SEC's account compromise was 'not due to any breach of X's systems,' company says
Social media platform X has completed a preliminary investigation into the compromised account of the U.S. Securities and Exchange Commission (SEC) after a false post claiming that the SEC had approved bitcoin exchange-traded funds (ETFs) for trading was circulated. X has confirmed that the compromise was not due to any breach in their systems, but rather a third party gaining control of a phone number associated with the @SECGov account. It was also revealed that the account did not have two-factor authentication enabled at the time. Bitcoin prices briefly surged following the unauthorized post but fell back below $46,000 when the SEC clarified that it had not approved the bitcoin ETFs. SEC Chair Gary Gensler denied the approval, but the market still anticipates the regulator to give the green light this week. Gensler has been active on cryptocurrency regulation, taking legal action against Coinbase and Ripple for selling unregistered securities.
Is China's consumption story over? Here's what experts are saying
After a disappointing year of recovery in 2023, China's consumer sentiment is expected to improve in 2024. While the country's manufacturing capabilities have traditionally driven its economy, market players are now looking towards the services and consumption sectors for growth. Goldman Sachs predicts that China's GDP could grow 4.8% this year, with service activity leading the way with a projected growth rate of 9.2%, compared to 6% for manufacturing goods. Leisure-related activities, such as chain hotel operators, online travel agents, and Macao casinos, are expected to drive consumer activity. Stocks that are expected to benefit include casino operators like H World and Galaxy, online travel firms like Trip.com and Tongcheng, and airlines like Spring Airlines. Online gaming companies, food delivery giant Meituan, and tech giant Tencent are also anticipated to experience a boost in the coming months. Overall, the Chinese economy is expected to see a rebound in consumer spending and service-related industries.
Houthi militias launch biggest attack to date on merchant vessels in Red Sea
A major attack on merchant vessels in the Red Sea by Iranian-backed Houthis has been responded to by U.S. and coalition forces under Operation Prosperity Guardian. The attack occurred in two locations near Yemen, with rocket fire and armed drones targeting approximately 50 merchant vessels. No damage to the vessels has been reported so far. Four coalition warships have been deployed to the area, while no Iranian warships were involved. This is the largest attack on commercial shipping to date, according to a national security official. It is the first large-scale attack by Houthis since a joint statement was issued by 13 nations, including the U.S., vowing to hold the militants accountable for attacking commercial vessels in the Red Sea. The Houthi militia group, backed by Iran, has previously stated that it will continue these attacks until Gaza receives necessary supplies. The situation is ongoing, and further updates are expected.