Economy
The price of gold has fallen to a two-and-a-half month low
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Gold prices fell to their lowest level since mid-February on Tuesday as a strong dollar and an immediate rise in US interest rates limited the appeal of the precious metal as an inflation hedge.
At 0816 GMT, spot gold was down 0.5% to $ 1,854.21 an ounce, the lowest level since February 16. US gold futures were down 0.5% at $ 1,854.40 an ounce.
The value of the dollar was 20 years higher, which did not make dollar-denominated gold attractive to foreign buyers, while for the first time since December 2018, U.S. 10-year bond yields reached 3 percent.
The Federal Reserve (US Federal Reserve) Open Market Committee is expected to begin its meeting on Tuesday to discuss interest rates, and will announce its decision tomorrow, Wednesday.
Among other precious metals, silver fell 0.3 percent to $ 22.57 an ounce in spot trading. Platinum was up 0.3 percent at $ 938.34 an ounce and Palladium was up 0.9 percent at $ 2,236.43.
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Chinese tech giant ByteDance, which owns the TikTok app, has decided to cut hundreds of jobs at its gaming unit, an informed source told AFP on Monday, reflecting the group’s retreat from the highly competitive video game industry.
“News,” a Beijing-based video game publisher affiliated with Byte Dance, is currently conducting a round of layoffs that will affect “hundreds of people,” the source said.
A Byte Dance spokesperson said in a statement, “We continue to review our business and make changes to focus on areas of long-term strategic growth.” “Following a recent review, we have made the difficult decision to restructure our gaming division.”
The decision to exit the video games industry comes despite Byte Dance’s large investments in Newverse over the past years in an effort to catch up with video games leader Tencent.
A source told AFP that although the sector’s size would decrease significantly, the current cuts did not represent a complete shutdown of the sector.
The source indicated that the staff reductions are aimed at helping ByteDance focus on its core business and streamline its organizational structure, with games not yet launched slated to close in December.
Games with active players, including the popular action game, the source said Atlan’s CrystalThe company will continue its operations as it seeks to diversify assets.
Launched in 2019 in an attempt to challenge Tencent’s dominance, Neoverse failed to achieve the commercial success that Byte Dance had hoped for.
China-based tech giant Tencent dominates the Asian market and is the biggest player in the global video game industry by revenue, investing in game studios around the world.
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The “X” platform (formerly Twitter) is at risk of losing about $75 million within a year of its takeover by Elon Musk, a new report has revealed, amid a rapid withdrawal of advertisers.
According to the information published in the newspaper The New York TimesX’s ad department losses are the result of the withdrawal of more than 200 advertisers over the course of a year, including Amazon, Apple and Airbnb.
Since November 2022 Musk’s acquisition of controversial content publishers.
Anti-establishment
Advertisers’ pushback accelerated this November when Elon Musk made a comment endorsing a comment that was characterized as anti-Semitic. There he said: “I told the real truth”, “Jewish communities support hate. Of white people” and Musk tried to backtrack. Without evidence of what he wrote, he suggested he was primarily talking about his opponents in the Anti-Defamation League.
The US newspaper’s statement comes after Musk and others, as well as showing their ads next to anti-Semitic and hateful posts.
Although the platform’s CEO Linda Yaccarino acknowledged that some companies’ ads appeared with infringing content, X continued to sue.
It is reported that the public relations agency “11:11“, the star joins Paris Hilton, who has severed her partnership with X due to Musk’s position.
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Nov 27 (Reuters) – Most Gulf stock markets fell after a decline on Monday as investors awaited an OPEC+ meeting later this week to reach a deal expected to cut supplies until 2024.
Oil prices, buoying financial markets in the Gulf region, fell midweek after the Organization of the Petroleum Exporting Countries (OPEC) and its allies postponed a ministerial meeting to Nov. 30 to resolve differences in production targets for African producers.
Brent was down 1.2 percent at 79.69 a barrel by 1230 GMT on Monday.
Qatar’s index fell for a fourth session in a row, down 1.1 percent, its biggest decline in a month, with almost all shares in the index falling.
Industries Qatar shares fell 3.4 percent, their biggest loss since Aug. 8, while Qatar Islamic Bank shares fell 1.6 percent.
Daniel Takieddine, CEO of the Middle East and North Africa region at BD Suisse, said: “Distributors continued to react to energy prices, particularly falling prices after peaking towards the end of last month.”
It fell 0.4 percent, ending two straight sessions of gains, with ADNOC Logistics and Services shares down 1.3 percent and First Abu Dhabi Bank, the emirate’s biggest bank, down 1 percent.
It fell 0.1 percent, hurt by losses in the raw materials, energy and utilities sectors, while shares of Basic Industries Corporation ( SABIC ( TADAWUL: )) and oil major Aramco ( TADAWUL: ) fell 1.6 percent and 0.5 percent, respectively. .
Continuing its gains for the second session, up 0.1 percent, shares of Emaar Properties ( DFM: ) added 0.9 percent and shares of traffic toll company Salik gained 1 percent.
However, shares of the emirate’s biggest bank Emirates NBD Bank and Emirates Central Cooling Systems fell 2.2 percent and 2.3 percent respectively.
Outside the Gulf region, the leading stock index rose 2.4 percent, with Commercial International Bank ( EGX: ) shares up 8.1 percent and EFG Holding Group shares up 2.2 percent.
(Produced by Muhammad Ali Faraj for Arabian Bulletin – Editing by Suha Jado)
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