Author: Prachurya

  In a significant legal action, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Kraken, one of the world’s largest cryptocurrency exchanges, alleging that it operated as an unregistered securities exchange, broker, dealer, and clearing agency. The SEC’s complaint, filed in San Francisco federal court on November 20, 2023, accuses Kraken…

  In a pivotal moment for global relations, Chinese President Xi Jinping embarked on a four-day trip to San Francisco, United States, in November 2023. It was one of several public relations wins for the Chinese leader on his first trip in six years to the United States, where he and President Joe Biden reached…

  In a surprising move, Sam Altman, the co-founder and CEO of OpenAI, was fired by the company’s board of directors on Friday. Altman had been with OpenAI since its inception in 2015 and had led the company through a period of rapid growth and innovation. The board of directors said that it had lost…

  The dollar was set for a steep weekly fall on Friday, as traders bet on a slowdown in the pace of interest rate hikes by the US Federal Reserve. The dollar index, which tracks the greenback against a basket of major currencies, was down by 1.6% on the week, its biggest drop since mid-July.…

  Oil prices have plummeted more than 5% on Thursday to their lowest levels in four months, as investors worried about global oil demand following weak data from the U.S. and Asia. It reflects growing concerns about a global economic slowdown and weakening demand for crude oil. The benchmark Brent crude futures contract dipped below…

The U.S. dollar has been the world’s dominant reserve currency for decades, and it continues to play a vital role in international trade and finance. According to the Swift, the U.S. dollar is currently used in more than 48% of international payment transactions, far more than any other currency. There are a number of reasons…

  On Wednesday, November 15, 2023, the Bureau of Labor Statistics (BLS) released the Producer Price Index (PPI) report for October 2023. The PPI, which measures the average change in selling prices by domestic producers for their output, fell 0.5% in October, seasonally adjusted, after advancing 0.4% in September. The October decline was the largest…

  Michael Burry, the investor who famously predicted the 2008 financial crisis, has closed out his short positions against the S&P 500 and the Nasdaq 100. Burry’s hedge fund, Scion Asset Management, disclosed in a regulatory filing on Tuesday that it no longer held 2 million puts on the SPDR S&P 500 ETF (SPY) and…

  In a recent turn of events, hedge funds have amassed the largest short positions in oil futures and options since July, signaling a growing bearish sentiment among these influential investors. Bloomberg reports that Money managers have more than quadrupled bearish bets on US oil in the past month as demand angst returns to markets.…

  In November 2023, Elon Musk’s new AI company, xAI, unveiled its latest creation: Grok, a large language model (LLM) designed to rival the likes of ChatGPT. Grok is still in beta testing, but it has already generated a lot of buzz for its unique features and capabilities. Grok, named after a concept from Robert…