Tyler and Cameron Winklevoss
The billionaire twins Tyler and Cameron Winklevoss’s Gemini is turning to a long-time crypto industry tactic to bolster usage on its derivatives exchange – daily competitions for prizes and the bragging rights that come with being listed as the most successful traders.
The Gemini Foundation will be hosting its first “leader board” competition on the exchange in August. Participants will have to fund accounts with at least $250 of the Gemini Dollar stablecoin, and maintain a similar balance during the month-long contest.
The New York-based company unveiled plans in April to target growth in Asia and to establish a non-US crypto derivatives platform amid a deepening regulatory crackdown at home. Customers in the UK and the EU also can’t trade derivatives on the exchange.
Overseas exchanges have run similar promotions over the years, often adding gaming elements to increase trading.
Sam Bankman-Fried rose to prominence in 2019 when his now-bankrupt Alameda Research hedge fund climbed BitMex’s leader board.
Binance, the world’s biggest crypto exchange, has a weekly ranking of the top futures traders. Bybit’s leader board even distinguishes between regular traders and “master traders”.
“It is a promotional gimmick,” said Campbell Harvey, a finance professor at Duke University. “The amount of money these exchanges make is directly related to volume. Anything you can do to increase volume will likely increase profit.”
The Gemini Dollar stablecoin has a market capitalisation of about $400 million, and is the world’s eighth-biggest stablecoin, according to tracker CoinMarketCap.
Usage for the stablecoin has declined since the collapse of market prices at the end of 2021, along with that of most other smaller stablecoins.
Mukesh Ambani
Reliance Industries' financial services unit and BlackRock have joined forces to set up an Indian asset management venture as the conglomerate owned by Asia’s richest man seeks to propel the arm to become one of the biggest non-banking finance companies in the country.
Jio Financial Services and BlackRock signed an agreement to form Jio BlackRock, an equal joint venture, with a targeted initial investment of $150 million each in the entity, the companies said on Wednesday.
“The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products,” said Hitesh Sethia, president at Jio Financial Services.
Mukesh Ambani, the world's 12th-richest person with a net worth of $96.5 billion, is seeking to make Jio Financial Services one of the nation’s top non-banking finance companies by leveraging his telecom and retail businesses.
This would take Reliance one step closer to creating the type of multipurpose empire that’s similar to Alibaba Group and Tencent. For BlackRock, the deal represents a return to fund management in India after exiting in 2018.
“India represents an enormously important opportunity,” Rachel Lord, chair and head of APAC at BlackRock, said. “The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways.”
Changpeng Zhao
Binance Holdings, its founder Changpeng Zhao and the crypto exchange’s former chief compliance officer, Samuel Lim, plan to seek the dismissal of a Commodity Futures Trading Commission lawsuit.
The response to the CFTC complaint was due on July 27 and the defendants intend to submit motions to dismiss, according to a court filing. They also sought permission to exceed a 15-page limit on supporting briefs, citing the complexity of the case and the number of arguments they expect.
The CFTC in March alleged that Binance and chief executive Mr Zhao, also known as CZ, routinely broke US derivatives rules as the company grew to be the world’s largest digital-asset trading platform.
Binance should have registered with the agency years ago and continues to violate the CFTC’s rules, the regulator said at the time. The crypto platform previously described the CFTC lawsuit as “unexpected and disappointing”.
Watch: What happened to the Bitcoin price?
The US Securities and Exchange Commission last month accused Binance and Mr Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. Binance has said that it intends to defend its platform “vigorously”.
Binance faces a web of regulatory probes around the world as well as a decline in its market share of spot digital-asset trading volumes.
Earlier in July, Mr Zhao, who has a net worth of $45.5 billion and is the world's 28th-richest person, sought to counter concerns about the platform’s outlook following the exits of executives who had been helping the company to navigate a widening regulatory crisis.
BNB, the native token of Binance, has shed some 2.5 per cent this year, compared with a gain of 45 per cent in a gauge of the biggest 100 tokens. The success of BNB and Binance are often seen as intertwined.
Joe Lewis
British billionaire Joe Lewis, who controls Tottenham Hotspur football club, appeared in a New York court to face charges that he gave lucrative, and illegal, trading tips to staff on his superyacht, private jet pilots and girlfriends.
Mr Lewis, 86, entered a not guilty plea to insider trading charges at a hearing on Wednesday afternoon, hours after he turned himself in to US authorities. Two of his pilots also pleaded not guilty at the proceeding.
Mr Lewis, who has a net worth of $6.6 billion, according to the Bloomberg Billionaires Index, is the latest figure to be swept up in an insider-trading crackdown led by federal prosecutors in Manhattan.
He faces more than a dozen counts of securities fraud for alleged “brazen” conduct that spanned about eight years.
His lawyers declined to comment after the hearing. Earlier, his lawyer, David M. Zornow, said Mr Lewis, who is based in the Bahamas, had come to the US voluntarily to answer the “ill-conceived charges”.
He will be released on a $300 million bond secured by his yacht, Aviva, and private plane in a deal with prosecutors that was approved by US Magistrate Judge Valerie Figueredo. Under the deal, he will need to remain in New York, Georgia or Florida and surrender his passports.
The Tavistock Group founder is accused of abusing his access to corporate boardrooms to pass on inside information to his friends, staff on board his superyacht, personal pilots and romantic interests. His private jet pilots, Patrick O’Connor, 66, and Bryan “Marty” Waugh, 64, were also charged.
We allege that, for years, Joe Lewis abused his access to corporate boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his friends, and his pilots
Damian Williams,
a lawyer for the Southern District of New York
In addition, the SEC filed an insider trading lawsuit against Mr Lewis, the two pilots and a former girlfriend.
The Tottenham Hotspur owner did this as a way to “compensate his employees or shower gifts on his friends and lovers”, Damian Williams, the US lawyer for the Southern District of New York, said on Tuesday.
“We allege that, for years, Joe Lewis abused his access to corporate boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his friends, and his pilots,” Mr Williams said.
“Those folks then traded on that inside information – and made millions of dollars in the stock market – because, thanks to Lewis, those bets were a sure thing.”
Mr Lewis is the highest-profile investor the office has prosecuted for insider trading this year. The businessman’s company has stakes in more than 200 businesses, with investments across real estate, hotels and sports, in 13 countries.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
COMPANY%20PROFILE
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Cheeseburger%20ingredients
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The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
SPECS
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Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
Company%20profile
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Dunbar
Edward St Aubyn
Hogarth
The Byblos iftar in numbers
29 or 30 days – the number of iftar services held during the holy month
50 staff members required to prepare an iftar
200 to 350 the number of people served iftar nightly
160 litres of the traditional Ramadan drink, jalab, is served in total
500 litres of soup is served during the holy month
200 kilograms of meat is used for various dishes
350 kilograms of onion is used in dishes
5 minutes – the average time that staff have to eat
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
(Jaber 13)
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
The years Ramadan fell in May
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
