CRYPTOCURRENCY
Bitcoin is leading indicator of stock-market Bottom, Mobius says
Worries about global recessionary risks have wiped out billions in Bitcoin’s market value, with the token crashing about 70% from its peak to trade near $20,000.
BUSINESS
Jack Ma’s Ant to apply for key license as soon as this month
The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it’s submitted and will then start a review process, which could take months, said the people, asking not to be identified discussing a private matter.
BUSINESS
China Premier Li Keqiang’s trip to wheat farm shows food, inflation worries
Li Keqiang stressed the importance of the wheat harvest this year while touring a farm in Gaobeidian, a city in the northern province of Hebei, Xinhua said on Tuesday.
BUSINESS
US seeks to limit nicotine levels in cigarettes
The Food and Drug Administration will draft a rule that limits nicotine, according to a notice of a proposed rule posted on the US Office of Information and Regulatory Affairs.
BUSINESS
India to resist anti-US messaging at BRICS summit with Xi Jinping, Vladimir Putin
The virtual event, which Beijing is hosting this week, is set to bring together Xi, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, South Africa’s Cyril Ramaphosa and Brazil’s Jair Bolsonaro.
BUSINESS
Oversupply of India bonds to drive yields to 8%, StanChart says
The lender estimates that excess supply of sovereign and state debt may total as much as 6.3 trillion rupees ($81 billion) this fiscal year. That’s likely to further upset a market that’s struggling to cope with rising interest rates and dwindling surplus liquidity, said Parul Mittal Sinha, head of India financial markets at the bank.
BUSINESS
Adults who love toys? The toy industry loves them, too
A cohort of shoppers like Dykstra—dubbed “kidults” by toy industry insiders—have helped US toy sales surge 37% over two years, to $28.6 billion in 2021, according to data tracker NPD Group.
BUSINESS
Elon Musk, Nouriel Roubini and Goldman warn of rising US recession risk
Their outlooks will stoke fears of a hard landing for the world’s biggest economy as the Federal Reserve jacks up interest rates to counter the fastest pace of inflation in decades.
BUSINESS
Joe Biden says US recession avoidable after call with Larry Summers
“I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters Monday at Rehoboth Beach, Delaware. “I think we’re going to be able to get a change in Medicare and a reduction in the cost of insulin.”
BUSINESS
US sanctions helped China supercharge its chipmaking industry
Nineteen of the world’s 20 fastest-growing chip industry firms over the past four quarters, on average, hail from the world’s No. 2 economy, according to data compiled by Bloomberg.
CRYPTOCURRENCY
Mounting crypto liquidations make DeFi go to extremes
The record-setting rout in cryptocurrencies has put a slew of decentralized-finance applications and their communities in a race to protect themselves against a cascade of liquidations -- sometimes by employing unprecedented measures.
WORLD
Once-Spurned Superjumbos Return to Skies as Travel Roars Back
Many airlines struggled to see a future for their enormous Airbus SE A380s when the pandemic grounded fleets in early 2020. Qantas Airways Ltd. parked its 12 double-deckers in the Californian desert, saying they wouldn’t be needed for at least three years, while Etihad Airways said it’s not clear if its 10 superjumbos will ever fly again.
BUSINESS
China's Realme cracks the smartphone market in India
The move paid off, boosting the four-year-old newcomer’s sales and helping it reach the No. 3 position in the fast-growing market with about 600 million smartphone users. Only Samsung Electronics Co. and Xiaomi Corp. sold more devices in India in the latest quarter, with Realme closing in.
BUSINESS
Janet Yellen says recession not inevitable but unacceptably high inflation locked in for 2022
“We’ve had high inflation so far this year, and that locks in higher inflation for the rest of the year,” she said Sunday on ABC’s “This Week.”
BUSINESS
Crypto market starting to see even old-timers ‘panic selling’
A measure called the spent output profit ratio, which tracks how much profit has been realized from market activity in digital currencies on a blockchain on any given day, has declined to its lowest level in a year, according to Glassnode data.
BUSINESS
Crypto unicorns are on notice as VC backers gird for slump
The startups backed by these investors have floundered amid a crippling market downturn. Layoffs have swept across some of the biggest names in blockchain such as Coinbase Global Inc., Gemini Trust Co. and Crypto.com.
BUSINESS
Economy watch: Inflation rattles most nations, UK closing in on double-digit surge
A week after surging US consumer prices prompted an accelerated 75 basis-point hike from the Federal Reserve amid spasms in global financial markets, the British data will offer investors another chance to ask if the reaction of policy makers is adequate.
CORPORATE-ACTION
Apple Store workers in Maryland become first in US to form union
The decision could spark a wider unionisation movement among Apple store workers, similar to the first Starbucks union vote last year that has since prompted nearly 300 other stores to file for elections
CRYPTOCURRENCY
Bitcoin, Ether bounce off lows after record-breaking rout
The largest digital token by market value tumbled as much as 15% to $17,599 on Saturday, marking a record-breaking 12th consecutive daily decline
ECONOMY
Sri Lankan economy grinds to a halt as fuel supplies run dry
Thousands of vehicles were lined up in queues stretching for kilometers as drivers waited for filling stations to be replenished with fuel supplies
CRYPTOCURRENCY
Bitcoin breaches $20,000 for the first time since 2020 on fiscal tightening
Bitcoin fell as much as 6 percent to $19,377.08 at 2:54 pm Hong Kong on Saturday. The largest token by market value has fallen for 12 straight days. Ether breached the $1,000 mark briefly and dropped to $999.86, the lowest since January 2021, before paring losses
BUSINESS
WTO approves vaccine-patent waiver for Covid vaccines
WTO ministers approved a package of agreements that included the vaccine patent waiver, which Director-General Ngozi Okonjo-Iweala previously said was necessary to end the “morally unacceptable” inequity of access to Covid-19 vaccines.
BUSINESS
Crypto selloff resumes as post-Fed mood sours
Ether, down as much as 8.3% on Thursday to trade around $1,080, is facing a tougher road than most
BUSINESS
Edtech unicorn Upgrad doubles valuation to $2.25 billion
India’s UpGrad Education Pvt, founded by Ronnie Screwvala, increased its valuation to $2.25 billion in the round that included billionaire James Murdoch’s Lupa Systems LLC and US testing and assessment provider Educational Testing Service, according to a person familiar with the deal.
