Author: Press Room
There is a growing hope among token holders that failed crypto exchange FTX could come back from the dead, driven in part by comments at the firm’s latest bankruptcy hearing. Investors shouldn’t hold their breath. On Wednesday afternoon, FTX attorney Andrew Dietderich of Sullivan & Cromwell told the court that the firm had recovered $7.3 billion in cash, crypto and other assets that could go to stakeholders. But more than that, he said the exchange’s bankruptcy estate was exploring a relaunch. The statement caused the price of an FTX-linked token, called FTT, to double to its highest price since January.…
The numbers: U.S. wholesale prices sank 0.5% in March to mark the biggest decline in almost three years, potentially a sign of further easing in inflation in the months ahead. Economists polled by the Wall Street Journal had forecast no change in the producer price index. The drop last month was the biggest since the start of the pandemic in early 2020. Wholesale costs often herald future inflation trends. The increase in wholesale prices over the past 12 months also slowed again to 2.7%, from 4.9% in the prior month. That’s the lowest reading since January 2021. A separate measure…
© Reuters. FILE PHOTO: JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs By Sinéad Carew and Saqib Iqbal Ahmed (Reuters) – Shares in U.S. banks were a mixed bag on Friday with JPMorgan Chase (NYSE:) soaring 7.0% after its quarterly report impressed investors while PNC Financial (NYSE:) was among regional bank decliners after it reduced growth expectations for 2023. JPMorgan, the biggest U.S. lender by assets, reported a first-quarter profit that beat estimates with interest income offseting weakness in dealmaking. Shares in Citigroup (NYSE:) climbed after its first-quarter profit also beat expectations as…
By Gwladys Fouche OSLO (Reuters) -Fifteen Russian diplomats expelled by Norway this week had sought to recruit sources, intercept communications and buy advanced technology, the Norwegian PST security police said on Friday. The diplomats’ real employers were the Russian GRU, FSB and SVR intelligence services, PST counterintelligence chief Inger Haugland told a news conference. “This lowers the threat from Russian intelligence in Norway by permanently reducing the number of intelligence officers operating under diplomatic cover,” Haugland said of the expulsions. The move is Norway’s largest expulsion of Russian diplomats and is the latest in a series of expulsions by Western…
By Nupur Anand, Tatiana Bautzer and Saeed Azhar NEW YORK (Reuters) -U.S. banking heavyweights reaped windfalls from higher interest payments in the first quarter, brushing off a crisis prompted by the collapse of two regional lenders and setting aside billions of dollars in case loans turn sour as the economic outlook dims. First-quarter 2023 earnings from JPMorgan Chase & Co (NYSE:), Citigroup Inc (NYSE:) and Wells Fargo (NYSE:) & Co beat Wall Street expectations on Friday as consumer and corporate spending held up in the face of rate rises, although all three saw signs of a slowdown and made provisions…
The CPI came out on Wednesday – it only rose +0.1% in March – that’s down from +0.4% in February and +0.5% in January. On a Y/Y basis, it fell from +6.0% in February and +6.4% in January to +5.0% (see table). CPI actually rose only +0.053% to the 3rd decimal (about half as much as the +0.1% reported). Because the media only reports to one decimal, it is rounded up or down. In this case +.053% is rounded up to +.1%. If it were +0.049, it would have been rounded down to 0.0%. On Thursday, the Producer Price Index,…
Check out the companies making headlines in premarket trading.JPMorgan Chase – The banking behemoth popped more than 5% after posting record revenue that surpassed analyst expectations due to higher interest rates. JPMorgan Chase reported revenue of $39.34 billion, beating the $36.19 billion estimates for analyst polled by Refinitiv.Wells Fargo — The bank added 3.1% after beating Wall Street expectations when reporting earnings. Earnings per share came in at $1.23, 10 cents higher than analysts polled by Refinitiv anticipated. The company reported revenue at $20.73 billion, which is higher than the $20.08 expected by Wall Street.BlackRock — The investment management company…
About half of U.S. states hiked their minimum wages in January, with a few more gearing up to do so later this year.Eight state minimums now hover in the $13 per hour range, like those in Illinois and Arizona. Eighteen remain the same as the federal minimum, $7.25 per hour, like those in Idaho and Oklahoma. Regardless, none match the living needs of all of their residents, at least according to MIT’s Living Wage Calculator.Among the most prevailing fights for a higher wage is an ongoing campaign to raise the federal minimum to $15 per hour. And some states have…
Fox News formally apologized to the judge in the Dominion defamation case, taking responsibility for the “misunderstanding” regarding Rupert Murdoch’s role at the network that led the judge to launch an investigation into potential legal misconduct by Fox, according to a letter obtained by CNN. In the letter, which was dated Friday and filed with the court, Fox attorney Blake Rohrbacher said the right-wing network “never intended to omit information” and that its inaccurate representations about Murdoch’s formal role at Fox News were “not meant to mislead the Court or evade the question.” “We understand the Court’s concerns, apologize, and…
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