of free cash flow to shareholders. Since a little over one year ago, we’ve returned over $40 million to shareholders by repurchasing the company’s outstanding shares and paying a quarterly cash dividend of $0.05 per share and we will continue to repurchase shares opportunistically and in keeping with our commitments to our shareholders. Ranger’s financial position and operational execution are unmatched in our space and we believe, over time, this will be recognized more and more in the marketplace by both customers and potential shareholders. We are steadfast in our belief that over time, our production-focused business model will produce undeniable results and serve as a testimony in the energy services sector. Our attractive free cash flow profile and yield sets us apart, and we are eager to engage with investors on the merits of our story. We appreciate your support and look forward to connecting with you in the weeks and months to come. With that, we will turn the call back over to the operator for questions. Operator: Thank you. We will now begin the question-and-answer session. [Operator Instructions] Today’s first question comes from Don Crist with Johnson Rice. Please go ahead. Don Crist: Good morning, guys. How are you all this morning? Stuart Bodden: Hey, we’re good. Melissa Cougle: Good. Stuart Bodden: Good morning, Don. How are you? Don Crist: Doing well. Stuart, you touched on this in your opening comments, but the theme coming out of this quarter for all the OFS guys has been industry consolidation and the slowdown that they’ve experienced. You all have really bucked that trend. I know you touched on it in your opening comments, but can you give us a little bit more details of around what you all are doing to actually grow market share in a market that’s actually slowing a little bit? Stuart Bodden: Sure. Thanks for the question, Don. I think there’s a couple of things that I would highlight. I mean, one is, as I mentioned in my remarks, the consolidation on the A&P side has been a net benefit to us. We have and through our investments have spent a lot of time really trying to partner with the best customers. And as we’ve done that over the last several years, that’s really benefited us, again, because the consolidation has helped us and has tended to give us more potential work. I think the other thing is if you look at some of the other service lines and the broader OFS complex is things like fueling efficiencies and frac efficiencies really hit them pretty hard, but because of our production focus, it hits us a lot less hard. And I think that’s also helped us cut the trend quite a bit as well. Don Crist: I appreciate that. And obviously, fourth quarter is going to slow as normal with seasonality and weather. But can you touch on ’25 and what gives you confidence today that you should see growth next year? I mean is it more P&A work or is it just the total addressable market for workovers, et cetera, growing in the ’25 that gives you confidence that you’ll see growth next year? Stuart Bodden: I think it’s really across the board. And if you start off with the well service space, our High Spec Rig space, again, I think just back on our discussions with our customers, we have a lot of confidence going into the year. But I think that’s really across all the service lines, right? As Melissa touched on, we feel like we’ve probably hopefully seen the bottom in Wireline. We think that as you move into spring, that will really start to improve as well. And then in Ancillary, P&A has been strong. The coil has been strong. Torrent has got nice tailwinds behind it. So it’s not really one thing. I think it’s multiple things. But again, I think, the core is based on our conversations with our customers. We have a lot of confidence that we’ll see some modest growth next year. Don Crist: I appreciate that as well. And just one further one for me. I know, Charlie has been on the Board for a long time. Is there anything else around his stepping down that you’d like to highlight? Stuart Bodden: Well, I appreciate the question. The first thing I would just say is that when I reiterate my appreciation for or our appreciation for Charlie and the CSL organization, they’ve done with the organization since the Actio in 2014. They’ve really been instrumental in kind of getting where we are today. We maintain a good relationship with them. Melissa and I are going to be in Boston later this week to talk about the — there’s a case harder business case study on the Ranger IPO that’s going to be there. Regarding his shares, as you know, as you probably recall, Don, CSL has agreed not to sell any stock until the end of ’24. Beyond that, we don’t really know of any specific plans that he has or CSL has. We’ll obviously maintain a relationship with them and obviously try to be supportive down the road when we can be, but we do not know of any specific plans right now. Don Crist: I appreciate the color. I’ll jump back in queue. Thanks. Stuart Bodden: Thanks, Don. Operator: Thank you. The next question comes from Jeff Robertson with Water Tower Research. Please go ahead. Jeff Robertson: Thanks. Stuart or Melissa, you all highlighted the margin improvement in the quarter compared to pre-pandemic. Can you talk about any specific areas going forward where you think you can further increase margins, and then as a follow-up to that, in a fragmented industry, are there certain acquisition opportunities that you think could present themselves that will be margin accretive and support — further support your capital return to shareholder plans? Stuart Bodden: Sure. Thanks for the question, Jeff. I’ll — why don’t I — I’ll touch on the M&A and I think Melissa has a chance to about some of the margin improvement things we’re working on. On the M&A front, we continue to be believers that M&A would benefit the company. That’s part of the reasons that we maintained a very conservative balance sheet. We think it gives us a lot of optionality. We have been in a number of discussions. There’s still just a bit outspread is what we’ve been finding. We are again that’s — it doesn’t mean we’re not talking to a lot of folks. We do think there’s some attractive opportunities for the company that would make both companies stronger on the back of M&A, but again, right now, the bid ask has been a bit of an issue. Melissa Cougle: Yes. And maybe on the internal side, I guess, I’ll just say, I think it’s — I use the term slow and steady whenever I made my comments and I think that’s really how we think about further margin improvement. Further revenue dollars and particularly last year, margins came under a little bit of pressure because we talk a lot about white space. When we have an opportunity to manage our calendar better, we can really plan our business better and sort of optimize labor and optimize a lot of our expenditure profile. And as we look forward in the future, barring consolidation, which would bring about, we could scale up facilities a lot better and bring synergies in that way. I think on standalone basis, we would see incrementals really from operational efficiencies. So we’re sort of just continuing to chip away at the edges in terms of well site planning and things like that, would probably yield some results. We also are seeing some of our other service lines that are growing. We mentioned Torrent, again, very small, but those margins are just generally higher and so we’re getting better fall-through on those as well. So everything is helping a little bit, but I don’t think we’re expecting huge differentiation in terms of margin until we probably look at getting another deal under us. Thanks for your question. Jeff Robertson: Thank you. Stuart Bodden: Thank you. Operator: The next question comes from John Daniel with Daniel Energy Partners. Please go ahead. John Daniel: Hi all. Thanks for including me. Stuart Bodden: Hey, John. John Daniel: You just touched on this in the prepared remarks, I missed it, so I apologize. But as you look to ’25, where would you most likely allocate growth CapEx? Stuart Bodden: So, right now, when we look at ’25, and it really goes back to our biggest customers and we touched on it, if you kind of look at our growth CapEx even this year, there were some in coiled, but a lot was worth additional equipment around our well service rigs on the well site. And we think that, that will likely continue as well next year. What we’re finding John is the biggest customers don’t just want the well service rigs, but they want to complete packages around that. They can include pipe handlers and power swivels and pumps, et cetera. So I think most of it would likely be around that because that’s where we see the biggest demand from our customers. John Daniel: Okay. Are there any lead time issues associated with this product at this stage? Stuart Bodden: There are. So you’ve touched on something that we’re debating a lot right now at this moment. There are some issues depending on what the equipment is, some things have kind of six plus months of lead times. So you do have to be pretty thoughtful about when you want the equipment to show up to marry up with additional rig deployments. John Daniel: Okay. That’s all I got. Thanks for including me. Stuart Bodden: All right. Thanks, John. Operator: This concludes our question-and-answer session. I would now like to turn back to management for any closing remarks. Stuart Bodden: Thanks, operator. Thanks, everyone, for joining the call today. I appreciate your continued interest in Ranger and we will be reaching out to many of our investors shortly and we look forward to speaking with you. Have a good day, everybody. Operator: The conference has now concluded. Thank you for your participation. You may now disconnect your lines. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Ranger Energy posts solid Q3 results despite a challenging market environment By Investing.com first appeared on Forex Trader Hub.

