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 * China Evergrande shares hit new low amid debt crisis; Kaisa misses pay date
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 * BitMart pledges to compensate users for $150m hack: Crypto Wrap

BitMart pledges to compensate users for $150m hack: Crypto Wrap
/node/1982441/business-economy


BITMART PLEDGES TO COMPENSATE USERS FOR $150M HACK: CRYPTO WRAP

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https://arab.news/b6fzy

Updated 07 December 2021
RAYANA ALQUBALI
December 07, 2021 17:17
368



BITMART PLEDGES TO COMPENSATE USERS FOR $150M HACK: CRYPTO WRAP


Updated 07 December 2021
RAYANA ALQUBALI
December 07, 2021 17:17
368



RIYADH: Crypto exchange BitMart has experienced a security breach that has led
to hackers withdrawing around $150 million in cryptocurrency, Bloomberg
reported.

Blockchain security firm PeckShield estimates the total loss could run as high
as $200 million.

Last week, BitMart closed a Series B funding round led by New York-based private
equity firm Alexander Capital Ventures that valued the crypto exchange at more
than $300 million.

BitMart will use its own funding to compensate users affected by this hack,
according to CEO Sheldon Xia's tweet.

“No user assets will be harmed,” he tweeted, adding the company expects to
resume deposit and withdrawal functions on Tuesday.

Also last week, crypto lender Celsius network, which has raised funds from major
investors including Canadian pension fund Caisse de Dépôt et Placement du
Québec, confirmed that it lost funds as a result of the hack of BadgerDAO, a
decentralized finance platform.



Mining



Authorities in Russia and Ukraine have shut down a number of farms involved in
the illegal mining of cryptocurrencies allegedly powered by stolen electricity.

"An audit revealed an unauthorized connection to the power grid, theft of
electricity and illegal seizure of land for the operation of equipment designed
to perform cryptographic calculations related to the mining of digital
currencies," Ekaterina Korotkova from the Moscow Interregional Transport
Prosecutor’s Office said.

The cost of illegally consumed electricity used to operate mining equipment
exceeds 500,000 rubles per day ($7,000), Korotkova explained.

The authorities have filed a criminal case and intend to prosecute the owners of
the crypto-mining facility.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on
Tuesday, rising by 5.39 percent to $51,010 at 4:43 p.m Riyadh time.

Ether, the second most traded cryptocurrency, traded at $4,355, up 7.47 percent,
according to data from Coindesk.


Topics: CRYPTO BitMart cryptocurrency

RELATED

373
Business & Economy

ZIMBABWE'S CENTRAL BANK STUDIES DIGITAL CURRENCY, REJECTS CRYPTOCURRENCY

--------------------------------------------------------------------------------

5115
Business & Economy

BITCOIN CONTINUES TO DECLINE FROM ITS HIGH IN NOVEMBER: CRYPTO WRAP

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China Evergrande shares hit new low amid debt crisis; Kaisa misses pay date
/node/1983011/business-economy


CHINA EVERGRANDE SHARES HIT NEW LOW AMID DEBT CRISIS; KAISA MISSES PAY DATE

Image: Shutterstock
Updated 9 sec ago
Reuters
December 08, 2021 11:12
485



CHINA EVERGRANDE SHARES HIT NEW LOW AMID DEBT CRISIS; KAISA MISSES PAY DATE


 * Even in the case of a technical default, Kaisa and offshore bondholders would
   continue the discussions

Updated 9 sec ago
Reuters
December 08, 2021 11:12
485


China Evergrande Group’s shares hit a record low on Wednesday after a missed
debt payment deadline put the developer at risk of becoming the country’s
biggest defaulter, even as hopes of a managed debt restructuring calmed fears of
a messy collapse.


So far, any Evergrande fallout has been broadly contained, and with policymakers
becoming more vocal and markets more familiar with the issue, consequences of
its troubles are less likely to be widely felt, market watchers have said.


