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Turkish investors increasingly choose crypto over real estate

A new survey by Turkish crypto exchange Paribu reveals that Turkish investors are turning increasingly to cryptocurrencies as their preferred investment, even surpassing traditional assets like real estate. The ‘2024 Cryptocurrency Awareness and Perception’ survey, which included over 2,000 participants familiar with crypto, found that 30% of respondents now favour digital assets over real estate and stocks. This trend highlights a shift in Turkey’s investment landscape as investors seek the speed, accessibility, and potential returns offered by crypto.

Gold remains the top investment choice for 56% of those surveyed, while foreign currency and cryptocurrency follow closely. Interestingly, real estate dropped in preference from 30% last year to 26% this year, signalling a broader change in investor sentiment. Paribu’s research content manager, Nergis Nurcan Karababa, explained that the rise in crypto interest is also driven by institutional support, reflecting an optimistic outlook on crypto’s role in Turkey’s economy.

While cryptocurrency awareness in Turkey has nearly reached universal levels, with almost 99% recognising digital assets, understanding of blockchain technology remains limited, with 72% lacking basic knowledge. Despite this gap, Turkey has solidified its position as a global crypto market leader, ranking fourth worldwide. Regulatory support is expanding, with 47 crypto firms, including Bitfinex and Binance TR, applying for licences to operate under Turkey’s new regulations.

Meta boosts green energy with 260 MW solar deal from Engie

Meta Platforms has signed an agreement to purchase the full output of a new solar power plant from French utility giant Engie. The Sypert solar plant, expected to generate 260 megawatts of clean energy, is scheduled to go live in late 2025. This partnership aligns with Meta’s ongoing commitment to meet the energy demands of its expanding data centre operations with sustainable power sources.

The Sypert plant will add to Engie’s growing renewable energy portfolio, which currently includes about 8 gigawatts of solar, wind, and battery storage projects across North America. Earlier this month, Engie also secured a solar power agreement with Google for its largest US solar project, reinforcing the company’s role as a major clean energy supplier for tech firms.

Driven by technologies like AI, the demand for data centre power in the US is predicted to triple by 2030, according to Goldman Sachs. The Biden administration has called on tech companies to invest in green energy to support this growth, and partnerships like Meta and Engie’s reflect this broader push toward a more sustainable digital economy.

Russian government introduces limits on private crypto mining

The Russian government has introduced new regulations limiting electricity usage for home-based cryptocurrency miners to 6,000kWh per month. Mining operators exceeding this limit will now need to obtain an individual entrepreneurial licence to continue their operations legally. These measures are part of two crypto mining laws that came into effect on 1 November, which recognise mining as a legitimate enterprise in Russia, provided operators adhere to these usage caps.

For those surpassing the electricity threshold, additional compliance measures are required. These operators must register with the Federal Tax Service and submit details about mined cryptocurrencies, including wallet address details. Government agencies, including the anti-money laundering agency Rosfinmonitoring, will have access to this information, though data from the registry will remain confidential and only available to officials.

The laws also restrict participation based on specific criteria. Operators in regions with local mining bans, individuals who have declared bankruptcy, or those previously violating anti-money laundering regulations will be barred from registering. Experts estimate that while large-scale Russian miners primarily focus on Bitcoin, home-based operators often mine Ethereum, highlighting Russia’s diverse but heavily regulated mining landscape.

Harris defends CHIPS Act amid Republican repeal threats

Kamala Harris, the US presidential candidate, criticised House Speaker Mike Johnson for suggesting that Republicans might seek to repeal the CHIPS and Science Act if they regain control of Congress. The CHIPS Act, signed into law in August 2022, aims to revitalise US microchip manufacturing through significant financial investment. During a recent campaign event, Harris labelled Johnson’s remarks as indicative of a broader Republican agenda to dismantle popular programs that support economic growth and job creation.

Johnson’s comments, made while campaigning for a GOP candidate in New York, have sparked backlash from Democrats who emphasise the importance of the CHIPS Act in fostering job creation. The law is credited with generating hundreds of billions in investments and supporting approximately 115,000 jobs across the country. Although Johnson initially indicated that Republicans ‘probably will’ attempt to repeal the act, he later attempted to clarify that their goal would instead be to streamline it.