WASHINGTON (Reuters) – Ukraine would not see any new restrictions on the use of U.S. weapons against North Korean forces should they enter the fight against Ukrainian forces, the Pentagon said on Monday, as it estimated 10,000 North Korean troops had been deployed to eastern Russia for training. “A portion of those soldiers have already moved closer to Ukraine, and we are increasingly concerned that Russia intends to use these soldiers in combat or to support combat operations against Ukrainian forces in Russia’s Kursk Oblast near the border with Ukraine,” said Pentagon spokesperson Sabrina Singh. NATO Secretary General Mark Rutte said earlier on Monday that military units from North Korea have been deployed to Russia’s Kursk region, which Ukrainian forces grabbed in a surprise summer offensive. Singh declined to confirm North Korean forces were present in Kursk. “It is likely that they are moving in that direction towards Kursk. But I don’t have more details just yet,” Singh said. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post No new limits on Ukraine’s use of US weapons if N.Korea enters fight, Pentagon says By Reuters first appeared on Forex Trader Hub.

By Amanda Cooper LONDON (Reuters) -Global stocks rose on Monday at the start of a week stacked with earnings from Wall Street’s “Magnificent 7”, while the yen eased after an election in Japan thrust the country into political turmoil, and oil slid as tensions in the Middle East ebbed. The dollar, which is heading towards a 3.6% monthly rise against a basket of major currencies in October, hit a three-month peak against the yen at 153.885, after Japan’s ruling Liberal Democratic Party (LDP) lost its parliamentary majority. Oil prices fell by as much as 6.3% after Israel’s response to an Oct. 1 Iranian missile attack focused, so far, on missile factories and other sites near Tehran, rather than on refineries or nuclear targets. U.S. stock index futures pointed to an upbeat start on Wall Street later, up 0.5-0.7%, while Europe’s tilted lower, down 0.1% as gains in airline stocks were offset by losses in energy shares. With the U.S. presidential election just over a week away and a key read of employment on Friday, investors were wary of tugging stocks or bonds too far in one direction or the other. “There’ll be plenty to test the market nerves with this week’s bumper set of data releases, including U.S. payrolls on Friday, and earnings reports, with five of the Magnificent 7 reporting. Meanwhile, the tight U.S. election campaign will enter its final stretch,” Deutsche Bank strategist Jim Reid said. The “Magnificent Seven” are the largest U.S. companies by market value. The five set to report earnings this week are Google parent Alphabet (NASDAQ:), Microsoft (NASDAQ:), Facebook (NASDAQ:) owner Meta, Apple (NASDAQ:) and Amazon (NASDAQ:). “One market fear that has eased over the weekend is escalation risks in the Middle East. This comes as overnight into Saturday Israel carried out retaliatory strikes against Iran, but with these targeting military facilities and avoiding oil or nuclear installations.” In Japan, Tokyo’s closed up 1.8%, after initially dipping following the weakest election result since 2009 for the LDP, which has governed the country for most of the post-war era. The party, with junior coalition partner Komeito, won 215 lower-house seats in Sunday’s election, public broadcaster NHK reported, well short of the 233 needed for a majority. The yen weakened sharply, leaving the dollar up as much as 1% earlier in the day, since investors figured any government that emerges is likely to make a dovish shift in economic policy. [.T][FRX/] “The markets are likely to think this means more trouble for the yen with 155 the first target and (the finance ministry’s) line in the sand at 160,” said Bob Savage, head of markets strategy and insights at BNY in a note. Nomura analyst Yusuke Miyairi also expects the Bank of Japan, which reviews policy on Thursday, will be more dovish and that will hurt the yen. RISING DOLLAR Broader currency markets were steady, leaving the dollar on course for its largest monthly rise in 2-1/2 years as signs of strength in the U.S. economy and the prospect of a Donald Trump presidency have driven up U.S. yields. While markets have started pricing in a second Trump administration in recent weeks, Vice President Kamala Harris is leading Trump nationally by a marginal 46% to 43%, a recent Reuters/Ipsos poll showed. Benchmark 10-year Treasury yields are up nearly 45 bps this month, partly down to the growing chances of a Trump win, but also as U.S. data has shown the economy remains resilient and, as such, interest rates could fall a lot more slowly than many thought just a few weeks ago. Friday’s monthly employment report could reinforce that view. The 10-year Treasury note was last yielding 4.26%, up 2.4 bps on the day. In Europe, French yields dipped 1.7 bps to 3.023%, shrugging off a decision by ratings agency Moody’s (NYSE:) on Friday to lower its outlook on French sovereign debt. Gold, which hit record highs last week, hovered just shy of those levels at $2,732 an ounce. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Stocks rise ahead of action-packed week; oil dives By Reuters first appeared on Forex Trader Hub.

