Bitcoin, the largest digital asset, extended its decline Saturday, and has now shed more than 50% from its record high in November.
Bitcoin’s decline since hitting the record has wiped out more than $600 billion in market value, and over $1 trillion has been lost from the aggregate crypto market. While there have been much larger percentage drawdowns for both Bitcoin and the aggregate market, this marks the second-largest ever decline in dollar terms for both, according to Bespoke Investment Group.
With the Fed’s intentions rocking both cryptocurrencies and stocks, a dominant theme has emerged in the digital-asset space: cryptos have twisted and turned in nearly exactly the same way as equities have.
Bitcoin fell as low as $34,042 Saturday, a drop of 7.2%.
Bitcoin, the largest digital asset, extended its decline Saturday, and has now shed more than 50% from its record high in November.
Bitcoin’s decline since hitting the record has wiped out more than $600 billion in market value, and over $1 trillion has been lost from the aggregate crypto market. While there have been much larger percentage drawdowns for both Bitcoin and the aggregate market, this marks the second-largest ever decline in dollar terms for both, according to Bespoke Investment Group.
With the Fed’s intentions rocking both cryptocurrencies and stocks, a dominant theme has emerged in the digital-asset space: cryptos have twisted and turned in nearly exactly the same way as equities have.
Bitcoin fell as low as $34,042 Saturday, a drop of 7.2%.
Representations of virtual cryptocurrencies are seen in this illustration taken November 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
Russia's central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty.
The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated highly volatile digital currencies could undermine their control of financial and monetary systems.
Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment.
In December, the price of bitcoin fell after Reuters reported, citing sources, that Russia's regulator was in favour of a complete ban on cryptocurrencies.
In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid, warning that bubbles in the market could form, threatening financial stability and citizens.
The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat, or traditional currencies. The proposed ban includes crypto exchanges.
Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion.
CRYPTO MINING
Russia is the world's third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month. read more
The central bank said crypto mining created problems for energy consumption. Bitcoin and other cryptocurrencies are "mined" by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles. The process guzzles electricity and is often powered by fossil fuels.
"The best solution is to introduce a ban on cryptocurrency mining in Russia," the bank said.
In August, Russia accounted for 11.2% of the global "hashrate" - crypto jargon for the amount of computing power being used by computers connected to the bitcoin network.
Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File Photo
TikTok owner ByteDance saw its revenue grow 70% year on year to about $58 billion in 2021, slower growth than a year earlier as China tightens its regulation of big tech companies.
According to two people familiar with the matter the numbers were revealed to a small group of employees at an internal meeting of the social media giant this week .
In 2020, the Beijing-based company's total revenue grew by over 100% to $34.3 billion, Reuters has reported. ByteDance did not immediately respond to a request for comment.
Chinese tech companies from Tencent to Alibaba have reported slowing growth amid a sweeping crackdown by the country's regulators, who have rolled out new rules for how they operate and interact with their users.
According to a recent report by market research firm Interactive Marketing Lab Zhongguancun,
ByteDance held its second position in China's online advertising market last year with a 21% market share.
The number one position was still held by e-commerce giant Alibaba Group (9988.HK), and third place went to gaming giant Tencent Holdings (0700.HK), according to the report.
The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says.
Tech news website The Information last November reported that ByteDance's 2021 revenue was on track to rise about 60% to 400 billion yuan ($63.07 billion).
ByteDance is one of the world's biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion, Reuters has reported.
Following Beijing's antitrust efforts, ByteDance has recently been downsizing its powerful investment arm. read more
In November, ByteDance reorganised itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming said in May he would step down as CEO.
Besides TikTok, ByteDance's other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.
In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower.
Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard logo in this illustration taken January 18, 2022. REUTERS/Dado Ruvic/Illustration
Hedge funds, which make profits by speculating on precarious takeovers, got a treat this week when Microsoft Corp (MSFT.O) agreed to buy "call of duty" maker Activision Blizzard (ATVI.O) for US$68.7 billion dollars in cash. The transaction requires antitrust laws.
Approved in the United States and other major jurisdictions, including the European Union and China. It comes at a time when President Joe Biden's administration is taking a closer look at large mergers, blaming some of them for raising prices to consumers that are fueling inflation.
Activision's shares ended trading at $82.15 on Wednesday, well below the $95 per share deal price, reflecting concerns that regulators may shoot down a combination that would create the third biggest gaming company, after Tencent and Sony Group Corp (6758.T).
