Wall Street’s main indexes opened lower on Friday as higher-than-expected job additions in November poured cold water on investor expectations of the Federal Reserve easing its aggressive monetary policy tightening. The Dow Jones Industrial Average fell 129.6 points, or 0.38 percent, at the open to 34265.45. The S&P 500 fell 36.4 points, or 0.89 percent,…
Sam Bankman-Fried Says Fortune Has Dwindled to $100,000 After FTX Collapse
The former CEO of the failed cryptocurrency exchange FTX claims his personal wealth has dwindled to just $100,000 after a series of “mistakes” led to the company—once valued at $32 billion—collapsing. While speaking during the New York Times DealBook Summit on Nov. 30, Sam Bankman-Fried admitted that he clearly had failed “to do a good job” at following through with…
Russia Threatens to Ignore Oil Price Cap and Charge Buyers Regular Prices or Cut Them Off, Says Russian Foreign Minister
December 2, 2022
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BRICsBusiness & Marketseconomic policieseconomyenergyEuropeEuropean UnionInternationalMarketsprice capRussiaRussian oilUKUkraineUSWorld
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Moscow threatened to ignore the oil price cap set by the West and said that Russia will continue to charge buyers regular prices, or they cut them off. The Russian government would not follow the cap level that the European Union (EU) and the G-7 has proposed on Russian oil prices since and would prefer…
Dollar Slips to 5-month Low, Yuan Set for Biggest Weekly Gain Since 2005
LONDON—The dollar was pinned near a five-month low against a basket of major currencies on Friday ahead of key U.S. labor market data, while the yuan was set for its biggest weekly gain since China abandoned its dollar peg and revalued its currency in 2005. The dollar index, which measures the currency against six major…
Oil Steady Ahead of OPEC+ Meeting, EU Russian Oil Ban
LONDON–Oil futures were broadly stable on Friday, but were poised to end the week up, ahead of a meeting by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday and an EU ban on Russian crude oil kicking in on Monday. Brent crude futures were up 14 cents, or 0.2 percent,…
World Shares Slip, Dollar Nurses Losses as US Payrolls Loom
December 2, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—European shares opened lower, Treasuries held on to gains and the dollar was nursing heavy losses on Friday ahead of U.S. non-farm payrolls data, the next big test for investors looking for more signs of a rates policy shift from the Federal Reserve. Data overnight including falling U.S. job openings and contracting U.S. manufacturing activity,…
Global Factory Activity Shrank in November but Price Pressures Ease
WASHINGTON/LONDON—Global factory output fell widely last month with U.S. manufacturing activity contracting for the first time in 2.5 years and the impact of China’s COVID-19 lockdowns weighing, although the downturn eased in Europe, surveys showed on Thursday. There were also encouraging signs that inflation may have peaked, or be close to doing so, in many…
Inflation Eases but Remains 300 Percent Above Fed’s Target, New Data Shows
December 2, 2022
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Business & Marketseconomic policieseconomyFederal ReserveinflationInvestmentMarketsPersonal Consumption Expenditures Indexpersonal financerecessionUS
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New data shows that U.S. inflation rates have eased but still remain 300 percent above the Federal Reserve’s target. The personal consumption expenditures index (PCE) for October, a measure of inflation that is closely monitored by the Fed, was released on Dec. 1 by the Bureau of Economic Analysis. The central bank is using the headline PCE…
Sam Bankman-Fried Says FTX US Users Will Get 100 Percent of Their Money Back
December 1, 2022
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Bankruptcy filingsBusiness & MarketsCompaniescrypto exchangeCrypto Exchange FTXcrypto fraudcryptocurrencyMarketsSam Bankman-FriedTechTech NewsUS
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Sam Bankman-Fried, the former CEO of the bankrupt crypto exchange FTX, has dismissed the notion that users of the platform will not recover anything substantial from the collapsed firm. In an interview with YouTube commentator Tiffany Fong, Bankman-Fried said that FTX U.S. will get “a dollar on the dollar” and that international users can expect…
Britain’s Annual House Price Growth Sees ‘Sharp Slowdown’
House prices in Britain are seeing a “sharp slowdown” according to one of the country’s biggest mortgage providers. In their latest report, Nationwide said that growth in annual house prices had shrunk in November to 4.4 percent compared to 7.2 percent in October. The data also showed that house prices have fallen 1.4 percent month…
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