By Christopher Lewis Reviewer Adam Lemon Fact-checker DailyForex.com Team Created on October 28, 2024 Despite the energy transition from fossil fuels to renewable alternatives, crude oil is a pillar of the global economy and will remain so for decades to come. Exploration will decrease, with demand unlikely to falter, but the global economy may have experienced peak oil demand. It makes crude oil trading an appealing asset. Keep reading to learn about the best time to trade crude oil and how it can help you boost profitability. An Overview of When to Trade Oil  West Texas Crude, the US benchmark, opens for trading Sunday through Friday at 22:00 (GMT) and closes Monday through Thursday at 23:59 (GMT) and Friday at 23:57 (GMT). Brent Crude oil, the international benchmark, also opens on Sunday at 22:00 (GMT) and closes on Monday at 23:59 (GMT), but the Tuesday through Friday opening times are 24:00 (GMT) with identical closing times as West Texas Crude oil markets. Noteworthy:  Crude oil brokers can have slightly different opening and closing times based on their trading infrastructure The Basics of Crude Oil Trading Hours  Trading during the three major trading sessions can yield improved trading opportunities and profitability. Here are the three primary crude oil trading sessions: Asian Trading Hours  The Asian trading session ranks among the least volatile despite including the major oil consumers of China, India, and Japan and core trading hubs in Hong Kong and Singapore. Dubai crude is one of the most traded contracts during the Asian session. European Trading Hours  Volatility picks up during the European trading hours. These include the London trading session, a major crude oil trading hub, where Brent crude is the center of attention. Brent crude is the international standard for crude oil. North American Trading Hours  Trading focuses on West Texas Crude oil, the standard for the US, and includes trading on the New York Mercantile Exchange (NYMEX). It results in the highest liquidity and most substantial price movements for West Texas crude oil. Overlapping Sessions  Many traders consider the London-New York overlap session the best time to trade West Texas crude oil and Brent crude oil due to the liquidity levels, release of market-moving fundamental events, and magnitude of price action movements. The session begins Monday through Friday at 12:00 (GMT) and ends Monday through Friday at 16:00 (GMT), but it can be extended until 17:00 (GMT). What Are the Trading Times of Crude Oil Markets?  While the best time to trade crude oil depends on the trader’s preferences, the below times offer improved liquidity. Asian Trading Session   Local Time GMT Time Open Monday 08:00 Sunday 22:00 Close Monday 18:00 Monday 09:00 European Trading Session   Local Time GMT Time Open Monday 08:00 Monday 07:00 Close Monday 17:30 Monday 16:30 North American Trading Session   Local Time GMT Time Open Monday 08:00 Monday 12:00 Close Monday 16:00 Monday 20:00 Overlapping Sessions When two markets operate simultaneously, an overlapping session occurs, which increases liquidity and often creates more trading opportunities with lower trading fees. Sydney – Tokyo Overlapping Trading Session GMT Start Time GMT End Time Sunday 24:00 Monday 06:00 Tokyo – London Overlapping Forex Trading Session GMT Start Time GMT End Time Monday 07:00 Monday 09:00 London – New York Overlapping Forex Trading Session GMT Start Time GMT End Time Monday 12:00 Monday 16:00 When Is the Best Time to Trade Crude Oil?  The best time to trade crude oil is when traders decide to trade according to their strategy and crude oil assets. From a purely technical perspective, trading during the official trading sessions of exchanges that trade the desired crude oil contract adds liquidity and lower trading fees. What Are the Different Ways to Trade Crude Oil?  The best way to trade crude oil is via Contracts for Difference (CFDs) on numerous crude oil assets. Here are the most common forms of crude oil trading: Spot trading, enabling traders to trade current market prices Futures trading, enabling traders to trade based on expected future prices Options trading, enabling traders to speculate on oil prices Bottom Line  The best time to trade crude oil depends on the crude oil asset and the trader’s trading strategy, as crude oil trades almost 24/5. FAQs  What time is crude oil traded? West Texas Crude trades Sunday through Friday from 22:00 (GMT) to Monday through Thursday at 23:59 (GMT) and Friday to 23:57 (GMT).   Is the crude oil market open 24 hours? The crude oil market trades almost 24/5.   How many hours do crude oil traders work? Most crude oil traders work during the official exchange hours of their respective markets.   What are the crude oil market trading hours in the UK? Brent Crude opens Sunday at 22:00 (GMT) and closes Monday at 23:59 (GMT), and opens Tuesday through Friday at 24:00 (GMT) and closes at 23:59 (GMT), except on Friday, when it closes at 23:57 (GMT). Source link The post Oil Trading Hours – When to Trade Crude-Oil [year] first appeared on Forex Trader Hub.

By Joyce Lee and Heekyong Yang SEOUL (Reuters) – Korea Zinc said on Monday it has secured 9.85% of the company’s shares in a $1.5 billion buyback that it launched to block shareholders from selling their stakes to its top investor Young Poong and private equity firm MBK. Bain Capital, which backs Korea Zinc’s current leaders, separately secured a 1.41% stake in the company, the world’s biggest zinc smelter said in a regulatory filing. Run by the Choi family, Korea Zinc has been in a bitter fight for control of the $18 billion zinc empire with the co-founding Chang family, whose conglomerate Young Poong made an initial joint offer with MBK in September. The latest transactions suggest the overall backing Korea Zinc’s management has won so far is smaller than the stake held by MBK and Young Poong. That raised investor expectations for a prolonged takeover battle, driving Korea Zinc shares to record highs on Monday. MBK and Young Poong together own about 38.5% of Korea Zinc. Before the buyback, Korea Zinc’s Choi family had the backing of shareholders that owned up to 36% of the company, including strategic partners such as Hyundai Motor (OTC:) Group, according to analysts. Korea Zinc said on Monday it had spent 2.07 trillion won ($1.5 billion) on the buyback and would eventually cancel all of its newly acquired shares to raise shareholder value. Cancellation of the shares means the Chois’ stake will not increase relative to its rival. Neither side has a majority stake in the case of a proxy fight. Shares in Korea Zinc jumped as much as 11.7% on Monday to a record high of 1.4 million won, 57% above its buyback price of 890,000 won, before ending the session up 3.8% at a record close as the number of shares available to trade have shrunk due to tender offers from both sides. Shares in Young Poong closed up 7.45%. MBK on Monday nominated 14 new directors for the firm, which currently has 13 board members, and called for Korea Zinc to hold an extraordinary shareholder meeting, as flagged to Reuters by a partner in the fund last week. The fund also said it would propose a new system to separate management from the board in a bid to improve governance, adding Korea Zinc’s latest share buyback had caused a severe financial hit to the company. Various shareholders widely viewed as sympathetic to the Chois, such as Hyundai Motor, Hanwha Group and LG Chem, have yet to publicly declare their stance. South Korea’s National Pension Service, the world’s third-largest pension fund which held a 7.83% stake in Korea Zinc at end-June, is expected to be a key casting vote. It has yet to disclose its stance. ($1 = 1,384.1300 won) !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Korea Zinc attempts to fend off takeover with $1.5 billion share buyback By Reuters first appeared on Forex Trader Hub.