This infers a 57% chance of the deal closing, based on Activision's closing share price of $65.39 before the deal was announced.
The wide spread gives investors willing to bet on whether the deal will be completed the opportunity to score double-digit returns. At a time when so-called merger arbitrage strategies have trailed the broader stock market's returns, it is an attractive but also risky proposition.
Last year, merger arbitrage funds returned nearly 10% according to Hedge Fund Research data, beating returns posted in 2020, 2019 and 2018, but trailing the broader S&P 500 stock market's 27% gain in 2021.
For some investors, Aon's (AON.N) scuttled $30 billion acquisition of Willis Towers Watson (WTY.F) as the U.S. Justice Department sued to block the deal hurt returns.
Now they are looking to come back, hoping that this deal will also force competitors into making deals of their own.
"The positive outlook for event-driven and merger-arbitrage oriented firms in 2022 has been accelerated with the Microsoft-Activision deal," said Hedge Fund Research Inc President Ken Heinz.
Microsoft and Activision gave themselves until June 2023 to complete the transaction, giving hedge funds months to handicap how regulators will react to Microsoft bundling its Xbox platform with Activision's popular games, such as World of Warcraft and Diablo.
Investors may get hints on the Biden administration's stance soon as the Federal Trade Commission is expected to weigh in on defense contractor Lockheed Martin's (LMT.N) planned $4.4 billion acquisition of Aerojet Rocketdyne (AJRD.N) and the Justice Department will decide on healthcare insurer UnitedHealth's (UNH.N)$13 billion bid for healthcare analytics and technology vendor Change Healthcare (CHNG.O).
Coverage finds such as Millennium, Tiesemann consultant and pentwater capital spend a piece of their fusion bets, and many have occupied Microsoft and Activision for some time.Mutual funds The Merger Fund run by Westchester Capital Management and The Arbitrage Funds run by Water Island Capital offer similar strategies.
A doctor vaccinates a person with a dose of the Pfizer-BioNTech COVID-19 vaccine in Vienna, Austria April 26, 2021. REUTERS/Lisi Niesner
Austria's conservative government said Thursday it was launching a national lottery to encourage holdouts to get vaccinated against the coronavirus, hours before parliament passed legislation that would introduce a national vaccination mandate.
About 72% of the Austrian population is fully vaccinated against COVID-19, one of the lowest rates in Western Europe. "What's up for grabs in the Vaccine Fleet?" Vouchers!”
This is what Federal Chancellor Karl Nehammer said at a press conference of the social democratic opposition leader Pamela Rendi Wagner, with whom the measure was being negotiated.
Nehammer said he wanted there to be a financial reward for getting vaccinated, adding: “We have learned from the past and we have seen that a vaccination lottery is the best possible way to set up such a system.”
Members of the public, whether already vaccinated or not, would be entitled to one ticket for each shot they have had – three in total for those who have had their booster shot.
Every 10th ticket would win a 500 euro ($568) gift voucher, Nehammer said, adding it would cost up to 1 billion euros. He later added on Twitter that the vouchers could be used in “retail, tourism, hospitality, services, culture and sport”.
Vice Chancellor Werner Kogler said the aim was to support Austrian businesses and avoid online retailers as much as possible.
An experimental COVID-19 treatment pill, called molnupiravir and being developed by Merck & Co Inc and Ridgeback Biotherapeutics LP, is seen in this undated handout photo released by Merck & Co Inc and obtained by Reuters May 17, 2021. Merck & Co Inc/Handout via REUTERS
A UN-backed agency has struck a deal with nearly 30 generic drugmakers to make low-cost versions of Merck's COVID-19 pill molnupiravir for poorer countries, expanding access to a drug seen as a weapon to fight the pandemic.
The antiviral drug, which received emergency use approval in the US in December, reduces hospitalizations and deaths by about 30% in high-risk patients, according to clinical trials.
The agreement, negotiated by the U.N.-backed Medicines Patent Pool (MPP) with Merck, allows 27 generic drugmakers from India, China and other countries in Africa, Asia and the Middle East to manufacture ingredients and the finished drug.
The MPP said on Thursday the agreement would see the pill distributed to 105 least developed countries.
