Instacart said it’s slashing its valuation by almost 40% to about $24 billion, to reflect this year’s selloff in technology stocks. The grocery delivery company was valued at $39 billion in March 2021, when it raised $265 million. That made Instacart one of the most valuable venture-backed companies in the U.S. However, with the Nasdaq […]
Category: Top News
EU agrees sweeping new digital rules in effort to curb big tech’s power
The European Union reached an agreement on landmark digital rules to rein in online “gatekeepers” such as Google and Facebook’s parent company, Meta. EU officials agreed late on Thursday on wording for the bloc’s Digital Markets Act, part of a long-awaited overhaul of digital regulations with major implications for the global tech market. The act, […]
Mortgage rate soars closer to 5% in its second huge jump this week
The rate for the most common kind of mortgage just surged again. The average rate on the 30-year fixed mortgage shot significantly higher Friday, rising 24 basis points to 4.95%, according to Mortgage News Daily. It is now 164 basis points higher than it was one year ago. “That’s the second time this week, and […]
Google Searches For Electric Cars Are Breaking Records In The U.S.
People are looking for electric cars more than ever, according to the world’s largest search engine. No, not Bing or Baidu, but Google. The tech giant says web searches for EVs and their associated costs are trending in the U.S., up this March by more than 400 percent. Google’s data for American interest in EVs […]
Asia-Pacific markets up as shares of Apple suppliers rise; Russia’s Rusal jumps
SINGAPORE — Stocks across Asia-Pacific were mixed Friday morning as Wall Street stocks rallied overnight and oil prices fell. Hong Kong’s Hang Seng was subdued, dipping 0.23%. Shares of Hong Kong-listed Russian aluminum producer Rusal bucked the trend, and surged more than 10% in early trade before paring gains to trade about 1.5% higher. The […]
Stock futures are little changed as S&P 500 looks for second straight positive week
U.S. stock futures were little changed on Thursday evening after a bounce-back session on Wall Street. Futures tied to the Dow Jones Industrial Average ticked up 11 points, or less than 0.1%. The S&P 500 futures were flat, while Nasdaq 100 futures dipped about 0.1%. The move comes after a solid session for stocks on […]
Biden aide blasts Moscow’s ‘Potemkin’ stock market reopening
A Biden administration official key to crafting sanctions on Russia blasted the Kremlin on Thursday as it partially reopened the Moscow stock exchange following a month’s hiatus. Daleep Singh, deputy national security adviser for international economics, called the move “a charade” and “a Potemkin market opening.” “After keeping its markets closed for nearly a month, […]
Oil Will Still Dominate The U.S. Energy Market In 2050
Despite the fact that renewables will be the fastest-growing energy source in the United States over the next three decades, petroleum and natural gas will remain the most-consumed sources of energy in America through 2050. That’s the projection in the reference case in the U.S. Energy Information Administration’s Annual Energy Outlook 2022, which explores long-term energy […]
Russian stock market to resume trading of 33 companies
After a nearly month-long suspension, the Moscow Stock Exchange is slated to resume trading of 33 companies in the benchmark MOEX Index on Thursday from 9:50 a.m. to 2 p.m. local time. In the U.S. that is 2:50 a.m. ET to 7 a.m. Some of the biggest Russian companies that will trade include the Credit […]
Russian companies listed on international exchanges are increasingly at risk of default
While the Moscow Exchange is set to reopen Thursday after a four-week shutdown, trading in Russian stocks listed on international exchanges remains on pause indefinitely — and the suspension is dramatically lifting the risk of default for these companies. Since stock exchanges worldwide halted trading of Russia-linked companies over the country’s invasion of Ukraine, the […]
Nestle to suspend many products in Russia, including KitKat
Nestle said Wednesday it will halt the sale of several nonessential products, including KitKat candy bars and Nesquik chocolate mix, in Russia in an unprecedented move amid pressure on the world’s top consumer goods company after criticism from Ukrainian President Volodymyr Zelenskyy. Nestle shares were down 1.3% Wednesday after hitting a session low shortly after […]
Hundreds of companies potentially hit by Okta hack
Hundreds of organisations that rely on Okta to provide access to their networks may have been affected by a cyber-attack on the company. Okta said the “worst case” was 366 of its clients had been affected and their “data may have been viewed or acted upon” – its shares fell 9% on the news. It […]