MicroStrategy’s Bitcoin holdings fall $3.4 billion at the end of the second quarter. The company began purchasing Bitcoin in bulk in the summer of 2020. MicroStrategy will likely incur a sizable impairment charge when it announces its second-quarter results. Michael Saylor, the CEO of MicroStrategy, stated that the company began purchasing Bitcoin in bulk in … Read more
Australia’s resource exports are expected to hit unprecedented levels for a second consecutive year. The nation will export A$419 billion (S$399 billion) in metals and energy commodities. Price of thermal coal has skyrocketed to an all-time high amid a global energy shortage. Australia resource exports are expected to hit unprecedented levels for a second consecutive … Read more
The Copenhagen restaurant Noma lost money in 2021 for the first time in four years. It incurred a net loss of 1.69 million Danish kroner (about $240,000). The last time Noma was unprofitable was in 2017, when chef Rene Redzepi closed it for renovations. The Copenhagen restaurant Noma, which has been awarded the world’s greatest … Read more
Short sellers have increased their wagers against Tether, the Wall Street Journal reported on Monday. The company’s sponsors continue to reassure markets that the token is backed by significant reserves. On Friday, the 3pool platform processed around $117 million in trade volume. The repeated assurances by the sponsors of the largest stablecoin, Tether, that the … Read more
Chinese developer Shimao Group Holdings Ltd. failed to pay a $1 billion bond that matured Sunday. Company says it has not made principle payments on a number of other offshore debts. Company is one of China’s leading issuers of real estate-related debt. Chinese developer Shimao Group Holdings Ltd. stated that it did not pay a … Read more
Yasmin Fahimi, head of the German Federation of Trade Unions (DGB), calls for a ceiling on residential energy prices. She stated that the crisis could result in social and labour upheaval. Russia has curtailed exports through the Nord Stream pipeline by 60 percent. Prior to the commencement of crisis talks with Chancellor Olaf Scholz on … Read more
Joint venture partner Foxconn has all the necessary agreements and technologies in place. Vedanta Group aims to invest USD 15 billion in semiconductor industry in the first decade. Vedanta bought Avanstrate of Taiwan to enter the display fab manufacturing industry. A senior official of Vedanta Group stated that the company anticipates its semiconductor division to … Read more
TikTok admits certain China-based staff can access U.S. user data. The video-sharing app is owned by China’s ByteDance Ltd. TikTok says this information is subject to strong cybersecurity procedures and is not shared with the Chinese government. TikTok, a video-sharing app owned by China’s ByteDance Ltd., disclosed that select staff outside the U.S. have access … Read more
Recession is the looming threat that investors have overlooked for months. Bank survey of clients to 4.11% in the recession predicting model of the New York Federal Reserve. The first six months were full of surprises, including inflation and largest selloff in bonds in decades. As per media sources, US markets are beginning to fear … Read more
Musk’s $44 billion attempts to acquire Twitter remain in limbo. The Vatican did not publicize the audience, nor did it release any details of what the pair discussed. The Twitter board recommended on June 21 that shareholders approve Musk’s proposed acquisition. Elon Musk, CEO of Tesla, used Twitter to announce that he had visited Pope … Read more
Nayib Bukele, president of El Salvador, invests another $1.5 million in Bitcoin. Purchases 80 BTC at $19,000 each, reducing losses from $104 million to $4,213 million. The Central American nation’s Bitcoin reserves were worth $43,700,000 yesterday, worth $60.2 million. Nayib Bukele, president of El Salvador, must sincerely believe in Bitcoin, or he must enjoy losing … Read more
US will “accelerate” discussions on how to establish a price cap on Russian oil. Discussions are underway with countries around the world to determine if such a mechanism could be implemented by the end of the year when a near-total ban on Russian imports goes into effect in Europe. Those in favor of a price … Read more
Turkey raises minimum wage by 30% in response to rising living costs. Official inflation rate surpasses 70% for the second time in six months. President Erdogan has stated that the government will continue to protect the public from the escalating cost of electricity and other essentials. Turkey increased its minimum wage for the second time … Read more
Cryptocurrency exchange Deribit claims Three Arrows failed to repay $80 million. Derivatives venue says hedge fund exploited loans to increase its cryptocurrency market wagers. Two prominent crypto financial services firms, BlockFi and Genesis, liquidated Three Arrows’ investments last month. This week, Three Arrows Capital was liquidated after cryptocurrency exchange Deribit claimed the crypto hedge fund … Read more
