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The Straits Times Index (STI) fell 2.43% this week, closing at 3,719.93 amid global economic concerns. CapitaLand Investment announced a S$162 million sale of its stapled securities and plans to acquire Wingate Group's investment management business for A$200 million. Jardine Matheson Holdings saw a significant decline of over 7%, while the U.S. markets continued their downward trend despite a late-week rally.
Bitcoin's price has fallen below $100,000, prompting increased discussions about "buying the dip" as investor sentiment shifts amid a broader market downturn. The Federal Reserve's recent interest rate cut and mixed economic forecasts have contributed to this volatility, with altcoins like Ethereum and Solana also experiencing declines. Despite the overall market slump, some assets like Movement and Zerebro have shown significant gains, while global search interest in cryptocurrencies continues to wane.
Germany's Bundestag has passed the Digitalization of Financial Markets Act, enabling the full implementation of the EU's MiCAR cryptocurrency regulation before its December 30 deadline. This legislation designates BaFin as the regulator, allowing German firms to operate under MiCAR while establishing a one-year transition period for existing licenses. Meanwhile, varying transition periods across EU countries necessitate that crypto asset service providers secure new authorizations promptly to avoid operational disruptions.
Roman Storm, co-founder of Tornado Cash, has requested a federal judge to dismiss his criminal charges following a Fifth Circuit Appeals Court ruling that deemed sanctions against the platform's smart contracts unlawful. Storm argues that the court's opinion undermines the charges of conspiring to violate the International Emergency Economic Powers Act, asserting that the smart contracts are not property of any foreign entity and cannot be sanctioned. He also contends that Tornado Cash is not a financial institution, further challenging the charges of operating an unlicensed money-transmitting business and money laundering conspiracy.
Stuart Lawrence has been appointed head of European equities trading at UBS Asset Management, having previously served as head of UK equity trading since June 2019. His extensive career includes roles at Kepler Cheuvreux, Principal Global Investors, and Ennismore Fund Management, among others.
Didi Taihuttu, a Dutch entrepreneur, sold his $300,000 house for 100 Bitcoin in 2017, embracing a minimalist lifestyle with his family. Initially met with skepticism, their decision proved wise as Bitcoin's value soared, providing financial stability and enabling philanthropic efforts. The Taihuttu family's journey underscores the potential of cryptocurrency as a long-term investment strategy.
UBS has maintained a "Neutral" rating for Philips Electronics, setting a price target of 26.50 euros ahead of the company's quarterly results due on February 11. Analyst Graham Doyle noted that while Philips is performing well in the final quarter of 2024, uncertainties regarding its business in China are expected to impact 2025.
Ralph Hamers, the former CEO of UBS, will not face prosecution for aiding money laundering, as the Dutch public prosecutor's office found insufficient evidence against him. This decision follows a lengthy investigation that began in late 2020, linked to his previous role at ING, which was fined for inadequate anti-money laundering measures. Despite the prosecutor's conclusion, there remains a possibility that a court could still bring charges against him.
ING Switzerland is set to broaden its product and service offerings by venturing into healthcare, pharmaceuticals, and asset management. This strategic expansion aligns with the parent company's growth objectives, aiming to strengthen its presence in key sectors of the Swiss economy.
Europol, in collaboration with law enforcement from six countries, dismantled an international drug trafficking ring, seizing $26 million in cryptocurrencies and other valuables. The operation, linked to cocaine trafficking, highlighted Bitcoin's continued use among criminals, despite the rise of privacy coins. Authorities emphasized the potential of blockchain technology to aid in combating organized crime, while challenges remain due to the anonymity of crypto transactions.
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