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The Philippines has accused a Chinese coast guard ship of deliberately ramming and deploying a water cannon on a Philippine government vessel near Thitu Island in the disputed Spratly archipelago, causing minor damage but no injuries, according to Manila’s coast guard.

Manila says three Philippine government vessels were anchored off Thitu to support local fishermen when Chinese ships approached and fired water cannon. One Chinese coast guard ship is alleged to have rammed the stern of the Philippine vessel BRP Datu Pagbuaya after using the water cannon. China, however, claims the Philippine vessels “illegally entered” waters near Sandy Cay and caused the collision by dangerous manoeuvres.

Beijing condemned Manila’s accusations as a distortion of facts, stating that the Philippine boats ignored repeated stern warnings and violated Chinese territorial waters. According to the Chinese coast guard, the Philippines bore responsibility for the collision.

The U. S. embassy in Manila weighed in, denouncing China’s actions as “dangerous ramming” and stressing support for the Philippines in upholding maritime rights under international law. Philippine officials vowed to press diplomatic action while continuing patrols to protect Filipino fishermen’s access in the area.

Experts tracking the South China Sea dispute see this episode as part of an intensification of maritime confrontations. Overlapping claims by China, the Philippines, Vietnam, Malaysia, Brunei and Taiwan have long made the region volatile, especially around fishing zones and strategic shipping routes.

In August, a high-speed pursuit near Scarborough Shoal resulted in a China Coast Guard cutter and a Chinese naval vessel colliding while chasing a Philippine patrol. That incident injured none but raised alarm over the risks of escalation.

Manila’s strategy has increasingly leaned on international legal norms, especially the 2016 ruling by a Hague tribunal that rejected China’s sweeping maritime claims under the “nine-dash line.” Beijing refuses to accept that decision and has steadily expanded coast guard deployments, artificial island construction, and maritime militia activity.

Analysts suggest that China’s recent operations indicate a shift towards more assertive enforcement in its claimed seas. Pressure tactics such as water cannon use, ramming, and vessel interdiction are becoming more frequent in contested zones. Philippine officials contend such tactics intimidate local fishing communities and undermine sovereign rights over their exclusive economic zone.

Diplomatic watchers note that the timing of these clashes often aligns with Chinese domestic political or military posturing, especially as Beijing seeks to reinforce its claims ahead of international scrutiny. For its part, the Philippines has stronger backing from Washington, and its defence and coast guard are gradually upgrading capabilities and interoperability with allies.

Binance has pledged $283 million in compensation for users whose holdings suffered from token de-pegging during Friday’s extreme market turmoil. The capital injection is aimed at covering verifiable losses directly caused by platform anomalies.

The move follows a dramatic period of volatility that triggered sharp deviations in stablecoins and staking tokens, with some altcoins registering drastic steep declines or even temporary zero valuations on Binance. Analysts and insiders view the compensation effort as a critical test of the exchange’s stewardship and resilience.

Between 20:50 and 22:00 UTC on Friday, intense selling pressure and slumping liquidity pushed multiple tokens away from their pegged values, according to Binance’s internal timeline. The tokens most affected included USDE, BNSOL, and WBETH. Binance said the de-pegging began around 21:36 UTC and bottomed shortly thereafter.

The exchange insists that all compensations will be limited to losses traceable to system errors or platform shortcomings—not losses deriving from normal market fluctuations or unrealised price shifts. Users must substantiate their claims with transaction records and proof that the losses stemmed from mispricing on Binance.

During the crash, some tokens on Binance appeared to hit “zero” for brief moments. But that zero pricing was largely a display artifact linked to system overload and liquidity gaps, rather than reflecting true value collapse. In parallel, those same tokens maintained nonzero trading levels on other exchanges, underscoring that Binance’s internal issues amplified the anomaly.

To explain the phenomenon, Binance managers pointed to cascading liquidations. As prices dropped, collateralised altcoins were automatically sold to cover leveraged positions, feeding further selling pressure. That mechanism, combined with display parameter issues in decimal configuration, led to mispricing events.

