RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Thursday, falling by 0.45 percent to $30,365.75 as of 8:30 a.m. Riyadh time.
Ethereum, the second most traded cryptocurrency, was priced at $1,804.38 up by 0.86 percent, according to data from Coindesk.
Galloire to accept cryptocurrency for physical or digital art
Galloire, a Dubai-based contemporary art gallery, has signed an agreement with Abu Dhabi’s MidChains to become the first major Middle Eastern gallery to accept cryptocurrency as payment for physical or digital art, according to a statement.
Galloire has now joined a list of major international galleries such as Pace, Lehmann Maupin, and Gagosian that accept Bitcoin, Ethereum, and USD coins for global artwork sales, the statement said.
MidChains is a platform for trading virtual assets that previously received support from global firms such as MIAX and regional firms such as Mubadala and ADQ.
The gallery will begin accepting cryptocurrency payments this week.
Luna Crypto crash investigation launched in South Korea
Do Kwon’s Terraform Labs is the subject of an investigation by South Korean police and prosecutors following the $40 billion implosion of his tokens, which roiled the global cryptocurrency market, according to the Financial Times.
It added that the Seoul Metropolitan Police Agency has opened an investigation into allegations that an employee of Terraform Labs embezzled bitcoin from the company.
Seoul prosecutors are already looking into two collective complaints filed on behalf of 81 investors in late May alleging that both Terraform and its founders deceived them with their flawed algorithmic coins, the Financial Times reported.
The Financial Times said that several financial authorities around the world are currently taking steps to tighten regulation of the crypto market following the spectacular collapse of Da Kwon’s stablecoin luna, as well as its counterpart terraUSD.
RIYADH: Saudi Savola Foods Ltd. has acquired Egyptian Belgian Co., known as Egybelg, amid plans to invest 1.7 billion Egyptian pounds ($91 million) in Egypt over the next two years.
Savola Foods, a subsidiary of the Saudi-listed Savola Group, has purchased all the shares in Egybelg for 622 million Egyptian pounds, CEO Sameh Hassan told Asharq Business.
According to the executive, Savola will allocate 730 million pounds toward rehabilitating the newly acquired firm and up to 400 million pounds to upgrade factories and raise production capacity.
Hassan noted that Savola is targeting more sales from the snacks segment, adding that the production of snacks in Egypt is expected to start by the end of this year.
With three factories across Egypt and five production lines, Cairo-based Egybelg manufactures and distributes bakery goods.
RIYADH: On a macro level, the International Renewable Energy Agency signed an agreement to scale up energy transition in the region. On a micro scale, Saudi Arabia’s ACWA Power’s unit has signed a $107 million deal to set up a solar plant in the Kingdom’s central region.
Looking at the bigger picture:
The UAE is strengthening ties with South Korea in the field of energy value chains to drive opportunities for low-carbon economic growth.
This comes during a series of meetings Minister of Industry and Advanced Technology Sultan bin Ahmed Al Jaber held with government and business leaders in South Korea, Arabian Business reported.
The International Renewable Energy Agency has inked an agreement with the Regional Center for Renewable Energy and Energy Efficiency to boost collaboration on deploying renewable energy in the Middle East and North Africa region.
Through a micro lens:
Saudi ACWA Power’s subsidiary Layla Solar Energy Co. has completed a $107 million power purchase agreement to set up a solar plant in the Kingdom’s central region, Trade Arabia reported.
The deal, with Saudi Power Procurement Co., is valid for 30 years.
Filipino billionaire Enrique Razon plans a major solar panel array in the Philippines that would supply enough clean power that would prevent burning the equivalent of 1.4 million tons of coal in a year.
RIYADH: Private equity firm Carlyle Group is seeking to sell its 42 percent stake in the Saudi fast food chain franchise Alamar Foods Co. that operates Domino’s Pizza across the region in an initial public offering on the Saudi bourse.
Alamar Foods has got the necessary regulatory approval to proceed with the IPO which will allow funds managed by the US firm to sell its 10.6 million shares to retail and institutional investors, Bloomberg reported citing a statement.
Carlyle Group has $325 billion in assets under management and has previously acquired its stake from the Saudi company AlJammaz Group in 2011 in an undisclosed amount.
NUR-SULTAN: Kazakh President Kassym-Jomart Tokayev ordered his government on Thursday to ensure that domestic sales of natural gas are increased by 2 billion cubic meters a year at the expense of exports and in order to cut coal consumption, according to Reuters.
It was unclear whether the move would affect supplies to China, the main buyer of Kazakh gas, or Russia, and when exactly it would take effect.
Tokayev instructed officials that the additional sales must come from the Chevron-led giant Tengiz oil and gas field.
Kazakh gas exports have been on the decline since 2020, first due to a slump in Chinese demand and then because of growing local consumption. Last year, Kazakhstan piped 6 bcm of gas to China and 1 bcm to Russia.
The former Soviet republic wants to reform its coal-dominated electric power industry and considers gas the best replacement in the short run.
BEIJING: China’s market share in the Russian smartphone market jumped significantly in May as manufacturers including Apple and Samsung paused new sales in the country and Western sanctions weighed on its economy.
Chinese manufacturers Xiaomi, Realme and Honor accounted for 42 percent of Russia’s smartphone sales last month, according to data from mobile network MTS which was shared with Reuters — up from 28 percent during the same month in 2021.
South Korea’s Samsung lost its spot as the market leader, with 14 percent of devices sold versus 28 percent last year, and Apple’s share dropped to 9 percent from 12 percent.
Overall smartphone sales were down 26 percent year-on-year, MTS said, as Western sanctions and supply chain disruptions have severely hit Russia’s consumer economy.
Tesla goes ahead with China hiring event after Musk job warning
Tesla added two dozen new job postings for China on Thursday and kept open an invitation to a hiring event a week after Elon Musk threatened job cuts at the electric car maker, saying the company was “overstaffed” in some areas.
Tesla had announced plans to hold the event online starting from 7 p.m. Shanghai time (1100 GMT) to recruit staff for “smart manufacturing” roles, according to an online post. The event was not visible from other accounts as of late Thursday and it was not immediately clear whether it had proceeded for applicants.
Tesla had no immediate comment, according to Reuters.
Tesla had 224 current openings in China for managers and engineers under that category, according to a separate post on its WeChat account, 24 of which were newly posted on June 9. Among the posted positions are managers and engineers to supervise the operation of its 6,000-ton die casting machines known as Giga Press, one of the world’s biggest.
Tesla regularly holds such hiring events online in China, with the latest one held in May for summer interns.
(With input from Reuters)