VENICE — Poor Things, a gothic, sex-charged comedy directed by Greece’s Yorgos Lanthimos, won the prestigious Golden Lion award at the Venice Film Festival on Saturday.
Starring Emma Stone, Willem Dafoe, and Mark Ruffalo, the British-made film wowed festivalgoers with its zany story of a woman reanimated after suicide by a mad doctor who replaces her brain with that of her unborn baby.
Childlike but with an adult’s body, Ms. Stone’s character Bella Baxter grows increasingly independent and excited by her sexual experimentations as she undertakes a voyage of self-discovery through a surreal version of 19th century Europe.
“The central character is Bella Baxter, an incredible creature, and she would not exist without Emma Stone, another incredible creature,” said Mr. Lanthimos, whose previous films include The Favorite and The Lobster.
Venice marks the start of the awards season and regularly throws up big favorites for the Oscars, with eight of the past 11 best director awards going to films that debuted here.
The top acting awards at the festival went to two US stars — Cailee Spaeny, who played the former wife of Elvis Presley in the biopicPriscilla, and Peter Sarsgaard, who featured in the gritty family drama Memory.
The runner-up Silver Lion award went to Evil Does Not Exist, an enigmatic, rural drama directed by Japan’s Ryusuke Hamaguchi — the only Asian entry among the 23 films competing for the main prize.
STRIKE ACTION Saturday’s ceremony wrapped up the 11-day movie marathon, which drew an array of top films to Venice, but far fewer stars than normal as a long-running Hollywood actors’ strike prevented many A-listers from coming to promote their work.
Actors and writers are demanding that streaming sites and film studios improve their contracts and impose curbs on the use of artificial intelligence.
Collecting his award, Mr. Sarsgaard said AI had to be curbed, warning that the issue had implications that went far beyond Hollywood.
“This holy experience of being a human will be handed over to the machines and the eight billionaires who own them. So if we lose that battle in the strike, our industry will be the first of many to fall,” he said.
Among other prizes handed out in Venice was a special Jury’s Award for Green Border, a harrowing film about migrants trapped on the Polish-Belarus border, directed by Poland’s Agnieszka Holland.
Best director went to Italy’s Matteo Garrone for Me Captain, another gripping migrant movie, which follows two teenagers from Senegal as they cross Africa hoping to reach Europe. The young star of the film, Seydou Sarr, won the award for best emerging actor or actress.
Best screenplay went to Guillermo Calderon and Pablo Larrain for the script of El Conde, a satirical film about Chilean dictator General Augusto Pinochet. — Reuters
Ripple’s price has been relatively stagnant over the past week, showing little intent to move in either direction. However, analyzing nearby support and resistance levels and evaluating probable scenarios would be beneficial.
Technical Analysis
By Edris
XRP/USDT Price Analysis
Against USDT, the price has been consolidating below the 200-day moving average, located around the $0.5 mark. It has failed to close above the mentioned moving average in the last few days.
The RSI indicator has been showing values below 50% for a while now, indicating that the momentum is in favor of the sellers. Therefore, at the moment, a bearish continuation towards the $0.43 level or even lower is more probable.
Source: TradingView
XRP/BTC Price Analysis
This chart shows that the price has gradually declined over the last few weeks, following a break below the 2200 SAT level and the 50-day moving average.
The RSI is also trending below 50%, and there is a high likelihood for the market to test the 200-day moving average around the 1900 SAT area and the 1800 SAT static support level. However, as long as the price trades above the 200-day moving average, investors can be optimistic as the trend is considered bullish overall.
Source: TradingView
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There are a host of corporate actions scheduled for this week. IRFC, Jindal Stainless, Gujarat Gas, Jupiter Wagons, Gokaldas Exports, and Landmark Cars will trade ex-dividend, while Power Grid Corporation will trade ex-bonus this week.
The ex-dividend date is when the price of the equity shares of a company gets adjusted for the dividend payout. It is one or two working days before the record date. All the shareholders whose names appear in the company’s list by the end of the record date will be eligible to receive dividends.
