Latest news with #Asia-based
Kuwait Times
a day ago
- Business
- Kuwait Times
Bitcoin climbs to record $123,000
US to debate crypto rules • Crypto market value hits $3.81 trillion SINGAPORE: Bitcoin surpassed $120,000 for the first time on Monday, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Bitcoin scaled a record high of $123,153.22 before pulling back slightly to trade 2.4 percent higher around $122,000. Later in the day, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded. Those demands have resonated with US President Donald Trump, who has called himself the 'crypto president' and urged policymakers to revamp rules in favor of the industry. 'It's riding a number of tailwinds at the moment,' said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness. 'It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,' he said. The surge in bitcoin, which is up 30 percent so far this year, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump's chaotic tariff policies. Ether, the second-largest token, scaled a more than five-month peak of $3,059.60, while XRP and Solana gained about 3 percent each. The sector's total market value has swelled to about $3.81 trillion, according to data from CoinMarketCap. 'What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,' said Gracie Lin, crypto exchange OKX's Singapore CEO. 'We're also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin's role in the global financial system and the structural shift in how it is perceived, suggesting that this isn't just another hype-driven rally,' Lin said. Meanwhile, Wall Street fell marginally on Monday as investors ran into President Donald Trump's latest tariff threats against the EU and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 percent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan, and South Korea, and a 50 percent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. – Reuters
Mint
2 days ago
- Business
- Mint
TSMC quarterly profit seen soaring to record but Trump tariffs, forex a concern
Analysts expect a 52% surge in second-quarter profit TSMC benefiting more than other chip foundries from AI boom Earnings call at 0600 GMT on Thursday TAIPEI, - TSMC, the world's main producer of advanced AI chips, is expected to post a 52% jump in second-quarter profit to record levels, though U.S. tariffs and a strong Taiwan dollar could weigh on its outlook. Artificial intelligence-related demand continues to boom and while foundry industry revenue will probably grow 17% to 18% this year, sales for TSMC, by virtue of its market-leading position, will likely expand closer to 30%, said Mario Morales, group vice president at research firm IDC. Taiwan Semiconductor Manufacturing Co, the world's largest contract chipmaker and a key supplier to Nvidia and Apple, is forecast to report net profit of T$377.4 billion for the three months through June 30, according to an LSEG SmartEstimate compiled from 21 analysts. SmartEstimates place greater weight on forecasts from analysts who are more consistently accurate. TSMC has already flagged a rise in second-quarter revenue of 38.6%. Any profit result above T$374.68 billion would mark the company's highest-ever quarterly net income and its sixth consecutive quarter of profit growth. It remains unclear just how much U.S. President Donald Trump's tariffs will affect TSMC. Taiwan was threatened with a 32% reciprocal tariff rate in April but has yet to be notified of an updated figure that some countries have received. Trump also said this month that tariffs on semiconductors are likely to come soon. The company said in June that U.S. tariffs were having some indirect impact, noting they can lead to slightly higher prices, which may in turn weigh on demand. In March, TSMC announced a $100 billion investment in the U.S. alongside Trump at the White House, on top of $65 billion pledged for three Arizona plants - two of which have been built. Another key issue is the Taiwan dollar's 12% appreciation against the greenback so far this year. "The exchange rate is a bigger concern as so much TSMC revenue is in USD," said Dan Nystedt, vice-president at TriOrient, an Asia-based private investment firm. TSMC has said a 1% appreciation in the Taiwan dollar typically reduces its gross margin by 0.4 percentage points. In June, the company said the Taiwan dollar's appreciation had shaved more than 3 percentage points off its gross margin. The company is due to report on Thursday and will provide third-quarter guidance during an earnings call scheduled for 0600 GMT. Shares in TSMC surged some 80% last year but have climbed just 3.7% for the year to date on worries about tariffs and unfavourable currency rates.