By Casey Hall and Laurie Chen SHANGHAI/BEIJING (Reuters) – China is quietly easing regulatory pressure on private tutoring operators as it looks to revive a flagging economy, spurring a nascent revival of a sector hit hard by a government crackdown three years ago, according to industry figures, analysts and data reviewed by Reuters. There has been no formal acknowledgement of a change in policy. But there is now tacit consent from policymakers to allow the tutoring industry to grow, in a pivot by Beijing to support job creation, eight industry figures and two analysts familiar with the developments told Reuters. The shift is evident in new growth among tutoring businesses and moves by Beijing to clarify its approach, as well as in Reuters interviews with five Chinese parents who described a gradual liberalisation in recent months.  Details in this story about the relaxation of policy enforcement and the increasing openness of tutoring organisations’ operations have not been previously reported. Starting in 2021, a government crackdown known as the “double reduction” policy prohibited for-profit tutoring in core school subjects, with the aim of easing educational and financial pressure on parents and students. The move wiped billions of dollars off the market value of providers such as New Oriental Education & Technology Group and TAL Education Group (NYSE:), and led to tens of thousands of job losses. Before the crackdown, China’s for-profit tutoring industry was valued at some $100 billion and its three biggest players employed over 170,000 people. Still, the industry proved resilient, as parents like Michelle Lee, 36, continued to seek tutoring services to give their children a leg-up in China’s ultracompetitive education system. Lee, who is based in southern China, spends 3,000 yuan a month, or about $420, on after-school classes for her son and daughter, including one-on-one mathematics tutoring and online lessons in English. She told Reuters that in recent months tutoring schools had been operating more openly than they have since 2021. “When the policy first came out, I think those tutoring organisations were a little bit scared, so they kind of hid, like they would close the curtains during class,” she said. “But it seems like they don’t do that anymore.” In China’s high-pressure educational environment, parents have little choice but to rely on outside tutoring just so their children can keep pace, Lee said, adding that she had “felt a huge sense of failure” as she tried to support her children’s education. China’s education ministry did not respond to questions about its evolving approach to the tutoring industry. At a ministry press conference in March, Liu Xiya, a delegate of China’s legislature and president of a Chongqing-based education group, told local media that “pain points” in education policy were gradually being addressed. Lynn Song, chief economist for Greater China at ING, said China was unlikely to admit that the crackdown “was a little too forceful”. Rather, there would be a “tacit easing back toward a looser regulatory stance”, he said. “The overall policy environment has shifted from restrictive to supportive as the main goal now is stabilisation,” Song said, adding that the tutoring industry should benefit from the broader shift.   EVOLVING ENVIRONMENT Two executives at large tutoring companies who deal with regulatory issues told Reuters that government moves to ease the crackdown had accelerated in recent months. Most notable was a decision in August by the State Council, China’s cabinet, to include education services in a 20-point plan to boost consumption – a key aspect of Beijing’s efforts to fire up the economy. The move boosted stocks of listed education companies, and came as more than 11 million university graduates entered China’s employment market. That announcement followed draft guidelines from China’s education ministry in February, which clarified the kinds of off-campus tutoring that would be permitted, and its introduction last year of an online “white list” of companies approved to provide tutoring in non-core subjects. In addition, inspections by local authorities of tutoring schools have lessened considerably of late from their peak early in the crackdown, one of the executives said. Both executives said the message they have received from Chinese officials since August is that the tutoring industry will remain tightly regulated, but with a wider pathway to operate successfully and above-board, provided operators do not flout restrictions on teaching core academic curriculum. They spoke on the condition of anonymity because they weren’t authorised to talk to the media.  Claudia Wang, who leads the Asia Education Practice at consultancy Oliver Wyman, said that having eliminated some low-quality players, the government was pinning hope on the education sector to help address “super high” youth unemployment. “I think that’s very, very fundamental to the shift,” Wang said. Hiring patterns and other moves by listed education firms point to an expansion of the industry this year. Active licenses for extracurricular for-profit tutoring centres rose 11.4% between January and June, according to research firm Plenum China. TAL and New Oriental have been hiring for thousands of positions this year, according to data from their annual reports and a Reuters review of job listings on major Chinese employment platforms. The number of schools and learning centres operated by New Oriental and TAL has also rebounded, according to data from the companies and Plenum China. The companies’ shares have traded this year at their highest on average since 2021, though still far below pre-crackdown levels. New Oriental declined to comment to Reuters about how it was responding to the changing regulatory landscape, while TAL did not reply to a similar request. In its annual report in September, New Oriental noted continuing “significant risks” from the ways in which regulations and policies related to private education are interpreted and implemented. “We have been closely monitoring the evolving regulatory environment and are making efforts to seek guidance from and cooperate with the government authorities to comply,” the report said. CREATIVE CURRICULUM Another reason for the industry’s revival is that it proved impossible to eliminate.  In practice, private tutoring operators, while diminished, continued to exist in various forms, often redesigning courses to skirt restrictions or advertising them under code words. Mathematics-related courses, for example, are commonly marketed as “logical thinking”.  Lisa ran an English tutoring school in the eastern province of Zhejiang that shifted its curriculum to comply with rules that prohibit the teaching of core subjects such as mathematics and English. Lisa, who declined to give her full name for fear of official retribution, said she laid off 60% of her staff following the crackdown. But the school maintained classes by pivoting to teaching science-related courses in English, without calling them English classes. One-on-one tutoring, meanwhile, flourished as parents who could afford the higher prices hired tutors to come to their homes. That worried parents like Yang Zengdong, a Shanghai-based mother of two, who said the policy presented families with the unenviable choice of paying up to 800 yuan per class for a private tutor or investing hours each day themselves in helping their children keep up. “If double reduction continues, the academic gap between rich people and everyone else will get worse,” she said.  “That wasn’t what the policy was meant to do but that’s the reality, so of course it needs to change.” !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post China’s private tutoring firms emerge from the shadows after crackdown By Reuters first appeared on Forex Trader Hub.

NZD/USD retreats further, dropping below 0.6000. Oversold RSI points to possible corrective bounce, but bearish momentum remains strong. The pair stands in lows since early August. The NZD/USD currency pair has extended its downtrend, with bears maintaining a firm grip as selling momentum builds. During Friday’s session, the pair fell by 0.60% to 0.5980, hitting lows not witnessed since August. In addition, the 20-day Simple Moving Average (SMA) is about to complete a bearish crossover with the 100-day SMA which could add selling pressure. The Relative Strength Index (RSI) remains in oversold territory, currently at 30, indicating intense selling pressure. The RSI’s downwards trajectory suggests that bearish momentum is likely to persist, matching the rising red bars on the Moving Average Convergence Divergence (MACD) histogram. That being said, the RSI in oversold terrain might trigger a corrective bounce as sellers might start to run out of steam. NZD/USD daily chart Technically, the NZD/USD pair continues to trade below its key moving averages, with the 100-day Simple Moving Average (SMA) at 0.6100 and the 200-day SMA around 0.6150 creating significant resistance. These hurdles are capping the pair’s potential for an upward rebound.   Support levels: 0.5950, 0.5930, 0.5900. Resistance levels: 0.6000,0.6050, 0.6100. Source link The post Bears push lower, 0.6000 support gone first appeared on Forex Trader Hub.