On 11th September, Gujarat Gas (Rs 6.65/share), Landmark Cars (Rs 2.25/share), Sterling Tools (Rs 2/share), Dilip Buildcon, Dynamic Industries, Asahi India Glass, Hisar Metal Industries, Nitin Spinners and Garware Technical Fibers will trade ex-dividend. While AIA Engineering (Rs 16/share), Jupiter Wagons (Rs 0.5/share), Bhagwati Autocast ( Rs 2/share), Dhunseri Tea & Industries, MSTC and Hindustan Hardy will trade ex-dividend on 12th September.
Meanwhile, Gokaldas Exports (Re 1/share), Hinduja Global Solutions (Rs 2.5/share), Hester Biosciences (Rs 8/share), Alicon Castalloy, Cindrella Hotels, Dhunseri Ventures and Kalyani Forge will trade ex-dividend on 13th September. Also, J Kumar Infra (Rs 3.5/share), Radico Khaitan (Rs 3/share), TV Today Network (Rs 3/share), Amrutanjan Health Care, Lakshmi Mills Company, Prestige Estate Projects, GOCL Corporation and Reliance Chemotex Industries will trade ex-dividend on 14th September.
On Friday, September 14th, IRFC (Rs 0.7/share), Jindal Stainless (Rs 1.5/share), MCX ( Rs 19.09/share), Cantabil Retail India, Creative Casting, Eldeco Housing & Industries, Krsnaa Diagnostics, Vardhman Special Steels, Uttam Sugar Mills, Garden Reach Shipbuilders and Apollo Pipes will trade ex-dividend on 15th September.
Power Grid Corporation of India (1:3) on Tuesday, Infinium Pharmachem (1:1) on Wednesday, and Sarveshwar Foods (2:1) & Tinna Rubber and Infrastructure (1:1) on Friday will trade ex-bonus.
Shares of ADF Foods (Rs 10 to Rs 2) on Monday, and Sarveshwar Foods (Rs 10 to Re 1) on Friday will ex-split. Whereas, the ex-date for the right issue of Bhandari Hosiery Exports on Wednesday, and Varanium Cloud on Friday was fixed.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
NEW YORK (Reuters) -Arm, the chip designer owned by SoftBank Group Corp, is getting close to securing enough investor support to attain the fully diluted valuation of $54.5 billion it was seeking in its initial public offering (IPO) at the top of its indicated range, and is considering asking investors to value it higher, people familiar with the matter said on Sunday.
Following strong demand from investors, Arm will likely be able to price the IPO at the top or above its $47-to-$51-per-share range when its underwriters close their books on Wednesday on the biggest U.S. stock market debut in two years, the sources said.
Arm is discussing the possibility of raising the price range and seeking a valuation of more than $54.5 billion, in light of the IPO’s oversubscription, the sources said. Alternatively, Arm is also considering keeping the price range as is and pricing the IPO above it on Wednesday, which would also lead to a valuation higher than $54.5 billion, the sources added.
Arm will not, however, offer more shares, given that SoftBank wants to retain a 90.6% stake in Arm following the approximately $5 billion IPO, as originally planned, the sources said.
A decision on whether to raise the price range will come in the next two days after some key orders from investors come in on Monday, according to one of the sources.
The sources, who spoke on condition of anonymity to discuss confidential deliberations, cautioned that some anticipated investor commitments had not been finalized and the trajectory of the orders could still change.
SoftBank and Arm did not immediately respond to requests for comment.
The valuation that Arm has been seeking thus far represents a climb-down from the $64 billion valuation at which SoftBank last month acquired the 25% stake it did not already own in the company from the $100 billion Vision Fund it manages.
Yet even with this lower valuation, SoftBank would fare better than its $40 billion deal to sell Arm to Nvidia Corp, which it abandoned last year amid opposition from antitrust regulators.
Arm has already signed up many of its major clients as cornerstone investors in its IPO, including Apple, Nvidia, Alphabet, Advanced Micro Devices, Intel and Samsung Electronics.