Binance executive Richard Teng issued a public apology, stating: “I’m truly sorry to everyone who was impacted. We don’t make excuses — we listen closely, learn from what happened, and are committed to doing better.” Meanwhile, Binance co-founder Yi He reaffirmed that the firm sees this as a responsibility to its user community, pledging to examine each claim thoroughly.

Crypto markets were hit hard across the board. Over $20 billion in leveraged positions were liquidated industry-wide, with Bitcoin plunging from over $124,000 to lows near $105,000, while altcoins exposed to margin stress plunged further. The market contraction erased nearly $850 billion in market capitalisation within hours.

Dubai hosted the first public manned flight of Aridge’s Land Aircraft Carrier over Palm Jumeirah, a demonstration that showcases the vehicle’s dual-mode driving and flying capabilities and signals ambitions for the Gulf as an early adoption market.

The modular vehicle, combining a ground “mothership” with a detachable two-seat aerial unit, lifted off from the grounds near the Waldorf Astoria before reattaching and driving away. Aridge said the flight marks a milestone in its plan to roll out consumer deliveries in the Middle East by 2027.

Company executives reported that 600 units have already been pre-ordered by GCC firms, including UAE’s Ali & Sons Group, Kuwait’s Al-Sayer, and Qatar’s Almana, pushing the global tally past 7,000. The firm expects deliveries to begin in 2026 from a new facility in Guangzhou, capable of producing 10,000 vehicles annually.

Aridge’s modular design addresses a common challenge in flying car development: how to balance driving performance, storage, and aerial capability. The ground vehicle acts as a mobile energy platform and storage base, while the air module docks and undocks autonomously. The air unit’s control system uses a single-stick interface managing ascent, speed, and stability with built-in safety constraints such as geofencing.

This version is the fifth generation of the platform, evolving from earlier prototypes demonstrated in Dubai in 2022. For mass adoption, regulatory certification is pivotal: the UAE granted a special flight permit, allowing the test flights to proceed. Aridge’s air module has already received civil aviation type certification in China.

The startup forecasts a market worth of US $41 billion for China’s eVTOL sector by 2040, while projecting Middle East demand to reach about $11 billion. Executives say technological advances—shortened development cycles and lower costs—are making what once seemed science fiction increasingly viable.

Despite the showpiece flight, challenges remain. Integrating city air traffic management, ensuring safety for public use, and building air-ground infrastructure—such as landing pads, vertiports, and regulatory frameworks—are hurdles in most jurisdictions. Some analysts caution that even with promising prototypes, wide adoption may lag until certification, cost reduction, and public trust converge.

In the Gulf region, regulatory openness is proving advantageous: the UAE’s willingness to issue experimental permits positions it as a testbed, attracting innovators who might struggle to get approval elsewhere. Meanwhile, Aridge is lining up partnerships and agreements across the GCC to support sales, operations, and maintenance in local markets.

Gold-backed digital tokens such as Paxos’s PAXG and Tether’s XAUT have shown greater resilience than much of the crypto market during a sweeping $19 billion liquidation event that struck major cryptocurrencies. While Bitcoin and Ether tumbling inflicted heavy losses across leveraged positions, these gold-pegged tokens either held value or gained modestly, driven by the ongoing rally in physical gold.

Bitcoin dropped about 8.5 per cent over 24 hours, and the broader crypto index fell roughly 12.75 per cent, but PAXG dropped a mere 0.23 per cent to around $3,998, while XAUT rose by 0.2 per cent to $4,010. That divergence reflects gold’s strength: the metal closed near $4,018 per troy ounce, bolstered by safe-haven demand in volatile markets.

The combined market capitalisation of gold-pegged tokens has now crossed $3 billion, with PAXG, XAUT and KAU as leading issuers. Trading volumes also surged, reaching about $640 million in a single day, reflecting investor flight into more stable digital assets. These tokens have returned over 50 per cent year to date, mirroring gold’s gain in 2025.

Gold’s atmosphere of strength rests on several pillars: strong inflows into physically backed gold ETFs, weakening U. S. dollar dynamics, inflation hedge demand and rising geopolitical fragility. The World Gold Council reports that global ETF holdings have now reached $472 billion, marking one of the strongest quarters ever in gold history.

