Retail Giant Walmart Outlines Crypto Strategy
Executive Talks about Crypto in Walmart’s Future Walmart’s Global Chief Technology Officer and Chief Development Officer Suresh Kumar discussed cryptocurrency at Yahoo Finance’s All Markets Summit on Tuesday. Responding to a question about Crypto’s role in Walmart’s future, Kumar said, “I think there are three main areas of disruption. Crypto falls in the middle. I’ve […]
Aluminum Heads for Further Supply Chaos as Biden Weighs Russia Ban
A complete US ban on Russian aluminum threatens to upend a global market already reeling from multiple disruptions, throwing a spotlight on how China could fill any supply gap. The Biden administration is considering options including sanctions on Russia’s top producer of the metal as the White House seeks to punish Moscow for its military […]
Mango Crypto Platform Hit by Latest Hack in Digital Asset Sector
A security event hit the cryptocurrency sector on the decentralized finance platform Mango just days after a hacker took around $100 million in an exploit involving Binance Coin. Mango said on Twitter that it is “investigating an incident in which a hacker was able to drain funds” and is disabling deposits. The platform added that […]
Electric Car Battery Maker CATL Sees Up To 200% Jump in Profits
Contemporary Amperex Technology Co Ltd. expects its net income to rise to as much as 9.8 billion Yuan ($1.4 billion) in the third quarter, as the largest maker of electric vehicle batteries benefits from strong sales to the auto industry. CATL, which is investing heavily in expanding its production capacity, predicted a profit jump of […]
Apple Ditches Increase in iPhone Production After Demand Falters
Apple is backtracking on its plans to ramp up production of its new iPhones this year. An anticipated spike in demand failed to materialize, according to people familiar with the matter. The US tech giant has told suppliers to pull out of efforts to increase the assembly of the iPhone 14 product family. Efforts to […]
Trafigura Says Oil Will Face More Downward Pressure: APPEC Update
The fallout from Russia’s invasion of Ukraine and the prospects of a volatile market will be key topics at Asia’s largest gathering of oil traders and executives. That’s entered its second day in Singapore. The Asia Pacific Annual Oil Conference returned to a face-to-face format for the first time since the pandemic broke out. Attendees […]
Powell Says Recession May Be the Price to Pay for Crushing Inflation
Federal Reserve officials gave their clearest signal yet that they are willing to tolerate a recession as the compensation needed to regain control of inflation. Policymakers were criticized for being too late to realize the size of America’s inflation problem. Policymakers are moving aggressively to catch up. They raised interest rates by 75 basis points […]
Fed Set for Big Rate Hike as Waters Get Choppy for World’s Central Banks
WASHINGTON, Sept 21 – The Federal Reserve on Wednesday raised interest rates by three-quarters of a percentage point. It is for the third time in a row and signaled how much more and how quickly borrowing costs might need to rise. To control a potentially corrosive inflation outbreak. The policy decision, to be announced at […]
Global Stocks Fall Extends to Asia After the US CPI
Asian stocks, bonds, and currencies fell in the wake of the widespread sell-off on Wall Street after warmer-than-expected inflation data fueled bets on jumbo interest rate hikes by the Federal Reserve. Stock indexes in Japan, Hong Kong, and Australia plunged after U.S. stocks had their biggest drop in more than two years, with the S&P […]
Apple’s Latest Products and Services are all About Loyalty to Apple
Apple on Wednesday unveiled the iPhone 14 lineup, the Apple Watch Ultra, and the new AirPods. The big theme of the day was keeping users more locked in the company’s ecosystem. Also: CEO Tim Cook reveals his biggest debate with Steve Jobs. The Starters Apple Inc.’s biggest event of the year delivered some dazzling updates […]