Ethereum co-founder Vitalik Buterin has held the top spot in “KOL mindshare” for the last week on Crypto X amid a recent flood of criticism toward the blockchain and the Ethereum Foundation.  According to Andy, host of the crypto show The Rollup, who cited data from Kaito AI, “wartime mode” Buterin had the highest relative KOL mindshare over the past seven days at 1.69%, followed by Helius Labs CEO Mert Mumtaz at 1.18%.  Buterin was forced to write a lengthy post on X recently, defending the Ethereum Foundation’s routine sale of Ether (ETH).  Source: Andy / Kaito AI Slamming the critics, Buterin explained the sales are used to pay Ethereum developers and researchers in exchange for maintaining the network’s proof-of-stake mechanism, allowing transaction inclusion in less than 30 seconds at low fees, allowing privacy features with zero-knowledge proofs and keeping the network running with no downtime since 2016, asking them to:  “Show some respect.”Source: Vitalik Buterin Asked why the Ethereum Foundation doesn’t stake all of its Ether and use the revenue to cover costs instead of selling, Buterin explained the Ethereum Foundation wants to avoid being forced to make an “official choice” in the event of a contentious hard fork. However, Buterin said the Ethereum Foundation is exploring other methods to engage with staking, including issuing grants in staked Ether which would allow grant recipients to control withdrawal timelines and keep the rewards.  He also discussed delegating the Ethereum Foundation’s staking responsibilities to other organizations. Related: Vitalik Buterin sings at Token2049, highlights low L2 fees as ETH milestone Buterin has become more vocal on X of late as Ethereum FUD continues to run rampant. Negative sentiment has largely stemmed from Ether’s poor price performance — relative to the likes of Bitcoin (BTC) and Solana (SOL) — Ether’s layer 2 scaling strategy and the falling revenues that have resulted from it on the base layer. Buterin has been pressing Ethereum’s technical roadmap of late, sharing his insights and recommendations on how the “Merge,” “Surge,” “Scourge” Verge” and “Purge” stages could impact Ethereum’s future. Magazine: Proposed change could save Ethereum from L2 ‘roadmap to hell’ Source link The post Vitalik Buterin in ‘wartime mode’ tops KOL mindshare as he slams ETH critics first appeared on Forex Trader Hub.

(Reuters) – McDonald’s (NYSE:) on Sunday ruled out beef patties as a source of the E. coli outbreak linked to Quarter Pounder hamburgers, which has killed at least one person and sickened nearly 75 others. “We remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald’s restaurants,” the fast-food chain’s Chief Supply Chain Officer Cesar Pina said in a statement. The Colorado Department of Agriculture said that all subsamples from multiple lots of McDonald’s brand fresh and frozen beef patties had tested negative for E. coli, adding that it had completed beef testing and does not anticipate receiving further samples. McDonald’s said it would resume distribution of fresh supplies of the Quarter Pounder and that it is expected to be available in all restaurants in the coming week, according to the statement. Regulators had been investigating whether McDonald’s beef patties could be affected. The U.S. Food and Drug Administration and the U.S. Department of Agriculture didn’t immediately respond to a Reuters request for comment. E. coli is killed in beef when cooked properly. The McDonald’s Quarter Pounder is served with raw, slivered onions; affected restaurants will serve the burgers without such onions. U.S. fast-food chains have pulled fresh onions out of their menu items after the vegetable was named as the likely source of an E. coli outbreak. McDonald’s has pulled the Quarter Pounder from about one-fifth of its U.S. restaurants, including in Colorado, Kansas, Utah and Wyoming, and in parts of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico and Oklahoma. Past E. coli outbreaks have hampered sales at big fast-food restaurants as customers avoid affected chains. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post McDonald’s rules out beef patties as source of E. coli outbreak By Reuters first appeared on Forex Trader Hub.

BERLIN (Reuters) – Volkswagen (ETR:) is exploring a series of cost-cutting measures for its core brand, including a 10% wage cut and a two-year wage freeze, as it seeks to save 4 billion euros, Handelsblatt newspaper reported on Sunday, citing company insiders. The carmaker is under increasing pressure to reduce expenses amid a challenging economic climate. Workers, meanwhile, have criticized management for not presenting a clear future strategy, despite promises of a new plan in the works. According to Handelsblatt, Volkswagen’s leadership has discussed several potential cost-saving moves. These include capping bonuses for top-tier employees, reducing additional payments for employee anniversaries, and exploring possible closures of some German production sites. A Volkswagen spokesperson declined to comment to Handelsblatt on the ongoing negotiations with the company’s works council and IG Metall, Germany’s powerful metalworkers’ union. Since early October, Volkswagen’s management has been meeting weekly with worker representatives from its German plants, analysing where cost cuts can be made and which models will be produced at each location. Negotiations over wage increases are handled separately, according to a union spokesperson, with the next formal round set for Oct. 30. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Volkswagen weighs wage cuts, bonus reductions in push to save 4 billion euros first appeared on Forex Trader Hub.

Investing.com – Israel stocks were higher after the close on Sunday, as gains in the , and sectors led shares higher. At the close in Tel Aviv, the rose 0.70%. The best performers of the session on the were Azrieli Group Ltd (TASE:), which rose 3.47% or 920.00 points to trade at 27,400.00 at the close. Meanwhile, Ashtrom Group Ltd (TASE:) added 3.11% or 160.00 points to end at 5,300.00 and Melisron (TASE:) was up 3.01% or 850.00 points to 29,100.00 in late trade. The worst performers of the session were Camtek Ltd (TASE:), which fell 3.86% or 1,200.00 points to trade at 29,900.00 at the close. Sapiens International Corporation NV (TASE:) declined 2.58% or 370.00 points to end at 13,960.00 and NICE Ltd (TASE:) was down 1.82% or 1,230.00 points to 66,270.00. Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 324 to 137 and 79 ended unchanged. Crude oil for December delivery was up 2.16% or 1.51 to $71.35 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January rose 2.25% or 1.67 to hit $75.63 a barrel, while the December Gold Futures contract rose 0.21% or 5.70 to trade at $2,754.60 a troy ounce. USD/ILS was unchanged 0.00% to 3.78, while EUR/ILS fell 0.24% to 4.08. The US Dollar Index Futures was up 0.20% at 104.13. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Israel stocks higher at close of trade; TA 35 up 0.70% By Investing.com first appeared on Forex Trader Hub.