The Star
2 days ago
- Business
- The Star
TSMC quarterly profit seen soaring to record but Trump tariffs, forex a concern
A logo of taiwanese chip giant TSMC is seen at southern Taiwan science park in Tainan, Taiwan December 29, Wang/File Photo TAIPEI (Reuters) -TSMC, the world's main producer of advanced AI chips, is expected to post a 52% jump in second-quarter profit to record levels, though U.S. tariffs and a strong Taiwan dollar could weigh on its outlook. Artificial intelligence-related demand continues to boom and while foundry industry revenue will probably grow 17% to 18% this year, sales for TSMC, by virtue of its market-leading position, will likely expand closer to 30%, said Mario Morales, group vice president at research firm IDC. Taiwan Semiconductor Manufacturing Co, the world's largest contract chipmaker and a key supplier to Nvidia and Apple, is forecast to report net profit of T$377.4 billion ($12.9 billion) for the three months through June 30, according to an LSEG SmartEstimate compiled from 21 analysts. SmartEstimates place greater weight on forecasts from analysts who are more consistently accurate. TSMC has already flagged a rise in second-quarter revenue of 38.6%. Any profit result above T$374.68 billion would mark the company's highest-ever quarterly net income and its sixth consecutive quarter of profit growth. It remains unclear just how much U.S. President Donald Trump's tariffs will affect TSMC. Taiwan was threatened with a 32% reciprocal tariff rate in April but has yet to be notified of an updated figure that some countries have received. Trump also said this month that tariffs on semiconductors are likely to come soon. The company said in June that U.S. tariffs were having some indirect impact, noting they can lead to slightly higher prices, which may in turn weigh on demand. In March, TSMC announced a $100 billion investment in the U.S. alongside Trump at the White House, on top of $65 billion pledged for three Arizona plants - twoof which have been built. Another key issue is the Taiwan dollar's 12% appreciation against the greenback so far this year. "The exchange rate is a bigger concern as so much TSMC revenue is in USD," said Dan Nystedt, vice-president at TriOrient, an Asia-based private investment firm. TSMC has said a 1% appreciation in the Taiwan dollar typically reduces its gross margin by 0.4 percentage points. In June, the company said the Taiwan dollar's appreciation had shaved more than 3 percentage points off its gross margin. The company is due to report on Thursday and will provide third-quarter guidance during an earnings call scheduled for 0600 GMT. Shares in TSMC surged some 80% last year but have climbed just 3.7% for the year to date on worries about tariffs and unfavourable currency rates. ($1 = 29.2610 Taiwan dollars) (Reporting by Wen-Yee Lee; Editing by Ben Blanchard and Edwina Gibbs)
Al Etihad
3 days ago
- Business
- Al Etihad
Bitcoin climbs to record $123,000 as US to debate crypto rules
14 July 2025 14:20 SINGAPORE (REUTERS)Bitcoin surpassed $120,000 for the first time on Monday, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this scaled a record high of $123,153.22 before pulling back slightly to trade 2.4% higher around $122, in the day, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demands have resonated with US President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favour of the surge in bitcoin, which is up 30% so far this year, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump's tariff the second-largest token, scaled a more than five-month peak of $3,059.60, while XRP and Solana gained about 3% sector's total market value has swelled to about $3.81 trillion, according to data from CoinMarketCap."What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks," said Gracie Lin, crypto exchange OKX's Singapore CEO."We're also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin's role in the global financial system and the structural shift in how it is perceived, suggesting that this isn't just another hype-driven rally," Lin this month, Washington declared the week of July 14 as "crypto week," during which members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State most significant bill is the Genius Act, which would create federal rules for stablecoins. Elsewhere, prices of crypto stocks and exchange traded funds advanced.
Eater
7 days ago
- Business
- Eater
A Popular Bakery From China Brings Wagyu Croissants to Its First U.S. Location in Beverly Hills
is an editor of the Southern California/Southwest region, who covers the evolving landscape of LA's food scene. Rendering of Hi Bake in Beverly Hills Hi Bake A new destination for custard tarts and red bean croissants is opening in the heart of Beverly Hills. Hi Bake, an Asian bakery founded in Hong Kong but now based in Chengdu, is opening its first U.S. location in Beverly Hills on July 17. Founded in 2012, Hi Bake has expanded to 60 stores across China. The bakery will open in partnership with Chubby Group, which operates restaurants including Niku X, Chubby Cattle, and Chubby Curry. Hi Bake's signature lineup of French and Asian-inspired sweets include delicate, buttery croissants stuffed with molten chocolate lava or wagyu beef. Tarts go beyond the classic custard with flavors like strawberry, pistachio, and chocolate. Sweet and savory toasts will come topped with red bean, meat floss, pork jerky, and coconut. Hi Bake is the latest arrival in a year that witnessed multiple Asia-based bakeries expand to the U.S. Popular South Korean dessert cafe, Cafe Knotted, opened at Westfield Century City in April, and Japan's Bread, Espresso & landed in Redondo Beach in January. Hi Bake will be located at 235 N. Canon Drive, Beverly Hills, CA 90210. Pre-order tacos and burritos from El Ruso Famed taco truck El Ruso may be temporarily closed, but this weekend there's still a chance to enjoy owner Walter Soto's cooking. Soto is taking pre-orders for tacos and burritos for pickup on Sunday, July 13, in Silver Lake. Orders can be placed by calling or texting 213-502-1272, but supplies are limited. A new executive chef at Majordomo James Bailey, the new chef of Majordomo in Los Angeles. Majordomo There's a new executive chef at Chinatown restaurant Majordomo. James Bailey, who was most recently the executive chef of Momofuku Las Vegas, has stepped into the role. Beyond Momofuku, Bailey's resume includes Bouchon Las Vegas, Carbone Las Vegas, and Noma. Chez Jay's anniversary party Santa Monica restaurant Chez Jay is celebrating its 66th Anniversary on August 9 with a full day of events. Look forward to live music, a classic car display, and a three-course prix fixe dinner in the main dining room. Book tickets on Resy. Summer specials at Ggiata As summer heats up, Ggiata has dropped its latest lineup of specials. Starting Friday, July 11, the Italian sandwich shop will serve a Chinese chicken salad wrap, a California club sandwich, and a classic Chinese chicken salad at all of its locations. Eater LA All your essential food and restaurant intel delivered to you Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
