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Deutsche Bank predicts crypto freefall to continue while Binance put up resilient face

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A Deutsche Bank report has predicted more gloom for the cryptocurrency space even as the CEO of the biggest exchange, Binance, tried to firefight it with assurance at a DIFC Fintech Week event in Dubai.

Binance CEO Changpeng Zhao said the industry will overcome price drops, with bitcoin now trading around the $20,000 mark from a high of $68,000. But if an evaluation from the leading German bank is to be believed, the crypto market is facing mounting pressures and the freefall is expected to continue, although it did predict a 28,000 price for bitcoin by the end of the year.

Several cryptocurrencies were on the red on Thursday, with the global market cap falling by 1.71 percent to $889.81 billion as of 9:55am. Bitcoin was down 0.85 percent to $19,982.20 over the last 24 hours, while Ethereum fell 3.94 percent to $1,089.12.

In a report on Wednesday, DB said that it is unlikely for prices to stabilise, citing that there are no “common valuation models like those within the public equity system”. The market is also highly fragmented, it added.

“Some cryptocurrencies may drop in prices, and some projects may fail, but the industry will stay,” said Zhao, the founder of the world’s largest cryptocurrency exchange, in a pre-recorded message at the Fintech Week on Tuesday.

“In 2000, the dot com bubble saw many companies going bust, but the dot com technology (Internet) went on to survive.”

Zhao’s comments came just a few days after he announced that Binance has 2,000 positions for hiring, a sharp contrast to a slew of job cuts by companies operating in the digital currency space.

Recently, Bitcoin tumbled to a new 18-month low, dragging smaller tokens down with it and spurring a sharp fall in the digital currency market sparked by crypto lender Celsius freezing customer withdrawals.

bitcoin-price-historyZhao went on to say in his speech that blockchain is a proven technology and it is not a bubble that will pop.
“Many different innovations are coming into the crypto space. There are also failures in this industry, but failures are important in this industry. Failures allow us to learn from them and improve,” he said.

Zhao said that decentralised finance (DeFi), which includes now cryptocurrencies and non-fungible tokens (NFTs) enabled by blockchain technology, has been around for years, and it is going to stay.

“In the next 5 to 10 years, decentralised finance (DeFi) could be bigger than centralized finance (CeFi). That’s why we are making heavy investments in this area,” he said.

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Journalist for 25 years with leading publications in India and UAE such as The National, Mumbai Mirror, DNA, Indian Express and former Sports Editor of eIndia.com. Now managing editor of Headline.ae, part of MEMc (https://www.memc.co)

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UAE announces Eid Al Fitr holidays for private sectorUAE announces

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The UAE government has announced the official holidays for private sector employees across the country on the occasion of Eid Al Fitr.

The break will begin on Monday, April 8 and last till 3 Shawwal (or what is equivalent to it in the Gregorian date). As per the Islamic calendar, Ramadan lasts 29 or 30 days, depending on when the Moon is sighted. Eid Al Fitr is celebrated on the first of Shawwal.

The UAE Cabinet has confirmed a week-long public sector holiday to celebrate Eid Al Fitr. This aligns with the earlier announcement from the UAE Federal Authority for Government Human Resources. Government employees will be on paid leave from Monday, April 8 to Sunday, April 14, returning to work on Monday, April 15.
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Renowned Indian IVF Specialist Dr Varsha Patil unveils plans to launch business in Dubai

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Dr. Varsha Patil, a distinguished IVF specialist and a Clinical Embryologist with extensive experience in infertility treatment, is set to expand her footprint to Dubai this year. The veteran doctor is keen to bring her IVF chain Jananee to the region this year buoyed by Dubai’s ease of doing business and recent legal reforms pertaining to IVF treatment. But it is the region’s high infertility rate that needs to be addressed first, she says.

“Studies have shown that infertility rates in Saudi Arabia, the UAE and the wider GCC have been on the rise and more than double the global average and there’s no doubt that much of it is down to the lifestyle choices, stress and dietary habits of today’s generation. And add to that medical conditions that often remain undiagnosed,” said Dr Patil, who runs India’s Siddhagiri Jananee IVF and Test Tube Baby Center as the director and head of department. “Just a couple of years ago, the global estimates of infertility were approximately 15 percent while across the GCC those figures were as high as 35 to 40 percent. That tells you the need of the hour in this region for a holistic clinic that will get to the root of the problem and eliminate it.”

With an illustrious career spanning over two decades and a wealth of expertise garnered from prestigious institutions worldwide, Dr. Patil brings a holistic approach to reproductive healthcare that prioritises affordability, accessibility, and patient well-being, having touched the lives of thousands of people wanting to be parents.  Now she wants to bring her line of treatment and efficacy to Dubai. “I have found over the years a continuous rise in both primary and secondary infertility in this region particularly due partly to lifestyle-related issues. It is now time to give such patients greater access to high quality, cost-effective treatment in their own backyard now. And so plans are fully on to launch a holisitic clinic by the third quarter this year as we currently speak to potential investors,” said Dr Patil whose academic journey includes studying at Leeds University, UK, and completing a specialised training at Sydney IVF in Australia. As an academic, she has showcased her research prowess by presenting papers at esteemed platforms such as SymResearch Pune at Symbiosis University and the World Congress on Human Reproduction in Venice, Italy.

