Day: May 9, 2024

“Robinhood Markets experiences a surge in premarket trading on Thursday following the announcement of record first-quarter revenue and profit. The boost is attributed to the return of individual investors to its commission-free platform, particularly for trading cryptocurrencies.”

“Retail trading has seen a resurgence, fueled by the rise of bitcoin and record highs in U.S. stocks earlier this year. This trend has been supported by optimism regarding a soft landing for the economy and anticipation of interest rate cuts by the Federal Reserve.”

“The approval of the first spot bitcoin ETFs in the U.S. in January provided a significant boost to the cryptocurrency industry, restoring investor confidence that had been shaken by several high-profile collapses in recent years. This regulatory milestone signaled a maturing of the crypto market and underscored growing acceptance of digital assets within traditional financial frameworks, further contributing to the resurgence of interest in retail trading.”

“Robinhood exceeded Wall Street’s expectations on Wednesday with a remarkable 40% surge in revenue and a profit of 18 cents per share. This impressive performance stands in stark contrast to the loss of 57 cents per share reported a year ago, highlighting the company’s significant turnaround and robust growth trajectory.”

Its cryptocurrency revenue more than tripled to $126 million, while equities revenue soared 44 per cent.

Robinhood was at the center of the 2021 retail trading frenzy, when people used the platform to pump money into so-called “meme stocks” during lockdowns. Its fortunes later turned as household budgets came under pressure from decades-high inflation and rising borrowing costs.

NICOSIA: A vessel carrying aid to a pier built by the US off Gaza set sail from Cyprus on Thursday (May 9), marine tracking websites showed.

As the US-flagged Sagamore departed from the port of Larnaca on Thursday morning, there was a notable absence of commentary from Cypriot authorities. Earlier statements from these officials had indicated that the vessel would embark on its journey as soon as the floating platform was securely in place, with departure contingent upon favorable weather conditions.

Despite the anticipation surrounding this humanitarian mission, the silence from Cypriot authorities added a layer of intrigue to the vessel’s departure, leaving observers to speculate on the intricacies of the operation and the dynamics at play in facilitating aid delivery to the besieged enclave of Gaza.

Israel’s military campaign against Hamas, in response to Hamas’s attack on Israel on Oct 7, has devastated the tiny Gaza Strip, where aid agencies warn its 2.3 million people are facing imminent famine.

Cyprus initiated a significant move in March by opening a sea corridor to facilitate the direct shipment of aid to Gaza. This decision came amid heightened disruptions to aid deliveries caused by border closures and Israel’s military operations in the region.

By establishing this sea corridor, Cyprus aimed to provide a lifeline for humanitarian assistance to reach Gaza, where the local population of 2.3 million people faced severe challenges exacerbated by the ongoing conflict and blockade.

“TOKYO: “Delay Hits Barrier Construction on Japan’s Mount Fuji”, Tourists seeking the iconic view of Mount Fuji from a popular vantage point will have a brief reprieve, as authorities revealed on Thursday (May 9) that construction of a protective barrier has encountered delays. The barrier aims to enhance safety for visitors, but its completion is now postponed, allowing a few more days for enthusiasts to capture the picturesque scenery unhindered.”

“Fujikawaguchiko town is erecting a screen to discourage individuals from photographing Japan’s renowned landmark from a sidewalk across a Lawson convenience store. The initiative aims to manage crowds and enhance safety around the area, which serves as a popular spot for capturing images of Mount Fuji.”

“Residents voice concerns over traffic congestion and disruptive behavior caused by visitors striving for the ideal Instagram snapshot of the snow-capped volcano.”

“The barrier was initially slated to be installed last week, with a revised deadline set for mid-May. However, a town official informed AFP on Thursday that delays arose due to difficulties in procuring the necessary materials for construction.”
“We believe we should receive necessary parts on or around May 20 or later,” the official said, without wishing to be named.

“HANOI: “Vietnam Banks Grapple with Rising Costs Amid Deposit Decline.”Vietnam’s banking sector grapples with heightened borrowing expenses following the country’s first monthly dip in banking deposits in over two years. Concurrently, escalating inflation adds to the challenges, spotlighting the need for strategic financial management amid evolving economic conditions.”

“Banks are adjusting their strategies by offering elevated interest rates on deposits in response to the decline, a move that may translate into higher borrowing costs. This dynamic poses a challenge to government endeavors aimed at stimulating credit growth, which is essential for steering economic recovery back on course.”

“Can Van Luc, serving as a government adviser and economist at the Bank for Investment and Development of Vietnam, underscored the proactive stance of banks in fortifying their deposit base. This preemptive measure is driven by the anticipation of increased loan demands forecasted for the coming months, reflecting a strategic

State media reported an average increase of up to 0.3 per centage points in interest rates on bank deposits in the first week of May. Mirae Asset, a broker, said more than 10 banks had recently raised interest rates on deposits.

Corporate deposits at banks as of end-January fell by about 2.4 per cent from the end of last year to 6,670 trillion dong ($262.29 billion), while deposits by individuals fell 0.5 per cent to 6,500 trillion dong, the latest central bank data shows.

This was the first monthly fall in more than two years, the State Bank of Vietnam (SBV) data shows. the SBV is targeting credit growth of 15 per cent for this year, but lending by banks by the end of March rose by only 1.34 per cent from December. Credit growth in Vietnam often accelerates in the second half of the year when demand picks up.

Depositors have seen several rounds of cuts in interest rates over the last year as banks faced higher risks and a surge in bad debt from prolonged real estate sector turmoil.

Vietnam Technology and Commercial Joint Stock Bank on Wednesday raised its rates on all deposit terms by 0.1-0.4 per centage points, a bank employee said. This raised its rates on short-term deposits to 4.55 per cent-4.95 per cent. Consumer prices in April rose 4.4 per cent from a year earlier, Vietnam’s General Statistics Office said, rising closer to the SBV’s 4.5 per cent inflation ceiling for the year.

“MANCHESTER, England: Lauren Bell Launches Fund to Encourage Girls’ Cricket”, a prominent figure in England’s cricket scene, reminisces about her own journey devoid of female role models in the sport. Her impact on young female fans is palpable as they express their intention to emulate her trademark plaits, symbolizing a growing wave of representation and inspiration in cricket.”

“Continuing the Momentum from Last Year’s Historic Ashes Series, Metro Bank and ECB Forge Alliance to Fuel Growth of Girls’ Cricket with New Fund, Bell Confirms”

“Metro Bank Girls in Cricket Fund Targets Triple Increase in Girls’ Teams by 2026, Emphasizing Recruitment and Support for Players and Coaches”

The Metro Bank Girls in Cricket Fund sets ambitious objectives to significantly enhance the landscape of girls’ cricket. By prioritizing recruitment, education, and support for individuals involved in girls’ cricket, the initiative aims to catalyze substantial growth in the number of girls’ teams within clubs by the conclusion of 2026. This strategic focus underscores a commitment to fostering a more inclusive and thriving environment for female players and coaches, paving the way for a brighter future for girls’ cricket in England and Wales.

This partnership between Metro Bank and the ECB signifies a concerted effort to invest in the development of girls’ cricket, aiming to provide more opportunities and resources for young female players to excel in the sport. With the backing of this fund, initiatives such as coaching programs, infrastructure development, and outreach efforts can be expanded, fostering a stronger and more inclusive cricketing community for girls across England and Wales. Bell’s endorsement further underscores the significance of this collaborative endeavor in nurturing talent and advancing gender equality within cricket.