The Securities and Exchange Commission (SEC) of the Philippines to deactivate Binance from their app stores. A press release on Tuesday stated that the regulator had written to Google and Apple requesting that Binance-controlled applications be removed from the Google Play Store and Apple App Store.

According to Emilio Aquino, chair of the Securities and Exchange Commission, the public’s continued access to Binance’s websites and apps “threatens the security of Filipino investors’ funds.”

According to the agency, Binance operated as an unregistered broker and offered unregistered securities to Filipinos, violating Philippine securities laws. As of the time of this writing, neither nor Google nor Apple could be reached for comment.

According to Aquino, blocking from the Apple and Google app stores would help prevent “further proliferation of its illegal activities in the country and to protect investors from its negative economic effects.”

The National Telecommunications Commission of the Philippines has previously blocked access to website in the country.

Earlier this year, the SEC warned the public against using in the Philippines, and began examining the possibility of blocking Binance’s services there. According to the SEC, Binance has actively promoted its services on social media to attract funds from Filipinos, despite the fact that it is not licensed.

As a result, the watchdog is urging Filipinos who have invested to close their positions as soon as possible, or to transfer their crypto holdings to their own crypto wallets or exchanges registered in the country.

Richard Teng, formerly CEO of UAE regulator Abu Dhabi Global Markets, was appointed as Binance’s CEO following a settlement with the U.S. government that involves a $4.3 billion fine for alleged money laundering violations. In addition to the action,

Binance has been witness to a litany of woes recently.

Former CEO Changpeng Zhao has been charged with violating the Bank Secrecy Act and has agreed to step down. Zhao’s sentencing is scheduled for April 30.

Several lawsuits have been filed against by the Securities and Exchange Commission and the Commodity Futures Trading Commission regarding alleged mismanagement of customer assets and the operation of an illegal, unregistered exchange.

AUSTIN, Texas – Tesla will ask shareholders to approve the reinstatement of a $56 billion compensation package for CEO Elon Musk, which a Delaware judge rejected earlier this year, and move the electric car manufacturer’s headquarters from Delaware to Texas.

In a statement with federal regulators early Wednesday, the business stated that shareholders will vote on both measures at its annual meeting on June 13.

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Tesla wants shareholders to reinstate $56 billion pay package for Musk rejected by Delaware judge

The Tesla board of directors offered Musk an unprecedented compensation plan that could be worth $55.8 billion over ten years starting in 2018, but Chancellor Kathaleen St. Jude McCormick ruled in January that Musk is not eligible for it.

Five years ago, a Tesla shareholder lawsuit argued that the pay package should be void because Musk dictated it and forged agreements with directors who weren’t impartial to him.

Musk announced a month after the judge’s decision that he would try to relocate Tesla’s corporate listing to Texas, where he has already relocated the company’s headquarters.

Almost immediately after the judge’s order, Musk moved Neuralink, his privately held brain implant company, from Delaware to Nevada.

Tesla met all of the operational and stock value benchmarks outlined in a 2018 CEO pay package, according to Chairperson Robyn Denholm in a letter to shareholders this week. She also stated that Musk has met the automaker’s growth expectations.

“Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years, which has helped to generate significant growth and stockholder value,” Denholm said. “That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it.”

According to a regulatory filing, Tesla delivered 1.8 million electric vehicles worldwide in 2023. However, the value of its shares has dropped sharply this year as sales of electric vehicles fall.

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Tesla wants shareholders to reinstate $56 billion pay package for Musk rejected by Delaware judge

Future growth is still being determined, and it may be difficult to persuade shareholders to support a large pay package in a market where competition has increased globally, and demand for electric vehicle sales is declining. Shareholders will also be asked to submit a nonbinding advisory vote on future CEO pay.

Tesla’s stock has lost over one-third of its worth this year as dramatic price cuts have yet to attract new purchasers. The business said it shipped 386,810 automobiles from January to March, about 9% fewer than last year.

Musk’s package was valued at more than $55.8 billion at the time of the Delaware court verdict, but the court may have cost the erratic CEO more than $10 billion due to the company’s stock decline this year. According to the report, Musk’s 2018 remuneration totaled $44.9 billion at the close of trading on April 12.

Since last year, Tesla has reduced prices by up to $20,000 on some models. The price decreases caused the prices of used electric vehicles to fall, reducing Tesla’s profit margins.

Tesla announced this week that it would lay off nearly 10% of its workforce, or approximately 14,000 individuals.

Following receipt of a report from a special committee under the direction of one board member, Kathleen Wilson-Thompson, Tesla’s board stated in the filing that it sought shareholder approval of Musk’s 2018 compensation package.

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Tesla wants shareholders to reinstate $56 billion pay package for Musk rejected by Delaware judge

The board stated that if a significant vote is cast against future executive pay packages, “we will consider our stockholders’ concerns, and the compensation committee will evaluate whether any actions are necessary to address those concerns.”

