(Reuters) – Saudi Arabia will invest 40 billion riyals ($10.6 billion) in developing local infrastructure projects in 11 cities, state TV reported on Saturday citing the Ministry of Municipal and Rural Affairs and Housing.($1 = 3.7620 riyals) More
By Nell MackenzieLONDON (Reuters) – Hedge funds around the world fled positions in energy stocks, bonds and futures last week just in time to miss this week’s whipsaw moves in oil, according to data from two banks.Funds dropped their long and short positions in energy stocks, bonds and futures in the week ending Sept. 16 “more than any other time in recent months”, and more than any other sector of the economy in the last 20 days, according to notes by Morgan Stanley (NYSE:MS) and JP Morgan respectively. It could be a sign that hedge funds, which often discover trading ideas from market trends, are finding it too tough to bring in the kind of paydays they received from the surge in oil prices earlier this year. The move in positions in energy came just before oil jumped nearly 3% on Wednesday after Russian President Vladimir Putin announced an escalation of the war in Ukraine and then slid almost 4% on news that crude oil and gas supplies had risen in the United States.And on Friday, oil prices hit their lowest since January as recession fears gripped world markets. Brent crude is still up about 12% in the year to date.Hedge funds that trade with systematically programmed algorithms did not necessarily short the market but rather, vacated their positions because of a lack of any trend in the prices of oil, gas and other energy products, said David Gorton, the founder and chief investment officer of DG Partners, with $2.85 billion under management. “Our commodities exposure is the lowest it’s been in years. In June, markets reversed hard and commodities have been chopping down and sideways ever since. For a trend follower that’s a nightmare and why the model got out,” said Gorton. DG Partners is up 5.2% so far this month and 37% for the year, according to a source familiar with the matter. The momentum that fueled a stable upward rise in oil prices has changed, said another manager who oversees more than $100 billion and for compliance reasons wished to remain anonymous. More
DAKAR (Reuters) -A 48-hour strike by air traffic controllers in West and Central Africa has been suspended, their union said on Saturday.The strike, which started on Friday, has disrupted flights across the region and left hundreds of passengers stranded at airports on Saturday.The Union of Air Traffic Controllers’ Unions (USYCAA), which called the wildcat strike, said in a statement it decided to suspend its strike notice for 10 days immediately so as to allow for negotiations.”Air traffic services will be provided in all air spaces and airports managed by ASECNA from today Saturday, September 24, 2022 at 1200 GMT,” the statement said.The union said more than 700 air traffic controllers joined the strike to demand better working and pay conditions.The controllers work under the Agency for Aerial Navigation Safety in Africa and Madagascar (ASECNA) an 18-member state agency that manages air traffic over an area covering 16 million square km of airspace.Across the region, airport operations ground to a near halt as authorities tried to keep control towers operational for some flights.Hundreds of passengers were stranded at Douala International airport in Cameroon on Saturday morning, national television CRTV reported. National carrier Camair-Co said on Friday it had cancelled all its flights due to the strike.Nsoh Brinston, a stranded passenger who was due to fly to Kigali, Rwanda, said his flight has cancelled. “I will have to spend more than I intended due to the cancelled flight. I will have to do another COVID test which costs 30,000 CFA francs ($45),” he said. He would also have to find a place to spend the night.In Senegal, the airport departure board showed cancellations for flights operated by Brussels Airlines, Kenyan Airways and Emirates as passengers gathered to check if their flight was still on schedule. A group of students from Brazzaville, Republic of Congo, who were due to fly back home from Dakar said they were stuck at the airport because they could not afford the fare to the city, around 50 km from the airport. “We were supposed to board at 0900 GMT but were are still here,” one of the students said, requesting to remain anonymous. “We have been told the situation could be resolved by tomorrow.””I was supposed to leave at 1400 GMT. The flight was announced as scheduled but we have just been told that it has been cancelled,” said Maxine Compaore, who was supposed to fly to Abidjan, Ivory Coast.In Ivory Coast, eight flights scheduled to leave the commercial hub of Abidjan on Saturday were cancelled. ($1 = 666.7500 CFA francs) More
