STOCKS TELEGRAPH

Tag: UK

  • General Meeting of Shareholders: Ucommune International Ltd. (UK) Stock Made a Comeback in current market

    General Meeting of Shareholders: Ucommune International Ltd. (UK) Stock Made a Comeback in current market

    Ucommune International Ltd. (UK) is a leader in agile office space management and supply. It provides its members with supple and cost-effective office space platforms. The company’s self-operated models comprise U Space, U Studio, and U Design along with asset-light models including U Brand and U Partner.

    UK stock price during the regular trading on March 14, 2022, dropped by 32% to be $0.22. Its price rallied by 6.57% at the time of writing in the current market session of March 15, 2022.

    UK: Events and Happenings

    On March 15, 2022, UK reported holding an extraordinary general meeting of the shareholders on April 21, 2022. The reason behind the meeting is to impact a share consolidation of 20 ordinary shares par $0.0001 in its issued and non-issued share capital under one ordinary share par $0.002.

    On February 11, 2022, UK announced its entry into a contract with Xincheng Enterprise Management Co. for the development of the Shenfu-Ucommune Online Economy Industrial Park project. On February 3, 2022, UK updated on the receipt of notification from the Nasdaq Stock Market LLC on January 24, regarding non-compliance of the least bid price obligation.

    On January 14, 2022, UK stated regarding its entry into a contract with Nanchang Qinghu Industrial Park Management Company for the joint development of the Honggutan-Ucommune project.

    UK: Key Financials

    On November 26, 2022, UK’s third fiscal quarter 2021 financials were announced for the three months ended September 30, 2021. Some significant aspects are shared here.

    Revenue

    Third-quarter 2021 net revenues were RMB253.5 million in comparison to RMB199.9 million in the third quarter of fiscal 2020. The company noted an increase of 26.8% in net revenues YoY.

    EPS

    For the third quarter of fiscal 2021, net loss basic and diluted per share was RMB181.5 million or RMB2.01 compared to RMB169.3 million or RMB2.50 during the comparable quarter in 2020. The company’s EPS gained slightly over the year.

    Conclusion

    UK stock is plummeting from the last six months and touched a new low of 93% in this span. The company’s stock price jumped instantly in Tuesday’s current market trading following the issuance of an extraordinary general meeting date by the company.

  • UK-based Revolut adds Dogecoin to its platform

    UK-based Revolut adds Dogecoin to its platform

    The UK-based mobile banking app, Revolut, has announced to add Dogecoin (DOGE) to its platform. Revolut is one of the leading trading platforms in the UK and users will now be able to buy, sell and hold Dogecoin on the platform along with its 29 other coins. Revolut is also known as “challenger bank” because its challenges the traditional way banking is done. Dogecoin was added because of user demand.

    Dogecoin (DOGE) rose to popularity because of being meme crypto. After all, it had started off as a joke between two engineers but it wouldn’t be a stretch to say that Dogecoin has proven itself to be more than a joke. The cryptocurrency has garnered a lot of attention because of the interest of some high-profile figures like Elon Musk. Musk is being dubbed as “Doge father” and had been responsible for the all-time high of the cryptocurrency.

    However, as the excitement around Dogecoin died down during the market crash questions regarding the future of the cryptocurrency rose once again. Elon Musk took an active stance in the development of the cryptocurrency and the development team is now working with the billionaire CEO for the mass adoption of Dogecoin.

    Dogecoin had also been added by Coinbase Pro – which is an extremely hard feat to achieve. Coinbase is one of the most selective exchanges with only 63 tokens listed. The listing had brought Dogecoin under the spotlight once again.

    At the time of writing, Dogecoin (DOGE) stands at a price level of $0.32 – although the price has been trending downwards in the past twenty-four hours. Dogecoin is currently the sixth-largest cryptocurrency in the market with a capitalization of $41 billion.

  • British regulator extended registration deadline for crypto firms

    British regulator extended registration deadline for crypto firms

    Cryptocurrency regulation has been a sore topic for many. Regulators all over the world have been actively debating the extent of cryptocurrency regulation. UK’s regulatory watchdog, the Financial Conduct Authority, has put forward its concerns regarding the lax regulation in the country, once again.

    The Financial Conduct Authority has stated that a huge number of crypto firms do not meet the anti-money laundering requirements of the country. Cryptocurrency firms have to register with the FCA; however, only five firms have fully registered with the FCA as of yet. While others operate on a temporary license. Ninety firms are operating with a temporary license currently which are deemed to be not fit in terms of anti-money laundering. The inability to meet requirements has also resulted in a lot of withdrawal applications from businesses – 51 to be precise. The FCA has extended its temporary registration regime to March 31, 2022, in order to facilitate the crypto firms.

    The advent of blockchain technology did not raise many red flags initially. However, after the bull run of 2021, it became clear that the technology is here to stay with mass adoption on the radar. The blockchain technology has been becoming more relevant with every passing day. There have been many new developments and innovations in the cryptocurrency sphere. But with every new innovation, comes the cons as well. The decentralized nature of cryptocurrencies has led to a spike in money laundering, tax evasion, and other illegal activities.