Arm launched its IPO marketing efforts last week, seeking to convince investors it has growth ahead of it, beyond the mobile phone market, which it dominates with a 99% share.
Weak mobile demand during a global economic slowdown has caused Arm’s revenue to stagnate. Overall sales totaled $2.68 billion in the 12 months to the end of March, compared to $2.7 billion in the prior period.
Arm told potential investors in New York on Thursday that the cloud computing market, of which it has only a 10% share and therefore more room to expand, is expected to grow at an annual rate of 17% through 2025, partly thanks to advances in artificial intelligence. The automotive market, of which it commands 41%, is forecast to expand by 16%, compared with just 6% growth expected for the mobile market.
Arm also told investors its royalty fees, which account for most of its revenue, were accumulating since it started collecting them in the early 1990s. Royalty revenue came in at $1.68 billion at the latest fiscal year, up from $1.56 billion a year before.
An area of scrutiny for investors has been Arm’s exposure to China, given geopolitical tensions with the United States that have led to a race to secure chip supplies. Sales in China contributed 24.5% of Arm’s $2.68 billion revenue in fiscal 2023.
(Reporting by Echo Wang and Anirban Sen in New YorkEditing by Greg Roumeliotis and Diane Craft)
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A delegation of Israeli officials has travelled publicly to Saudi Arabia for the first time, in the latest sign of increasingly overt ties between the two countries.
The Israeli delegation, led by Amir Weissbrod, a deputy director-general in the Israeli ministry of foreign affairs, will be observers at a Unesco world heritage meeting. They are not on a bilateral visit.
But this is the latest sign of how ties between the two countries, which do not have diplomatic relations, have developed in recent months, as the administration of US president Joe Biden has spearheaded a push to normalise their relations as part of a deal that would reshape Middle Eastern geopolitics.
Under the complex — and highly delicate — deal being discussed by US and Saudi officials, the US would provide Saudi Arabia with security guarantees and support for a civilian nuclear programme.
In return, Saudi Arabia, one of the leaders of the Arab world and home to Islam’s two holiest sites, would normalise relations with Israel in a move that could potentially persuade other Muslim countries to follow suit.
To complete the deal, Saudi officials are also likely demand that Israel makes concessions to the Palestinians, and three senior Palestinian officials visited Riyadh last week to discuss their position.
A Palestinian official told the Financial Times that the Palestinians were seeking US support for full membership of the UN, where they currently have observer status.
Palestinian officials are also seeking a freeze on Israeli settlement expansion as well as administrative control of more of the West Bank, which they seek as the heart of a future state but which Israel has occupied since 1967.
Saudi Arabia refused to join several other Arab states, including the neighbouring United Arab Emirates, when they normalised relations with Israel in 2020. Saudi officials had said they would demand bigger concessions, both from the US and Israel.
The talks have gained momentum since June but remain fraught with difficulties. These include doubt over whether Israel’s far-right government would make significant concessions to the Palestinians, and whether the US would accede to Saudi demands to be allowed to enrich uranium for a nuclear power plant.
An Israeli official previously told the FT that settlement freezes or territorial concessions to the Palestinians were unlikely.
Bitcoin (BTC) traded in a narrow range this week and is on target to form the third consecutive Doji candlestick pattern on the weekly chart. The cryptocurrency markets did not receive any support from the United States equities markets, which ended the week on a negative note. The S&P 500 Index dropped 1.3% while the Nasdaq closed down 1.9%.
Bitcoin’s weakness has dragged several altcoins lower, with many testing multi-week lows. This indicates that the broader crypto market is in a firm bear grip. Negative markets make it difficult for buyers to identify short-term bullish trades as rallies hardly sustain. However, it could be a good time for long-term investors to build a portfolio.
Crypto market data daily view. Source:Coin360
According to a recent Amberdata report, 24% of asset management firms are appointing senior executives dedicated to the implementation of digital strategies. Down the line, 13% more firms plan to adopt a digital assets strategy. This indicates “seriousness about implementation as well as senior management buy-in,” the report added.
