BizNews Briefing – Bitcoin’s Promise, Israel ends Syria’s military capacity, Trump to run economy on X
In today's BizNews Briefing: Bitcoin's transformative potential takes center stage, Israel decisively eliminates Syria's military capabilities, and Donald Trump signals his intent to steer U.S. economic discourse via X.
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BizNews Reporter ___STEADY_PAYWALL___
BizNews Briefing Highlights
Bitcoin Update
- Microsoft voted against adopting Bitcoin as a strategic asset on its balance sheet.
- Farzam Ehsani, CEO of VALR, provided insights on the implications of this decision.
Geopolitics
- Israel claims its airstrikes have neutralized 70-80% of Syria's military capacity. Bloomberg's Sam Dagger reported on the developments.
Energy Sector
- BP and Shell spent $18 billion on electricity generation over five years but face balance sheet challenges in sustaining renewable energy investments. FT's Sonia Hudson and energy expert Malcolm Moore discussed the outlook.
- In South Africa, public hearings on a proposed 66% electricity price hike concluded. Prisma's Paul Null suggested liquidating bankrupt municipalities to repay Eskom.
US Economic Developments
- President-elect Donald Trump is driving economic initiatives via his X platform, pledging expedited permits for major investors. Bloomberg reported on the updates.
Market Overview
- Local markets were subdued amid "silly season." Highlights:
- Resources: Flat performance.
- Industrials: Up 0.25%.
- Financials: Biggest losers, down 0.75%.
- Currency updates:
- Bitcoin: $99,496.
- USD/ZAR: 17.75, GBP/ZAR: 22.65.
- Major movers:
- Barlow World: Rose over 15.5% following a 22.8 billion ZAR acquisition offer from Saudi company Zahid. Plans to delist from the JSE.
- Sibanye: Up 2.33%.
- Pick n Pay: Down 7%.
- Nedbank: Down 5%.
- Sasol: Down 4.5%.
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