As the political landscape heats up, Harris continues to advocate for manufacturing investments as a cornerstone of her economic plans, emphasising the importance of maintaining support for the CHIPS Act. The legislation is seen as vital for strengthening the US semiconductor industry and ensuring long-term economic stability. With crucial elections approaching, both parties are vying for the support of working-class voters, particularly in regions benefiting from manufacturing jobs.

Foxconn’s Shunsin plans $80 billion chip plant in Vietnam

Foxconn subsidiary Shunsin has submitted a request for an $80 million investment permit to establish an integrated circuit manufacturing plant in Bac Giang province, northern Vietnam. This development is detailed in a document from Vietnam’s environment ministry and represents a significant expansion of Foxconn’s operations in the region. The proposed facility aims to produce and process electronic components, particularly integrated circuit boards and is expected to commence full-scale operations by December 2026, with an annual production capacity of 4.5 million units.

This move aligns with Foxconn’s ongoing strategy to diversify its manufacturing base outside of China, especially in Southeast Asia, where it has already made substantial investments. The products manufactured at the new Shunsin plant will be designated for export, targeting major markets including the US, EU, and Japan. This export focus underscores Foxconn’s commitment to meeting the growing global demand for advanced electronic components.

Foxconn, officially known as Hon Hai Precision Industry, is recognised as the world’s largest contract electronics manufacturer. Since entering Vietnam in the early 2000s, the company has invested over $3.2 billion in various operations across the country. Its manufacturing footprint is primarily concentrated in northern provinces like Bac Ninh and Bac Giang, which have become key hubs for electronics production. In July, Foxconn also received a license to invest $383 million in a factory dedicated to printed circuit boards, further enhancing its capabilities in the region.

The US federal agency investigates how Meta uses consumer financial data for targeted advertising

The Consumer Financial Protection Bureau (CFPB) has informed Meta of its intention to consider ‘legal action’ concerning allegations that the tech giant improperly acquired consumer financial data from third parties for its targeted advertising operations. This federal investigation was revealed in a recent filing that Meta submitted to the Securities and Exchange Commission (SEC).

The filing indicates that the CFPB notified Meta on 18 September that it evaluated whether the company’s actions violate the Consumer Financial Protection Act, designed to protect consumers from unfair and deceptive financial practices. The status of the investigation remains uncertain, with the filing noting that the CFPB could initiate a lawsuit soon, seeking financial penalties and equitable relief.

Meta, the parent company of Instagram and Facebook, is facing increased scrutiny from regulators and state attorneys general regarding various concerns, including its privacy practices.

In the SEC filing, Meta disclosed that the CFPB has formally notified the company about an investigation focusing on the alleged receipt and use for advertising of financial information from third parties through specific advertising tools. The inquiry targets explicitly advertising related to ‘financial products and services,’ although it remains to be seen whether the scrutiny pertains to Facebook, Instagram, or both platforms.

While a Meta spokesperson refrained from commenting on the matter, the company stated in the filing that it disputes the allegations and believes any enforcement action would be unjustified. The CFPB also opted not to provide additional comments.

Amid this scrutiny, Meta recently reported $41 billion in revenue for the third quarter, a 19 percent increase from the previous year. A significant portion of this revenue is generated from its targeted advertising business, which has faced criticism from the Federal Trade Commission (FTC) and European regulators for allegedly mishandling user data and violating privacy rights.

In 2019, Meta settled privacy allegations related to the Cambridge Analytica scandal by paying the FTC $5 billion after it was revealed that the company had improperly shared Facebook user data with the firm for voter profiling. Last year, the European Union fined Meta $1.3 billion for improperly transferring user data from Europe to the United States.

Huawei integrates digital yuan in latest OS

Huawei has announced that its latest operating system, HarmonyOS NEXT, will incorporate China’s central bank digital currency, the digital yuan. Officially launched on 22 October 2023, HarmonyOS NEXT will streamline digital yuan access for Huawei’s extensive user base, estimated at nearly 1 billion people. This marks the first in-house operating system developed entirely by Huawei, positioning it as the world’s third most popular operating system after Android and iOS.