Could Bitcoin break out to the upside, boosting buying interest in altcoins? Let’s study the charts of top-5 cryptocurrencies that are showing promise in the near term.
Bitcoin price analysis
Bitcoin has been trading near the $26,000 level for the past few days, indicating a tussle between the bulls and the bears.
BTC/USDT daily chart. Source: TradingView
The downsloping moving averages indicate advantage to bears but the positive divergence on the relative strength index suggests that the selling pressure is reducing. The indicators are not giving a clear advantage either to the bulls or the bears.
Therefore, it is better to wait for the price to either sustain above $26,500 or dive below $24,800 before placing large bets.
If bulls overcome the obstacle at $26,500, the BTC/USDT pair could soar to the overhead resistance at $28,143. On the other hand, a fall below $24,800 could clear the path for a collapse to $20,000.
BTC/USDT 4-hour chart. Source: TradingView
The price has been trading near the moving averages on the 4-hour chart, indicating a lack of interest from both the bulls and the bears. This tight-range trading is unlikely to continue for long and may lead to a range expansion within the next few days.
On the upside, a rally above $26,500 will indicate that the advantage has tilted in favor of the buyers. That may start an up-move to $27,600 and eventually to $28,143.
Alternatively, if the price breaks below $25,300, the selling could pick up and the pair may retest the Aug. 17 intraday low of $25,166.
Toncoin price analysis
Toncoin (TON) has pulled back to the 20-day exponential moving average ($1.69). In an uptrend, a correction to the 20-day EMA usually offers a low-risk entry opportunity.
TON/USDT daily chart. Source: TradingView
The 20-day EMA is likely to act as a strong support. If the price snaps back from the 20-day EMA, it will indicate that the sentiment has turned positive and traders are buying on dips. The TON/USDT pair could first rise to $1.89 and thereafter attempt a rally to $2.07.
Instead, if the price continues lower and plummets below the 20-day EMA, it will suggest that the bulls are bailing out of their positions. That could open the doors for a possible drop to $1.53 and next to the 50-day simple moving average ($1.45).
TON/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bears are trying to sink the price below the immediate support at $1.72 but the bulls have held their ground. The downsloping 20-EMA and the RSI in the negative territory increases the risk of a downside breakdown.
If the $1.72 support cracks, the pair could skid to $1.66 and later nosedive to the strong support at $1.53. Contrarily, if bulls propel the price above the moving averages, it will suggest the start of a stronger recovery to $1.90 and subsequently to $2.
Stellar price analysis
Stellar (XLM) has staged a smart recovery in the past few days, indicating that the buyers are attempting a comeback.
XLM/USDT daily chart. Source: TradingView
The XLM/USDT pair broke above the 20-day EMA ($0.12) on Sep. 4 and the bulls thwarted attempts by the bears to yank the price back below it on Sep. 5 and 6. This suggests that the bulls are trying to flip the 20-day EMA into support.
The price has reached the 50-day SMA ($0.13), which is behaving as a roadblock. A minor positive in favor of the buyers is that they have not given up much ground. This suggests that the bulls are not rushing to the exit. If the price breaks above the 50-day SMA, the pair could soar to $0.15 and later to $0.17.
This bullish view will invalidate in the near term if the price turns down and plunges below the 20-day EMA.
XLM/USDT 4-hour chart. Source: TradingView
The bears are trying to halt the recovery at the overhead resistance at $0.13 but the bulls have not given up much ground. The rebound off the 20-EMA shows that lower levels continue to attract buyers. If the price maintains above the overhead resistance, the pair could start an up-move to $0.15.
If bears want to prevent the up-move, they will have to quickly drag the price below the 20-EMA. That could accelerate selling and tug the price to the 50-SMA.
Related: 3 reasons why Pepe price will continue to fall in September
Monero price analysis
Monero (XMR) has held the uptrend line support for the past few days, indicating buying at lower levels. The price has reached the 20-day EMA ($143), which is an important level to keep an eye on.
