Coinbase acquires a stake in stablecoin issuer Circle while discontinuing their joint venture
Cryptocurrency exchange Coinbase is acquiring a stake in Circle, the issuer of the stable cryptocurrency USDC, signaling a closer relationship between these two key players in the cryptocurrency realm. Both companies also announced the closure of the Centre Consortium, a private governance organization for USDC, citing newfound “regulatory clarity” concerning stable cryptocurrencies. “Reflecting Coinbase’s belief […]
Asian demand for LNG may turn to the United States due to a miner’s strike in Australia
The United States could soon experience heightened demand for liquefied natural gas from Asian buyers. These buyers usually source the commodity from Australia, but recent employee protests in Australia’s mining sector have disrupted operations. If the situation escalates, the demand for American LNG is likely to surge even further. The uncertainty caused by protests at […]
Rice prices soar, it raises concerns about rising food inflation in Asia
Rice prices surged to their highest in almost 12 years, after India’s rice export ban and adverse weather conditions dented production and supplies of Asia’s primary staple food, according to the UN’s food agency. “The global rice price surge is particularly concerning,” stated Qingfeng Zhang, Executive Director of the Asian Development Bank, in an interview […]
Microsoft presents a new proposal for the acquisition of Activision Blizzard after the original bid was blocked.
On Tuesday, Microsoft submitted a fresh proposal for acquiring Activision Blizzard, offering a series of concessions after its initial bid was rejected by the UK regulator. The American technological giant first presented a $69 billion acquisition offer for Activision in January 2022, but has since faced regulatory challenges in the USA, Europe, and the UK. […]
Chinese Economy Slows Down, Central Bank Decides to Lower Interest Rates
The world’s second-largest economy is displaying signs of a rather pronounced deceleration. A notable example is the dramatic drop in the pace of growth in government budget revenues in July compared to June. This development is indicative of the crisis that the real estate sector has fallen into. The Chinese central bank responded to the […]
Coinbase’s Revenues Exceed Expectations, Its Stocks Strengthen by 160%
This Year Coinbase, the cryptocurrency exchange, is experiencing a period of success. In the second quarter of this year, its revenues significantly surpassed investors’ expectations. Higher interest rates played a substantial role in this achievement. The Coinbase leadership also expressed confidence in prevailing over the dispute with the U.S. Securities and Exchange Commission (SEC). Since […]
Italy banks stocks regain ground as cap set on windfall tax
Early trading witnessed a rise in Italian banking stocks, recovering some of the lost ground following the government’s recent announcement of a cap on windfall taxes for the nation’s financial institutions. Shares of Intesa Sanpaolo (BIT:ISP), Banco BPM (BIT:BAMI), and UniCredit (BIT:CRDI) surged between 1.7% and 2.5% as of 0730 GMT, while Finecobank led the […]
Moody’s has recently lowered the credit ratings for ten banks and issued warnings to six additional banks.
The recurring factors of increased funding expenses and challenges to profitability were evident across these banks’ second-quarter earnings reports. Moody’s has downgraded the credit ratings of ten midsized banks by one notch. These include M&T Bank (MTB), Webster Bank (WBS), Pinnacle Financial Partners (PNFP), BOK Financial Corp. (BOKF), Associated Banc-Corp. (ASB), Old National Bancorp (ONB), […]
Apple’s revenue decline continues into the second quarter as its shares lost over seven percent within a week.
The technological giant and the world’s most valuable company, Apple, is going through a relatively challenging period. Its revenues have dropped in the second quarter of this year. Investors “appreciated” the unfavorable news by selling off shares, which lost nearly five percent of their value in a single day. Over the course of the week, […]
Nintendo’s profit surged by 52% driven by the success of the new game “The Legend of Zelda” and the movie “Super Mario.”
Revenues of Nintendo escalated by 50% compared to the previous year, while the net profit recorded an impressive growth of 52%. Operating profit reached 185.44 billion yen, exceeding expectations and marking an 82.4% leap from the previous year. Nintendo benefited from the positive impact of the film “The Super Mario Bros. Movie,” based on the […]