Yet caution signs are mounting. Analysts and the World Gold Council warn the gold market may be entering overextended territory. With gold having risen across multiple weeks, technical indicators suggest the metal might be overbought and primed for a pullback. In particular, extreme deviation above its 40-week average raises the prospect of a reversal.

Adding fuel to this narrative is the entry of tokenisation infrastructure and institutional backing. Nasdaq-listed Prestige Wealth has raised $150 million to create a treasury vehicle for Tether’s gold reserves, aiming to layer blockchain transparency onto gold ownership. Meanwhile, the World Gold Council has floated a “Pooled Gold Interests” initiative in partnership with Linklaters and Hilltop Walk to democratise fractional ownership and tradability of vault-backed bullion.

By Nitya Chakraborty There is a big possibility of renewal of India-US bilateral ties impacting the ongoing trade talks following the proposed one on one meeting between the Indian Prime Minister Narendra Modi and the U.S. President Donald Trump during their presence in Kuala Lumpur to attend the summit of ASEAN members on October 26 […]

The article Trump-Modi Meet At ASEAN Summit In Malaysia Can Remove Irritants In Indo-US Ties appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Ethereum’s value slipped beneath the psychologically and technically significant $4,000 mark today, intensifying fears that the second-largest cryptocurrency may be entering a deeper correction. On Binance, ETH dipped to $3,988.89, down almost 8 per cent in 24 hours.

The abrupt drop triggered widespread liquidations, especially among leveraged positions. On-chain liquidation trackers show nearly $188 million in crypto was liquidated in just one hour during the sharp move.

Persistent macroeconomic headwinds, alongside renewed U. S.–China trade tensions, appear to have compounded selling pressure. The Nasdaq and other equity benchmarks also suffered, amplifying risk aversion among crypto investors.

Technical analysts now view the breakdown below $4,000 as a turning point. From a charting perspective, the fall invalidated previously bullish setups such as bull flags, leaving Ethereum exposed to further downside. One analyst cautioned that extended weakness could push ETH toward the $3,750 to $3,500 zone if pivotal support fails.

Support between $4,200 and $4,300 had held in recent sessions, but now that zone is under siege. Should it collapse, the stage may be set for a retest of $3,900 or lower. Traders are watching whether buyers will defend this corridor or capitulate.

Despite today’s plunge, some investors see accumulation underway. Ethereum’s total on-exchange supply has declined to a nine-year low, with large holders withdrawing ETH from exchanges—an indicator that long-term confidence may still remain intact.

Longer term, expectations remain cautiously optimistic. Standard Chartered recently raised its year-end target for ETH to $7,500, citing heightened institutional adoption and increasing use of the Ethereum network in stablecoin and DeFi infrastructures. Meanwhile, Citigroup offers a more conservative forecast of $4,300 by end-2025, warning that current prices may be more sentiment-driven than fundamentals-rooted.

Major upgrades on Ethereum’s roadmap could yet shift sentiment. Among them: the Glamsterdam upgrade, which integrates enhanced proposer-builder separation. However, a fresh academic study warns of a “free option” risk under high volatility, whereby builders may cancel committed payloads without penalty—posing challenges to network liveness during stress.

In the short term, analysts are split. Some argue that the slide is a healthy reset before ETH resumes an uptrend, provided support zones hold. Others say the breach of $4,000 suggests a loss of momentum strong enough to spark a deeper correction.

Crypto markets are already exhibiting signs of strain beyond Ethereum. Bitcoin is under pressure as well, and risk assets broadly are being squeezed by mixed macro data and higher real-interest rates. Some strategists say the crypto pullback could morph into a broader derisking wave unless fresh catalysts emerge.

Looking ahead, observers point to a few key variables: whether ETH can reclaim and sustain above $4,500; whether buyers will step in at $4,200–$4,300; and whether the network upgrades can deliver tangible improvements to gas, scalability, and decentralisation.

Abu Dhabi’s government will lead a major showcase at GITEX Global 2025, unveiling a new era of AI-native public services under its Digital Strategy 2025–2027. The Department of Government Enablement will coordinate over 30 government and academic institutions in a pavilion displaying 55 flagship initiatives.

