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On August 29, according to Irans Fars News Agency, Iranian Army Commander-in-Chief Amir Hatami stated that despite attempts by the "enemy" to destroy Irans drone and missile capabilities, Iran is continuing to launch its stockpiled weapons at "maximum intensity until the very last moment." He added, "According to military logic, the attacker and aggressor are only considered victorious when they achieve their objectives; but in a defensive war, the failure of the enemy to achieve their objectives means that the defender has won."On August 29, International Atomic Energy Agency (IAEA) Director General Grossi issued a statement saying that the Zaporizhia nuclear power plant has been without external power for over a week and is currently relying on emergency diesel generators to maintain the power needed for nuclear safety and security. The agency warned that if external power or diesel supplies cannot be restored in the near future, the plant may face a complete power outage in about 10 days. The Zaporizhia plant reported on August 29 that its current diesel reserves are sufficient to sustain operations for about 10 days, meeting minimum regulatory requirements. The IAEA stated that the plants last diesel fuel supply was in March of this year, and the subsequent supply, originally scheduled for May, was postponed due to frequent local military activity.On August 29, the Belgorod Oblast Operations Command reported that the city of Shebekino in the oblast was shelled and attacked by Ukrainian forces. Shells landed in a private residential area, killing three people. Seven others sustained shrapnel injuries, and one was injured by the shockwave. The city also recorded damage from three drones: one exploded after hitting the road, one exploded inside a house, and one caused a fire in an abandoned garage. Ukraine has not yet responded to the incident.On August 29th, local time, continuous gunfire and explosions were reported in several areas of Niamey, the capital of Niger, starting in the early hours of the morning. Sources stated that militants attacked Diori Hamani International Airport and attempted to breach the security perimeter around the presidential palace. Local residents reported intense gun battles and explosions near the Niamey 101 Air Force Base, which is closely connected to Diori Hamani International Airport. Diori Hamani Airport was attacked twice this year by extremist groups and militants in January and June. Bana Ougana Ibrahim, a member of parliament from the Sahel National Union and a member of the National Transitional Council of Niger, stated on social media that the attackers targeted the 101 Air Force Base, but Nigerien security forces have brought the situation under control. The Nigerien government and military have not yet confirmed these reports.On August 29, the Russian Ministry of Defense announced on Saturday that Russian forces had struck a transshipment point at the port of Mykolaiv, Ukraine. The Ministry stated that the berthing area for refueling ships and the unloading point for fuel and lubricants were also targeted.

Crypto winter may temper fintech earnings

Jimmy Khan

Aug 04, 2022 14:41

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Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.


Crypto exchange Coinbase is expected to report an adjusted loss in the second quarter, while Jack Dorsey-led payments company Block is likely to post a 70% drop in adjusted profit.


Coinbase, which has the biggest exposure to crypto volatility, has lost more than three quarters of its market capitalization this year.


“For Coinbase, this is going to be a very difficult 12 to 18 months,” said Dan Dolev, senior analyst, fintech equity research at Mizuho Securities USA.


Block, which changed its name from Square last year to better reflect its focus on blockchain, has lost over half of its market value amid the stock market rout this year.

The context

The cryptocurrency selloff has dragged down multiple companies in the sector, with some even seeking bankruptcy protection. Bitcoin, the largest cryptocurrency, has nearly halved in value in the first seven months of the year.


“There could be potential for double digit headcount reduction (at Coinbase) at some point because the cost is too high,” Dolev said.


Estimate cuts and competitive pressures are also contributing to the weakness in fintech stocks, according to Credit Suisse analysts.


The cryptocurrency sector may be slowly emerging from a bruising selloff, but they still have to contend with regulatory hurdles in the United States, the biggest market for such assets.


Online trading app Robinhood Markets Inc reported a 44% plunge in second-quarter earnings on Tuesday, a day earlier than expected, and said it would also cut 23% of its workforce.