The developers of molnupiravir, which together with Merck are the US company Ridgeback Biotherapeutics and Emory University, will not receive royalties from the sale of cheap versions made by generic drug companies as long as COVID-19 is classified as a public health emergency by the World Health Organization (WHO) .
"This is a critical step in ensuring global access to a much-needed COVID-19 treatment, and we are confident that with manufacturers working closely with regulatory authorities, pre-treatments will be rapidly available," said MPP CEO Charles Gore .
Bangladesh's Beximco Pharmaceuticals, India's Natco Pharma, South Africa's Aspen Pharmacare and China's Fosun Pharma are among the generic drug companies that will manufacture the final product.
Fisher-Price has been a good name in the baby products industry for quite some time now. They are known to produce high-quality products that are safe, durable, and efficient. The Fisher-Price Space Saver High Chair is one of these products that have managed to establish itself as a part of our daily lives.
The Fisher-Price SpaceSaver High Chair is one of the most popular high chairs in Europe and the US, which allows you to keep your child closer when they need it most: because a full-size high chair is too big for a tiny apartment or a small space in a guest room. But a regular booster seat isn’t safe enough when they start to feed themselves.
When the Fisher-Price high chair was introduced in 2009, it quickly landed on top of the ‘must have’ lists for moms with mobile little ones who prefer to roam around when eating.
The Fisher-Price Space Saver High Chair is simple to use, super safe, and it’s easy to clean. It also comes in a variety of colors so you can find the perfect match for your décor. But let’s take a closer look at this great device: From a safety point of view, the Fisher-Price Space Saver High Chair has many features that make it safe for you and your child. The five-point harness keeps the baby safely in place while feeding themselves or being fed by others, so there is no need to worry.
You can choose from three different height settings according to what is comfortable for you when using this high chair which makes it easy on your back, and the adjustable tray is removable so you can clean it easily. The Fisher-Price Space Saver High Chair is also easy to transport from home to a grandparent’s house or even on holiday, making it one of the best high chairs for travel.
The size of this chair makes it possible to keep your baby close while they are eating or playing on their own. This means that you can enjoy your meals together while at the same time keeping an eye on them to make sure they are safe and happy.
From a practical point of view, having a high chair in your dining room is not ideal when you have little space. But with this baby device, you don’t sacrifice safety for life’s area because the Fisher-Price Space Saver High Chair only takes a little corner of your dining room.
The price of this product is very reasonable, and it’s more affordable than some other high chairs, which makes it also good value for money compared to others on the market. Some people opt for another type of chair like a booster seat because they don’t want to spend so much, but when you think about is this the safest option for your child? The fact that Fisher-Price has considered all this when designing this product is evident.
There are some disadvantages to owning this chair. One of which is that it can be a bit tricky to assemble, and another is that some people find it hard to adjust the height settings. But considering its many benefits, I think this device is definitely worth having in your home.
If you are thinking about purchasing a high chair for your baby, then you should take a good look at the Fisher-Price Space Saver High Chair. It’s easy to use, has excellent features, and does the job perfectly.
The Fisher-Price Space Saver High Chair is a baby feeding chair that fits seamlessly into your modern-day family life. The chair’s design was in direct response to moms who wanted convenience and simplicity without compromising on safety, comfort, or style for their babies.
Is The Fisher-Price Space Saver High Chair worth it?
The Fisher-Price Space Saver High Chair is easy to clean and has adjustable heights and reclines, making it practical for feeding or playing. The price is reasonable compared to other chairs with the same features.
Space Saver High Chair has a removable dishwasher tray and a 3-point harness system that keeps your baby safe and secure. While the baby is seated, a deep seat with soft polyester fabric, a machine-washable seat pad, a 5-point restraint belt for securing the child into the booster seat, and an adjustable height feature that allows you to bring the tray table to your baby.
The Fisher-Price Space Saver High Chair folds down flat for storage or travel. You can use this chair until your little one reaches up to 35 pounds, usually around 1 year of age. The Fisher-Price Space Saver High Chair will give you many years of enjoyment and help to feed your little one in complete safety and comfort.
This high chair is recommended by pediatricians and moms due to its safety standards & compact size. But some parents had issues with the height settings and putting it together.
However, we think that considering all the pros and some minor cons, this chair is still worth having in your home. And if you’re looking for a high chair without all those extra bells & whistles, then this may be something to consider for your family.
If this sounds just like what you have been looking for, don’t wait any longer! Buy the ultimate high chair from Amazon and enjoy your baby feeding time to the fullest!
