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Central Bankers Question Cryptos at Davos

Central Bankers Question Cryptos at Davos

104
Cryptocurrency news
24.05.2022

Central bankers meeting at a roundtable discussion at Davos, organized by the World Economic Forum (WEF), have questioned crypto’s place in the global economy.  Some of the comments emanating from a panel of central bankers and regulato...

China Reduces Russian Energy Due to Diminishing Consumption

China Reduces Russian Energy Due to Diminishing Consumption

107
Commodities news
23.05.2022

In April, China's monthly imports from Russia hit a record high of US$8.9 billion. This was an increase of 57% from the year before and 13% higher than March. At face value, it may appear that China is importing more from Russia, but soaring c...

India to Launch Own Digital Currency

India to Launch Own Digital Currency

119
Cryptocurrency news
20.05.2022

India is working on developing a digital version of the rupee. It becomes the latest nation to join the push to create a state-backed virtual currency. The country's central bank hopes to launch the digital currency in the new fiscal year, whi...

UK Inflation Touches 40-year High

UK Inflation Touches 40-year High

54
Economy news
18.05.2022

Inflation in the UK leapt to its highest annual rate since 1982, putting severe pressure on Finance Minister Rishi Sunak to do more to help families facing a cost-of-living crisis. Consumer price inflation touched 9% in April, recalling the peaks...

Japan’s GDP Shrinks as Cost of Living Bites

Japan’s GDP Shrinks as Cost of Living Bites

53
Economy news
17.05.2022

Japan's economy contracted for the first time in two quarters, as COVID-19 curbs affected the performance of the services sector, and the Ukraine war continued to inflate commodity prices and create headaches for consumers.  The world&rsq...

McDonald's Quits Russia for Good

McDonald's Quits Russia for Good

114
Stocks news
17.05.2022

McDonald's opened its first restaurant in Moscow 30 years ago, but, after temporarily shutting down more than 800 restaurants following the invasion of Ukraine, the company has decided to exit Russia altogether. However, leaving the country will...

COVID Lockdowns Hit China's Economy Hard

COVID Lockdowns Hit China's Economy Hard

50
Economy news
16.05.2022

China has posted troubling economic data for April, revealing the severe damage COVID lockdowns have wreaked on the country. The world's second largest economy reported alarming drops in retail sales and manufacturing production, falling short...

Top Stablecoin Loses Dollar Peg

Top Stablecoin Loses Dollar Peg

119
Cryptocurrency news
13.05.2022

Tether, the world’s biggest stablecoin that pegs its value one-to-one with the US dollar, is losing value and can no longer maintain its equal pegging.  Stablecoins are usually a place of safety for crypto investors during times of turb...

Sri Lankan Businesses Agitate for Government Changes

Sri Lankan Businesses Agitate for Government Changes

51
Economy news
11.05.2022

Several business groups in Sri Lanka have asked the president to install a new government and resign immediately thereafter. With little more than $50 million in foreign exchange reserves, Sri Lanka is basically bankrupt and dependent on external...

US Gas Prices Leap to Record Highs

US Gas Prices Leap to Record Highs

130
Commodities news
11.05.2022

In another blow to the embattled US economy, prices at the pump climbed to new record highs. The national average price for regular gasoline soared more than four cents on Tuesday to $4.37 a gallon, beating the prior record of $4.33 set in early Marc...

Bitcoin Falls to Less than Half Its All-Time High

Bitcoin Falls to Less than Half Its All-Time High

120
Cryptocurrency news
10.05.2022

Bitcoin fell 10% on Monday after plunging again over the weekend. The industry standard cryptocurreny’s price has now dropped almost 20% in the past week.  Now sitting at a price just below $31,000, Bitcoin is more than 50% below its re...

Crypto CEO Indicted for Pyramid Scheme

Crypto CEO Indicted for Pyramid Scheme

123
Cryptocurrency news
09.05.2022

The US Justice Department has indicted Mining Capital Coin (MCC) CEO Luiz Capuci Jr. for “allegedly orchestrating a $62 million global investment fraud scheme,” the federal agency said last Friday. MCC is a cryptocurrency mining and in...

Europe is Planning to Ditch Russia's Oil

Europe is Planning to Ditch Russia's Oil

136
Commodities news
05.05.2022

The European Commission has proposed a sixth round of sanctions against Russia over its attack on Ukraine. The new restrictions include a plan to phase out all crude and oil products by the end of the year. Sanctions have so far not affected Russi...

Fed Confirms Largest Rate Hike in 22 Years

Fed Confirms Largest Rate Hike in 22 Years

57
Economy news
05.05.2022

The US Federal Reserve announced an interest rate hike of a half-percentage point in an attempt to take control of the worst inflation America has seen in 40 years. The central bank has not hiked rates this much in 22 years. The decision was unani...

Tata Takes Frugal Approach to Making Electric Vehicles

Tata Takes Frugal Approach to Making Electric Vehicles

55
Economy news
04.05.2022

India's Tata Motors is taking a frugal approach to entering the electric vehicle (EV) market. The company makes a little more than 100 EVs a day at its Pune plant, with many processes being carried out by hand to save money. Competitive protec...