Failure by Evergrande to make $82.5 million in interest payments due Nov. 6 on
some US dollar bonds would trigger cross-default on its roughly $19 billion of
international bonds, with possible ramifications on China’s economy and beyond.


While the 30-day grace period is over, Evergrande has not announced if the bonds
have formally defaulted.


The developer did not immediately respond to a Reuters request for comment.


“Without the official announcement, the market will want to wait and see and not
give up yet; otherwise Evergrande’s share and bond prices should have tumbled a
lot more,” said Steven Leung, director of UOB Kay Hian in Hong Kong.


“The market also wants to wait and see what can be done with local government
stepping in now,” Leung added, referring to the move by Evergrande’s home
province to help contain the risk.


Evergrande was once China’s top property developer, with more than 1,300 real
estate projects.

With $300 billion of liabilities, it is now at the heart of a property crisis in
China this year that has crushed almost a dozen smaller firms.


Trading in shares of embattled smaller peer Kaisa Group Holdings was suspended
on Wednesday, after a source with direct knowledge of the matter said it was
unlikely to meet its $400 million offshore debt deadline on Tuesday.


Kaisa, China’s largest holder of offshore debt among developers after
Evergrande, had not repaid the 6.5 percent bond by the end of Asia business
hours, the person said, which could push the notes into technical default,
triggering cross defaults on its offshore bonds totalling nearly $12 billion.


Kaisa declined to comment.


Bondholders owning over 50 percent of the notes in question sent the company
draft terms of forbearance late on Monday, a source previously told Reuters.


Even in the case of a technical default, Kaisa and offshore bondholders would
continue the discussions, two sources with knowledge of the matter said.

Evergrande’s shares, which have given up more than 20 percent this month, were
down 6 percent in the afternoon at HK$1.72 — lowest since their November 2009
debut. The broader market was steady.


Its notes due last month, one of two tranches with a coupon payment deadline
that passed on Monday, traded at 18.613 cents on the dollar, Duration Finance
data showed, versus 18.875 from the close of Tuesday Asia hours.


Kaisa’s bond due April 2022 traded at 36.397, little changed from the day
earlier but down from 37.89 last week.


The government has repeatedly said Evergrande’s problems can be contained and
moves to boost liquidity in the banking sector along with the firm’s plans to
forge ahead with a restructuring of its overseas debt have helped reassure
global investors.


The provincial government of Guandong, where Evergrande is based, stepped in
last week to help manage the fallout, reinforcing the view that its failure
would be managed.


Topics: economy Evergrande China Investors Investment

RELATED

738
Business & Economy

CHINA'S DEBT-RIDDEN EVERGRANDE RESUMES WORK ON MORE THAN 10 PROPERTY PROJECTS

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

COP26 drives record $2bn inflows into UK-based ESG funds in November: Calastone
/node/1983006/business-economy


COP26 DRIVES RECORD $2BN INFLOWS INTO UK-BASED ESG FUNDS IN NOVEMBER: CALASTONE

Image: Shutterstock
Updated 5 min 26 sec ago
Reuters
December 08, 2021 11:06
287



COP26 DRIVES RECORD $2BN INFLOWS INTO UK-BASED ESG FUNDS IN NOVEMBER: CALASTONE


 * North American and European-focused equity funds saw record outflows

Updated 5 min 26 sec ago
Reuters
December 08, 2021 11:06
287


UK-based environmental, social and governance equity funds saw a record 1.5
billion pounds ($2 billion) in inflows in November as COP26 climate talks
spurred investor interest in sustainability, according to funds network
Calastone.


The climate summit in Glasgow, Scotland, in the early part of last month led to
a deal to phase down the use of coal, the biggest source of global warming.


“ESG continues to capture investor imagination,” said Edward Glyn, head of
global markets at Calastone.


“When investors have cash to add, they add it to ESG, and any impulse to sell is
felt by other categories.”


North American and European-focused equity funds saw record outflows, in
contrast, of 395 million pounds and 534 million pounds respectively, Calastone
said.


