- Major U.S.-based crypto exchange Kraken is expanding into the Middle East and will open its regional headquarters in Abu Dhabi after getting a full license to operate a regulated trading platform in the UAE.
- “We’re incredibly excited to be able to set up our operations right in the ADGM [Abu Dhabi Global Market] itself to operate a virtual asset platform that finally offers Dirham pairs for investors in the region,” Curtis Ting, Kraken’s managing director for Europe, the Middle East and Africa, told CNBC’s Dan Murphy.
- Shares of the Japanese automaker Nissan Motor Co Ltd NSANY slid about 5% on Tokyo Stock Exchange, its biggest fall in one month after reports of Renault SA RNLSY exploring a stake sale, Reuters reported.
- Last week, Bloomberg reported that Renault might consider lowering its Nissan shareholding as part of plans to separate its electric vehicle business.
- Nissan’s French partner is considering all options to detach its electric vehicle business to race up against rivals.
- SoftBank Group Corp SFTBY SFTBF backed Ola Electric looked to recall 1,441 of its electric scooters weeks after one of its vehicles caught fire, prompting a government inquiry.
- Ola looked to a detailed diagnostics and health check of the scooters in that batch acknowledging the recalls as a “pre-emptive measure.”
- India targeted electric scooters and motorbikes to make up 80% of total two-wheeler sales by 2030, compared with about 2% currently.
- Amazon.com Inc AMZN workers will vote on whether to unionize a second warehouse in the New York City borough of Staten Island, Reuters reports.
- Employees at the LDJ5 sortation center explored joining the Amazon Labor Union (ALU) led by current and former warehouse workers.
- Associates at a larger facility, JFK8, recently voted to join the ALU and create Amazon’s first organized workplace in the U.S.
- U.S. oil refiners expect first-quarter solid earnings on boosted margins on gasoline and diesel due to a steep dropoff in refining capacity and tightened crude oil supplies because of Russia’s war with Ukraine.
- During the coronavirus pandemic, refining capacity worldwide has dropped, with several less profitable oil refineries closing.
- However, the worldwide fuel demand has rebounded to near pre-pandemic levels, boosting profits for facilities that are still operating.
- Credit Suisse Group AG CS is preparing for another management shuffle after a year of crisis, the Wall Street Journal reported citing people familiar with the matter said.
- The chief financial officer, general counsel, and Asia’s head could be shifted. According to the people, a search was underway last fall for a new general counsel.
- The sale of Twitter Inc TWTR to Tesla Inc TSLA CEO Elon Musk could be finalized this week, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
- The two parties met Sunday and continued to hash out specifics of a deal, as per the report. It’s not certain that an agreement will be reached.
- The change in Twitter’s stance took place after Musk met privately with several of the company’s shareholders on Friday, according to the Journal.
- Mizuho Financial Group Inc’s MFG new CEO says that the company is doubling down on bets in U.S. capital markets by aiming to expand into more lucrative areas, reported Bloomberg.
- The report quoted Masahiro Kihara, CEO of Japan’s third-largest bank, stating that the company wants to hire bankers to build its businesses with non-investment grade companies and leveraged buyout financing, where returns are expected to be higher. He stated that proper risk management will be undertaken for these initiatives.
- The U.S. is “a super-important market. It’s the second-biggest revenue and profit generator after Japan,” Kihara added. “There is more room for what we can do in America.
- Indonesia’s move to ban cooking oil export will resonate worldwide, threatening to drive up costs for Nestle SA NSRGY, Mondelez International MDLZ, and Unilever PLC UL and food inflation.
- The country accounting for a third of global edible oil exports looked to halt cooking oil exports from April 28 after a domestic shortage led to protests over high food costs.
- Indonesia’s domestic oil shortage would tighten the supplies of vegetable oils and exacerbate the impact of Russia’s invasion of Ukraine. The crisis had already wreaked havoc on the sunflower oil trade, boosting demand for alternatives like palm and soybean oil and sending prices to record highs affecting oil-importing countries like India, Malaysia, and China.
- Anthony Scaramucci says he has repositioned SkyBridge Capital to eventually be a leader in cryptocurrency asset management.
- In a recent interview with Bloomberg, Scaramucci said that close to half of SkyBridge’s $3.5 billion assets under management are linked to cryptocurrencies and crypto-related stocks.
- These include Bitcoin BTC/USD, Ethereum ETH/USD, Algorand ALGO/USD, and crypto-mining stocks like Marathon Digital Holdings MARA and Riot Blockchain RIOT.
- Corporates and their most prominent investors are at odds over new regulations meant to “modernize” how shareholders report their holdings.
- In February, the Securities and Exchange Commission proposed new rules to increase transparency in stock markets by shortening the 10-day window to 5 days for investors to reveal when they have built a stake of over 5% in a company.
- The rules would also clarify the definition of an investor “group.” Currently, the regulatory framework does not require proof of an agreement between two or more persons as a prerequisite to establishing the existence of a group.
- Apple Inc APPL is scheduled to report its second-quarter earnings Thursday after the close.
- To Be Thin On Details? If there is no significant improvement in the resumption of production in China before the earnings call, Cupertino may not release third-quarter guidance, Apple analyst Ming-Chi Kuo said in a tweet.
- Neither will the company explain how to diversify the risk of concentration of production in China, the TFI Securities analyst said. He is of the view the company cannot adequately explain it, given the limited time on the earnings call.
- Axie Infinity (AXS) co-founder Jeff Zirlin, also known as “The Jiho,” is picking up a battle with Facebook parent Meta Platforms Inc FB.
- Zirlin decried the “50% tax” on digital goods transactions imposed by the Mark Zuckerberg-led social-media goliath on Sunday.
- Zirlin said he would keep tweeting about Meta “until they fight back. I’m punching up and ignoring the buzzing gnats.”
- Tesla Inc TSLA CEO Elon Musk declared that he is now moving on from making fun of Bill Gates after tweeting memes at the latter’ expense over the weekend.
- “Moving on…” said Musk in a post on Twitter sparking speculations among his fanbase on what he meant and whether he was referring to his bid to purchase Twitter Inc TWTR.
- The Tesla CEO clarified nearly three hours later that he was referring to “making fun of Gates for shorting Tesla while claiming to support climate change action.”
- Apple Inc’s AAPL premier supplier Foxconn Technology halted operations at two of its factories in Kunshan, located in China’s Jiangsu province, after a recent surge in COVID-19 cases was reported on-site, according to SCMP.
- The report about the halt comes as the world’s second-largest economy continues to battle spiking COVID-19 cases despite stringent restrictions in Beijing and Shanghai.
- The two Foxconn plants, located in Kunshan’s Dianfa and Fuhong, are among its four manufacturing units operating in the city.
- Netflix Inc NFLX is grappling with the impact of Apple Inc’s AAPL “broad sweeping” privacy changes, according to Social Capital owner and “SPAC King” Chamath Palihapitiya.
- Palihapitiya made his comments about the streaming giant on the “All-In” podcast, hosted by popular angel investor Jason Calacanis.
- The venture capitalist said the impact of Apple’s privacy changes was first seen in the earnings of Facebook parent Meta Platforms Inc FB.
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