The event, held from 13 to 17 October at the Dubai World Trade Centre, will feature the launch of TAMM 4.0, positioning it as a flagship AI-driven government platform. Other key displays include AI Supervisor and Smart Investigator by the Abu Dhabi Police, Smart Hotel Check-In by the Department of Culture and Tourism, QMobility’s barrier-free parking pilot, the Personal AI Recruitment Companion, and Rayah, a student-parent tracking app from the Department of Education and Knowledge. The DGE expects many projects to be shown publicly for the first time, alongside immersive VR experiences aimed at portraying the impact of AI on diverse stakeholders.

Chairman of the DGE, Ahmed Tamim Hisham Al Kuttab, emphasised that public services are being designed around human needs, saying the “AI-Native by Design, Community-Driven by Purpose” approach drives a reimagined, intuitive government. DGE Director General Wesam Lootah added that over 100 high-impact AI solutions have already been deployed across the emirate, following assessments of nearly 400 options, moving toward the vision of being the world’s first fully AI-native government by 2027.

Abu Dhabi’s announcement underscores more than a display of technological ambition—it highlights strategic public sector transformation at scale. The emirate claims to have rolled out AI across more than 40 government entities, automating predictive service delivery, compliance analysis, and multilingual assistance. The upcoming pavilion will also showcase Sahatna, a health services initiative, and AI Majlis forums intended to foster public dialogue on ethical and inclusive AI adoption. Workforce transformation forms a core pillar: over 95 percent of Abu Dhabi’s 30,000 government employees have reportedly undergone extensive AI awareness and skills training, with AI leadership roles now embedded in all Abu Dhabi entities.

The Digital Strategy 2025–2027 backs this push with an investment of AED 13 billion dedicated to creating an AI-first government. Key transformation axes include lifecycle orchestration of public services, predictive governance, intelligent infrastructure, and a talent ecosystem to support long-term innovation. Abu Dhabi’s approach draws attention not only for local modernization but for its ambition to set a benchmark in government digital transformation globally.

GITEX Global 2025 is positioned as a pivotal stage for these ambitions. Now in its 45th edition, the event spans multiple intersecting tech domains—including AI, blockchain, sustainability, and digital infrastructure—and serves as a convergence point for technology, policy and innovation. Abu Dhabi’s participation marks its 14th consecutive presence, reinforcing continuity in its evolving digital narrative.

Analysts at JPMorgan are forecasting that U. S. spot Solana exchange-traded funds will attract only about $1.5 billion in net inflows during their first year, substantially lagging behind the inflows seen in Ethereum-linked ETFs. The expectation comes even as the U. S. Securities and Exchange Commission is widely seen as poised to approve multiple Solana ETF applications in the days ahead.

JPMorgan’s projection, led by Nikolaos Panigirtzoglou, rests on multiple concerns, chief among them the weakening on-chain activity of Solana and investor fatigue in the altcoin space. The firm estimates that the figure could fall below $1.5 billion if headwinds intensify, noting weak demand in CME Solana futures markets and stiff competition from diversified crypto index funds as key constraints.

Network metrics underscore that caution. Daily transaction volume on Solana has dropped to approximately 64 million, down nearly 50 percent from its July peak, a sign that user and developer usage may be waning. Some analysts suggest that capital is rotating toward rival chains such as BNB Chain and toward broader index products, rather than concentrated bets on Solana itself.

Bitwise Asset Management, one of the prominent ETF hopefuls, has updated its application to include “staking” in the fund’s name and set a sponsor fee of 0.20 percent—among the lowest for crypto ETFs. The amendment also promises a waiver for the first three months and for up to $1 billion in assets under management, a signal of aggressive positioning against peers.

Other applicants include VanEck, 21Shares, Franklin Templeton, Grayscale, and Fidelity, whose applications carry staggered decision deadlines ranging from October through April 2026. Following the SEC’s adoption of a generic listing standard for digital-asset ETFs, certain filings have been restructured to comply with the revised framework—though a handful were asked to withdraw or amend submissions.