How to assemble The Fisher-Price Space Saver High Chair
Assembling the Fisher-Price Space Saver High Chair can be a pain if you don’t know what you are doing. It’s not rocket science, but every little part of this device must be in its place.
This is what you need to do to assemble the chair:
Place the seat pad on top of the metal frame and push the two pieces together to attach them.
Place the shoulder straps in between the seat pad and metal frame to connect them.
Feed both armrests through the holes on the back of the metal frame, and you should hear a ‘click’ sound indicating that they are firmly attached.
Make sure that all joints and bolts are correctly tightened.
Now that your chair is assembled, you can start using it as soon as possible. You just have to put the adjustable tray in place and strap your child in with the safety buckle.
Our opinion on Fisher-Price Space Saver High Chair
The Fisher-Price Space Saver High Chair is a great product. It’s simple and does what it’s supposed to do well. Is there anything else to say? We love this baby chair because it allows you to eat dinner as a family without sacrificing your child’s safety. After all, the most important thing is that they are secure and happy.
A quick look on some websites that I trust for buying baby gear reveals a fantastic 95% of very positive reviews, which is definitely a good score, showing how much people love this product.
We love this high chair because it is the perfect solution for small homes, as well as a great alternative to standard high chairs or those bulky baby feeding gadgets that take up too much space. The Fisher-Price Space Saver High Chair is safe and easy to use, so I highly recommend it.
Tesla Inc (TSLA.O) shareholders on Tuesday asked a judge to find that Elon Musk forced the company's board of directors into a deal for SolarCity in 2016 and wanted the CEO convicted, the electric vehicle maker one of the largest judgments in history paid $13 billion.
"This case was always about whether the acquisition of SolarCity was a bailout from financial troubles, a bailout orchestrated by Elon Musk," said Randy Baron, a shareholders' attorney, at the Zoom hearing.
The closing arguments listed the key findings of a 10-day trial in July when Musk spent two days at the stand defending the deal.Lawsuit from union pension funds and wealth managers alleges Musk forced Tesla's board of directors to cut the deal to approve for cash -strapped SolarCity, in which Musk was the largest shareholder.
Musk has countered that the deal was part of a decade-old master plan to create a vertically integrated company that would transform energy generation and consumption with SolarCity's roof panels and Tesla's cars and batteries. Evan Chesler, one of Musk's attorneys, said at the hearing that the deal was not a bailout and that SolarCity is far from insolvent and that its finances are similar to those of many high-growth companies.
"They were building billions of dollars of long-term value," Chesler said of SolarCity.
The all-stock deal was valued at $2.6 billion in 2016, but since that time Tesla's stock has soared.
Shareholder attorney Lee Rudy urged Vice Chancellor Joseph Slights of Delaware's Court of Chancery to order Musk return the Tesla stock he received, which would be worth around $13 billion at its current price.
Musk said in court papers such an award would be at least five times the largest award ever in a comparable shareholder lawsuit and called it a "windfall" for plaintiffs.
Rudy said Slights should consider Musk's contempt for the deposition and trial process, in which he repeatedly clashed with and insulted shareholder attorneys.
"It would be a windfall for Elon Musk if he got to keep shares he never should have gotten in the first place," Rudy said.
Chesler called the request to order Musk to return the stock from the deal "preposterous" and said it ignored five years of unprecedented success at Tesla.
Tesla's stock was down 1% at around $1,040in afternoon trade.
Tesla acquired SolarCity as the electric vehicle maker was approaching the launch of its Model 3, a mass-market sedan that was critical to its strategy. Shareholders allege the deal was a needless distraction and burdened Tesla with SolarCity's financial woes and debt.
Shareholders claim that despite owning only 22% of Tesla, Musk was a controlling shareholder due to his ties to board members and domineering style. If plaintiffs can prove this, it increases the likelihood that the court will conclude the deal was unfair to shareholders.
Musk's lawyers said the celebrity entrepreneur had no authority to fire directors or control their salaries and withdrew from price negotiations in the SolarCity deal.
"Without Elon Musk, Tesla couldn't exist, let alone be worth $1 trillion," said Vanessa Lavely, Musk's attorney. "That doesn't make him a controller. This makes him a highly effective CEO. Slights ended the hearing by saying he expects to rule in about three months. He said last week that he intends to retire in the next few months. And a request for related shareholders contesting Musk's record pay package was transferred from Slights to another judge.
