The price of oil has risen after several major producers agreed to continue production output and the G7 and its allies agreed to cap the price of Russian oil. Continue reading Oil prices rise as cap on Russian crude looms
The European Central Bank gave a strong critique of bitcoinon Wednesday, saying the cryptocurrency is on a “road to irrelevance.” In a blogpost titled “Bitcoin’s last stand,” ECB Director General Ulrich Bindseil and analyst Jürgen Schaff said that, for bitcoin’s proponents, the apparent stabilization in its price this week “signals a breather on the way to new heights.” “More likely, however, it is an artificially … Continue reading European Central Bank says bitcoin is on the ‘road to irrelevance’
Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX. In the filing, the company indicated that it had more than 100,000 creditors, with liabilities and assets ranging from $1 billion to $10 billion. In the filing, the company listed an outstanding $275 million loan … Continue reading Crypto firm BlockFi files for bankruptcy as FTX fallout spreads
Lawyers for collapsed crypto exchange FTX said in the company’s first bankruptcy hearing on Tuesday that regulators from the Bahamas, where FTX was headquartered, have agreed to consolidate proceedings in Delaware. FTX’s lawyers, who were brought in by new leadership to handle restructuring, filed an emergency motion last week to secure the move to the U.S. The hearing on Tuesday was the initial step in … Continue reading FTX lawyer calls this case ‘a different sort of animal’ in first bankruptcy hearing
Bitcoinreversed higher on Tuesday after briefly hitting a two-year low, as investors assess potential damage still to come in the aftermath of FTX’s collapse. The largest cryptocurrency by market cap was last trading higher by 2.5% at $16,204.92, according to Coin Metrics. Earlier in the day it fell to $15,480, its lowest level since Nov. 11, 2020. Ether rose 2.1% to $1,126.92. The rebound followed … Continue reading Bitcoin bounces slightly after hitting two-year low
Households, retailers and charities nationwide, feeling the pinch of inflation, are bracing for a humbug holiday season. U.S. consumers and businesses have trimmed spending plans for gifts, charitable contributions and holiday events, data show. The penny-pinching threatens to spoil the year-end for many, especially firms and nonprofits that tally their largest share of sales and donations in November and December. “We’re hopeful for a strong … Continue reading Stressed-Out Americans Plan to Buy Fewer Christmas Gifts, Donate Less to Charity
In a stunning recent move that sent shockwaves throughout Hollywood, Bob Iger, one of the most notable CEO’s in the history of The Walt Disney Company, is returning to once again run the media empire. Continue reading Bob Iger returns as Disney CEO in shocking shakeup
With persistent inflation eroding wage gains, more Americans are struggling financially just as the peak shopping season kicks into high gear. Holiday spending could come at a high cost if it means tacking on additional credit card debt just as interest rates rise. As of October, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report. A year ago, the number … Continue reading 60% of Americans are living paycheck to paycheck heading into the peak shopping season
The market is actually up this month, but bearish bets are building fast. A measure of sentiment from the options markets shows that bets on falling stock prices have sharply outpaced those expecting prices to rise. That might sound like a reason to run away from stocks. But oddly, market analysts usually see extreme levels of bearishness in investor sentiment as good news for stocks. … Continue reading Bearish bets build in stock market
The breadth of the global fallout from FTX’s collapse has continued to emerge. Temasek, Singapore’s state-backed fund, said on Thursday that it had fully written down its $275 million investment in the crypto exchange, joining the Silicon Valley firm Sequoia Capital and SoftBank, the Japanese tech conglomerate, in declaring their stakes worthless. The development comes as Sam Bankman-Fried, FTX’s founder, delivered a series of bombshell … Continue reading Investor Losses From FTX’s Implosion Are Growing
The man who had to clean up the mess at Enron says the situation at FTX is even worse, describing what he calls a “complete failure” of corporate control. The filing by John Ray III, the new CEO of the bankrupt cryptocurrency firm, lays out a damning description of FTX’s operations under its founder Sam Bankman-Fried, from a lack of security controls to business funds … Continue reading Exec who cleaned up Enron calls FTX mess ‘unprecedented’
Target is the latest big retailer that is blaming shoplifting for putting a big hit on its profits. The company said its gross margin rate dropped from 28 percent in last year’s 3rd quarter to 24.7 percent this year. Along with shoplifting, referred to as shrink in the industry, the company blamed higher markdown rates and freight costs for dragging down profits. The company says … Continue reading TARGET blames massive shoplifting for lost profits; Locks up toothpaste
