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July 31 – Korea Investment & Securities stated that Samsung Electronics increasing shift towards long-term memory chip supply contracts is improving earnings visibility and supporting a stronger profit outlook. The brokerage noted that the companys second-quarter results exceeded expectations as memory chip prices surged, while new hyperscale cloud service provider agreements helped stabilize demand and capacity utilization. The brokerage raised its target price for Samsung by 10% to 650,000 won to reflect the improved earnings outlook and potential upside for HBM pricing, while maintaining a buy rating.On July 31, it was reported that the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4270%, and the lowest was 0.7040%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0000%, and the lowest was 0.9120%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0140%, and the lowest was 0.9090%.The Peoples Bank of China (PBOC) announced today that it conducted 134 billion yuan of 7-day reverse repurchase operations, with both bids and winning bids amounting to 134 billion yuan, at an interest rate of 1.40%. Simultaneously, it conducted 600 billion yuan of overnight reverse repurchase operations.On Friday, July 31, the Hang Seng Index opened down 21.16 points, or 0.08%, at 25,837.72; the Hang Seng Tech Index opened up 14.24 points, or 0.3%, at 4,818.01; the H-share Index opened down 21.01 points, or 0.24%, at 8,623.7; and the Red Chip Index opened down 5.51 points, or 0.13%, at 4,244.91.China’s official manufacturing PMI for July will be released in ten minutes.

Owning Government Officials From Working on Regulation

Cory Russell

Jul 07, 2022 16:31

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Government personnel who actively engage in cryptocurrencies or are discovered to be in possession of any are prohibited from taking part in the creation of legislation and policies pertaining to cryptocurrencies, according to a recent directive from the US Office of Government Ethics.

With Some Exceptions

Additionally, the advisory notice made clear that even if the restriction is in effect, it only does so with a de minimis exception.


Owners are still able to invest in cryptocurrencies via publicly listed shares and mutual funds of businesses offering cryptocurrency and blockchain services because to this exception. Stablecoins and all other forms of cryptocurrency are included.


Government personnel are still permitted to acquire cryptocurrencies; but, doing so will prevent them from contributing to the development of crypto-related regulations.


They may still work on such initiatives, however, provided they divert their cryptocurrency holdings into other financial opportunities.


The notification went on to further describe the situation, saying "An employee may not engage in a specific topic if the employee understands that particular item might have a direct and predictable influence on the value of their cryptocurrency or stablecoins."


However, even for those who are permitted to invest in cryptocurrency-related stock index listings, a $50k threshold has been imposed over which the de minimis exemption is no longer applicable.

Crypto investors suffer a loss

The cryptocurrency market isn't in the greatest of health right now, even if the Biden administration is concentrating on creating laws for cryptocurrencies after the POTUS issued an executive order for the same.


The continued bearishness is having an impact on cryptocurrency firms as the overall market value of all cryptocurrencies is struggling to reach $1 trillion.


Voyager Digital has filed for Chapter 11 bankruptcy a week after stopping the platform's withdrawal, trading, and deposit services after Harmony almost went bankrupt a while back.


Thus, even without the US GOE's decision, it would only have taken these investors a little longer to leave the market, similar to how many other investors are already doing.

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