Microsoft Corp (MSFT.O) is buying "Call of Duty" maker Activision Blizzard (ATVI.O) for $68.7 billion in the biggest gaming industry deal in history as global technology giants stake their claims to a virtual future.
The deal announced by Microsoft on Tuesday, its biggest-ever and set to be the largest all-cash acquisition on record, will bolster its firepower in the booming videogaming market where it takes on leaders Tencent (0700.HK) and Sony (6758.T).
It also represents the American multinational's bet on the "metaverse," virtual online worlds where people can work, play and socialize, as many of its biggest competitors are already doing.
"Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms," Microsoft Chief Executive Satya Nadella said.
Microsoft, one of the biggest companies in the world largely thanks to corporate software such as its Azure cloud computing platform and Outlook franchise, is offering $95 per share - a 45% premium to Activision's Friday close.
Activision's shares were last up 26% at $82.10, still a steep discount to the offer price, reflecting concerns the deal could get stuck in regulators' crosshairs.
Microsoft has so far avoided the type of scrutiny faced by Google and Facebook but this deal, which would make it the world's third largest gaming company, will put the Xbox maker on lawmakers' radars, said Andre Barlow of the law firm Doyle, Barlow & Mazard PLLC.
"Microsoft is already big in gaming," he said.
However, a source familiar with the matter said Microsoft would pay a $3 billion break-fee if the deal falls through, suggesting it is confident of winning antitrust approval.
The tech major's shares were last down 1.9%.
The deal comes at a time of weakness for Activision, maker of games such as "Overwatch" and "Candy Crush". Before the deal was announced, its shares had slumped more than 37% since reaching a record high last year, hit by allegations of sexual harassment of employees and misconduct by several top managers.
The company is still addressing those allegations and said on Monday it had fired or pushed out more than three dozen employees and disciplined another 40 since July.
CEO Bobby Kotick, who said Microsoft approached him about a possible buyout, would continue as CEO of Activision following the deal, although he is expected to leave after it closes, a source familiar with the plans said.
In a conference call with analysts, Microsoft boss Nadella did not directly refer to the scandal but talked about the importance of culture in the company.
"It's critical for Activision Blizzard to drive forward on its renewed cultural commitments," he said, adding "the success of this acquisition will depend on it."
'METAVERSE ARMS RACE'
Data analytics firm Newzoo estimates the global gaming market generated $180.3 billion of revenues in 2021, and expects that to grow to $218.8 billion by 2024.
Microsoft already has a significant beachhead in the sector as one of the big three console makers. It has been making investments including buying "Minecraft" maker Mojang Studios and Zenimax in multibillion-dollar deals in recent years.
It has also launched a popular cloud gaming service, which has more than 25 million subscribers.
According to Newzoo, Microsoft's gaming market share was 6.5% in 2020 and adding Activision would have taken it to 10.7%.
Executives talked up Activision's 400 million monthly active users as one major attraction to the deal and how vital these communities could play in Microsoft's various metaverse plays.
Activision's library of games could give Microsoft's Xbox gaming platform an edge over Sony's Playstation, which has for years enjoyed a more steady stream of exclusive games.
"The likes of Netflix have already said they'd like to foray into gaming themselves, but Microsoft has come out swinging with today’s rather generous offer," said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.
Microsoft's offer equates to 18 times Activision's 2021 earnings before interest, tax, depreciation and amortisation (EBITDA). That compares with the 16 times EBITDA valuation of "Grand Theft Auto" maker Take-Two Interactive's (TTWO.O) cash-and-shares deal for Zynga last week.
According to Refinitiv data, the Microsoft-Activision deal would be the largest all-cash acquisition on record, trumping Bayer's $63.9 billion offer for Monsanto in 2016 and the $60.4 billion that InBev bid for Anheuser-Busch in 2008.
Tech companies from Microsoft to Nvidia have placed big bets on the so-called metaverse, with the buzz around it intensifying late last year after Facebook renamed itself as Meta Platforms to reflect its focus on its virtual reality business.
"This is a significant deal for the consumer side of the business and more importantly, Microsoft acquiring Activision really starts the metaverse arms race," David Wagner, equity analyst and portfolio manager at Aptus Capital Advisors said.
"We believe the deal will get done," he said, but cautioned: "This will get a lot of looks from a regulatory standpoint."
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