Higher net crude oil imports are set to make the United States a net petroleum importer this year again, as in 2021, after a historic shift of being a net petroleum exporter in 2020, the U.S. Energy Information Administration (EIA) said on Friday. A net petroleum importer is a country that imports more crude oil […]
The Securities and Exchange Commission submitted a letter to a federal judge on Friday responding to allegations by Tesla CEO Elon Musk that the agency had “broken promises” and engaged in a “pattern of conduct” amounting to harassment after an earlier settlement agreement. In September 2018, the SEC charged Musk with making “false and misleading” […]
Don’t be surprised to see some exaggerated moves in gold as the market goes into a geopolitically-tensed long weekend, analysts told Kitco News. But the outlook for gold remains bullish as the precious metal tests $1,900 an ounce. It has been chaotic trading in the stock market this week with piece-meal updates on the geopolitical […]
Mastercard has attracted 16 high-profile technology companies to join the Partner Programme for its real-time money movement technology Mastercard Send. Mastercard Send is part of card scheme’s multi-rail proposition, and enables people and organisations to send and receive money across both card and real-time payments rails. The initial partners to join the programme are Adyen, […]
The FBI is setting up a cryptocurrency-focussed unit that will work closely with another new team at the Justice Department. Seasoned prosecutor Eun Young Choi has been tapped to serve as the first director of the DoJ’s National Cryptocurrency Enforcement Team (NCET). She will work with the FBI’s new Virtual Asset Exploitation Unit, a specialised […]
Alex Spiro, Elon Musk’s lawyer, sent a letter to the SEC on behalf of Musk and Tesla arguing that the agency is “harassing” them and failed to transfer money to Tesla shareholders. Musk and the SEC have had a few run-ins with each other, rarely with a good outcome. Most famously, the SEC filed a […]
Two years ago, investors suddenly became amateur epidemiologists in an effort to determine the level of economic disruption wrought by the Covid-19 pandemic. At the time, virologists themselves were deeply uncertain about the evolution of the virus, while testing capacity was too limited for sweeping conclusions to be drawn. Yet, almost overnight, investment banks began […]
NEW YORK — St. Louis Federal Reserve President James Bullard cautioned Thursday that without central bank action on interest rates, inflation could become an even more serious problem. “We’re at more risk now than we’ve been in a generation that this could get out of control,” he said during a panel talk at Columbia University. […]
Billionaire investor Carl Icahn warned red-hot inflation spells trouble for markets, as the government is incapable of controlling price increases. “It doesn’t end happily,” the Icahn Enterprises chairman told Bloomberg in a Wednesday interview. He questioned the Federal Reserve’s unprecedented money-printing game, aimed at supporting the flow of credit to households and businesses during the […]
Nvidia reported fourth-quarter earnings and sales on Wednesday that beat analyst expectations and provided a strong outlook for the current quarter. The stock fell about 2% in extended trading. Here’s how the chipmaker did versus Refinitiv consensus expectations for the quarter ending January: EPS: $1.32, adjusted, versus $1.22 expected, up 69% year-over-year. Revenue: $7.64 billion, […]
Consumer spending bounced back sharply in January as rising inflation and a post-holiday surge kept cash registers ringing, the Commerce Department reported Wednesday. Retail sales for the month rose 3.8%, much better than the 2.1% Dow Jones estimate. The numbers are not adjusted for inflation; the 0.6% rise in the consumer price index for the […]
Most Federal Reserve officials agreed last month that surging inflation and an incredibly tight labor market could warrant a faster-than-expected pace of interest rate hikes this year as policymakers look to combat soaring prices. Minutes from the U.S. central bank’s Jan. 25-26 meeting show that many policymakers believe the current economic conditions could necessitate a […]