Investing.com — In a recent note, Wells Fargo analyzed the potential financial impact on app developers and Alphabet (NASDAQ:) Inc’s Google, following the U.S. District Judge’s decision in the Epic Games v. Google case, which could lead to changes in the Play Store’s operations. More concretely, the firm’s analysts expect that app developers like Match Group (NASDAQ:), Bumble Inc (NASDAQ:), and Roblox Corp (NYSE:). could see an increase in their adjusted EBITDA by 2026 if they are allowed to process payments directly on Android in the U.S. Wells Fargo estimates an accretion of 3 points, 5 points, and 3 points to the fiscal year 2026 adjusted EBITDA forecasts for MTCH, BMBL, and RBLX, respectively. The analysis suggests that with incentives for higher adoption of direct billing, even with a promotional discount, the companies could see an even larger benefit. “Even with a likely promotion offset (assume a 5% discount), a 75% US direct billing mix (vs. base case 35%) would suggest a 4pts / 7pts / 6pts accretion” to Wells Fargo’s fiscal 2026 adjusted EBITDA estimates for MTCH, BMBL, and RBLX, respectively. In contrast, Google is projected to experience only a modest 1 point negative impact on its earnings per share (EPS) due to the loss of Play Store fee revenue. Wells Fargo’s analysis indicates that U.S. Google Play billings currently account for approximately 2% of Google’s fiscal year 2026 operating income (OI) and EPS. The firm’s forecast assumes a shift of 35% from Google Play to direct billings in 2026, considering the likelihood of large developers opting for direct billing to benefit from direct customer relationships and cost savings. While the near-term financial impact on Google is expected to be limited, Wells Fargo notes that there is a more significant risk if international regulators implement similar rules. The Play Store is estimated to contribute around 6% to Google’s operating income, with non-U.S. transactions constituting about 65% of total Play billings. “Further, we believe the 3-year remedy ban on Play Store revenue share to distribution partners and a resultant rise in the distribution of alternative app stores likely opens up the Android ecosystem,” analysts added. The legal backdrop for these projections stems from the October 7th ruling that Google must allow for greater competition in its Play Store. This follows a December 2023 jury verdict that found Google’s Play Store to be operating as an illegal monopoly. The judge ordered an end to Google’s Play billing mandates and revenue share payments to Android Play store distributors for three years starting on November 1. However, with a short-term stay granted and Google’s plans to appeal, the earliest implementation of the remedy is expected to be in the first quarter of 2026, pending the outcome of the appeal process. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post What is the potential impact of U.S. Android Play Store remedies By Investing.com first appeared on Forex Trader Hub.

By Aditya Kalra NEW DELHI (Reuters) – Indian food delivery giant Swiggy has slashed its IPO valuation again, to $11.3 billion, 25% below the initial goal of $15 billion as market volatility and the lacklustre debut of Hyundai (OTC:) India weigh on sentiment, two sources said on Sunday. BlackRock and Canada Pension Plan Investment Board (CPPIB) will invest in the $1.4 billion IPO, which will be the country’s second-biggest stock offering this year, the sources told Reuters. Swiggy, Blackrock (NYSE:) and CPPIB did not immediately respond to requests for comment outside business hours. Indian shares have fallen for four weeks in a row, the longest such losing run since August 2023, with the benchmark Nifty 50 index down more than 8% from record highs hit on Sept. 27, due to persistent foreign selling. Hyundai India shares fell 7.2% on their debut last week after retail investors gave a lukewarm reception amid concerns about a lofty valuation. Swiggy, backed by SoftBank (TYO:) and Prosus (OTC:), was concerned to avoid a tepid response to its relatively large IPO, coming amid global uncertainty from the Nov. 5 U.S. presidential election, and decided to cut the valuation in consultation with investors, said one source, with direct knowledge of the company’s plans. Swiggy does not want a “bad IPO”, this person said. Its last funding round, led by Invesco, valued it at $10.7 billion in 2022. It competes with Zomato in India’s online restaurant and cafe food deliveries sector, and both have made major bets on a boom in “quick-commerce,” where groceries and other products are delivered in 10 minutes. Despite recent jitters, India’s IPO market has been buoyant, with around 270 companies raising $12.57 billion so far this year, well above the $7.4 billion raised in all of 2023. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Swiggy cuts IPO valuation again, to $11.3 billion, BlackRock and CPPIB to invest, sources say By Reuters first appeared on Forex Trader Hub.

BEIJING (Reuters) – China will take “countermeasures” to defend its sovereignty and territorial integrity, the government said, lambasting a $2 billion arms sale package by the United States to Taiwan. The United States is bound by law to provide Chinese-claimed Taiwan with the means to defend itself despite the lack of formal diplomatic ties, to the constant anger of Beijing. On Friday, the Pentagon said the United States had approved a potential $2 billion arms sale package to Taiwan, including the delivery for the first time to the island of an advanced air defence missile system battle-tested in Ukraine. In a statement late Saturday, China’s foreign ministry said it strongly condemns and firmly opposes the sales and has lodged “solemn representations” with the United States. China urges the United States to immediately stop arming Taiwan and stop its dangerous moves that undermine peace and stability in the Taiwan Strait, it added. “China will take resolute countermeasures and take all measures necessary to firmly defend national sovereignty, security and territorial integrity,” the ministry said, without elaborating. China has over the past five years stepped up its military activities around democratically governed Taiwan, whose government rejects Beijing’s sovereignty claims, including staging a new round of war games earlier this month. Taiwan’s government has welcomed the new arms sale, the 17th of the Biden administration to the island. “In the face of China’s threats, Taiwan is duty-bound to protect its homeland, and will continue to demonstrate its determination to defend itself,” Taiwan’s foreign ministry said, responding to the arms sale. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post China vows ‘countermeasures’ after $2 billion US arms sale to Taiwan By Reuters first appeared on Forex Trader Hub.

EUR/USD returned to its bearish ways on Friday. A broad upswing in the Dollar Index continues to pummel the Euro. Coming up next week: DST, EU CPI, US PCEPI, and another NFP print. EUR/USD trimmed a near-term rebound on Friday, slamming the door on a clean bullish recovery and keeping bids trapped near the 1.0800 handle to round out the trading week. Fiber shed another half of a percent from Monday’s opening bids, challking in a fourth straight losing week and dragging price action down even further from late September’s peak just north of 1.1200. Markets will kick off next week with the start of Daylight Savings Time across the European continent, shifting market open hours by an hour. The front half of the trading week is a sedate affair, with Euro traders looking ahead to Wednesday’s European growth update. Pan-EU Gross domestic Product (GDP) growth is expected to hold steady in the third quarter, forecast to print in-line with the previous quarter’s 0.2%. Meanwhile, the annualized growth figure is expected to tick upwards from 0.6% to 0.8% YoY. Next Thursday will round out the Euro’s representation on the economic calendar, with preliminary Harmonized Index of Consumer Prices (HICP) inflation for October. Headline EU HICP inflation is expected to rise to 1.9% YoY compared to the previous period’s 1.7%. Next week is a big showing for US Dollar traders. US Personal Consumption Expenditure Price Index (PCEPI) figures land on Thursday, followed by another round of monthly US Nonfarm Payrolls (NFP) jobs data on Friday. Core US PCEPI is expected to have ticked higher in September, forecast to print at 0.2% MoM compared to August’s 0.1%. US NFP net jobs additions are expected to cool off to a moderate 140K net new jobs added in October, down from the previous month’s blowout 254K print. EUR/USD price forecast The EUR/USD pair is currently trading below the 50-day EMA and 200-day EMA, signaling a bearish sentiment in the market. The recent price action shows a strong downward momentum from early October, where the price broke below the 50-day EMA and continued to dip beneath the 200-day EMA, further confirming the bearish bias. The current price near 1.0795 is testing a support zone, as evidenced by the small-bodied candles, suggesting some consolidation or an indecisive phase. If the support holds, we could see a temporary pullback towards the 1.0899 resistance level, coinciding with the 200-day EMA. However, a failure to break higher could invite further downside pressure. The MACD histogram shows weakening negative momentum, but the signal lines remain in bearish territory, suggesting that sellers are still in control despite a possible short-term correction. If the price fails to break above the 50-day EMA near 1.0962, the pair could extend its decline. Smart Money Concepts (SMC) traders may note the formation of a liquidity grab below previous lows, potentially indicating institutional accumulation for a pullback. However, unless key resistance zones are reclaimed, the overall structure remains bearish, and a break below 1.0750 could open the door for further losses toward 1.0650. EUR/USD daily chart Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.   Source link The post EUR/USD ends Friday struggling to hold onto 1.08 first appeared on Forex Trader Hub.

