Tag: Markets

Sam Bankman-Fried Issues First Response to FTX Case: ‘I Didn’t Steal Funds’

January 13, 2023
Business & MarketsCompaniesCrime and Incidentscriminal chargescryptocurrencyeconomyFTXInvestmentJudiciaryMarketsMedia & Big TechSam Bankman-FriedUSUS News
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The founder and former CEO of FTX, Sam Bankman-Fried, promised that customers could get their money back in his first statement since his arrest in the Bahamas. “I didn’t steal funds, and I certainly didn’t stash billions away,” Bankman-Fried said in a Jan. 12th statement on his Substack blog, titled “FTX Pre-Mortem Overview.” “No funds were…

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Yen Surges as BOJ Policy Under Pressure, Dollar Pauses

January 13, 2023
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON—The yen surged further on speculation that Japan could revise its ultra-loose monetary policy, while the dollar hovered near its lowest level since June against major currencies. The Bank of Japan is an outlier in clinging to stimulus while most central banks are in rate-hiking mode, but signs of stickier inflation have emboldened some investors…

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China Demand Optimism Sets Oil on Track for Strong Weekly Gain

January 13, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Oil prices rose on Friday, set to gain more than 6 percent for the week, on solid signs of demand growth in top oil importer China and expectations of less aggressive interest rate rises in the United States. Brent crude futures rose by 5 cents to $84.08 a barrel by 0746 GMT, off a session…

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Yen Soars as Markets Test BOJ, Stocks Cheered by Inflation Retreat

January 13, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks scaled one-month peaks on Friday thanks to signs inflation is easing, while the yen jumped to seven-month peaks and Japanese bond yields breached a central bank target as investors challenged its commitment to loose monetary policy. European shares opened higher and the broad STOXX 600 index touched its highest since April, while Asian-Pacific…

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House Republicans to Set up Crypto Committee After Industry Turmoil

January 12, 2023
Business & MarketscryptocurrencyFTXMarketsPoliticsSam Bankman-FriedUSUS News
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House Republicans announced the establishment of a new crypto subcommittee on Thursday that will focus on digital currency following the collapse of crypto exchange firm FTX last year. Rep. Patrick McHenry (R-N.C.), chairman of the House Financial Services Committee, unveiled the new Subcommittee on Digital Assets, Financial Technology, and Inclusion, along with other subcommittee appointments. The…

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Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 12)

January 12, 2023
Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for February delivery rose 98 cents to $78.39 a barrel Thursday. Brent crude for March delivery rose $1.36 to $84.03 a barrel. Wholesale gasoline for February delivery rose 5 cents to $2.48 a gallon. February heating oil was unchanged at $3.22 a gallon. February natural gas rose 3 cents to $3.70…

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New Alzheimer’s Treatment Would Cost $26,500 Per Year

January 12, 2023
Alzheimer’sBusiness & MarketsCompaniesdrug priceeconomyFDAMarketsMedicareSocial IssuesUS
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A new Alzheimer’s treatment would cost patients an estimated $26,500 per year, said the drug developer. The Food and Drug Administration (FDA) announced on Jan. 6 that it would grant accelerated approval to Biogen and Eisai, after the drug appeared to partially slow the development of mild cases of Alzheimer’s disease in clinical trials. The same day, Eisai submitted…

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Record Rental Evictions: Florida Lawmaker Blames Corporations, Economy Expert Blames Government Policy

January 12, 2023
Business & MarketseconomyFloridaLocal NewsMarketsPolicies & Impactsreal estateRegional-Local NewsRental EvictionsSocial IssuesUSUS FeaturesUS NewsUS Real Estate
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As eviction rates climb across the United States, one Florida lawmaker blames corporate buy-ups of homes in low-income housing areas. However, an economist with the Heritage Foundation blames government policy. Data collected through a 2022 U.S. Census Bureau survey from March 30 to April 11 showed that about 35 percent of respondents were “very” or “somewhat” likely…

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House Passes Bill Blocking Strategic Petroleum Reserve Exports to China

January 12, 2023
2022 Midterm ElectionsbidenBusiness & MarketsChinacongressDefending Americaeconomic policieseconomyenergyFeatured TopicsGold and CommoditiesMarketsOilPolicies & ImpactsPoliticsRepublicansSPRStrategic Petroleum ReserveUSUS NewsValues and Tradition
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The House of Representatives has greenlit a bill to block exports from the Strategic Petroleum Reserve (SPR) to China. H.R. 22, “Protecting America’s Strategic Petroleum Reserve from China Act,” on Jan. 12 passed overwhelmingly, 331–97. On the Republican side there were 218 yeas, while on the Democrat side there were 113 yeas. All nays came…

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Volkswagen Group Deliveries Lowest in Over a Decade

January 12, 2023
Business & MarketsCompanieseconomyEuropeMarketssalesVolkswagenWorld
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BERLIN—The Volkswagen Group reported its lowest sales in over a decade in 2022 as COVID-19 lockdowns in China and the war in Ukraine upended supply chains, and a fourth-quarter recovery risks running into further challenges this year. The German group, whose brands range from mass-market VWs and Skodas to premium Audis and Bentleys, said on…

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