Crypto CEOs to Testify before U.S. House Banking Panel
The top executives of eight major cryptocurrency firms will testify before the U.S. House Financial Services Committee on Dec. 8 The hearing marks the first time major players in the rapidly growing crypto markets will testify before lawmakers, as policymakers grapple with the implications of the ne
The Dow just had its Worst Day of the Year
U.S. stocks dropped sharply on Friday as a new COVID variant found in South Africa triggered a global shift away from risk assets. The Dow Jones Industrial Average dropped 905.04 points, or 2.53%, for its worst day of the year, closing at 34,899.34.
El Salvador Buys 100 More Bitcoins as Crypto Market Falls
El Salvador President Nayib Bukele said the Central American country had taken advantage the 7.7% decline in Bitcoin on Friday to purchase 100 more of the coins. “El Salvador just bought the dip,” Bukele wrote on Twitter, almost a week after he announced the nation’s plan to sell $1 billion in
Amazon and Apple fined eur 200 m for Alleged Collusion
Italy’s antitrust authority has fined U.S. tech giants Amazon and Apple a total of more than 200 million euros ($225 million) for allegedly engaging in anti-competitive cooperation in the sale of Apple and Beats products.The authority said in a statement on Tuesday “contractual provision
TRSDC to Deliver Saudi’s First Underwater Excavation on Red Sea Coast
The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has partnered with the Ministry of Culture to unite efforts in the fields of archaeology, heritage, history and sustainable tourism along Saudi Arabia’s Red Sea coast. Among the
China Fines Tech Giants for Failing to Report 43 Old Deals
China’s market regulator on Saturday said it was fining companies including Alibaba, Baidu and JD.com for failing to declare 43 deals that date as far back as 2012 to authorities, saying that they violated anti-monopoly legislation. Enterprises involved in the cases would be fined 500,000 yuan
COVID Comeback – A new Threat for European Market Bulls
COVID-19 lockdowns have returned anew to haunt Europe’s economic prospects, forcing investors on Friday to reassess portfolios and sell vulnerable assets such as the euro and bank stocks. Days after the Netherlands, Hungary, Slovakia and the Czech Republic reimposed curbs, Austria put itself b
Alibaba Slashes Sales Outlook as Competition Bites, Demand Slows
Chinese e-commerce giant Alibaba Group Holding Ltd, slashed its forecast for annual revenue growth on increased competition and a regulatory crackdown, sending its stock tumbling 11%. Alibaba now expects revenue for the year ending in March to rise between 20% and 23%, the slowest pace since its 201
Oil Rises as Investors look past Possible Reserve Releases
Oil prices rose on Friday, after wild swings the day before, as investor bet that potential coordinated releases by major economies of their official crude reserves may have less of an impact on markets than expected. Brent crude was up 77 cents, or 0.9%, at $82.01 a barrel by 0733 GMT, after fallin
Amazon Stops Accepting UK-Issued Visa Credit Cards
Amazon will stop accepting purchases made with Visa Inc. credit cards issued in the U.K. starting next year, the latest escalation by the online retailer in its push against transaction fees charged by payment networks. Amazon users were told of the changes this week. After making purchases they rec