Bitcoin rose 2% to $69,640.00, while ether increased 3% to $3,382.15, as investors digested political developments and looked ahead to central bank meetings. The Federal Reserve, Bank of Japan, and Bank of England are meeting this week, with Fed Chair Jerome Powell's comments being closely watched for confirmation of an interest rate cut in September.
FinanceNone | Rating: 48 | 2024-07-29 12:29:27 PM |
Temu and Shein, two discount shopping apps, have gained immense popularity in the US, surpassing popular social media apps like Instagram, WhatsApp, and Snapchat on the Apple App Store in just 17 days. They have achieved this by offering inexpensive goods from China, including products like $3 shoes and $15 smartwatches. The apps' growth is partly attributed to a trade loophole, known as the de minimis exception, which allows for packages shipped from China to be imported duty-free. The rise of these apps has generated competition for US e-commerce companies like Amazon, eBay, and Etsy.
E-commerceShein | Rating: 50 | 2024-07-29 12:19:48 PM |
Former President Donald Trump, the Republican presidential nominee, spoke at the Bitcoin Conference in Nashville, promising to maintain the current level of bitcoin holdings accumulated from seizing assets from financial criminals. He did not promise to establish an official U.S. bitcoin strategic reserve currency. Trump's speech was held on July 24, 2024, in Charlotte, North Carolina.
PoliticsTrump | Rating: 50 | 2024-07-28 06:09:39 PM |
Tesla's CEO Elon Musk reported a 14.4% adjusted operating margin, the lowest in three years, as the company's expenses soared. The company missed Wall Street estimates for second-quarter earnings, with a net income of $1.48 billion on revenue of $25.5 billion. The revenue included $890 million in regulatory credits. This marks the fourth straight quarter of shrinkage in profit margins.
BusinessTesla | Rating: 53 | 2024-07-28 03:19:33 PM |
DeepL, a $2 billion AI company, launched traditional Chinese as a language option, targeting Taiwan and Hong Kong, strong technological markets that are exporting, particularly Taiwan, home to the world's biggest chipmaker TSMC. The company's CEO, Jaroslaw 'Jarek' Kutylowski, aims to expand its presence in Asia.
AIDeepL | Rating: 62 | 2024-07-28 03:19:33 PM |
Britain's new Labour government plans to regulate 'buy now, pay later' firms like Klarna and Block's Afterpay. The government will set out updated plans shortly, aiming to protect people and deliver certainty for the sector. The new economic secretary to the U.K. Treasury, Tulip Siddiq, has emphasized the importance of regulating these products.
PoliticsLabour | Rating: 48 | 2024-07-28 03:19:32 PM |
SK Hynix, a leading memory chipmaker, reported its highest quarterly profit in six years, with revenue of 16.42 trillion Korean won ($11.86 billion) and operating profit of 5.47 trillion Korean won. The company maintains its leadership in advanced memory chips critical for artificial intelligence computing.
BusinessSK Hynix | Rating: 53 | 2024-07-28 03:19:32 PM |
Grayscale, a unit of Digital Currency Group, has converted its $9 billion ether trust into an ETF, allowing investors to buy ether like stock and bond index funds. The firm will offer two ETFs, one of which is the converted trust. Grayscale was founded in 2013 and has spent years building its trust.
FinanceGrayscale | Rating: 53 | 2024-07-28 03:19:32 PM |
IBM shares rose 5% in extended trading after the company reported second-quarter results that surpassed analysts' predictions. The company's CEO, Arvind Krishna, reported earnings per share of $2.43, adjusted, which beat expectations of $2.20. Revenue increased 1.9% to $15.77 billion, exceeding the expected $15.62 billion. Net income rose to $1.83 billion, or $1.96 per share, from $1.58 billion, or $1.72 per share, a year earlier.
BusinessIBM | Rating: 53 | 2024-07-28 03:19:32 PM |
Tesla shares fell 7.3% in premarket trading after the company reported second-quarter earnings that missed expectations. The electric carmaker's automotive revenue dropped 7% year-on-year to $19.9 billion, while its adjusted earnings margin declined. The company has been forced to slash prices globally and offer discounts and incentives amid slowing sales and rising competition, especially in China.
BusinessTesla | Rating: 53 | 2024-07-28 03:19:32 PM |