• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 17, local time, on the evening of the 16th, Yemeni Houthi armed spokesman Yahya Saraya said in a speech that the US military had carried out at least 47 air strikes on Yemen in the past few hours, covering the Yemeni capital Sanaa and six other provinces, causing a large number of casualties. Saraya said that in retaliation for the US militarys air strikes against the Yemeni Houthi armed forces, the Houthi armed forces launched 18 ballistic missiles and cruise missiles and an attack drone against the USS Harry Truman and its accompanying ships in the northern Red Sea. Saraya also said that the Houthi armed forces will target all US warships in the Red Sea and the Arabian Sea, and continue to blockade Israeli ships.March 17th news, U.S. Secretary of State Rubio said in an interview on March 16 local time that the United States will conduct bilateral negotiations with various countries on new trade arrangements after imposing tariffs on its major trading partners. Rubio reportedly did not disclose specific details, but he said that the United States will reset the bottom line to ensure fair treatment.March 16th news: According to the Russian Ministry of Defense on the afternoon of the 16th local time, the Russian Aerospace Forces successfully launched an "Angara-1.2" light carrier rocket at the Plesetsk Cosmodrome in Arkhangelsk Oblast, carrying several satellites for use by the Russian Ministry of Defense.On March 16, according to @Customs, recently, some online platforms spread the news that "Customs will delay inspection of imported coal from April 1, which may lead to extended customs clearance time and further increase the possibility of reduced import volume", which has aroused the attention and discussion of the industry. Customs confirmed that this information is untrue. We remind all enterprises and related parties not to believe and spread unconfirmed news to avoid unnecessary troubles and losses.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to promote the transformation of the whole society to be suitable for the elderly, support local pilot exploration, and promote the installation of elevators in multi-story buildings and the development of elderly dining services. Actively develop industries such as anti-aging and silver tourism to release the potential of the silver consumption market. Encourage the development of community embedded childcare, employer-run childcare and integrated childcare services. Support and regulate social forces to develop elderly care and childcare services, and improve the price formation mechanism of elderly care services. Encourage places with conditions to provide site support and operation subsidies to universal childcare institutions based on actual conditions.

Crypto winter may temper fintech earnings

Jimmy Khan

Aug 04, 2022 14:41

微信截图_20220804141531.png


Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.


Crypto exchange Coinbase is expected to report an adjusted loss in the second quarter, while Jack Dorsey-led payments company Block is likely to post a 70% drop in adjusted profit.


Coinbase, which has the biggest exposure to crypto volatility, has lost more than three quarters of its market capitalization this year.


“For Coinbase, this is going to be a very difficult 12 to 18 months,” said Dan Dolev, senior analyst, fintech equity research at Mizuho Securities USA.


Block, which changed its name from Square last year to better reflect its focus on blockchain, has lost over half of its market value amid the stock market rout this year.

The context

The cryptocurrency selloff has dragged down multiple companies in the sector, with some even seeking bankruptcy protection. Bitcoin, the largest cryptocurrency, has nearly halved in value in the first seven months of the year.


“There could be potential for double digit headcount reduction (at Coinbase) at some point because the cost is too high,” Dolev said.


Estimate cuts and competitive pressures are also contributing to the weakness in fintech stocks, according to Credit Suisse analysts.


The cryptocurrency sector may be slowly emerging from a bruising selloff, but they still have to contend with regulatory hurdles in the United States, the biggest market for such assets.


Online trading app Robinhood Markets Inc reported a 44% plunge in second-quarter earnings on Tuesday, a day earlier than expected, and said it would also cut 23% of its workforce.