Tether previously claimed its stablecoin was backed 1-to-1 by US dollars. Justin Tallis | Afp | Getty Images The issuer of the stablecoin tether said in a report that the controversial digital currency is now backed in part by “non-US” government bonds. Stablecoins are a type of cryptocurrency pegged to the value of sovereign currencies … Read more
Billionaire entrepreneur Elon Musk says he has no current plans to fund a Republican super PAC in the upcoming US elections, including any that opposes President Joe Biden in the 2024 presidential race. The Tesla and SpaceX CEO, who is listed by Forbes as the wealthiest person in the world, told CNBC in an email … Read more
A sign displays gas prices at a gas station on May 10, 2022 in San Mateo County, California. Liu Guanguan | China News Service | Getty Images The surge in gasoline prices is impossible to miss and at the top of consumers’ minds as large billboards announce that gas now costs $ 4, or $ … Read more
Signage for Tencent Holdings atop an office building in Shanghai, China, on March 22, 2022. China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and stagnated revenues, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004. Qilai Shen | … Read more
Game maker Hasbro. Justin Sullivan | Getty Images Hasbro is going on the offensive against an activist investor wants to add new members to the company’s board and spin off the lucrative unit that includes Dungeons & Dragons. On Wednesday, the toymaker issued a letter to shareholders detailing why its current slate of board nominees … Read more
Cisco shares plunged by as much as 17% in extended trading on Wednesday after the networking company said it generated lower quarterly revenue than analysts predicted and called for an unexpected sales decline in the current period. Here’s how the company did: Earnings: 87 cents per share, adjusted, vs. 86 cents per share as expected … Read more
Gary Gensler, Chair of the U.S. Securities and Exchange Commission, takes his seat before the start of the Senate Banking, Housing, and Urban Affairs Committee hearing on Oversight of the U.S. Securities and Exchange Commission on Tuesday, Sept. 14, 2021. Bill Clark | CQ-Roll Call, Inc. | Getty Images SEC Chair Gary Gensler is testifying … Read more
Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, November 12, 2018. Anushree Fadnavis | Reuters Block executives no longer want the firm to be seen as a payments pure play. The San Francisco-based company held its first investor day in five years … Read more
The UK’s Office for National Statistics said its estimates suggest that inflation would have last been higher “sometime around 1982.” Justin Tallis | Afp | Getty Images LONDON – UK inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country’s cost-of-living crisis. … Read more
Here are the most important news, trends and analysis that investors need to start their trading day: 1. Stock futures fall as inflation claims another retailer Traders on the floor of the NYSE, May 17, 2022. Source: NYSE US stock futures dropped Wednesday as rising inflation slammed another retailer. Target sank 24% in the premarket, … Read more