The regulatory picture is complicated by the ongoing federal government shutdown, which has forced the SEC to operate with a skeletal staff and slowed processing of registrations and rule changes. Observers warn that even if the SEC signals approval, practical listing and launch may be delayed until staffing returns to normal levels.

Market sentiment, however, appears largely bullish on the regulatory outcome. Prediction markets and analysts now price the probability of Solana ETF approval at 90 to 99 percent, citing precedent from the Bitcoin and Ethereum cases and the existence of a CME futures contract as enablers.

By Nitya Chakraborty The Israel-Hamas peace deal announced by the US President Donald Trump on Wednesday night in Washington is a welcome development, however limited it be at the moment as the agreement between the two warring parties is only for the first phase of Trump sponsored deal involving the release of all hostages by […]

The article Israel-Hamas Ceasefire Deal Is Welcome But The Follow Up Is Crucial For Enduring Peace appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Gemini has secured registration with AUSTRAC and formally established its Australian arm, positioning itself as a regulated digital currency provider in the country. With the move, Australians can now trade with Australian dollars through local payment rails and the firm has named a dedicated country head to lead its strategy.

The new entity, Gemini Intergalactic Australia Pty Ltd, is now recognised by AUSTRAC as a digital currency provider, enabling full operations in compliance with Australia’s anti-money laundering and counter-terror financing laws. Local deposit and withdrawal options via PayID and Australia’s New Payments Platform will be enabled, reducing reliance on cross-border transfers.

Saad Ahmed, Gemini’s head of APAC, said the expansion aligns with robust demand in Australia’s crypto market, which the company estimates at roughly 22–25 per cent adoption. He emphasised that the decision to push into Australia preceded the government’s latest regulatory proposals. The firm plans to apply for an Australian Financial Services License to roll out advanced services such as staking and lending, but these will not be available at launch.

To lead its local presence, Gemini has appointed James Logan as Head of Australia. Logan was formerly in leadership roles at Luno and Bitget in Australia, thus bringing regional experience in crypto operations and regulatory compliance. His responsibilities include building partnerships, scaling operations, and navigating evolving policy frameworks.

Gemini’s entry comes amid intensifying regulatory focus in Australia. The government recently released draft legislation that would require crypto exchanges to hold an AFSL under the Corporations Act, thus applying the same regulatory rigour to digital assets as to traditional finance firms. Some industry observers view the move as a consolidation trigger—smaller platforms may struggle to absorb compliance costs.

Beyond regulation, banking integration remains a competitive differentiator. Australian customers have long faced friction when depositing and withdrawing via crypto platforms due to banks restricting or flagging such transactions. Gemini’s local setup aims to mitigate such barriers by partnering with Australian payment systems and financial institutions.

In the competitive landscape, Gemini will go head to head with established players such as Independent Reserve, CoinSpot, Binance Australia and OKX. While some already operate under established local compliance frameworks, Gemini emphasises institutional-grade infrastructure, regulatory integrity and global liquidity as its advantages.

Analysts view the timing of Gemini’s move as strategic. The firm’s recent listing on Nasdaq, in which it raised USD 425 million, has strengthened its capital base and credibility. Establishing operations in Australia now allows it to lock in market share under current rules, ahead of any stricter licensing regime.

Australia’s crypto adoption has surged in recent years. Surveys and industry reports suggest that by 2025 nearly one in four Australians hold digital assets—a rate comparable to the U. S. This growth, along with rising institutional interest, makes the market an increasingly attractive target for global exchanges.

Gemini has had a presence in Australia since 2019, serving local users via its global platform but with limited features and higher costs. Under the new structure, native AUD deposits, enhanced trading pairs, and faster settlement are expected to improve user experience and price competitiveness.

While Gemini’s initial rollout will omit certain features like crypto-backed credit or staking, the company says it is pacing its product expansion in tandem with regulatory clarity. It is adopting a “wait-and-watch” posture with respect to the government’s consultation process, but remains confident that its operations will comply.

The Australian push is one element in Gemini’s broader global strategy. It has also moved ahead in Europe under MiCA and is exploring tokenised stock trading in key markets. The firm now claims to serve customers in over 60 jurisdictions and has processed hundreds of billions of dollars in cumulative trading volume.