The writer is founder of Sifted, an FT-backed site about European start-ups When IBM’s Deep Blue computer defeated the world chess champion Garry Kasparov in 1997, some reckoned it was checkmate for humanity, as well as for the ancient sport itself. Newsweek magazine had billed the contest between the calculating machine and the then strongest
The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California on March 9, 2023. Patrick T. Fallon | AFP | Getty Images Check out the companies making headlines in premarket trading. Paramount Global – The media company slumped 10.4% after reporting quarterly profit and revenue that missed analyst forecasts, and slashing
A moderator of the popular trading subreddit r/WallStreetBets has dumped a large portion of the WSB Coin (WSB), a token project that claims to be the official memecoin of Wall Street Bets. On May 2, WSB was launched by people involved in moderating the WallStreetBets Reddit forum. The subreddit gained notoriety for the GameStop short
Russia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will supposedly demonstrate a turnaround in the economy of the country. Russia to Purchase Chinese Yuan for Reserves
Shares in several US regional banks tumbled in pre-market trading on Thursday as the industry’s worst crisis since 2008 rumbled on, overshadowing a suggestion from the Federal Reserve that it could soon pause its policy of interest rate increases. California’s PacWest was more than 45 per cent lower ahead of the Wall Street open after
Canada’s TD Bank is scrapping its planned $13.4bn acquisition of US lender First Horizon, the companies said on Thursday. The deal, which was first announced in February 2022, had been in regulatory limbo for months, with the closing repeatedly delayed. US politicians had raised concerns about TD, which is Canada’s second-largest bank, becoming too big
Cities aren’t merely back. The biggest are now more sought-after than ever before. Manhattan and even crime-hit downtown Chicago have exceeded their pre-pandemic populations. London now probably has more than nine million inhabitants, its highest number ever. Greater Paris has a record 12.4 million. Cities such as Miami, Singapore and Berlin are becoming unaffordable. At
The crowning of Charles III will be as close as the new King comes to receiving public acclamation in the absence of a ballot. Saturday’s coronation, and the scale of public participation outside Westminster Abbey, will be the first popular marker of King Charles’s reign. With people camping out days ahead to secure positions where
press release PRESS RELEASE. P2E projects have reached a dead-end due to the inherent issues of the model. Token Prices and user bases are plummeting and revenue streams of such projects are no longer functioning. So, is this it for the P2E, and is there a way out? May 4, 2023, MAHÉ, SEYCHELLES – After
International Monetary Fund (IMF) Managing Director Kristalina Georgieva expects “more vulnerabilities” in the U.S. banking sector amid a growing de-dollarization trend worldwide. “There has been a gradual shift away from the dollar,” the IMF chief acknowledged. U.S. Banking Crisis Continues The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, talked about the U.S.
Bitcoin (BTC) reclaimed $29,000 overnight into May 4 as the United States banking crisis risked spawning new victims. Gold, Bitcoin benefit from U.S. banking mayhem Data from Cointelegraph Markets Pro and TradingView tracked a swift mood change for BTC/USD, which hit $29,242 on Bitstamp. The pair had sunk to daily lows at the previous day’s
Supported by U.S. law enforcement, police in Ukraine have disrupted a network of crypto exchange services suspected of laundering criminal proceeds. The platforms were allegedly processing dirty money obtained from ransomware attacks and various fraud schemes. Cyberpolice, US Investigators Bust Crypto Exchanges in Ukraine Officers from Ukraine’s Cyberpolice unit and Main Investigative Department, working with
Shell has announced record first-quarter profits and another $4bn of share buybacks after higher trading earnings and liquefied natural gas production helped offset lower oil and gas prices. The energy major reported adjusted earnings of $9.6bn, easily surpassing average analysts’ estimates of $8bn. These were the first quarterly results under chief executive Wael Sawan, a
Former Chief Technology Officer at Coinbase, Balaji Srinivasan, closed out early a bet that the price of bitcoin would hit $1 million by mid-June amid hyperinflation of the U.S. dollar. Srinivasan paid a total of $1.5 million, more than the initially committed $1 million, with two-thirds of the money donated to two organizations. Former Coinbase
PacWest shares plummeted 50 per cent in after-hours trading on Wednesday as the teetering California lender became the latest US midsized bank to seek a financial life line amid the worst industry turmoil since 2008. The bank has instructed boutique investment bank Piper Sandler to help it explore strategic options including a sale, two people
Federal Reserve chair Jay Powell made no promise to pause a forceful campaign to rein in inflation after the US central bank lifted its benchmark interest rate above 5 per cent for the first time since 2007. But for anyone listening to his nearly hour-long press conference on Wednesday, it was abundantly clear which way
I think I might have let out an audible groan in November when I saw Elon Musk proclaiming that his mission was to make Twitter “by far the most accurate source of information about the world”. This is a man, after all, who has not in the past shown a particularly ardent commitment to the
From the rundown Neptune Magnet Mall in Mumbai, a giant of international oil shipping has emerged over the past 18 months, seemingly from nowhere. Since Russia invaded Ukraine, the company has bought more oil tankers than anyone else, elevating itself from an unknown Indian shipping business into one of the world’s largest vessel owners. Gatik
A former regulator credited with stabilising the US banking system during the 1980s crisis has hit out at the decision to sell First Republic to JPMorgan Chase as he warned of “more problems” to come for regional lenders. After San Francisco-based First Republic suffered a $100bn deposit run, the Federal Deposit Insurance Corporation solicited bids
Rishi Sunak and Sir Keir Starmer go head to head on Thursday in a big test at the ballot box, as voters across much of England go to the polls with more than 8,000 seats on 230 local councils up for grabs. The contest will be a barometer of public opinion ahead of an expected
Decentralized finance (DeFi) protocol Curve Finance has launched its native algorithmic U.S. dollar-pegged stablecoin, dubbed “crvUSD” on the Ethereum mainnet — minting more than $22 million worth of the crvUSD so far. According to data from blockchain explorer Etherscan, the contract has minted more than $22 million worth of crvUSD in the past 8 hours,