Calastone says it is the largest global funds network, processing 200 billion
pounds of investment value each month.


Topics: economy Investment ESG COP26 ESG

RELATED

19811
Business & Economy

INDIA IS NOT RESPONSIBLE FOR TONING DOWN COP26 STATEMENT, SAYS MINISTER

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

PIF-backed stc increases second public offering to 120m shares 
/node/1983001/business-economy


PIF-BACKED STC INCREASES SECOND PUBLIC OFFERING TO 120M SHARES 


Updated 6 min 23 sec ago
Arab News
December 08, 2021 11:05
274



PIF-BACKED STC INCREASES SECOND PUBLIC OFFERING TO 120M SHARES 


Updated 6 min 23 sec ago
Arab News
December 08, 2021 11:05
274


JEDDAH: Saudi Arabian telecom firm stc has announced a 20 percent increase in
its secondary public offering.

The company, which is backed by the government’s Public Investment Fund, will
offer up to 120 million shares representing six percent of stc’s total capital,
up 20 percent from 100.2 million shares.

Ten percent of the offer's size will be allocated towards individual
subscribers. 

This came in line with a rise in investor demand during the institutional
offering period, according to a statement by stc and the PIF.

The individual subscription period ends today, Dec.8, for retail tranche, while
the institutional offering will end on Dec.9.

The price range was set between SR100 ($26.7) and SR116 per share and will be
finally disclosed on Dec.10, the statement added.

stc’s stock market performance weighed heavily on Tadawul’s main index on Dec.6,
declining 5.34 percent in share price.

The stock is currently trading at a one-month low of SR110.6. 

 


Topics: Public Investment Fund (PIF) STC Markets

RELATED

Update 1012
Business & Economy

TASI, NOMU ALMOST FLAT IN MORNING TRADING: OPENING BELL

--------------------------------------------------------------------------------

706
Business & Economy

RETAIL OFFERING OF 10M SHARES IN STC BEGINS

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Saudi Tadawul Group opens almost 10 percent above listing price
/node/1982986/business-economy


SAUDI TADAWUL GROUP OPENS ALMOST 10 PERCENT ABOVE LISTING PRICE

Image: Shutterstock
Updated 16 min 50 sec ago
Reuters
December 08, 2021 10:48
400



SAUDI TADAWUL GROUP OPENS ALMOST 10 PERCENT ABOVE LISTING PRICE


Updated 16 min 50 sec ago
Reuters
December 08, 2021 10:48
400


Shares in Saudi Tadawul Group, the owner and operator of the kingdom’s bourse,
opened almost 10 percent above its listing price in its Riyadh market debut on
Wednesday.


The bourse’s shares were priced at the top of the range last week, at 105 riyals
($27.99) per share. They opened at 115.4 riyals on Wednesday.


Saudi Tadawul Group raised 3.78 billion riyals ($1.01 billion) via an initial
public offering (IPO) that was 121 times oversubscribed.


Topics: economy Tadawul stock exchange Saudi Arabia IPO

RELATED

1619
Business & Economy

TADAWUL IPO 442.53% OVERSUBSCRIBED TO REACH $1.3BN

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

TASI, Nomu almost flat in morning trading: Opening bell
/node/1982906/business-economy


TASI, NOMU ALMOST FLAT IN MORNING TRADING: OPENING BELL


Updated 4 min 57 sec ago
Arab News
December 08, 2021 09:34
1012



TASI, NOMU ALMOST FLAT IN MORNING TRADING: OPENING BELL


 * TASI last closed 0.79 percent higher at 11,108.2 points whereas parallel
   market Nomu rose 1.13 percent to close at 23,450.29 points

Updated 4 min 57 sec ago
Arab News
December 08, 2021 09:34
1012


10:31 Saudi time: RIYADH: Saudi exchange’s main indexes opened slightly higher
on Wednesday. TASI and Nomu were up around 0.2 percent.