Peter Todd forced into hiding after HBO doc claims he invented Bitcoin Canadian cryptographer and computer scientist Peter Todd says he’s been forced into hiding for fear of his safety after an HBO documentary alleged he was the inventor of Bitcoin. The film, dubbed Money Electric: The Bitcoin Mystery, aired on Oct. 9 and claimed to finally reveal the mystery surrounding the true identity of Satoshi Nakamoto, the pseudonym of a person thought to be the inventor of Bitcoin.  Ultimately, after exploring other potential candidates, the documentary ended on a dubious note with Todd stating, “Well yeah, I’m Satoshi Nakamoto.”  Todd has repeatedly denied that he is Satoshi Nakamoto and dismissed the film’s claims. According to a recent interview with Wired, he’s been forced into hiding over fears for his safety. He says filmmaker Cullen Hoback, the documentary’s director, used specious evidence to support the documentary’s erroneous conclusion.  However, according to several sources and footage shown in the documentary itself, Todd evidently has a history of jokingly stating “I am Satoshi.” These statements appear to have been made in the vein of the famous line “I am Spartacus” from the eponymous film Spartacus.  In the 1960 film, a group of warriors are captured by Roman soldiers and offered mercy if they’ll identify and send forth the man known as Spartacus. In response, the warriors each claim, in turn, to be Spartacus as a sign of solidarity.  Microsoft shareholders proposes firm look into investing in Bitcoin Microsoft shareholders are set to vote in December on whether the tech giant should publicly assess adding Bitcoin to its balance sheet, a filing with the United States Securities and Exchange Commission reveals. In the Oct. 24 filing, Microsoft disclosed that a proposal titled “Assessment of Investing in Bitcoin” will be voted on by certain shareholders in a Dec. 10 meeting. Still, the Microsoft board recommends voting against it because they already “evaluate a wide range of investable assets,” including Bitcoin. The National Center for Public Policy Research pushed the proposal, which highlighted business intelligence firm MicroStrategy’s Bitcoin investment strategy and noted that it has outperformed Microsoft by over 300% this year “despite doing a fraction of the business” of Microsoft. It also said that institutional and corporate adoption is becoming more “commonplace” through spot Bitcoin exchange-traded funds. Additionally, the research firm noted that Bitcoin remains volatile but could serve as a hedge against inflation and corporate bond yields. “At minimum, companies should evaluate the benefits of holding some, even just 1% of its assets in Bitcoin,” it said. Hacker behind fake Bitcoin ETF X post pleads not guilty Eric Council Jr., the individual charged over his involvement in allegedly hacking the United States Securities and Exchange Commission’s X account and posting a message suggesting that Bitcoin exchange-traded funds (ETFs) had been approved, has pleaded not guilty in a DC courtroom. In an Oct. 25 arraignment before Judge Amy Berman Jackson in the US District Court for the District of Columbia, Council Jr. entered a plea of not guilty for one charge of conspiracy to commit aggravated identity theft and access device fraud. He was allegedly part of a group that hacked the SEC’s X account in January, publishing a post that claimed the commission had officially approved spot Bitcoin ETFs for the first time. Officials with the Federal Bureau of Investigation arrested Council Jr. in Alabama on Oct. 17. According to Bloomberg, prosecutors intended to “extend a plea” to Council Jr. It’s unclear if US authorities also intend to execute additional arrest warrants for individuals involved in the SEC breach.  According to US authorities, the group of which Council Jr. was allegedly a part took control of the SEC’s X account through a SIM swap attack. X’s safety team reported, with the SEC later confirming, that the commission’s account did not have two-factor authentication enabled, leading to the breach. Bitfinex wallet hacker returns most of the $20 million back to US gov’t The malicious actor who drained a United States government wallet of approximately $20 million on Oct. 24, containing seized funds from the 2016 Bitfinex hack, returned $19.3 million to the government wallet less than 24 hours later. According to Arkham Intelligence, several wallets controlled by the hacker returned the funds to the US government wallet beginning with the characters “0xc9E.” At the time of this writing, roughly 88% of the funds have been returned. Onchain data shows the hacker returned approximately 2,412 Ether and $13.2 million in Aave-staked USDC (aUSDC). Independent blockchain investigator ZackXBT noted that the returned funds do not include the approximately $700,000 the hacker sent to instant exchanges. The identity of the hacker and the motivation behind the attack are not currently known, but the incident reflects a growing trend of hacks and exploits in the third quarter of 2024. Homeowner lawsuit over $170K crypto theft rejected on appeal   A homeowner’s attempt to sue his insurer for failing to cover his $170,000 loss to a crypto scam was rejected by a United States appeals court, with a three-judge panel ruling there had been no error in dismissing his case.  The Fourth Circuit Appeals Court ruled on Oct. 24 that a Virginia District Court judge was correct in ruling that Ali Sedaghatpour had no breach of contract claim against Lemonade Insurance because his homeowner’s policy only covered “direct physical loss” of property. Sedaghatpour sued Lemonade Insurance in 2022, claiming the insurer should have covered him under the policy for $170,000 in crypto stolen from him in a scam. The suit was a rare case of a crypto user attempting to claim that crypto is personal property under a home insurance policy and legally force an insurer to cover scam crypto losses. The appellate judges said that under Virginia law, direct physical loss “requires present or impending material destruction or material harm.” They added: “Because the digital theft of digital currency does not amount to a ‘direct physical loss,’ no coverage for Sedaghatpour’s loss of cryptocurrency is available under that section.” Winners and Losers At the end of the week, Bitcoin (BTC) is at $67,075, Ether (ETH) at $2,484 and XRP at $0.51. The total market cap is at $2.29 trillion, according to CoinMarketCap. Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Goatseus Maximus (GOAT) at 75.97%, Safe (SAFE) at 67.21% and ApeCoin (APE) at 59.95%. The top three altcoin losers of the week are Aerodrome Finance (AERO) at 22.72%, MANTRA (OM) at 16.46% and Mog Coin (MOG) at 15.66%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis. Most Memorable Quotations “I’ll happily say that I think Saylor’s comments are batshit insane.” Vitalik Buterin, co-founder of Ethereum “By 2024 end, we expect Wall Street to replace Satoshi as the top Bitcoin wallet.” Bernstein Research “I’m still optimistic that FIT21, which is the regulatory framework bill, and the stablecoin bill have possible consideration in the lame duck.” French Hill, United States Representative “94% of the Bitcoin supply is in profit, with the majority of coins having been purchased at the $55K level.” Axel Adler, independent crypto analyst “I look back on that, and I regret that. I think we made a mistake by not leaning in earlier, and we’re trying to make up for lost time to some degree.” Brad Garlinghouse, CEO of Ripple Labs “Whoever will win the elections, I think it is very, very important that crypto regulation, sensible crypto regulations, and stablecoin regulations will come to fruition in a way that will protect the end-users.” Paolo Ardoino, CEO of Tether Prediction of The Week Bitcoin analyst: $100K BTC price by February ‘completely within reason’ Bitcoin is in the initial stages of a bull run and a $100,000 BTC price may come within three months. In his latest market analysis on Oct. 24, network economist Timothy Peterson said that “ignition” has already come for a new Bitcoin. Bitcoin has spent nearly eight months consolidating after its all-time high of $73,800 in March. For Peterson, however, the real gains are yet to come — and may even see BTC/USD hit six figures for the first time in the next three months. Read also Features Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame Features Block by block: Blockchain technology is transforming the real estate market “Bitcoin’s current run is not meaningfully different than prior price paths,” he wrote on X. “This puts a big dent in the ‘diminishing marginal returns’ argument.” An accompanying chart compared BTC price performance since its last macro low in late 2022 to previous cycles, with Peterson dismissing the idea that Bitcoin investors see lower comparative returns each cycle. “A move just above trend puts Bitcoin at $100k within 90 days. Completely within reason,” he said. FUD of The Week Jailed crypto scammers blew stolen funds on shark tank, hookers: Report Five people were sentenced to prison for their roles in a $21.6 million crypto fraud in which they reportedly spent the stolen funds on a shark tank, private jet rides, sex workers and a luxury car. The criminals raked in $21.6 million (20 million euros) from about 40,000 investors through multiple investment schemes, including the EXW Wallet and the EXW crypto token, Austrian news outlet Heute reported on Oct. 23. Two of the defendants were sentenced to five years, two received 30 months and one got 18 months of prison time. Five others were acquitted while some have continued to hide from authorities. The fraud trial at the Klagenfurt Regional Court was the largest in Austrian history, Heute noted. Judge Claudia Bandion-Ortner handed down the sentences on Oct. 23 after two months of trial and 300 hours of negotiations. Heute said the fraudsters lived like they were in a “Hollywood film” — partying in some of Dubai’s “poshest” clubs and traveling between cities in private jets. They even bought a shark tank in a villa, which news and review site BehindMLM reported was located in Bali. Radiant Capital hacker moves $52M in stolen funds The hacker behind the recent theft from decentralized finance protocol Radiant Capital has moved almost all of the stolen funds from layer-2 protocols to Ethereum in a possible move toward obscuring its location.  On Oct. 24, blockchain security firm PeckShield reported that addresses linked to the Radiant Capital exploiter have bridged “nearly all” of the ill-gotten crypto from the exploit from layer-2 network Arbitrum and the Binance BNB Chain to the Ethereum network. The total amount moved was about 20,500 Ether, worth around $52 million, PeckShield noted.  On Oct. 23, Radiant Capital reminded users to secure their wallets by revoking approvals to affected smart contracts. “Failing to do so puts your funds at risk of being drained,” it warned.  The cross-chain DeFi lending protocol halted its lending markets after it was exploited for more than $50 million in the cybersecurity breach on Oct. 16.  Lazarus Group exploited Chrome vulnerability with fake NFT game The North Korean hacker collective Lazarus Group used a fake blockchain-based game to exploit a zero-day vulnerability in Google’s Chrome browser and install spyware that stole wallet credentials. Kaspersky Lab analysts noticed the exploit in May and reported it to Google, which has fixed it. The hacker’s play-to-earn multiplayer online battle arena game was fully playable and had been promoted on LinkedIn and X. The game was called DeTankZone or DeTankWar and used non-fungible tokens as tanks in a worldwide competition. Users were infected with spyware from the website even if they did not download the game. The hackers modeled the game on the existing DeFiTankLand. Read also Features How to resurrect the ‘Metaverse dream’ in 2023 Features China’s Digital Yuan Is an Economic Cyberweapon, and the US Is Disarming The hackers used malware called Manuscrypt followed by a previously unknown “type confusion bug in the V8 JavaScript engine.” It was the seventh zero-day vulnerability found in Chrome in 2024 through mid-May. Kaspersky principal security expert Boris Larin said: “The significant effort invested in this campaign suggests they had ambitious plans, and the actual impact could be much broader, potentially affecting users and businesses worldwide.” Magazine Stories of The Week The rise of Mert Mumtaz: ‘I probably FUD Solana the most out of anybody’ Solana’s most popular proponent Mert Mumtaz was a big factor in the blockchain’s comeback story. But he’s not a SOL maximalist. India mulls new crypto ban to support CBDC, Lazarus Group strikes again: Asia Express India’s on-again off-again crypto ban resurfaces, Lazarus suspected in BingX hack, and more. A bizarre cult is growing around AI-created memecoin ‘religions’: AI Eye Are people actually serious about AI-created religions or is it just a meme? And professors claim the AI bubble is set to pop. Subscribe The most engaging reads in blockchain. Delivered once a week. Editorial Staff Cointelegraph Magazine writers and reporters contributed to this article. Source link The post Microsoft set to vote on Bitcoin, Peter Todd hiding, and more: Hodler’s Digest, Oct. 20 first appeared on Forex Trader Hub.

(Reuters) – Alphabet (NASDAQ:)’s Google is developing artificial intelligence technology that takes over a web browser to complete tasks such as research and shopping, The Information reported on Saturday.  Google is set to demonstrate the product code-named Project Jarvis as soon as December with the release of its next flagship Gemini large language model, the report added, citing people with direct knowledge of the product. Microsoft (NASDAQ:) backed OpenAI also wants its models to conduct research by browsing the web autonomously with the assistance of a “CUA,” or a computer-using agent, that can take actions based on its findings, Reuters reported in July.  Anthropic and Google are trying to take the agent concept a step further with software that interacts directly with a person’s computer or browser, the report said. Google didn’t immediately respond to a Reuters request for comment. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Google to develop AI that takes over computers, The Information reports By Reuters first appeared on Forex Trader Hub.