XMR/USDT daily chart. Source: TradingView
If bulls drive the price above the 20-day EMA, it will suggest the start of a sustained recovery. The XMR/USDT pair could then climb to the 50-day SMA ($151), where the bears may again mount a strong defense. If this obstacle is cleared, the pair could surge to $160.
The bears are likely to have other plans. They will try to protect the 20-day EMA and pull the price below the uptrend line. If they manage to do that, several stops may be hit. That could sink the pair to $130.
XMR/USDT 4-hour chart. Source: TradingView
The price action on the 4-hour chart shows the formation of a symmetrical triangle pattern. The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.
If the price slips below the 50-SMA, the bears will try to pull the pair to the support line of the triangle. Contrarily, if the price rises above the 20-EMA, the pair could reach the resistance line. A break above or below the triangle could signal the start of a trending move.
Maker price analysis
Maker (MKR) has been stuck between the moving averages, indicating indecision among the bulls and the bears. A minor positive in favor of the bulls is that the price has been trading above the downtrend line.
MKR/USDT daily chart. Source: TradingView
The 20-day EMA ($1,119) is moving up gradually but the RSI near the midpoint suggests a lack of bullish momentum. Buyers will have to propel and sustain the price above the 50-day SMA ($1,157) to signal the start of an up-move to $1,227.
This positive view could invalidate in the near term if the price re-enters the downtrend line. The MKR/USDT pair could then slump to the strong support at $980. This level is likely to witness strong buying by the bulls.
MKR/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the price has been oscillating between $1,083 and $1,170 for some time. The flattish moving averages and the RSI in the negative zone indicate a slight advantage to the sellers.
On the downside, the important support to watch out for is $1,102 and then $1,083. Conversely, if the price turns up from the current level and breaks above the moving averages, it will suggest that the bulls are on a comeback. The pair may then rally to $1,170.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
THE Maharlika Investment Fund (MIF) is expected to generate 100,000 direct and indirect jobs as its initial capitalization becomes fully paid in over the first 10 years of operations, the Department of Finance (DoF) said.
The MIF is also expected to contribute 0.07 percentage point (ppt) to gross domestic product (GDP) each year over the same period, the DoF said, also citing data from the National Economic and Development Authority (NEDA).
“Due to spillover effects, the value added generated through investment activities in the first 10 years of the Fund is expected to still contribute 0.01 ppt annually to growth over the next 11-20 years,” it added.
The sovereign wealth fund will be managed by the Maharlika Investment Corp. (MIC), which will have authorized capital stock of P500 billion.
The MIC’s initial P125-billion funding will come from the National Government (P50 billion), the Land Bank of the Philippines (P50 billion) and Development Bank of the Philippines (P25 billion).
Under a scenario in which the MIF is not established and the government keeps the P125 billion, the retained initial capitalization is expected to contribute 0.06 ppt to growth.
“There are no spillover effects expected in this scenario,” the DoF added.
A further scenario has the MIF generating 0.2 ppt in GDP growth annually if “in addition to co-investments generated with other parties, the P500-billion authorized capital stock of the corporation can be fully paid in over the course of the first 10 years of operations.”
“Job creation, both direct and indirect, is projected at 350,000,” it added.
Spillover effects from this scenario are also expected to contribute 0.05 ppt annually to growth over the next 11 to 20 years.
“NEDA also approximates when the impact of the investments in the following will be felt in the capital markets (in the) first few years (and) sectoral investments (in) five to seven years,” it added.
Meanwhile, Finance Secretary Benjamin E. Diokno clarified that the president and chief executive officer (CEO) of the Maharlika Investment Corp. (MIC) needs to be Filipino.
“I know the head of the MIC should be Pinoy. But independent directors (can be foreigners),” he said.
The implementing rules and regulations (IRR) of the Maharlika law do not explicitly state that the MIC president and CEO should be Filipino.
The MIC president and CEO is only required to hold an advanced degree (MBA, MA, MSc, PhD) in finance, economics, business administration, or any related field from a reputable university.
It also requires a minimum of 10 years in a senior leadership role in a “reputable financial institution or public or private sector organization.”
