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The Saudi non-oil private sector maintains steady growth in September

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© Reuters. Muslim pilgrims shop in Mecca, Saudi Arabia, July 5, 2022. REUTERS/Mohammed Salem

A survey on Tuesday showed that non-oil private sector growth in Saudi Arabia remained strong in September thanks to a relatively strong recovery in production and new orders, albeit at a slower pace than in August as confidence waned.

The seasonally adjusted S&P Global (NYSE) Saudi Arabia Purchasing Managers’ Index (PMI) for the entire economy fell to 56.6 in September from 57.7 in August, remaining well above the 50 mark of growth.

“Saudi Arabia’s non-oil private sector economy maintained an impressive pace of growth during September, particularly on the back of increasingly challenging global economic conditions,” wrote David Owen, an economist at Standard & Poor’s Global Market Intelligence.

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“Both production and new orders increased at rates above their averages for the current 25-month growth sequences, while confidence in the quality of goods and services provided means that companies expect to successfully transition to challenging contracts to win a high percentage of what is a very positive pipeline for new business.”

The production sub-index, which measures business activity, fell to 59.5 in September from 61.5 in August. The pace of growth in September this year was exceeded only in August and June.

Inflationary pressures “appear to have been contained for the time being,” Owen said, as costs rose “at a broadly average rate, along with non-oil companies’ keenness to maintain competitive pricing policies.”

The employment sub-index showed the slowest pace of increase since January.

The PMI report stated that “Where growth was reported, it was associated with higher activity levels and increased production requirements. Construction recorded the strongest rise in employment in the four sectors surveyed. Services saw a marginal decline.”

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The production outlook for the next 12 months remained in positive territory, although the sub-index declined for the third consecutive month.

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.