Economy
Saudi Arabia invests in new electric car company.. What are the details? By Investing.com
Investing.com – Saudi Arabia’s sovereign wealth fund is in talks to invest less than $250 million in Chinese electric car maker Human Horizons Group, according to informed sources..
This is a step to support the Kingdom’s initiative to build a local automotive industry.
Public Investment Fund, the sources said (PIF) He could take a $3 billion stake in the Shanghai-based company. Even if an agreement is reached this year, finalizing an agreement on terms could extend the deadline, they added..
No final agreement has yet been reached.
Human Horizons is actively considering several strategic avenues, including raising up to $1 billion from private investors to fuel its expansion efforts..
Additionally, the company is said to be exploring the possibility of executing an initial public offering in collaboration with UBS Group and Morgan Stanley..
The potential investment by the Public Investment Fund coincides with a series of recent deals the Kingdom has concluded in the sector, part of its broader strategy to reduce oil dependence and diversify its economy..
Among these developments is a USD 5.6 billion contract with Human Horizons. Notably, luxury models of Hi-Fi SUVs from Human Horizons can reach prices of 800,000 (about $148,877)..
This year, Saudi Arabia approved the establishment of a manufacturing facility for its local electric vehicle brand Zar.. Additionally, it opened another facility in partnership with California-based Lucid Group (NASDAQ:.
In a recent development, Hyundai Motor Company has agreed to set up a car assembly plant near Jeddah in partnership with the Public Investment Fund..
The deal with Human Horizons will further strengthen Saudi Arabia’s relationship with China. Since President Xi Jinping’s visit to the kingdom in December, Chinese business leaders have been increasingly keen to pursue investment opportunities in the Gulf region and potentially participate in the Saudi government’s broader economic transformation plan, Vision 2030..
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Economy
Analysis of Bitcoin Against the US Dollar Today: Bitcoin
Bitcoin fell early in Friday’s session but quickly reversed, showing renewed vitality. All indicators currently point to an upward trajectory, with the $45,000 level likely to be targeted in the near term. Current sentiment appears decidedly bullish, and any pullbacks in the market are likely to be closely watched for potential buying opportunities and value discovery.
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In this dynamic market, there is significant support at the $40,000 level, often referred to as the “market bottom.” Additionally, the 20-day moving average is in line with this level, which reinforces its importance. However, it is important to realize that Bitcoin’s defining characteristic is its volatility, a characteristic inherent not only to Bitcoin but to the wider cryptocurrency space.
A significant factor influencing Bitcoin’s trajectory is the relationship between US interest rates and the cryptocurrency. Interest rates show a negative relationship with Bitcoin, as low interest rates encourage investors to seek higher returns across the risk spectrum. Conversely, high interest rates may deter institutional investors from entering the cryptocurrency market.
Also, investors are eyeing the potential launch of a Bitcoin exchange-traded fund (ETF) in the coming months. This development has sparked excitement in the cryptocurrency community, with ETFs representing a departure from Bitcoin’s original spirit. However, it highlights the growing interest in bridging the gap between traditional financial networks and the emerging cryptocurrency landscape.
It is important to note that although the Relative Strength Index (RSI) still indicates an overbought position, this alone does not indicate a decline in Bitcoin’s price. On the other hand, this could indicate a period of consolidation as the market recalibrates and absorbs recent gains.
Ultimately, the outlook for Bitcoin appears bleak, with the cryptocurrency poised for potential gains in the short term. The market’s inherent volatility is a hallmark, but investors are alert to spot opportunities within volatility. Bitcoin’s performance is closely intertwined with US interest rate dynamics and the evolving status of financial instruments such as bitcoin exchange-traded funds (ETF), which are expected to continue to dominate the imagination of market participants. The cryptocurrency market is an interesting arena, offering both challenges and opportunities to those trading in its complexities.
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Economy
3 Asian countries control 72% of global chip industry, and US earmarks $260 billion to regain leadership
About 70% of the total manufacturing capacity is located in South Korea, Taiwan and China, with the US in fifth place after Japan, which will have a 13% share in 2022, the semiconductor lobby body revealed.
In 1990 the United States accounted for 37% of production capacity, Europe another 44%, and Japan came in third with 19%. The latter was considered a semiconductor powerhouse in the 1980s, accounting for 51% of global chip sales in 1988.
The Biden administration passed the Chips and Science Act in August 2022, allocating about $280 billion to push the lagging domestic chip industry in terms of research and manufacturing to regain its leadership.
Although 200 mm wafers are still widely manufactured and used, the chart focuses on 300 mm wafers introduced in 2001, capable of holding more wafers and believed to be more cost-effective.
In 2022, the new standard and its predecessor showed similar production levels, but these numbers are expected to change significantly in the coming years.
By 2026, SEMI expects monthly volume of 9.6 million 300 mm wafers, while 200 mm wafer production will reach 7.7 million per month. In the last category, China leads in terms of production capacity, followed by Japan and Taiwan in second and third place respectively.
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Economy
Bitcoin is jumping around 10 percent on the week
Bitcoin rallied strongly this week as the world’s number one cryptocurrency hit its all-time high, with a recovery in financial assets benefiting from the dollar’s decline.
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The prospect of an end to the Federal Reserve’s continuing monetary tightening cycle for more than a year and a half has contributed to a recovery in all financial assets, including major indices in global stock markets. Gold hit an all-time high after breaking above $2,100 an ounce, while Bitcoin rose to its highest level in 2023. This year has been one of the windiest years for the cryptocurrency as it ranks ninth. The largest assets by market value rose 166 percent to reach $860 billion.
Other reports, expectations of an end to the monetary tightening cycle, and expectations of an earlier-than-expected shift in monetary policy contributed to bitcoin’s gains. The latest expectations indicate the possibility of a rate cut in the US after the end of the first quarter of 2024, compared to previous expectations, which indicates the possibility of a rate cut at the beginning of the third quarter of the year. The most important factors fueling Bitcoin’s rise are reports of the imminent approval of Bitcoin exchange-traded funds (ETFs) submitted to major investment firms and related US bodies.
On the other hand, this year has not been without negative news for cryptocurrencies, especially the sanctions faced by one of the world’s largest cryptocurrency exchanges, Finans, which admitted early last month that it had lied in some of the allegations against it. US and private authorities were fined approximately $4.3 billion for anti-money laundering crimes, while the exchange’s founder, Changpeng Zhao, pleaded guilty and announced his resignation as CEO. Financial transfer.
Bitcoin rose 9.97% to register around $43,801 during this week’s trading. Meanwhile, Ethereum price rose 6.56% to reach $2,345.
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