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On April 30th, Yu Minhong stated that granting equity is a standard employee incentive method for listed companies, and he had initially explicitly refused it. Since the founding of Oriental Selection, he has never received a single penny of salary. However, the board of directors and shareholders believe that without equity incentives, it would be disproportionate to the efforts made for Oriental Selection. Yu Minhong also promised that after the equity is vested and taxes are paid, all cash proceeds will be used for three main purposes: first, to establish a chairmans reward fund to reward employees who have made outstanding contributions to Oriental Selection; second, to donate to the New Oriental Foundation, entirely to support rural primary and secondary school students; and third, to donate a portion to Peking University to help students from rural areas.Piper Jaffray raises its price target for Amazon (AMZN.O) from $260 to $315.On April 30th, Hang Seng Indexes Company Limited announced the launch of four new indices: the Hang Seng Biotech Index Short Position Index, the Hang Seng Biotech Index 2x Short Position Index, the Hang Seng Biotech Index 2x Leveraged Index, and the Hang Seng Biotech Index Dividend Cumulative 2x Leveraged Index. These new indices aim to reflect the performance of short-position or leveraged investment strategies in the Hang Seng Biotech Index, with each strategy investing daily according to a predetermined leverage ratio.Italys unemployment rate in March was 5.2%, below the expected 5.3% and the previous figure revised from 5.30% to 5.4%.April 30 (Interfax) – Russian Deputy Prime Minister Novak said on Thursday that the OPEC+ group of major oil-producing countries will assess various possibilities for supplying oil to the global market at its meeting on Sunday. Novak stated, "In the current situation, supplying oil and petroleum products to the market is crucial. Therefore, it may be necessary to examine existing potential opportunities." Three sources familiar with the discussions told Reuters that despite the US-Israel war in Iraq disrupting most OPEC+ exports and the withdrawal of key member UAE, the organization may still reach an agreement on a slight increase in oil production quotas at its Sunday meeting.

Gold Gains Weekly for the First Time in Six Weeks; Prices Remain Below $1,700

Haiden Holmes

Jul 25, 2022 11:43

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As the yellow metal's five-week losing streak came to an end, gold bulls achieved their first weekly victory since early June.


As markets prepare for the Federal Reserve's rate hike in July, analysts say the price of an ounce of gold, which is now hovering in the low $1,700s, may be susceptible to another slide below the $1,600 zone next week.


Analysts predict that if bullion maintains the tendencies of the last two days, it might rebound quickly from any dip into the sub-$1,700 range, propelling it to $1,800.


Ed Moya, head of U.S. research at the online trading platform OANDA, observed, "Gold is beginning to act as a safe haven as slowing economic growth compels many central banks to abandon aggressive tightening plans." "Gold may find resistance at $1,750, but if it does not, it will encounter few impediments until $1,800."


Gold futures for August delivery on the New York Comex gained $14, or 0.8 percent, to $1,727.40 per ounce on Friday, after trading around a 16-month low of $1,680.96 per ounce on Thursday.


After a five-week fall that cost bulls $172, or 9 percent, gold prices increased by 1.4 percent during the week of August.


On Friday, the Dollar Index, which compares the dollar to six major currencies, reached a two-week low of 105.98, causing the weekly rise. Unlike gold, the dollar reached its highest level since December 2002 last week, reaching 109.14.


Since the beginning of this week, the greenback has dropped, and its decline accelerated as the European Central Bank joined numerous other central banks on Thursday in raising interest rates to combat runaway inflation rather than prevent an economic recession.


The dollar declined on Friday as weaker-than-anticipated statistics from the U.S. services sector impacted on the currency's sentiment. S&P Global said that its most recent services sector index declined to 47 from a previous reading of 52.7 and a forecast of 52.6.


Contrary to initial forecasts, poor service statistics have increased the chance that the Fed would not raise interest rates by 100 basis points in July.

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