FTX has announced an agreement with BlockFi that includes an option for the cryptocurrency exchange to acquire the lending platform. The deal boosts the size of FTX’s assistance to BlockFi, which was $250 million last week. Analysts have likened this “Lehman moment” for the digital asset industry. FTX has announced an agreement with BlockFi that … Read more
Voyager Digital suspends trading, deposits, withdrawals, and loyalty awards. Company is “actively pursuing all possible remedies” to recover more than $650 million it lent to insolvent hedge fund. Cryptocurrency broker has provided Voyager with cash and bitcoin loans totaling $485 million. As a result of the impact from its loan to the faltering hedge fund … Read more
The first funding for the Dutch central bank came in part from the slave trade. When slavery was abolished in 1863, compensation was provided to plantation owners. . He stated that the central bank would “become more diverse and inclusive” by responding “decisively” to racism and increasing recruitment diversity. The head of the Dutch central … Read more
The yield on 10-year Treasury notes fell 0.13 percentage points to 2.88 percent. Over the past three days, the yield has decreased by approximately 0.3 percentage points. US stocks ended the day higher, with the benchmark S&P 500 index gaining 1.1%. On Friday, US government bonds surged after a bleak assessment of the nation’s manufacturing … Read more
$800m military aid package includes air defence systems for Ukraine. US will also provide anti-artillery radars and ammunition for its Himar high-mobility artillery rocket weapons. Joe Biden committed to back Ukraine for “as long as it takes” to defend itself against Russia. As part of a new $800mn military aid package agreed by president Joe … Read more
Joe Biden will award Presidential Medal of Freedom to 17 individuals, including Apple co-founder Steve Jobs and Senator John McCain. Award is regarded as the nation’s highest civilian honour for Americans who have made outstanding contributions to the prosperity, values, or security of the United States. The awards ceremony will be held on July 7 … Read more
Indian oil shares fall after New Delhi announces a rise in the export tax on fuel. Shares of Reliance Industries, owned by Asia’s richest man Mukesh Ambani, fell as high as 8.7% in response to the news. Oil & Natural Gas Corporation, another major refiner, plunged as much as 10%. Reliance Industries, one of the … Read more
40,000 Network Rail employees and employees of 13 train operating businesses went on strike for three days last week over salary, working conditions, and probable layoffs. Discussions are geared at preventing a recurrence of the strikes. He continued, “I am delighted to report that the teams have had productive meetings throughout the week.” Following the … Read more
The FTSE All World index of developed and emerging market equities lost 0.3% on Friday afternoon in London. Europe’s regional Stoxx 600 fell 0.5% after data on eurozone consumer prices that exceeded estimates strengthened hopes that the European Central Bank would hike interest rates. US stocks, which set the tone for global trading, have not … Read more
US manufacturing slowed in June as demand waned. Percentage of new orders decreased to 49.2% from 55.1% in May. Price hikes began to moderate, and supply chain restrictions appeared to loosen. The index for supplier deliveries slowed, and the index for stocks climbed only marginally. As increasing interest rates and inflation drive consumers to tighten … Read more
Copper falls below $8,000 per tonne for the first time in 18 months. Fears of an economic downturn weighed on the most important industrial metal. Other metals began the third quarter on a negative note, with nickel down 3% and aluminum falling 2%. Copper fell below $8,000 a tonne on Friday for the first time … Read more
General Motors’ manufacturing impacted by supply chain issues. Company anticipates being able to complete and sell the vehicles by the end of the year. Full-year outlook for net profits between $9.6 billion and $11.2 billion. GM also revealed a 15% decline in second-quarter sales compared to the same period in 2021. On Friday, General Motors’ … Read more
US stocks have their worst first half in more than 50 years. Fed’s attempt to stop inflation and worries about global growth blamed. S&P 500 index has lost 20.6% in first half of 2022, Nasdaq Composite has lost about 30% this year. The first half of the year for US stocks was the worst in … Read more
Cryptocurrency lender Celsius Network said it is investigating “strategic transactions” and “restructuring” its obligations. Company banned users from withdrawing digital assets in mid-June. Celsius contacted FTX for a bailout but was rebuffed, according to reports. Cryptocurrency lender Celsius Network said it is investigating “strategic transactions” and “restructuring” its obligations in an effort to mitigate the … Read more
