Author: Steven Sahiounie

The bitcoin price has remained flat in the past 24 hours, sticking to its $16,796 from yesterday while the wider market teeters downwards slightly. Its current price marks a 1% increase in a week, although the world’s first cryptocurrency is down by 1.5% in a month and by 75% compared to its all-time high of $69,044, set back in November 2021. Despite the ongoing stagnation, more than a few figures within the cryptocurrency industry have been predicitng that bitcoin will enjoy significant gains this year, with some going even so far as to set a target of $250,000. However, other…

The U.K. is enforcing a tax exemption for foreign investors purchasing crypto through local investment managers or brokers starting Sunday. The tax break, announced in December, is a part of Prime Minister Rishi Sunak’s plans to turn the U.K. into a crypto hub. “This exemption is an important factor in attracting global investors, meaning foreign investors won’t be brought into U.K. tax simply by appointing U.K.-based investment managers,” the government’s tax arm, the HM Revenue and Customs, said in an email to CoinDesk. “To build upon the U.K.’s position as an investment management hub, this exemption has been extended to include crypto assets, so…

Customers of US bank Silvergate, which provides cryptocurrency services, have withdrawn over $8bn (£6.7bn) of their crypto-linked deposits. Around two-thirds of the bank’s customers pulled their deposits in the final three months of 2022. The bank has sold $5.2bn in assets to cover the cost and remain liquid. It came as three US regulators warned banks that issuing or holding crypto was “highly likely to be inconsistent with safe and sound banking practices”. Silvergate is a bank listed on the New York Stock Exchange, and is therefore regulated within the financial sector. It is one of a small handful of businesses within…

Belgium will never support a ban on Russian diamond imports to the European Union, Prime Minister Alexander De Croo said on Friday, adding that measures of this kind would only be effective if they were introduced globally. The EU is working on its tenth round of sanctions on Russia over Moscow’s military operation in Ukraine. Poland and the Baltic nations are pushing to ban Russian diamonds from the bloc’s market, as well as other measures like cutting off more banks from the SWIFT payments system and restrictions on nuclear energy cooperation. “We do not support the ban on supply of…

The country’s program to slash interest rates sent prices to a 24-year high last year The UN expects inflation in Türkiye to fall to an average of 42.4% by the end of the year, much higher than the country’s own official projections, The World Economic Situation and Prospects report, published on Wednesday, says. The results reported in the UN study cast doubt about the country’s aim to tackle inflation by slashing interest rates. Türkiye began easing rates in 2021 in an effort to support economic growth, boost exports and investment, and fight unemployment. The policy, however, led to a crisis with the…

The EU and G7 are still discussing the exact level in hope of avoiding major global market disruptions The Group of Seven has accepted the EU’s proposal to set a price ceiling for Russian diesel exports between $100 and $110 a barrel, Bloomberg reported on Friday citing a G-7 official. The European Commission had reportedly proposed a cap level of $100 per barrel, while G7 nations want the limit to be set slightly higher, citing concerns that a lower ceiling could send prices for the fuel soaring and provoke disruptions in the EU. Negotiations on the issue are ongoing with…

Swedish audio streaming company Spotify has announced plans for a round of layoffs that is expected to impact around 6% of its global workforce of some 10,000 employees. The company has thus become the latest in a slew of tech firms announcing job cuts aimed at cutting costs. The move, which was announced earlier this week, will impact around 600 employees and is expected to improve the company’s efficiency, according to a statement. Many tech companies added to their headcounts during the pandemic, but have since had to shed employees due to dropping advertising revenue and a darkening economic outlook. “Like…

Overseas shipments of domestically made cars have tripled over the past three years Shipments of automobiles from China to international markets topped 2.5 million units in 2022, making it the world’s third biggest exporter of cars, Bloomberg reported earlier this week, citing data from the China Passenger Car Association. China’s numbers came in behind Japan and Germany, but ahead of the US and South Korea, signaling the emergence of a strong challenger to the established automaking giants. Chinese brands are currently among the best-selling in the Middle East and Latin America. In Europe, electric models from Tesla and Chinese-owned former…

Steven Sahiounie, journalist and political commentator Yesterday, Israeli Defense Forces (IDF) killed nine Palestinians in a deadly daylight attack on Jenin in the occupied West Bank. A tenth Palestinian was shot and killed by the IDF in al-Ram while protesting the attack on Jenin. The Palestinian health ministry identified three of those killed as housewife Magda Obaid, 61, Saeb Izreiqi, 24, and Izzidin Salahat, 26, while another twenty were wounded. Heavy artillery and explosives were used by the IDF which resulted in substantial property damage to homes and civic buildings. Overnight, two rockets were fired from Gaza into Israel. The…

The updated blacklist also targets the businesses of Russian billionaire and nickel magnate Vladimir PotaninThe US has published an expanded sanctions list targeting Russian officials and businessmen.Russian Deputy Prime Minister and Trade Minister Denis Manturov was added to the list on Thursday, along with the head of Tatarstan Rustam Minnikhanov and his family, and telecoms millionaire Sergey Adonyev.The list of companies subject to US penalties has also been updated to include a number of business structures associated with Russian billionaire, Vladimir Potanin, who is a major shareholder in global nickel producer, Norilsk Nickel. He was personally sanctioned in December.Washington last…