The global economy is in danger of suffering a lost decade of growth, which would be even more severe if the current financial turmoil sparked a global recession, according to new research from the World Bank. The international organisation warned on Monday that the Covid-19 pandemic and Russia’s invasion of Ukraine were set to create lasting damage to economic performance, undermining
Xrp moved back towards a five-month high on Monday, as prices surged for a third straight session. The token formerly known as ripple was one of the very few gainers to start the week, as markets mostly consolidated. Polygon edged closer to a multi-week low to start the week. XRP, formerly ripple, rose for a
Last week’s round of interest rate rises was bad news for anyone needing to refinance debt. But if you are a business with a defined benefit pension scheme, you may well be quietly pleased about the upward march of rates. Most such schemes in the private sector, which pay out a pre-determined pension based on
Polygon has released its open-source zkEVM Ethereum scaling technology to the mainnet, promising reduced transaction costs and increased throughput of smart contract deployments. Polygon’s zkEVM is a zero-knowledge rollup (ZK-rollups) scaling solution equivalent to the Ethereum Virtual Machine. ZK-rollups increase throughput on Ethereum’s blockchain by batching computations and state storage to layer-2 platforms. The technology
Where gaming and finance meet in Web3 has been termed GameFi, and it has been growing by leaps and bounds over the past few years. There are even several data analytical resources to try and figure out what are the hottest blockchain and Web3 games currently available. Cointelegraph Research dove into this topic head on
Microstrategy has purchased 6,455 bitcoins for approximately $150 million at an average price of $23,238 per coin. With its latest purchase, Microstrategy now holds 138,955 bitcoins acquired at an average of $29,817 per coin. Moreover, the company also paid off its loan from troubled Silvergate Bank in full. Microstrategy Buys More Bitcoin Nasdaq-listed Microstrategy Inc.
Denver International Airport CEO Phillip Washington has withdrawn from consideration as President Biden’s pick to head the Federal Aviation Committee amid Republican opposition. Transportation Secretary Pete Buttigieg confirmed Washington’s withdrawal in a tweet Saturday night. “The FAA needs a confirmed administrator, and Phil Washington’s transportation & military experience made him an excellent nominee,” Buttigieg said.
Elliott Management has scrapped plans to nominate directors to the board of Salesforce after the software group delivered a better than expected earnings report in March and promised to focus on profits. In a joint statement released on Monday, Elliott said it would not nominate rival directors to the Salesforce board at its upcoming annual
Humza Yousaf has won the race to replace Nicola Sturgeon as leader of the Scottish National party, paving the way for him to become Scotland’s first minister. The 37-year old health secretary won 52.1 per cent of the vote of SNP members in the second round of voting, beating Kate Forbes, the finance secretary, who
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Shares of First Citizens Bank surged almost 50 per cent on Monday morning following news it would buy much of the failed Silicon Valley Bank. The deal, the second acquisition of a failed bank in as many weeks brokered by the Federal Deposit Insurance Corporation, buoyed shares of other midsized banks that have come under
MicroStrategy, a business intelligence firm and a major Bitcoin (BTC) investor, is acquiring more BTC amid the recent cryptocurrency market recovery. MicroStrategy co-founder and former CEO Michael Saylor took to Twitter on March 27 to announce that the firm has repaid its $205 million loan to Silvergate. Citing a form 8-K filing with the United
Bitcoin started the week trading around the $28,000 mark, as markets reacted to the news that Silicon Valley Bank was to be acquired. First Citizen Bank agreed to buy approximately $72 billion in SVB assets, at a discounted rate of $16.5 billion. Ethereum continued to trade under $1,800 on Monday. Bitcoin Bitcoin (BTC) started the
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Investors have scaled back their expectations of global interest rate rises in the aftermath of banking sector turmoil, with market indicators suggesting that the period of rapid increases has come to an abrupt end. The pricing of derivatives products, such as interest rate swaps, indicates investors believe many of world’s major central banks will not
Welcome to Trade Secrets. Now that the global banking crisis is definitely over, no worries there, we can go back to looking at cheerier subjects. Today I’m asking if the rash of sovereign debt crises involving China as a creditor are going to get fixed soon, and whether a non-binding declaration attached to an EU
Despite being touted as the possible panacea, decentralized finance (defi) still faces obstacles which greatly diminish the prospects of mainstream adoption, asserts serial entrepreneur and CEO of Radix DLT, Piers Ridyard. Ridyard added that while defi is seen as “a fantastic proof of concept,” widespread adoption of this alternative to traditional finance is only possible
While Xi Jinping was being received with great pomp and ceremony in Moscow last week, Fumio Kishida was 500 miles away in Kyiv. The fact that the president of China and the prime minister of Japan paid simultaneous and competing visits to the capitals of Russia and Ukraine underlines the global significance of the Ukraine
Vaccine maker BioNTech has forecast a worse than expected slump in revenues this year as demand for coronavirus immunisation wanes, underlining the scale of the challenge facing companies that enjoyed windfalls from the pandemic. The German biotech company, Pfizer’s partner for the Covid-19 vaccine, said on Monday that revenues from Covid vaccines would drop to
Cryptocurrency exchange Binance continues expanding its global reach by setting up a new blockchain hub in crypto-friendly Georgia. Binance announced on March 26 the opening of its brand-new blockchain hub in Georgia, aiming to promote further adoption of crypto in the country. Referring to the hub as a “Web3 outpost,” Binance intends to attract talent to the