On its first day trading on the main market, Saudi Tadawul Group’s stock came on
top of the index’s gainers, rising 11.43 percent to SR116.8 ($31.14).

Shares of Sadr Logistics jumped ten percent for a fourth consecutive day.

Wafrah for Industry remained resilient in the green zone with its share price
climbing 5.31 percent.

Aseer Trading, Tourism and Manufacturing Co. gained four percent, following its
decision to sign for SR200 million short-term revolving debt, or Murabaha.

Among the lowest-performing stocks, CHUBB Arabia Insurance Co. and Saudi
Advanced Industries Co. saw declines of 2.84 percent and 1.93 percent
respectively.

Taiba Investments Co. signed a memorandum of understanding with Shuaa Capital
Company to buyout Centro Waha Hotel Riyadh and Centro Shaheen Hotel Jeddah’s
parent companies.

Somou Real Estate Co. announced the launch of Al-Danat Resort project in
AlKhobar with First Gulf Real Estate Co.

The project will cover an area of more than one million square meters and is
expected to boost the company’s profits, according to a bourse filing.

 

09.15 Saudi time: Factors to watch before Wednesday opening bell: Premarket

RIYADH: The outlook for the Saudi stock exchange remains unraveled amid COVID-19
concerns. However, market signals have shown a positive trend with Tadawul’s
main index TASI ending in green in four out of five sessions.

TASI last closed 0.79 percent higher at 11,108.2 points whereas parallel market
Nomu rose 1.13 percent to close at 23,450.29 points.

Stocks on the uptrend were topped by Sadr Logistics and Wafrah for Industry &
Development.

Sadr is now trading at a three-year high of SR104.2 ($27.8). It saw an increase
of 54.23 percent in two weeks.

Wafrah for Industry’s share price climbed for the seventh day in a row to close
at SR143, up from SR99.5.

In the Saudi insurance sector, Enaya Insurance and Amana Cooperative insurance
last closed in the green zone, recuperating Sunday losses.

Shares of the two insurance firms have jumped significantly since Nov. 23, up
26.27 percent and 23.3 percent respectively.

TASI was dragged down by a 7.08 percent decline in Petro Rabigh’s stock value in
the prior session, following the company’s capital decrease and rights issue
recommendation.

Al Sagr Insurance signed a contract worth SR20.4 million with Maharah Human
Resources Co. to grant health insurance services to the company’s employees and
their families.

Saudi Real Estate Co. sold SR137.34 million worth of land in Al-Malqa district,
Riyadh.

Aseer Trading, Tourism and Manufacturing Co. applied for a SR200 million
short-term revolving Murabaha from the Saudi Investment Bank. Murabaha is a mode
of debt financing that complies with the sharia concept.

Saudi Telecom Co., stc, increased its secondary public offering size to 120
million shares representing six percent of stc’s capital, up from 100.2 million
shares.

stc’s secondary share subscription period will end on Dec. 8 for retail tranche,
while for participating parties the subscription deadline is Dec. 9.

The price range was set between SR100 and SR116 per share.

Jahez International Co. received the Capital Market Authority’s approval to
increase its initial public offering on Nomu parallel market from 13 percent to
18 percent of its share capital.

The offering period will commence on Dec.23 and end on Dec.26.

Shares of Saudi Tadawul Group Holding will start trading on the main market on
Dec.8.

Tadawul signed a memorandum of understanding with Muscat Stock Exchange, or MSX,
to strengthen their bilateral relations and create a conducive trading
environment for investors.

Dec. 9 is the last day to subscribe to Maadaniyah’s new shares.


Topics: Markets Tadawul Saudi Stock Exchange (Tadawul)

RELATED

Update 889
Business & Economy

TADAWUL SHRUGS OFF EARLY DECEMBER GAINS, TASI DOWN 1.1%: MARKET WRAP

--------------------------------------------------------------------------------

1619
Business & Economy

TADAWUL IPO 442.53% OVERSUBSCRIBED TO REACH $1.3BN

--------------------------------------------------------------------------------


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