Throughout her career, Dr Patil has been at the forefront of infertility treatment, practicing in Bangalore, Belgaum Karnataka, and Kolhapur Maharashtra. She has also held the position of Head of the IVF Lab at Genesis in Bangalore and currently serves as the Director and Head of the IVF Department at India’s National Accreditation Board for Hospitals (NABH) accredited Sidhagiri Hospital & Research Center in Kolhapur. “It is now time for us to expand internationally and there can’t be a better place to start with than Dubai for the ease of doing business this place offers and the legal reforms two years ago,” said Dr Patil during her visit to the emirate as part of a business potential study tour earlier this month.

Last year, just two years on from the UAE’s legal reforms, Dubai clinics saw 2000 more women opting to freeze their eggs as fertility clinics in Dubai registered a whopping 20-fold increase in women requesting egg freezing procedures compared to 2021.

Legal reforms introduced in 2021 allow freezing of human embryos and eggs in the UAE. The law also stipulates that human embryos can be frozen for up to five years – extendable with the consent of relevant parties – and that single women can freeze their eggs provided they are used for their own pregnancy after marriage with their husband’s sperm in an IVF procedure.

“India is known globally for its medical infracstructue and facilities. Over 2 million patients visit India each year from close to 80 countries for medical, wellness and IVF treatments, generating $6 billion for the industry that is expected to reach $13 billion by 2026 backed by the government’s Heal in India initiative. If it’s worked in India, there’s no reason why it can’t work in Dubai now in the current backdrop and rest of the region where the infrastructure is even better,” explained Dr Patil who’s driven by a passion for making fertility care accessible to all, addressing genuine challenges faced by patients, including the high costs associated with treatment cycles and hormonal toxicity. “I firmly believe that parenthood is a fundamental right and therefore I travel the world advocating for accessible information and treatment options for individuals worldwide – irrespective of where they come, what strata, background or religion they belong to.”

With a holistic approach to artificial reproductive technologies (ART), Dr Patil emphasises the importance of nutrition, hygiene, detoxification, and managing pathological conditions to optimise fertility outcomes. “So what makes us stand out is the comprehensive approach we take to fertility care, one that integrates humanitarian principles with cutting-edge medical techniques. Recognising the global significance of declining birth rates and rising economic expenditures on fertility issues, we feel the need today is for affordable and stress-free fertility journeys for patients worldwide,” she said explaining how her tentative feasibility report underscores the practicality and potential impact of her proposed projects on subfertile patients on humanitarian grounds.

“With a vision to extend her transformative initiatives to a global scale, I seek the guidance and support of UAE’s leadership,” she said, expressing a “sincere intention to present a proposal that recognises the country’s commitment to innovation and healthcare excellence”.

About Dr Varsha Patil

Driven by her pursuit of excellence, Dr. Varsha Patil ventured to Australia for specialized training in IVF, following her Bachelors in Medicine & Surgery and Masters in Clinical Embryology from University of Leeds UK. Dr. Patil also received extensive training at Sydney, Australia at SYDNEY IVF. She received this advanced training at Sydney IVF, under the mentorship of leading IVF specialists. This invaluable hands-on experience equipped her with cutting-edge techniques and a deeper understanding of infertility treatments.

With an impressive 23 years of clinical practice in infertility treatment, Dr. Patil’s profound impact on couples struggling to conceive is immeasurable. Her clinics, strategically located across Maharashtra and Karnataka in India, stand as pillars of hope for those seeking expert fertility guidance and effective solutions. Now she is also poised to expand her footprint in Dubai.

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UAE fuel prices announced for April 2024

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The UAE fuel price committee on Sunday announced petrol and diesel prices for the month of April 2024.

Super 98 petrol will cost Dh3.15 a litre, compared to Dh3.03 a litre in March, while Special 95 will cost Dh3.03 a litre, compared to Dh2.92 a litre the previous month. E Plus 91 category petrol will be available for Dh2.96 a litre, compared to Dh2.85 a litre in March, while diesel will now cost Dh3.09 a litre, compared to Dh3.16 a litre the previous month.

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Globally, oil prices traded higher in March 2024 as compared to the previous month on a tighter supply outlook and heightened geopolitical risk. Crude prices settled at a four-month high during mid-March as the International Energy Agency projected a tighter market and also raised its own demand growth this year.

WTI crude was trading at $83.17 an ounce, up 2.24 per cent. While Brent was trading 1.86 per cent higher at $87.0.
Brent averaged around $84.25 a barrel in March 2024 as compared to $81.3 in the previous month. This $3 increase in average price in March is likely to be reflected in next few months.

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