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Scandinavian countries, particularly Norway, Sweden, and Finland, maintain a tradition of financial transparency, publishing citizens' income and wealth data. This practice, while aimed at curbing corruption, has led to privacy concerns and increased risks for crypto holders, making them targets for theft. As a result, some individuals, including prominent crypto advocates, have relocated to safer regions due to fears stemming from these transparency laws.
Markets are bracing for a prolonged period of high interest rates following the Federal Reserve's recent policy decision, which raised forecasts for inflation and GDP growth while signaling caution on future cuts. The dollar surged, impacting emerging markets and tech stocks, with Micron Technology shares plummeting after disappointing earnings. Meanwhile, global central banks, including the Bank of England and Brazil's central bank, are navigating their own monetary challenges amid rising inflation and economic pressures.
Bitcoin spot ETFs in the U.S. have surpassed gold ETFs in assets under management for the first time, marking a significant shift in investor sentiment towards digital assets. As of December 16, 2024, Bitcoin ETFs reached over $129 billion, while gold ETFs were just under that threshold. This rapid growth follows the launch of Bitcoin ETFs in January 2024, highlighting Bitcoin's emerging status as "digital gold" amid increasing demand for decentralized investments. Leading the Bitcoin ETF market is BlackRock’s iShares Bitcoin Trust (IBIT), which has nearly $60 billion in assets.
In September, multiple biotech companies announced significant layoffs, with Inventprise cutting 7% of its workforce, bluebird bio reducing 25%, and Athira Pharma laying off 70% after a failed trial. Other notable reductions included Charles River Laboratories (3%), Cidara Therapeutics (30%), and Astellas Gene Therapies impacting around 100 employees. The trend reflects ongoing challenges in the biotech sector, with companies restructuring to focus on core projects and manage costs.
Asian stock markets are cautious as rising bond yields challenge equity valuations, particularly in the tech sector. Disappointing retail sales data from China, which rose only 3.0% in November, underscores the need for aggressive stimulus. The Federal Reserve is expected to cut rates by 25 basis points this week, with future easing plans closely watched amid a backdrop of fluctuating currencies and geopolitical uncertainties.
Switzerland has withdrawn the 'most favoured nation' status from India under the Double Taxation Avoidance Agreement, following a Supreme Court ruling that imposed a higher tax rate on Nestle. This move raises concerns about the credibility of India's commitments to foreign investors, especially as the Trade and Economic Partnership Agreement with EFTA is set for ratification. Indian officials suggest that the TEPA may take precedence over the DTAA, indicating potential renegotiations ahead.
Switzerland has suspended the most favoured nation (MFN) status for India, resulting in a 10% tax on dividends from Indian entities starting January 1. This decision follows a Supreme Court ruling that clarified the MFN clause's applicability concerning OECD membership. India's Ministry of External Affairs indicated that the double taxation treaty with Switzerland may need renegotiation due to India's recent trade pact with the European Free Trade Association, which aims to attract $100 billion in investments over the next 15 years.
Switzerland has suspended the Most-Favoured-Nation (MFN) clause in its Double Taxation Avoidance Agreement (DTAA) with India, effective January 1, 2025, following an Indian Supreme Court ruling that requires a notification for the MFN clause to apply. This decision could lead to higher taxes on dividends for Swiss companies operating in India and may jeopardize a $100 billion investment commitment under the European Free Trade Association (EFTA) deal. The Swiss government cited a lack of reciprocity in the DTAA as the reason for this significant shift in bilateral treaty dynamics.
Bitdeer Technologies' stock surged 160% to $21.10 following the launch of its SEALMINER A2 rigs, which feature the efficient SEAL02 chip. The company aims to achieve 35 EH/s by 2025, significantly up from its previous target of 18 EH/s, driven by strong customer demand for 30,000 pre-ordered units. Additionally, Bitdeer is expanding its infrastructure with new power capacity and AI cloud offerings, supported by $400 million in funding.
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