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February 7th - US President Trump tweeted: "We need more competition to fight our enemies—the national television networks that spread fake news. Facilitating a good deal like Nexstar-Tegna will help combat fake news because it will bring more, higher-level, and more sophisticated competition. Those who oppose it dont fully understand the benefits for them, but they will in the future. Get this deal done!"February 7th - Ukrainian President Volodymyr Zelenskyy posted a message on the 7th local time, stating that he received a briefing from the Ukrainian negotiating team following their talks with the US and Russia. The Ukrainian negotiating team provided him with a detailed overview of the progress of the negotiations. He stated that Ukraine needs to achieve substantial results, and one of the most important foundations for a peaceful resolution is effective security guarantees.February 7th - While the control dispute at Nexperia remains unresolved, another Chinese acquisition of a British chip company is attracting increasing attention. February 7th was the deadline set by the UK government for the mandatory sale of the FTDI acquisition, subject to national security review. This overseas acquisition by China, completed in 2021, is now entering its final countdown to mandatory sale. Back in November 2024, the UK government formally notified the Chinese consortium that it must transfer all its shares in Future Technology Devices International Limited (FTDI), a UK USB bridge chip company, by the stipulated time. The UK cited the National Security and Investments Act (NSIA), which came into effect in 2022, citing "potential threats to national security." An industry insider stated that the Chinese consortium has been trying to secure more time. The latest extension application is still awaiting a response from the UK, and based on past experience, there is still a certain probability of the extension being approved.February 7th - It was learned from the Ministry of Water Resources that, in order to further improve the construction, operation, and management mechanisms of major water conservancy projects, the Ministry of Water Resources and the National Development and Reform Commission recently issued the "Implementation Opinions on Improving the Construction, Operation, and Management Mechanisms of Major Water Conservancy Projects." Major water conservancy projects are important infrastructure for promoting high-quality economic and social development, playing a crucial supporting role in ensuring flood control, water supply, food security, and ecological security. The opinions are divided into four parts: general requirements, improving the high-quality construction mechanism, improving the high-level operation mechanism, and improving the high-efficiency management mechanism. The opinions require that, focusing on the national water network construction goals of "complete systems, safety and reliability, intensive and efficient, green and intelligent, smooth circulation, and orderly regulation," the government should guide and the market should participate, coordinating "hard investment" and "soft construction," improving the construction and operation mechanism of projects with clear responsibilities, diversified investment, and a focus on both quality and efficiency, and forming a comprehensive, data-driven, and efficient management and guarantee system to achieve high-quality construction, high-level operation, and high-efficiency management of major water conservancy projects.Algeria plans to cancel its air services agreement with the United Arab Emirates.

Dorsey-Led Block Beats Operating Profit Estimates, Shares Surge 10%

Skylar Shaw

May 06, 2022 10:26


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After posting a first-quarter operational profit that above Wall Street estimates, Block Inc, the fintech business run by Twitter co-founder Jack Dorsey, said on Thursday it has not witnessed a fall in general customer spending until April.


Even though the business, previously known as Square, posted a lower-than-expected adjusted earnings as demand for bitcoin fell owing to a drop in cryptocurrency prices, Block's shares surged 10% in extended trading.


During the quarter, the firm, which provides merchant payment services and a cryptocurrency trading platform, completed its $29 billion purchase of Australian buy-now-pay-later pioneer Afterpay Ltd.

In the financial sector's fastest-growing division, the deal established a transaction behemoth that competes with banks and digital corporations.


The gross profit for the first quarter was $92 million, which was reported under the Square and Cash app divisions. Cash App, a business that allows users to transmit payments in bitcoin, had a 26 percent increase in gross profit as a result of this.


"We anticipate Cash App and Square to expand gross profit sequentially each quarter this year, even minus Afterpay, providing the macroeconomic backdrop stays steady," said Amrita Ahuja, Chief Financial Officer.


"We haven't observed a decline in general consumer spending through April," she added, adding that Afterpay's gross merchandise value - the total value of all items sold – was set to grow 15% in April.


According to IBES statistics from Refinitiv, Block earned $195 million in operational profits, or adjusted EBITDA, above the Wall Street consensus of $136 million.


Revenue declined 22% to $3.96 billion in the three months ending March 31. The firm had an adjusted profit of 18 cents per share, which was lower than analysts' expectations of 21 cents per share.


The company's bitcoin income fell by half to $1.73 billion due to a dip in interest from regular traders as cryptocurrency prices fell following a rapid gain last year spurred by popular acceptance.