One month prior to the catastrophic collapse, prominent crypto investors accused FTX founder Sam Bankman-Fried of “quietly lobbying” regulators. For well over a year, the former billionaire offered various suggestions, in interviews and in policy papers, as to how D.C. officials might police the nascent industry. Legislative influence runs in the family. His father, Joseph…
Bankman-Fried Pushed for Crypto Regulation in Weeks Leading Up to FTX Bankruptcy
November 23, 2022
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Blackouts Likely as Push to Replace Fossil Fuels With Unreliable Tech Imperil Grid, Regulator Warns
November 23, 2022
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Business & Marketscoal powereconomic policieseconomyenergyenergy pricesgreen energyPolicies & ImpactsUSUS News
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Frequent blackouts throughout the United States would become more likely if the drive to replace fossil fuels with unreliable “green” energy goes through, warned a federal regulatory official. The Biden administration’s policy to replace traditional sources of energy with wind and solar would push the national power grid to the brink of a double crisis, said Mark…
Blackouts Likely as Push to Replace Fossil Fuels With Unreliable Tech Imperils Grid, Regulator Warns
November 23, 2022
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Business & Marketscoal powereconomic policieseconomyenergyenergy pricesgreen energyPolicies & ImpactsUSUS News
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Frequent blackouts throughout the United States would become more likely if the drive to replace fossil fuels with unreliable “green” energy goes through, warned a federal regulatory official. The Biden administration’s policy to replace traditional sources of energy with wind and solar would push the national power grid to the brink of a double crisis, said Mark…
Federal Reserve Braces for Smaller Rate Hikes Ahead, Talks Recession Risks: Minutes
The Federal Reserve does not believe inflation pressures are easing, according to minutes from the November Federal Open Market Committee (FOMC) policy meeting. Meeting participants noted that inflation risks were “skewed to the upside,” adding that “a persistent reduction in inflation could require a greater-than-assumed amount of tightening in financial conditions.” With risks to real…
Easing Eurozone Downturn Offers Hope of Milder Recession
LONDON—The downturn in eurozone business activity eased slightly in November offering a glimmer of hope the expected recession may be shallower than feared, but consumers still cut spending amid a cost of living crisis, a survey showed on Wednesday. There has been mounting evidence the bloc is entering a recession and in a Reuters poll…
Wall Street Opens Lower Ahead of Fed Minutes, Apple Falls
November 23, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsMedia & Big TechrecessionstocksUS
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Wall Street’s main indexes opened lower on Wednesday, as Apple shares fell, while investors awaited the minutes of the Federal Reserve’s November meeting for a clearer picture of its monetary tightening policy. The Dow Jones Industrial Average fell 6.5 points, or 0.02 percent, at the open to 34091.57. The S&P 500 fell 3.3 points, or…
FTX Poured Millions Into Political Campaigns Before Bankruptcy
November 23, 2022
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Business & MarketsCompaniescryptocurrencyDemocratseconomic policieselectionFTXMarketsRepublicansUSUS News
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Former FTX executives contributed significantly to this year’s midterm elections in an effort to gain influence in Washington. After the collapse of the cryptocurrency exchange, the big beneficiaries of FTX’s donations have attracted attention. According to the Center for Responsive Politics, FTX founder Sam Bankman-Fried and two other executives poured more than $70 million into…
Dollar on Edge Ahead of Fed Minutes, Kiwi Gains
LONDON—The U.S. dollar held firm on Wednesday ahead of the release of closely-watched minutes from the Federal Reserve’s latest policy meeting, while the New Zealand dollar strengthened on the back of a record rate rise to curb rampant inflation. The U.S. dollar index, which measures the currency against a basket of six counterparts, was broadly…
Oil Prices Fall Over $1 a Barrel on Russian Oil Price Cap Talks
November 23, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell by more than $1 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2, or 2.26 percent, to $86.36 a barrel at 1153 GMT, while U.S. West Texas Intermediate (WTI)…
World Shares Mostly Higher Ahead of Release of Fed Minutes
November 23, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—World shares have advanced ahead of Wednesday’s release of minutes from the Federal Reserve’s last policy meeting. Benchmarks rose in London, Paris, Hong Kong, and Shanghai. Markets were closed in Japan for a holiday. The Federal Reserve minutes could give investors more insight into the U.S. central bank’s decision-making process. Wall Street has been hoping…
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