May, 2022

• 15 May

  Bitcoin’s first African adopter faces backlash from central bank

  

    Bloomberg A regional central bank is clamping down on Bitcoin transactions after the Central African Republic adopted the cryptocurrency as legal tender without consulting its monetary authority. The Bank of Central African States, which already doesn’t recognize cryptocurrencies, is now preventing all lenders from partnering with payment platforms that transact in digital currencies or from recognising them as an ...

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• 15 May

  Banxico may boost rates at faster pace ‘if needed’

  

    Bloomberg Mexico’s central bank is ready to tighten monetary policy at a faster pace if needed, according to Governor Victoria Rodriguez Ceja. The bank increased key rate by half a percentage point for the fourth consecutive meeting and said it was willing to take more “forceful measures” to tame prices. The decision wasn’t unanimous, with one board member voting ...

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• 15 May

  SBI reports $1.2bn net profit in Q4

    Bloomberg State Bank of India (SBI), the nation’s largest lender, posted fourth-quarter profit that missed analyst estimate as bad loan provisions rise and income from businesses other than lending dropped. Net income stood at 91.1 billion rupees ($1.2 billion) in the three months to March, the highest ever quarterly profit, compared with 64.5 billion rupees a year earlier. That ...

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• 15 May

  Westpac shares jump on profit beat, further cost cuts

  

    Bloomberg Westpac Banking Corp.’s first-half profit topped analyst estimates as costs continued to decline, offsetting ongoing competition in mortgages and business lending. The stock opened higher. Cash profit at Australia’s third-largest lender falls to A$3.1 billion in the six months to March 31, compared with the same period a year earlier, according to a statement. That beat the A$2.9 ...

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• 15 May

  Elon Musk sows doubt over his $44bn Twitter takeover

  

  Bloomberg Elon Musk sowed new chaos into the market over his takeover bid for Twitter Inc, first claiming his offer was “temporarily on hold” and then maintaining he is “still committed” to the deal, sending the social media giant into a tailspin. The billionaire initially sent an early tweet saying the $44 billion deal is pending until he receives more ...

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• 15 May

  Amazon’s Jeff Bezos spars with Biden on Twitter about inflation

  

    Bloomberg Amazon.com Inc founder Jeff Bezos accused President Joe Biden of “misdirection” on Twitter in response to the US leader’s tweet saying inflation could be tamed by making wealthy corporations “pay their fair share.” The exchange began with Biden’s tweet: “You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share.” Amazon, which paid ...

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• 15 May

  Ford Motor offloads more Rivian Automotive stock

    Bloomberg Ford Motor sold more shares of Rivian Automotive Inc, offloading more than $400 million worth of stock in the electric car maker since the end of a lockup this week. The US automotive giant sold 7 million shares of Rivian stock at $26.88 each on Friday, according to a filing, cutting its stake in the company to nearly ...

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• 15 May

  UK backs away from plan to build 300,000 new homes

  

    Bloomberg Michael Gove, the UK minister responsible for Boris Johnson’s flagship policy to boost disadvantaged regions, appeared to abandon a key aim of the project: to build 300,000 homes a year. Speaking to the BBC, Gove said the government will “do everything we can” to increase house building, but added “it’s no kind of success simply to hit target ...

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• 15 May

  Europe, US set for scorching summer

    Bloomberg Europe and parts of the US are set for a sweltering and dry summer this year, posing risks for crops and boosting demand for energy for cooling at a time when prices of commodities are already running high. Scientists at the Copernicus Climate Change Service, who published their seasonal outlook on Friday, said hotter and drier weather is ...

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• 15 May

  Tesla fails to block its first jury trial over fatal crash

  

    Bloomberg Tesla Inc can’t escape a trial over claims the automaker is responsible for the death of a Florida teenager who crashed a Model S into a wall at 116 miles an hour in 2018. A federal judge’s ruling paves the way for a trial in July, the first time Tesla will face a jury in litigation over a ...

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