There are early signs that the largest altcoin by market cap, Ethereum (ETH), has not yet printed its bottom for this crypto bear market.Currently, ETH’s price has traders questioning when a countertrend rally post the current price decline will occur. Since September 12 of this year, the decentralized smart contract token has lost approximately 30% of its market value, according to CoinMarketCap. This has left traders to adopt a sidelined, cautious mentality.ETH is currently trading at $1,326.88 and a bullish divergence was spotted on the 2-day chart when ETH’s price tagged the resistance zone at $1,220. Shortly thereafter, bulls then rallied 10% into the $1,340 barrier.ETH daily chart (Source: CoinMarketCap)The 9 Exponential Moving Average (EMA) line is currently acting as resistance to ETH’s price and is hovering around $1,371.22. The previous day saw ETH’s price attempt a break to the 9 EMA level but the move was stopped in its tracks as ETH was only able to reach a daily high at $1,360. The continuous buy volume dominance present in ETH’s charts suggest that bulls are keen to make another move towards the resistance level. Opening any ETH trades now would be ill-advised as ETH’s price could experience a further decline to wipe out the liquidity level of just under $1,200 seen on July 16 of this year.Investors should also be aware of the fact that the safest invalidation for any uptrend move should be placed under the July 12 swing low at $1,006 given ETH’s latest steep decline.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Eth Has Lost 30% Of Its Market Value Since September 12 This Year appeared first on Coin Edition.See original on CoinEdition More
The company positions its ETP as a “sustainable and climate-friendly” exposure to Bitcoin (BTC) with a management fee of 1.49%. The alignment with global environmental goals and Environmental, Social and Corporate Governance (ESG) is reportedly achieved through funding certified carbon removal and offset initiatives to neutralize the associated BTC carbon footprint.Continue Reading on Coin Telegraph More
California governor Gavin Newsom passed a crypto licensing and regulations bill similar to New York’s “BitLicense” on Friday. The bill, called Assembly Bill 2269 is supported by Assemblymember Tim Grayson. Currently, all crypto transactions fall under the Money Transmission Act, however, this bill will change that by creating a licensing regime for crypto transaction providers.Newsom, who signed this bill amongst 21 other bills addressing issues like cyber security infrastructure crises, stated,In a message explaining his decision to veto the bill, Newsom further shared that his administration has been running research and gathering information to find an approach that balances the benefits and risks to users, aligns with federal laws, as well as, and implements state values of equity and environmental protection.In addition, if the bill gets signed into law, licensed entities based in California would be forced to only interact with stablecoins authorised by banks or authorized by the California Department of Financial Protection and Innovation.Moreover, as a law, Assembly Bill 2269 will compel stablecoin issuers to depend fully on reserves, and establish a licensing and examination system for crypto companies. However, the million-dollar loan that would be necessary to set up the said regime is not part of California’s annual budget process. Newsom is currently collaboratively working with the Legislature to deliver regulatory clarity for digital financial assets.The post California Governor Vetoed Crypto Licensing & Regulation Bill appeared first on Coin Edition.See original on CoinEdition More
The twitter user @Excellion (Samson Mow) tweeted a bullish statement on Twitter today relating to the crypto market leader, Bitcoin (BTC).Mow posted that the crypto market king “will be making a big move up in the coming weeks.” In his tweet, Mow shared another tweet posted by @w_s_bitcoin.BTC’s current price is just above the $19k level at $19,011.62 according to the crypto market tracking website, CoinMarketCap. The website also shows that BTC’s price is 1.27% lower than the day prior and that the last week has not been in favor of the largest crypto by market cap. At the time of writing, BTC’s price is down 4.17% over the last 7 days.4h chart for BTC/USDT (Source: CoinMarketCap)A bullish inverse head and shoulders chart pattern has formed on the 4 hour chart for BTC/USDT. Whether or not this pattern will play out will depend on whether or not bulls are able to lift BTC’s price above the resistance at $19.6k.The Relative Strength Index (RSI) line is currently sloped negatively towards oversold territory, but is still positioned above the RSI SMA line – which reduces the degree of the bearish sentiment represented in the 4 hour RSI on BTC’s chart.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Some Crypto Twitter Community Members Are Bullish on BTC appeared first on Coin Edition.See original on CoinEdition More
Arbitrage bots are programs that automate trading for profits based on historical market information. An investigation of MEVbots’ contract revealed a backdoor that allows the creators to drain Ether from its users’ wallets.Continue Reading on Coin Telegraph More
