Category: News
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SEC Sues Kraken Crypto Exchange for Unregistered Securities Trading
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…
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Xi’s Trip to San Francisco: A Step Towards Stable China-US Ties
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…
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Sam Altman Fired as CEO of OpenAI
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…
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Charting Economic Waters: A Closer Look at Inflation Relief in the US and UK
Bloomberg: Inflation has shown signs of easing in both the US and the UK, leading to speculation that central banks on both sides of the Atlantic may consider cutting interest rates by the middle of the coming year. Meanwhile, there are positive indicators for growth across Europe, although the recovery in the European Union’s eastern…
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Dollar Set for Steep Weekly Fall, Dollar-Yen Snaps Back Below 150
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.…
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Oil Prices Plunge to Four-Month Low Amidst Economic Concerns
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…
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The U.S. Dollar: Still the King of International Payments
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…
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US PPI Report Indicates Continued Easing of Inflationary Pressures
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…
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Michael Burry of ‘Big Short’ has closed his $1.6 billion bet against the S&P 500, Nasdaq
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…
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Hedge Funds Take a Bearish Stance on Oil: Net Short Positions Reach Highest Level Since July
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.…