“AMMO – Not to be used against the enemy!”
Bitcoin tumbles back to the $60000 level after mini rally
Cryptocurrencies fell on Tuesday evening 1st October 2024, with Bitcoin retreating to the $60,000 level following an unstable beginning to what is typically one of its best performing months.
Shares associated with digital currencies also fell in after-hours trading. Crypto exchange Coinbase saw a decline of about 1%, and MicroStrategy experienced a 2% drop, following a decrease of 7.4% and 3.5% at the close.
Escalating conflicts in the Middle East have curbed investors’ appetite for risk as the new trading month and quarter got underway. On Tuesday 1st October 2024, Iran executed a ballistic missile strike on Israel in response to the recent assassination of Hezbollah leader Hassan Nasrallah and an Iranian commander in Lebanon.
The growing turmoil in the Middle East has driven oil prices higher and bolstered the U.S. dollar, casting a shadow over Bitcoin and other speculative assets.
Bitcoin 7-day chart from CoinMarketCap
“If my mind can conceive it, and my heart can believe it – then I can achieve it.”
Muhammad Ali – (Cassius Clay) 1942 – 2016
He was an American professional boxer, activist, spokesperson for civil rights and entertainer. Nicknamed “the Greatest“, he is regarded as one of the most significant sports figures of the 20th century and is often regarded as the greatest heavyweight boxer of all time.
CONCEIVE – BELIEVE – ACHIEVE
China property stocks surge as stimulus induced rally continues
Shares of many Chinese property stocks listed in Hong Kong soared to their highest levels in more than a year, propelled by the ongoing stimulus rally in China
The real estate sector emerged as the top performer in the Hang Seng Index on Wednesday 2nd October 2024.
Chinese stocks experienced a rally, climbing over 7% to complete their sixth consecutive day of gains.
Ireland’s 13-billion-euro Apple windfall
Ireland stands to gain a substantial financial boost following a pivotal ruling by the European Union’s highest court, which requires Apple to pay €13 billion (around $14 billion) in back taxes. Initially resisted by Dublin, this windfall is now seen as a transformative chance for the nation.
The settlement’s roots trace back to 2016 when the European Commission deemed that Apple had received illegal state aid via favorable tax deals with Ireland. After prolonged legal disputes, the EU court’s verdict has concluded the issue, mandating Apple to settle the substantial amount.
The Irish government has devised a strategic plan to capitalise on this unforeseen fiscal advantage. The funds are designated for various key sectors to promote sustained economic growth and societal welfare. A considerable portion is allocated for infrastructure enhancements, including transport network upgrades and sustainable energy initiatives, in line with Ireland’s green economy transition goals.
The windfall will also bolster progress in healthcare and education. Plans are in place to improve healthcare facilities and services, enhancing access and care quality for residents. In education, investments will focus on updating educational institutions, fostering research and innovation, and preparing the workforce with future-oriented skills.
The financial influx also presents a chance to tackle housing deficits, with investments directed towards boosting affordable housing availability and ameliorating living standards nationwide. This comprehensive strategy aims to forge a more equitable and thriving society.
In essence, Ireland’s $14 billion windfall from Apple offers an exceptional opportunity to effectuate considerable improvements across diverse sectors, potentially reshaping the country’s economic and social fabric for generations.
It’s quite remarkable how a fortune from just ONE company can be utterly transformational for an entire country.
As of September 2024, Apple’s market cap sat at around $3.4 trillion. This makes Apple the most valuable company in the world by market cap.
Just so you know, 14 billion of 3.4 trillion equals about 0.41%. A small drop in a massive financial ocean.