December, 2022

• 19 December

  Crypto pessimism up after Bitcoin falls below $17,000

  

    Bloomberg Bitcoin dropped back below $17,000 and several smaller cryptocurrencies referred to as altcoins posted significantly steeper declines as concern increases that the digital-asset market’s woes are far from over. The largest token dropped as much as 3.7% to $16,762. Bitcoin reached its highest price since Sam Bankman-Fried’s crypto empire filed for bankruptcy last month. Ether declined as much ...

  Read More »
• 19 December

  OneCoin cofounder pleads guilty to fraud for hyping fake crypto

  Bloomberg A cofounder of the OneCoin pyramid scheme pleaded guilty to his role in the global, multibillion-dollar fraud. Karl Sebastian Greenwood admitted OneCoin, which he founded in 2014 with Ruja Ignatova, the so-called “Cryptoqueen,” was based on a phony cryptocurrency. Greenwood, who was arrested in Thailand in 2018 and extradited to the US, pleaded guilty to three criminal counts of ...

  Read More »
• 19 December

  BOJ keeps defying Fed-led consensus on rate hikes

  

    Bloomberg The Bank of Japan (BOJ) in the coming week is widely expected to stick with the negative interest rates that set it apart from the world’s other major central banks. At the decision due on Tuesday, Governor Haruhiko Kuroda will reiterate his out-of-sync stance that monetary stimulus must stay in place to secure lasting inflation. That’s in contrast ...

  Read More »
• 19 December

  Wall Street’s crypto FOMO fades as market falls, says Hsu

  

    Bloomberg Wall Street banks’ interest in crypto has significantly fallen off as digital-asset prices have tumbled, according to a top US financial regulator. “A lot of the crypto curiosity went away,” Michael Hsu, acting head of the Office of the Comptroller of the Currency, said in an interview at Bloomberg’s Washington bureau. “I would be astounded if a lot ...

  Read More »
• 19 December

  Credit Suisse business model endorsed by SNB 

  

    Bloomberg Swiss National Bank (SNB) President Thomas Jordan has voiced support for Credit Suisse Group AG doing less investment banking, as the lender struggles to recover from billions in losses over the past two years, recent client defections and asset outflows with a strategy revamp. “We appreciate that Credit Suisse is focusing on its strengths,” Jordan told Swiss radio ...

  Read More »
• 19 December

  This robot is on a mission to eliminate short car trips

  

    Bloomberg When a six-year-old boy first “woke up” the Gitamini robot, his parents were surprised he didn’t flinch — robots these days tend to be ominous. But as November leaves swirled around the sidewalk meet-cute, the squat personal droid gave a friendly “chirp” and popped up on its two large wheels, ready to follow a new friend. Service robots ...

  Read More »
• 19 December

  Twitter to restore more suspended accounts weekly over next 30 days

  

  Bloomberg Twitter has started to restore accounts that were suspended for breaking platform rules and the company plans to reinstate more over the next 30 days. In a series of tweets, Twitter said it had identified several policies where permanent suspension was a “disproportionate” action for breaking rules. The company said reinstated accounts still need to comply with its rules. ...

  Read More »
• 19 December

  VW sees growing challenges on inflation, downturn

  

    Bloomberg Volkswagen AG (VW) Chief Financial Officer Arno Antlitz said he expects next year to be “even more challenging” than 2022 as inflation and a worsening economic outlook cut into demand. Antlitz, speaking in a Bloomberg TV interview, said VW will need to improve productivity and lower fixed costs as the carmaker can’t fully pass on soaring raw material ...

  Read More »
• 19 December

  Intel delays German chip plant

    Bloomberg Intel Corp will delay construction of its German chip plant and is seeking more in government subsidies, Volksstimme reported. The US-based chipmaker earlier this year announced plans for a mega site worth $18 billion in Magdeburg. Construction was set to begin by mid-2023, and the government planned to provide €6.8 billion in state aid. The cost has now ...

  Read More »
• 17 December

  Sheikh Abdullah praises ADFD’s role in supporting UAE’s economy

  

    Dubai / WAM The Executive Committee of the Abu Dhabi Fund for Development (ADFD) held its first meeting for 2022, chaired by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, Vice Chairman of the ADFD Board of Directors, and Chairman of the Executive Committee. The virtual meeting was attended by Ahmed Ali ...

  Read More »