Twitter has threatened to sue Meta alleging it stole the company’s trade secrets when creating its rival messaging app Threads, as the new platform attracted tens of millions of users within hours of its debut. Meta unveiled Threads on Wednesday as a competitor to Elon Musk’s Twitter. Chief executive Mark Zuckerberg said on Thursday that
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Harriet Clarfelt in New York and Daria Mosolova and Mary McDougall in London, Hudson Lockett in Hong Kong US stocks and bonds fell as investors were caught off guard by robust economic data and a signal from the Federal Reserve that it would raise interest rates further to tame inflation in the world’s largest economy.
A recent report released by the United Kingdom Law Commission could weaken a central argument brought by Craig Wright in his controversial lawsuit against 12 Bitcoin core developers, argues the Bitcoin Legal Defense Fund (BLDF). In a 300-page report on digital assets published in late June, the UK Law Commission — an independent body that reviews and
Bitcoin mining companies outperformed BTC price by a huge margin amid the recent bullish price action in the top cryptocurrency. The average year-to-date gains in 2023 across the stocks of top nine public Bitcoin mining firms by market capitalization stood at 257.14%. The figure is almost three times higher than BTC’s gain in the same
The Federal Reserve needs to raise interest rates a bit further to rein in an inflation rate that’s too high, monetary expert John Taylor said. “They’ve had a big adjustment over the last couple of years,” the Stanford University professor told a webinar hosted by the American Council for Capital Formation on Thursday, adding, “I
Investors sold stocks and bonds across the world on Thursday as US borrowing costs touched a 16-year high, following strong jobs figures that intensified expectations of further rate rises by the Federal Reserve. Europe’s Stoxx 600 index closed down 2.3 per cent, its biggest one-day drop since March, as the yield on the two-year US
A pair of researchers from the University of Tsukuba in Japan recently built an AI-powered cryptocurrency portfolio management system that utilizes on-chain data for training, the first of its kind according to the scientists. Called CryptoRLPM, short for “Cryptocurrency reinforcement learning portfolio manager,” the AI system utilizes a training technique called “reinforcement learning” to implement
Federal Reserve Bank of Dallas President Lorie Logan said more interest-rate increases will likely be needed to spur meaningful disinflation and bring price-growth rates back to the central bank’s target. “I remain very concerned about whether inflation will return to target in a sustainable and timely way,” Logan said Thursday in remarks delivered at the
Municipals cheapened across the yield curve Thursday, but outperformed U.S. Treasuries which sold off after better-than-anticipated payrolls numbers, leading the two- and 10-year to the highest levels since March. Equities ended down. Municipals could not ignore the large losses in USTs, though the July reinvestment dollars and lack of new-issue supply worked to stave off
The start of June saw negative price action across the cryptocurrency market after the U.S. Securities and Exchange Commission brought fresh lawsuits against the world’s largest exchanges, Binance and Coinbase. However, the sentiment quickly turned bullish after a crucial exchange-traded fund proposal was filed by the world’s largest asset management firm, BlackRock, on June 16.
Hawaii lawmakers prioritized spending to bolster programs to aid its poorest residents and house homeless people in the $37.2 billion biennium operating budget signed by Gov. Josh Green last week. Homelessness has become such a widespread and entrenched problem in Western states that lawmakers are dedicating billions of dollars to help lessen it. It has
Most Michigan local governments are spending their federal pandemic aid on capital projects, while facing challenges from rising project costs and uncertainty about future funding. A new survey from the University of Michigan’s Center for Local, State, and Urban Policy shows that 80% of the state’s larger local governments reported problems with inflation and other
UBS has shaken up the leadership of its critical Middle East wealth management operations as it comes under pressure to keep staff happy following its takeover of Credit Suisse. Executives at the Swiss bank hope to become the biggest wealth manager in the highly profitable region, but have suffered a setback with the expected departure
The UK’s financial watchdog has told Britain’s largest banks that it wants to see faster progress on improving savings rates for customers, as lenders come under fire for profiteering. The Financial Conduct Authority said after a meeting with senior bankers on Thursday that “those in the room recognised that they needed to do more to
Fitch Ratings lifted Cleveland’s issuer rating into the double-A category over its growing reserves and income tax collections despite the impact of remote work refunds. Fitch rates just a small piece of the city’s general obligation debt but it’s now on par with Moody’s Investors Service and S&P Global Ratings in rating the city
There is an iron law of social networks: No new network can succeed by simply copying what came before. It takes something different to captivate attention and spark new forms of behaviour, whether that is Snapchat’s disappearing messages, Pinterest’s image boards or TikTok’s scrolling videos. Judged by that standard, Threads, the new Twitter challenger Meta
In this article KDP JBLU SG AFRM Follow your favorite stocksCREATE FREE ACCOUNT A JetBlue Airways Corp. plane departs at Reagan National Airport (DCA) in Arlington, Virginia, U.S., on Monday, April 6, 2020. Andrew Harrer | Bloomberg | Getty Images Check out the companies making the biggest moves midday: JetBlue Airways — Shares of JetBlue
A sign advertising home mortgage services at a Bank of America branch in Manhattan Beach, Calif. Patrick T. Fallon | Bloomberg | Getty Images The average rate on the popular 30-year fixed mortgage hit 7.22% Thursday, according to Mortgage News Daily. That’s the highest point since early November. Mortgage rates follow loosely the yield on
San Francisco had its outlook revised to negative by Moody’s Investors Service, with analysts pointing to the financial and economic headwinds facing the city. The city maintained a stable financial performance throughout the pandemic, but now anticipates reserve draws from fiscal 2023 through 2025, Moody’s analysts said. It also projects out-year deficits through 2028, although
What on earth is going on in the minds of American consumers right now? That is a question many investors want the answer to. After all, those US shoppers have long been an important driver of the global economy, since private consumption accounts for two thirds of America’s gross domestic product. But recently their behaviour
Bitcoin (BTC) continued snap volatility after the July 6 Wall Street open as yearly highs gave way to a comedown. Bitcoin suddenly falls to new July lows Data from Cointelegraph Markets Pro and TradingView followed BTC price action as it seesawed around the $30,000 mark. Bitcoin had surged to its highest levels since mid-2022 earlier