Tesla Inc. shares, which fell another 8% this week, were marginally down in trade shortly after Wednesday’s opening bell.

SOURCE – (AP)

From central banks to Costco shoppers, everyone is purchasing gold these days. Spot gold touched $2,364 per ounce on Tuesday, following seven consecutive sessions of record highs and trading at $2,336 per ounce on Monday. Year on year, gold is up 16.5%.

Investors who expect the Federal Reserve to lower its benchmark interest rate are the primary drivers of price increases, but other factors, such as central banks buying gold, headed by China, to reduce reliance on US currency, are also contributing.

Why Gold Prices Are At Record Highs

Central banks view gold as a long-term store of value and a haven during periods of economic and international crisis.

Gold is regarded as a reliable investment. When interest rates fall, gold prices often climb, as bullion becomes more tempting than income-paying assets such as bonds. Investors also view gold as a hedge against inflation, anticipating that it would preserve its value as prices rise.

According to Reuters, the People’s Bank of China purchased gold for the 17th consecutive month in March, adding 160,000 ounces to its stockpile of 72.74 million troy ounces.

According to a UBS research note dated April 9, central banks may wish to “diversify away” from the US currency and acquire it in the face of geopolitical instability. Demand drives up prices as China expands its reserves, which traditional investors have already increased.

According to a Capital Economics research report published on April 9, Chinese investors are looking to gold as an alternative asset due to recent downturns in property valuations and equity prices.

Other central banks, including India and Turkey, are expanding their reserves. According to UBS, India’s GDP growth is fueling these acquisitions.

A sign of the times?

According to Ulf Lindahl, CEO of Currency Research Associates, central banks’ appetite for gold indicates a declining reliance on the dollar.

Lindahl said in an email that dollars are becoming increasingly undesirable to central banks seeking to reduce their economic dependency on the United States.

According to a March JP Morgan research note, nations not allies of the United States may accumulate gold to “mix away from dollars” and lessen vulnerability to sanctions.

According to the note, central bank purchases have fuelled the rise in gold prices since 2022. According to JP Morgan, gold may be entering a strong era, as central bank purchases of gold in 2022 were more than double the average annual buy over the previous decade.

The price increase coincides with US Treasury Secretary Janet Yellen’s visit to China to address financial stability in US-China relations and what Yellen refers to as Chinese electric vehicle overproduction.

Mark Zandi, chief economist at Moody’s, believes that rising oil costs threaten the US economy.

According to the UBS research report, higher oil costs are anticipated to raise inflationary fears, causing gold prices to rise.

The typical view of gold
The spike in gold prices indicates that investors expect the Fed to drop interest rates later this year, but they may be concerned about the prospects of containing inflation without causing the US economy to enter a recession, sometimes known as a soft landing.

According to an April 9 research note from UBS, the prospect of Fed rate cuts remains the primary driver of optimistic sentiment toward gold.

Fed Chair Jerome Powell said in remarks on April 3 that inflation remains on a “sometimes bumpy path” toward the Fed’s 2% target and that rate cuts to rebalance the economy are expected to begin later this year.

According to CME Group data, 51% of investors currently predict a quarter-point decrease in June. However, employment growth in March exceeded projections, casting doubt on the need for numerous rate reductions in an economy that remains strong.

The Personal Consumption Expenditures price index, the Fed’s favored inflation gauge, increased 2.5% in the year ended in February. According to Department of Commerce figures issued this month, this represents a little uptick from the 2.4% increase in January.

The core PCE price index, which excludes the more volatile food and energy sectors, increased 0.3% monthly. Fed officials consider the index a key indicator of underlying inflation, and it fell from 0.4% in January when it increased at the strongest rate in a year.

So, why is gold soaring right now?

Some investors are buying into the frenzy around gold bullion as prices increase, pushing them further. On Reddit, proud buyers frequently create threads touting their collections.

Costco started selling bars online in August and silver coins in January. Wells Fargo estimates that the corporation currently sells up to $200 million in gold and silver per month. Chief Financial Officer Richard Galanti told analysts in December that the company had sold over $100 million in gold bars in the previous quarter.

The investment note, released on April 9, stated, “The accelerating frequency of Reddit posts, quick online sell-outs of product, and [the company’s] robust monthly eComm sales suggests a sharp uptick in momentum since the launch.”

Lindahl stated that “trend followers” and others capitalize on price increases as the long-term trend indicates much higher costs.

It’s also worth mentioning that gold has historically been a haven during political turmoil. Voters in almost 60 countries, including the US presidential election, will go to the polls this year. The increase in geopolitical and economic volatility highlights the value of precious metals.

SOURCE – (CNN)