On the other hand, regular directors must be Filipino citizens and at least 35 years old.
Regular and independent directors are also both required to have a master’s degree in finance, economics, business administration and have at least 10 years’ experience in finance, investment, economics, business, or any related field.
The Bureau of the Treasury has started accepting nominations and applications for the president and CEO, independent directors, and regular directors.
The deadline for nominations and applications is on Sept. 27. — Luisa Maria Jacinta C. Jocson
International Monetary Fund (IMF) on Sunday called for investment by the public and private sectors for decisively reducing emissions. It also hailed India’s G20 Presidency as a ‘powerful reminder’ of a joint effort for yielding much more than expected in resolving global problems.
“Our one and onlyearth is threatened by existential climate change. Ahead of COP28, we must raise ambition to decisively reduce emissions to prevent grave risks to economic wellbeing and macro-financial stability,” IMF Managing Director Kristalina Georgieva said in a statement. She was in the capital to attend G20 Leadership Summit here which concluded on Sunday.
Further she said that transforming this ambition into reality will require large investments both from the international community and the private sector, as well as an appropriate price for carbon. “G20 members must lead by example in delivering on the promises of $100 billion per year for climate finance, supported by strengthening the Multilateral Development Banks,” she said while adding that IMF has secured over $40 billion to support vulnerable countries through our Resilience and Sustainability Trust (RST) to build climate resilience.
“At the same time, countries also need to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets,” she said. Also, she highlighted that the IMF is providing policy support and capacity development in collaboration with partners to help countries.
Appreciating India’s G20 Presidency, she termed it as a powerful reminder that “when the international community comes together to solve global problems, much can be accomplished.” She said she looks forward to further strengthening the bonds of international cooperation to create a more prosperous and resilient global economy for all. “Leaders wholeheartedly embraced the theme of India’s Presidency of “One Earth, One Family, One Future” and conveyed a strong consensus for joint action to address global challenges in the New Delhi Declaration,” she said.
Global economy
Talking about global economy, she said that though economies are recovering but the recovery is slow and uneven, with medium-term growth prospects being the weakest in decades in an environment of still elevated inflation, high interest rates, and growing fragmentation. The risk of further divergence is real, with richer countries being more resilient to shocks and vulnerable emerging and low-income countries contending with limited buffers, added the IMF MD.
“Against this background, all countries should pursue sound policies to support economic and financial stability and growth-oriented structural reforms. This is especially important in emerging and developing countries, where such reforms can boost output by up to 8 per cent over four years,” she said.
Emphasing the need for quota reforms, she said that since the start of the pandemic, the IMF has injected $1 trillion in reserves and liquidity through lending to nearly 100 countries and the historic SDR allocation. “To make the global economy stronger and more resilient in a more shock-prone world, it is vital to reach an agreement to increase the IMF’s quota resources before the end of the year and secure the needed resources for the Fund’s interest-free support to the poorest countries through the Poverty Reduction and Growth Trust,” she said.
Bitcoin Price Analysis:Bearish Momentum Below 25833 – 11 September 2023
Bitcoin (BTC/USD) remained challenged early in the Asian session as the pair encountered additional bearish momentum below the 25833.69 level, representing the 23.6% retracement of the depreciating range from 26460.41 to 25640.10.Upside activity was recently capped below the 25953.46 area, representing the 38.2% retracement of the same depreciating range.Bears expect another test of the 25128.94 area, a downside price objective linked to downward pressure around the 30421.29level, following a recent low around the 25234.76 area.A sustained break below the 25462.40 level will elevate bearish pressure as it is a downward price objective corresponding to significant recent selling pressure around the 28184.89 area.
Stops are cited below the 24197.68 level, a downside price objective related to selling pressure around the 30222 area.Additional price objectivesbelow the market include the 24511, 24339, 23164, 22949, 21496, and 20702 areas.Technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the 23661, 22793, and 21725 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).Also, the 50-bar MA (hourly) is bullishly indicatingabove the100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 25862.97 and the 100-bar MA (Hourly) at 25851.21.
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.
Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