With the digital yuan built directly into the operating system, users can access the currency without needing a separate application, simplifying its use. Huawei has also announced improvements in digital wallet management and enhanced interoperability with other financial applications, making the central bank’s digital currency more accessible and practical. Plans to expand the digital yuan’s reach across IoT devices and smart chips signal further integration across a range of technologies.

This integration comes at a time when China’s digital yuan is gaining momentum domestically and internationally. Recently, the International Air Transport Association (IATA) included the digital yuan as the first digital currency it will accept, citing China’s leading position in digital currency adoption. Meanwhile, China is preparing to update its Anti-Money Laundering laws to address risks associated with virtual assets, underscoring the country’s evolving approach to digital finance.

UAE invests in autonomous AI to boost energy efficiency

The UAE’s energy giant ADNOC is pioneering the use of highly autonomous age n tic AI in the energy sector through a partnership with G42, Microsoft, and AIQ, as announced by CEO Sultan Al Jaber at an industry event in Abu Dhabi. This move is part of a broader UAE strategy to reduce reliance on oil, with support from G42, which secured a $1.5 billion investment from Microsoft to fuel the nation’s tech industry diversification.

Agentic AI, viewed as the future of artificial intelligence, allows systems to operate independently and make proactive decisions. According to Jaber, this advanced AI will significantly enhance operations by analysing vast amounts of data, reducing seismic survey times from months to days, and improving production forecasts by up to 90%.

The UAE’s government is investing billions in AI, including regional language-specific chatbots, positioning the Gulf state to remain economically influential as global demand for oil wanes.

Blockchain Association claims SEC’s crypto crackdown costs $426 million

The Blockchain Association, an advocacy group for cryptocurrency and blockchain, reported that the US Securities and Exchange Commission (SEC) has cost crypto firms over $426 million in legal expenses since Gary Gensler became chair. According to the group, SEC actions against digital asset companies have increased since 2021, with 104 cases filed over two years. Industry leaders argue that this ‘regulation by enforcement’ approach has hindered growth and cost jobs.

Calling for change, the Blockchain Association stated that voters want fair regulations and an end to what it describes as the SEC’s “anti-innovation crypto crusade.” The association’s CEO, Kristin Smith, urged the public to support new SEC leadership, echoing complaints from other industry advocates and some lawmakers about Gensler’s strict approach.

The association further hinted that crypto could play a significant role in the upcoming election, with 18% of voters reportedly open to supporting candidates favouring digital asset innovation. As Election Day nears, political parties may increasingly see crypto regulation as a key issue in attracting undecided voters.

Big Tech AI investments test investor patience

Leading tech giants are racing to expand their AI infrastructure, with companies like Microsoft, Meta, and Amazon dedicating billions to meet rising demand. However, the heavy spending on data centres and computing power is sparking concern among investors who are eager for quicker returns. Big Tech’s significant capital investments come with mounting costs, threatening profitability and raising questions about how quickly these ventures will yield results.

Despite exceeding recent earnings forecasts, Big Tech stocks dropped on Thursday, underlining the pressure they face to balance AI expansion with shareholder expectations. Microsoft and Meta reported increased spending in their latest quarters, yet their shares fell, with Microsoft dropping 6% and Meta 4%. Amazon’s shares saw a brief dip before recovering on news of a strong third-quarter performance. Analysts point to a challenging road ahead as these firms juggle AI ambitions with market demands for near-term gains.

The challenges extend to capacity issues, with firms like Microsoft struggling to keep up with demand due to data centre constraints. Meanwhile, Meta forecasts that its AI-related expenses will increase significantly next year, and chip manufacturers like Nvidia and AMD are racing to fulfil orders. This supply bottleneck highlights the complex task of scaling up AI services, adding a layer of unpredictability to Big Tech’s efforts.

Despite short-term risks, companies remain committed to AI. Amazon CEO Andy Jassy described AI as a “once-in-a-lifetime” opportunity, while Meta’s Mark Zuckerberg likened today’s investment climate to the early days of cloud computing. As firms continue to ramp up infrastructure spending, they are counting on long-term returns, hoping to transform initial scepticism into eventual success.