Your Thanksgiving meal with all the trimmings is expected to cost 20% more than last year. Nearly every ingredient in the classic Thanksgiving feast is more expensive between inflation, supply chain interruptions and the avian flu, according to the American Farm Bureau’s annual Thanksgiving dinner survey. The survey, released Wednesday, found the average cost of this year’s holiday meal for 10 is $64.05 up from … Continue reading Thanksgiving meal prices rise to new record high
The shocking failure of cryptocurrency exchange FTX last week continues to hang over Bitcoin BTCUSD +3.79% and other digital assets, with cryptos vulnerable to even further declines after already breaching key technical price levels. The price of Bitcoin was rising slightly over the past 24 hours to $16,800. The largest cryptocurrency was changing hands near $21,000 just over a week ago, before concerns around FTX … Continue reading Bitcoin Is Now Vulnerable to a Tumble Below $14,000 as Crypto Faces the FTX Fallout
Everyone will have to pay more tax under plans due to be announced on Thursday, Chancellor Jeremy Hunt says. Offering a message few ministers would risk saying out loud, Mr Hunt told the BBC: “I’ve been explicit that taxes are going to go up.” He confirmed he would be giving details about further help for those struggling with energy bills, but warned there had to … Continue reading UK says Everyone will have to pay more tax
On Monday morning, FTX CEO Sam Bankman-Fried woke up still a billionaire, even as his cryptocurrency empire was crumbling down around him. By Friday, his entire fortune had been completely wiped out. Continue reading In less than a week, Sam Bankman-Fried’s $16 billion fortune evaporated
The EU warned Friday the eurozone was set to fall into recession this winter as Brussels hiked inflation forecasts for 2022 and 2023 on the back of high energy prices. Europe is reeling from the economic shockwaves unleashed by Russia’s war on Ukraine, which have fuelled a spike in energy costs and hit the wallets of consumers around the continent. The EU’s executive arm said … Continue reading EU warns of ‘difficult months’ as eurozone faces recession
The UK government has frozen more than £18bn of assets belonging to oligarchs and other Russians under the sanctions regime brought in after Vladimir Putin’s invasion of Ukraine, the first official total reveals. Sanctions have been imposed on 1,271 people – including the former Chelsea FC owner Roman Abramovich and the “Nickel King” Vladimir Potanin, Russia’s second richest person – according to the annual review … Continue reading UK sanctions now cover £18bn of Russian-owned assets
Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said. FTX Chief Executive Sam Bankman-Fried said in investor meetings this week that Alameda owes FTX about $10 billion, people familiar with the matter said. FTX extended loans to Alameda … Continue reading FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
Stocks mounted their biggest rally since 2020 after October’s reading of consumer prices raised hopes that inflation has peaked. The Dow Jones Industrial Average jumped more than 1,000 points, or more than 3% for its biggest one-day gain since the market was emerging from the depths of the pandemic bear market. The S&P 500 jumped 4.6% for its biggest one-day rally since April 2020. The … Continue reading Dow surges 1,000 points in biggest rally since 2020 after a lighter-than-expected inflation report
The consumer price index rose less than expected in October, an indication that while inflation is still a threat to the U.S. economy, pressures could be starting to cool. The index, a broad-based measure of goods and services costs, increased 0.4% for the month and 7.7% from a year ago, according to a Bureau of Labor Statistics release Thursday. Respective estimates from Dow Jones were … Continue reading Consumer prices rose 0.4% in October, less than expected, as inflation eases
The world’s largest crypto exchange by volume, Binance, said it would walk away from a deal with the third largest crypto exchange by volume, FTX. On Tuesday, Binance signed a letter of intent to purchase its troubled competitor, FTX, in what appeared to be a potential bailout of the latter amid a liquidity crunch. But just a bit over 24 hours later, that plan crumbled. … Continue reading Binance backs out of deal to buy FTX
The United States Department of Justice has announced it has seized #3.36bn of Bitcoin last year, which was stolen from an infamous darkness website. Continue reading Justice Department Announces Seizure of Bitcoin Once Valued at $3.36 Billion
In a letter sent to investors, and reportedly seen by the Financial Times, the Florida-headquartered firm told clients that it believes the global economy is in an “extremely challenging” situation that could lead to hyperinflation. It added that the “extraordinary” period of cheap money is coming to an end and has “made possible a set of outcomes that would be at or beyond the boundaries … Continue reading Hedge-fund giant Elliott warns looming hyperinflation could lead to ‘global societal collapse’
The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years. It warned the UK would face a “very challenging” two-year slump with unemployment nearly doubling by 2025. Bank boss Andrew Bailey warned of a “tough road ahead” for UK households, but said it had to act forcefully now … Continue reading Bank of England expects UK to fall into longest ever recession
B.C. Begley 