FOREX NEWS & BLOG
today’s profit FBS Real (fx auto trading robot)
UK Investigates Big Tech’s AI Ventures over Competition Concerns
The UK’s competition regulator is scrutinizing the involvement
of big technology companies in the AI sector. Concerns over competition and
market dominance have prompted the Competition and Markets Authority (CMA) to
probe partnerships of major firms like Microsoft, Amazon, and AI startups.
Risks to Competition
According to the press release, the CMA is seeking
views specifically on the partnerships between Microsoft and Mistral AI, and Amazon and
Anthropic. Additionally, Microsoft’s hiring of former employees
of Inflection AI is under scrutiny. The CMA
emphasized that it has not reached conclusions on whether these deals violate the UK’s merger rules or pose competition concerns.
Joel Bamford, the Executive Director of Mergers at the
CMA, mentioned: “Today we’re inviting comments into the partnerships
between Microsoft and Mistral AI, Amazon and Anthropic, and Microsoft’s hiring
of former employees and related arrangements with Inflection AI. We will assess, objectively and impartially,
whether each of these 3 deals fall within UK merger rules and, if they do,
whether they have any impact on competition in the UK.”
We’re inviting comments on the partnerships, and other arrangements, between #Microsoft and #Mistral #AI, #Amazon and #Anthropic, and Microsoft and #Inflection AI. Read more: https://t.co/NlCXdHQjbw
— Competition & Markets Authority (@CMAgovUK) April 24, 2024
A recent report by the CMA highlighted the risks to
fair competition in AI Foundation Models (FMs) markets. These risks include
concerns that partnerships among major players may strengthen existing market
dominance. Competition authorities worldwide are actively investigating AI-related activities due to their global implications.
Global Competition Authorities Scrutinize AI
“Open, fair, and effective competition in
Foundation Model markets is critical to ensuring that the full benefits of this transformation are realized by people and businesses in the UK, as well as our wider economy, where technology has a huge role to play in growth and
productivity,” Bamford added. CMA is also considering feedback on Microsoft’s partnership
with OpenAI.
In September 2023, Amazon announced a $4 billion
investment in AI developer Anthropic to boost the development of advanced FMs. After fulfilling this commitment in March 2024, the e-commerce giant secured a minority stake in Anthropic and integrated AWS as its cloud service provider.
While the focus is on UK-based activities, companies
like Microsoft and Google have been investing billions of dollars in AI
development worldwide. These tech giants are expanding their AI footprint in
countries such as the United Arab Emirates, Spain, Germany, and France.
This article was written by Jared Kirui at www.financemagnates.com.
Feed from Financemagnates.com
XTB Shares Hit New Peak Following Record-High Dividend of $195 Million
The management board of the publicly-traded broker XTB announced that it
recommends paying a dividend of over PLN 590 million ($146 million) per share, which is historically the highest portion of profit distributed
among shareholders.
In response to the news, XTB’s shares on the Warsaw Stock Exchange (WSE) tested
historical highs on Wednesday.
75%
of XTB’s 2023 Profit Allocated for Dividend
According to information published by the company this week, the Management
Board of XTB adopted a resolution recommending the allocation of 75% of the
company’s net profit for 2023, amounting to PLN 787 million ($195 million), for
dividend payment. The remaining part, PLN 197 million ($49 million), will
supplement the company’s reserve capital.
“The Management Board of XTB proposes a dividend record date of 5 June
2024 and a dividend payment date of 20 June 2024,” the XTB statement read.
This means that XTB will pay PLN 5.02 ($1.24) per share, which gives a
dividend yield of 7.2%. However, this yield is lower than in the previous year due
to the strong increase in the share price on the WSE.
XTB’s shares grew by nearly 22% last year and are already growing by over 60% this year. The information about the dividend payment triggered
another growth impulse, and on Wednesday, the shares briefly gained almost 2%,
setting a new historical high at PLN 62.30.
However, the good streak does not only concern XTB itself. Plus, 500 shares on the LSE have been growing by 30% since the beginning of the year, and historical highs, around 2200 pence per share, have also been tested.
Net profit is not the only factor contributing to investors’
confidence in XTB. Primarily, it is the continuous increase in the number of
clients and plans for product and geographical expansion.
XTB
Has over One Million Clients
XTB, which no longer wants to be associated as an FX/CFD broker but as a “global fintech,” certainly has many reasons for this. At the
beginning of this month, the company announced that its number of clients had
exceeded the milestone of one million, doubling over the past three years.
In the meantime, the company has introduced many new products, including
passive trading tools based on ETFs. In 2024, it already put a social trading platform in users’ hands. Soon, it will also offer the possibility
of trading bonds.
According to information from February, XTB counts on expansion in the
British market, where it wants to join the £400 billion Individual Savings
Accounts (ISAs) industry. The expansion also goes beyond the old continent, and
an example of this is the acquisition of a broker in Indonesia, which is to
become a “Gateway to Asia” for the company.
This article was written by Damian Chmiel at www.financemagnates.com.
