Airbnb is shutting down its business in mainland China this summer due to mounting costs and domestic competition, reported CNBC. The online vacation rental platform first launched operations in China in 2016, spurred by enthusiasm from Chinese tourists who frequently use it while traveling abroad. But according to sources who spoke to CNBC, Airbnb’s China […]
Category: Top News
Starbucks Exits Russia, Shuts Down 130 Coffee Shops
After 15 years of selling coffee and baked goods in Russia, Starbucks has announced that it has suspended all business activity in Russia. Following the steps of McDonalds, which announced last week that they would begin “de-arching,” or removing all its brand elements from Russia. McDonalds had more than 800 locations in Russia, Starbucks had […]
Broadcom, VMware deal could be announced by Thursday, sources say
CNBC’s David Faber reported Monday that Broadcom had been gearing up to announce its acquisition of VMware as soon as Thursday, but the news could come sooner after several reports said the two companies were in talks. Some material terms still need to be finalized, and a deal could fall through, Faber said on CNBC’s […]
Snap plunges 30% after CEO warns company will miss revenue and earnings estimates, slow hiring
Snap shares plunged 30% in extended trading on Monday after CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and adjusted earnings in the current quarter. The social media company will also slow hiring through the end of the year as it looks to manage […]
BNPL FinTech Openpay Looks to Raise $20M
Openpay Group, which operates in the buy now, pay later (BNPL) space, is looking to raise $20 million in new funds, according to a Friday (May 20) Financial Review report. The report noted that about 85% of the book was covered through cornerstone pre-commitments pre-launch. Some of the early takers were investment and advice firms […]
What Barclays/Lloyds wrist slap means for Open Banking APIs
Shreyans Mehta, CTO, at Cequence Security discusses what the admonishment of Barclays and Lloyds means for Open Banking APIs One of the promises of Open Banking was that it would level the playing field, making it possible for new entrants to compete with the banking behemoths but for that to happen there needs to be transparency. […]
Why Terra (Luna) and UST Coin Are Soaring Today
The founder of Terraform Labs has a plan to revive the broken blockchain. What happened Earlier this month, the Terra (LUNA) blockchain effectively collapsed. The breakdown started when stablecoin TerraUSD (UST) lost its peg to the U.S. dollar and the built-in arbitrage mechanism failed to resolve the problem. At that point, panicked investors started selling Luna and TerraUSD hand over fist. However, Terraform […]
Harley-Davidson pauses production for two weeks on all models, except for electric motorcycles
Milwaukee-based motorcycle company Harley-Davidson is feeling the sting of supply chain issues that have plagued major manufacturers for years. Now the company has been forced to pause production across all of its various motorcycles, with the exception of its LiveWire electric motorcycles. And it’s not just production that is pausing – shipments are also halted. […]
Why the fund shorting Cathie Wood’s ARKK is now ultra-long the ETF
The ETF shorting Cathie Wood’s ARK Innovation Fund (ARKK) has been a big winner in 2022. The Tuttle Capital Short Innovation ETF (SARK) has soared more than 75% year-to-date while the ARKK ETF has fallen more than 55% in the same time period. And now the creator behind the SARK ETF is taking the opposite […]
Crypto exchange FTX is getting into stock trading
Cryptocurrency exchange FTX will soon allow for traditional stock trading alongside its crypto offerings, the company announced in a press release (via The Wall Street Journal). The functionality is currently available to a select number of users in the US, but it’s aiming to roll it out to more traders in the coming months. FTX […]
Extreme heat, weather may lead to blackouts for millions this summer
WASHINGTON (TND) — Extreme heat and weather conditions may lead to rolling blackouts and power outages for parts of the U.S. this summer. The North American Electric Reliability Corporation, a nonprofit that regulates the nation’s power grid, warned several parts of North America are at risks of energy shortfalls this summer. Most of the U.S. […]
Russia’s Gazprom cuts off Finland from gas supply amid NATO application
Russia has cut off Finland’s natural gas after the Scandinavian country made clear its desire to join NATO and refusal to pay in Russian currency. Finland’s government-owned energy company announced Saturday that they will be losing access to Russian natural gas imports after the country refused to pay state conglomerate Gazprom for the energy in […]