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Silvergate’s deepening crisis jolts crypto stocks

reuters | March 6, 2023

By Manya Saini (Reuters) – Shares of Silvergate Capital Corp fell 10% in early trading on Monday after the bank suspended its crypto payments network and expressed doubts over the viability of its business. The crypto-focused bank said late on Friday that it had made a “risk-based decision” to discontinue the Silvergate Exchange Network (SEN)…

AI stocks surge as investors bet on growth prospects

reuters | March 3, 2023

(Reuters) -Shares of artificial intelligence-based (AI) product makers zoomed on Friday, as a strong forecast from retail darling C3.ai Inc amplified an ongoing euphoria in the segment driven by the launch of OpenAI’s ChatGPT. C3.a1 forecast better-than-expected revenue and profit for both the fourth quarter and fiscal year 2023, after its third-quarter results topped Wall…

EV Maker Polestar’s Q4 Loss Narrows, Won’t Engage in Price Wars

reuters | March 2, 2023

By Marie Mannes (Reuters) – Electric vehicle (EV) maker Polestar on Thursday posted a smaller quarterly loss, maintained its 2023 production outlook and said it would not engage in price wars while weakening demand has forced some rivals to scale back output. This year is proving to be a tough one for EV makers, as…

Cryptoverse: Bitcoin moves towards Satoshi’s payment dream

reuters | February 28, 2023

By Medha Singh and Lisa Pauline Mattackal (Reuters) – Satoshi Nakamoto would be proud. Adolescent bitcoin may finally be repaying its creator’s faith. The 15-year-old cryptocurrency has filled many roles – from source of speculation to hedge against inflation – but has struggled to find a clear identity. Now there are growing signs it’s edging…

Yellen says EV battery mineral trade pacts can likely bypass Congress

reuters | February 24, 2023

By David Lawder BENGALURU (Reuters) – U.S. Treasury Secretary Yellen said on Friday that she expects that future limited free trade agreements focused on battery minerals with the European Union and other trusted allies would not need approval from Congress. Yellen told reporters on the sidelines of a G20 finance meeting in India that such…

Stocks, crude oil advances despite higher interest rate expectations

reuters | February 23, 2023

By Chibuike Oguh NEW YORK (Reuters) -Global equities and crude oil rebounded from earlier losses on Thursday even as economic data continued to show the strength of the U.S. economy and validated the Federal Reserve’s tight monetary policy stance. A U.S. Labor Department report on Thursday showed that new claims for unemployment benefits unexpectedly fell…

Oil drops 3% as high inflation risks stoke demand worries

reuters | February 22, 2023

By Shariq Khan BENGALURU (Reuters) – Oil prices fell by $2 per barrel to their lowest in two weeks on Wednesday, as investors became more concerned that recent data will prompt more aggressive interest rate increases by central banks, pressuring economic growth and fuel demand. Brent crude futures settled $2.45, or 3%, lower at $80.60…

Cryptoverse: Tether tightens grip on wobbling world of stablecoins

reuters | February 21, 2023

By Medha Singh and Lisa Pauline Mattackal (Reuters) – The world of stablecoins is suddenly looking shaky. Seismic shifts may be afoot in the $137 billion market after New York-based Paxos Trust Company, which mints Binance’s stablecoin, said it would cease issuing new BUSD tokens after U.S. regulators labeled the asset an unregistered security. The…

EU calls for fast-track crypto capital rules for banks

reuters | February 20, 2023

By Huw Jones LONDON (Reuters) – Tough capital rules for banks holding cryptoassets must be fast-tracked in the European Union’s pending banking law if Europe wants to avoid missing a globally-agreed deadline, the bloc’s executive has said. The global Basel Committee of banking regulators from the world’s main financial centers has set a January 2025…

Oil settles down $2/bbl, ends week lower on Fed worries, ample supply

reuters | February 18, 2023

By Laura Sanicola (Reuters) -Oil settled down $2 a barrel on Friday and ended the week markedly lower, as traders worried that future U.S. interest rate hikes could weigh on demand and got nervous about mounting signs of ample crude and fuel supply. On Thursday, two Fed officials warned additional hikes in borrowing costs are…

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