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Latest news
- Paying the price for relying on the West, US allies accelerate dialogue with Iran
Saudi Arabia held its first direct talks with Iran as Defence Minister Prince Khalid bin Salman visited Tehran on 26 October with officials from Pakistan and Turkey, and both sides agreed to keep dialogue going. Observers welcomed the move but doubted it could prevent further Iranian strikes if the conflict with the US resumes. Ali Alfoneh said these countries were “unable” to stop Israel and the US from attacking Iran after the US midterm elections, while Tehran has reason to signal fierce retaliation against Gulf energy infrastructure. Qatar and Oman called for a security framework built through negotiation, including a non-aggression pact, and Omani Foreign Minister Badr Al-Busaidi said Gulf states are paying a long-term political price for relying on the West. Barbara Slavin expects the US to restructure its base system in GCC countries but not fully withdraw.
- USD 5.6 billion leaves Binance wallets within minutes: World's largest crypto exchange suspected of hack, possibly the biggest theft in history
Shortly after midnight on October 30 (Vietnam time), billions of dollars in digital assets moved from Binance's hot wallets to unknown addresses, with on-chain estimates exceeding USD 5.6 billion, though figures vary widely between sources and no official confirmation has been issued. Etherscan data show the attacker exploited EIP-7702, an Ethereum feature that lets a regular wallet delegate control to a smart contract, to drain the Binance 14 wallet, and the source of the authorizing signature remains unclear. Binance said user funds are safe, temporarily suspended withdrawals on several networks and is investigating. Tether, Circle and Ripple froze funds, and Binance confirmed a verified total of USD 2.54 billion frozen, though ETH cannot be frozen. Binance's SAFU fund holds 15,000 BTC, about USD 1.19 billion, and in 2019 the exchange fully covered losses from roughly 7,000 BTC stolen from a hot wallet.
- Tesla-SpaceX Merger 'Does Make Strategic Sense,' Analyst Says — But SpaceX Needs Nearly 2x The Growth
Morningstar says a Tesla-SpaceX merger 'does make strategic sense,' but SpaceX would need growth nearly double what the firm currently models to justify its share price. Morningstar raised its SpaceX fair value estimate to $70 from $62, yet that still implies about 51% downside from current levels, even though its forecasts already assume revenue of $41 billion in 2026 and $228 billion by 2030. The Terafab chip project could cost tens of billions of dollars through early 2028 and more than $100 billion longer term, but the funding split between the two companies remains unresolved. Musk said his conflicts keep him out of the independent committees' talks and warned against treating a deal as certain.
- Asian trading is mixed as worries about AI-related issues grow
Asian shares traded mixed early Friday as concerns about the future of artificial intelligence grew after Alphabet's stock drop weighed on U.S. markets. Japan's Nikkei 225 fell 2.6% to 62,960.60, while South Korea's Kospi declined 5.4% to 5,618.76 as SK Hynix and Samsung Electronics both slipped. The Bank of Japan is closing a two-day policy meeting, but most analysts expect no action after raising its benchmark rate to 1.25% last month, and the U.S. has pressed Japan to raise rates over the weakening yen. On Wall Street on Thursday, the S&P 500 fell 0.3% to 7,720.39 and the Nasdaq composite tumbled 1.4% to 26,184.72, as Alphabet's Class A shares dropped 12.6% in their worst day since trading began more than 20 years ago. The 10-year Treasury yield fell to 4.94% from 5.05%, while U.S. crude gained 2.80% to $104.86 a barrel.
- Notable proposal on electric cars in Vietnam
A draft national technical regulation on safety and environmental protection for cars would require pure battery electric vehicles (BEV or PEV) to be fitted with an AVAS sound alert system for pedestrians and cyclists. AVAS must activate automatically when the vehicle travels below 20 km/h or reverses, is on by default at start-up, and may have a switch that drivers can use to turn it on or off. The sound must be continuous, change with speed, and must not resemble horns, bells, emergency alarms, musical tones, or animal sounds; for M1 cars fitted with AVAS, it may only operate when running fully on electricity. According to the Vietnam Register, pure electric cars can move slowly without the engine noise people nearby expect, so the requirement aims to improve safety for pedestrians, motorcyclists and cyclists.
- Global gold falls near $4,000 mark
Spot gold fell 1% to $4,026.12 an ounce in the 29 October session after US inflation data showed price pressures remained high, reinforcing expectations that the Fed will raise interest rates later this year. The PCE price index rose 0.5% in September after a 0.3% gain in August, as consumers paid more for gasoline and other goods. According to CME Group's FedWatch tool, traders are pricing in about an 83% chance of a Fed rate hike in December. Higher rates raise the opportunity cost of holding non-yielding gold, and David Meger of High Ridge Futures said persistent inflation above the Fed's target is the main pressure on the market. December gold futures slipped 0.3% to $4,037.60, while silver fell 2.7% to $52.54, platinum dropped 3.7% to $1,486.47 and palladium lost 0.7% to $1,003.58.
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