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Atlanta Fed Q1 GDPNow 2.7% vs 2.9% prior
The flash Q1 US GDP estimates is due on Thursday so we’re down to the final readings from the Atlanta Fed, which has a good recent track record.
Their latest estimate is 2.7% compared to 2.9% previously.
After recent releases from the US Census Bureau and the National Association of Realtors, the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth decreased from 3.5 percent and 3.7 percent, respectively, to 3.3 percent and 3.5 percent.
The consensus for Thursday’s report is 2.5%, down from 3.4% in Q4.
This article was written by Adam Button at www.forexlive.com.
Feed from Forexlive.com
Pause in bounce
Let‘s jump right into the stock market commentary this European morning and 10 min after the opening bell, together with the reason for late and brief analysis today (everything fine and resolved, just two more visits ahead later this and then next month).
Feed from Fxstreet.com
Strike’s Expansion into Europe Accelerates Bitcoin Adoption
Strike, a payments application utilizing the Bitcoin
blockchain, has launched its services in Europe, enabling customers in the
region to engage in buying, selling, and withdrawing bitcoin (BTC). The
announcement was made today (Wednesday).
Expanding Operations Across Continents
Having recently expanded its operations to Africa, Strike
has already established its presence in Asia, the Caribbean, and Latin America.
However, availability may vary by country, and interested customers are
encouraged to check their local iOS or Android app stores for accessibility, as
some regions may be excluded from the expansion.
“As the third-largest economy globally … Europe presents
vast opportunities for bitcoin adoption,” Strike said in a press release.
“We’ve seen the demand and heard the feedback first-hand from the community.”
Blockchain
technology is reshaping global payments with its security and efficiency.
Unlike traditional methods prone to fraud, blockchain’s decentralized ledger
ensures secure transactions. Advanced cryptographic techniques like digital
signatures bolster security further.
Eliminating intermediaries, blockchain enables direct
peer-to-peer transactions, expediting settlements and reducing costs.
Cross-border payments, often costly and time-consuming, stand to benefit
greatly from blockchain’s streamlined approach. With its potential to simplify
and secure transactions, blockchain emerges as a disruptive force in the global
payment landscape.
🚨LATEST: Bitcoin Payment App Strike Expands to Europe, Boosting Crypto Accessibility https://t.co/5p4jJ6qpDX
— CryptoCrunchApp (News Feed) (@GoCryptoCrunch) April 24, 2024
Introducing Bitcoin-Powered Payment Solution for European
Market
Developed by Chicago-based Zap Solutions under the
leadership of entrepreneur Jack Mallers, Strike was initially introduced in the
United States in 2020. Similar to widely used online payment platforms such as
Cash App or PayPal, Strike facilitates global money transfers for its users.
Notably, Strike distinguishes itself by leveraging the Bitcoin blockchain,
which enables swifter and more cost-effective transactions compared to
conventional alternatives.
In Europe, customers will have the convenience of conducting
BTC transactions directly with euro deposits via SEPA, the region’s payments
provider. Recipients of these funds will have the flexibility to opt for
receiving the value in either bitcoin, euro, or, in select areas, Tether’s USDT
stablecoin.
This article was written by Tareq Sikder at www.financemagnates.com.
Feed from Financemagnates.com
AUD/USD to face resistance at 200-day SMA at 0.6529 – Rabobank
Analysts at Rabobank share their short-term outlook for AUD/USD.
Feed from Fxstreet.com
Pound Sterling recovery stalls amid firm speculation for early BoE rate cuts
The Pound Sterling (GBP) turns sideways around 1.2450 against the US Dollar (USD) in Wednesday’s early American session after bouncing back strongly from a five-month low at around 1.2300.
Feed from Fxstreet.com
Japanese Yen Lower Again, USDJPY Market Weighs Intervention Chances
With the Yen at multi-decade lows, and commentary out of Tokyo suggesting enough is nearly enough, this is not a market to look away from now.
Feed from Dailyfx.com
Japan’s yen hits 155 per dollar, weakest since 1990
USDCHF buyers try to keep the short term bias in their favor.
The USDCHF pushed higher earlier in the day, and extended above the prior high from April 15 at 0.91514, but only to a NEW high of 0.91525 before rotating back to the downside.
The fall took the priCe back toward its rising 200 hour moving average at 0.9116 and its 100 hour moving average at 0.91109, but the price could not move below those levels and has since rotated back toward 0.9130.
Are the buyers trying to keep that short-term bias in their favor?
Staying above those hourly moving averages does just that. However, getting above the 0.9152 area is still needed to break the pair to the upside and give the buyers more confidence.
If done, traders would target the 50% of the range since the October 2022 high. That level comes in at 0.92395. That high also corresponds roughly with the high price from October 2023.
So buyers are making a play despite the corrective move lower today. Can the momentum increase to the upside or will the ceiling near 0.9252 keep the battle going?
This article was written by Greg Michalowski at www.forexlive.com.
Feed from Forexlive.com