    The problems are becoming rampant as cryptocurrencies move towards mass-scale adoption. Some regulators like the Australian regulators have had soft stances while others like South Koreans have launched a crackdown on the crypto sphere. While the regulatory future of cryptocurrencies is uncertain, regulators are becoming increasingly active on the front.

  • UK Banks Not Fans of Cryptocurrencies

    UK Banks Not Fans of Cryptocurrencies

    Where on one hand the cryptocurrency market is soaring and institutions are realizing the potential that the blockchain technology holds, on the other hand there has also been an increase in the growing skepticism.

    The cryptocurrency adoption has seen some major developments. From major financial institutions like Goldman Sachs providing cryptocurrency exposure to clients to corporate behemoths like Tesla accepting cryptocurrency payments, the cryptocurrency industry has come a long way. But amidst all that, it cannot be ignored that cryptocurrencies have a notorious reputation for being the hotbed for illegal activities.

    A major UK bank, NatWest, has issued a statement stating the bank will refuse service to customer who deal in cryptocurrencies. Morten Friis, head of the bank’s risk committee, revealed in a recent shareholder meeting the bank has no interest in dealing with clients whose businesses are backed by cryptocurrency exchanges or cryptocurrency trading and investing is their primary activity.

    The bank’s decision stems from the notorious reputation of cryptocurrencies as well as crypto regulation. The regulation of the cryptocurrency is also a sore topic for many and entails unnecessary complications for anyone looking to get involved in the crypto sphere.

    This is not the first time UK banks have had such a strong stance on cryptocurrencies. Another UK bank HSBC also has a strong anti-crypto narrative. The bank has barred its users from investing in MicroStrategy – the business intelligence company with major cryptocurrency investments. HSBC had also denied users to deposit profits from cryptocurrency exchanges.

    The UK banks anti-crypto stance will also have consequences for the cryptocurrency adoption as corporate clients like Tesla that are moving towards accepting cryptocurrency payments will also now face difficulties.

  • Rampant Complaints About Signal’s MobileCoin Integration

    Rampant Complaints About Signal’s MobileCoin Integration

    The end-to-end encrypted messenger app Signal had been gaining popularity since the acquisition of WhatsApp by Facebook. Signal had been vocal about protecting the privacy rights of users which is why the messenger application is designed so. However, Signal designed to take its mission a step further by incorporating a privacy coin into its application for fast and anonymous transactions.

    Signal and MobileCoin’s partnership has had a rocky journey and the beta version of the application has not even been launched throughout the world. Users started speculating about the connection that the CEO of signal has with MobileCoin and the possible motives behind the partnership as MobileCoin started soaring days before the announcement.

    The messenger app had run a test pilot in the UK and has released the report of the test run. The report also revealed the top four complaints of users. The top complain was the transaction fee of $0.60 is too high – understandably. Followed by the intricacies of actually transferring funds. The UK users had to resort wiring transfer money to exchanges which support MobileCoin. The process is complex and also incurs additional fees. Finally, cryptocurrencies are known for their brutal volatility and the firm acknowledged that the price volatility of MobileCoin will pose a problem for users.

    However, Signal has taken notes of all the major complaints and is actively working on resolving as much as it can.

  • TikTok Owner ByteDance Decides To Spend Billions In Singapore Amid US Ban Orders

    ByteDance, a Chinese multinational company, and owner of video-sharing app TikTok is currently striving to establish its foothold in Singapore as the company is planning to expand its business in Asia. ByteDance is planning to spend several billion dollars and has decided to add hundreds of jobs in the coming three years.

    Sources disclosed that the company also has applied for a license to run a digital bank. The investment decision came soon after the ByteDance is forced to sell its TikTok operations in the US or it will get banned. President Donald Trump said on Thursday that he will not extend the fast-approaching deadline he set for ByteDance to sell its TikTok Operations or have it banned.

    Earlier in July, Trump announced that he will ban TikTok operations in the US. He declared in an executive order that there is valid evidence that ByteDance might take actions that are dangerous for the national security of the US. ByteDance is also planning to establish a data center in Singapore. People familiar with the matter disclosed that the operations of ByteDance Inc, in Singapore, include TikTok and Lark, an enterprise software business.

    The Beijing-based company is continuously striving to establish its business deeper into Asia after facing difficulties in India, the US, and the UK. In India, TikTok is among the hundred Chinese-made apps that are banned in India for security reasons. In the US, TikTok has already received the deadline to sell its operations, or otherwise, it will be banned.

    UK government has imposed restrictions on the activities of TikTok. PM Boris’s chief of staff Eddie Lister has earlier revealed by conducting a review that TikTok doesn’t cause a big security threat but may still ask the government to stops the company from moving users’ data out of the country.

    ByteDance has recently announced 200 new jobs in Singapore for positions in everything from payments to e-commerce and data privacy. Singapore is a highly attractive place for the tech firm and many companies are looking forward to work from there to address the Southeast Asian markets needs.