Bitcoin miners, whose computer processors run the world's most popular virtual currency, will soon face the process of "halving" -- a quadrennial phenomenon which alters the profitability of the industry. Halving tends to send the virtual currency shooting higher on the prospect of reduced supply. Read on to know more:
Truong My Lan, chair of major developer Van Thinh Phat, is accused of swindling the cash from Saigon Commercial Bank (SCB) over a decade. Hundreds of people began to stage protests in the capital Hanoi and Ho Chi Minh City, a relatively rare occurrence in the one-party communist state, after Lan's arrest in October 2022.
Equities mostly rose on Wednesday following a tepid day on Wall Street, with investors lasering in on the release of crucial US inflation data that could have a huge bearing on the outlook for interest rates. The central bank last month lifted interest rates for the first time since 2007 as inflation continued to hold well above officials' target, and speculation is growing about when it will move again.
China's top diplomat said Tuesday that Beijing would strengthen strategic cooperation with Moscow and that the two must stand on the side of "fairness and justice" as he met his Russian counterpart Sergei Lavrov. "China and Russia must take a clear-cut stand on the side of historical progress, on the side of fairness and justice," he said.
Asian stocks mostly rose Tuesday as attention turned to crucial US inflation data that could play a pivotal role in the Federal Reserve's decision-making on interest rates, with investors lowering their expectations for how many cuts it will deliver. "Investors eagerly await this report in hopes that it will offer more insights into the Federal Reserve's potential timeline for rate cuts and the frequency of such cuts.
Beijing's commerce minister dismissed as "groundless" US concerns that a surge of low-cost Chinese exports posed a risk to global markets, as Washington's Treasury chief on Monday wrapped up a visit aimed in part at addressing the issue. The US concern is that with Chinese government support creating more production capacity than global markets can absorb, a flood of cheap exports in key sectors like solar and electric vehicles could impact the growth of those industries elsewhere.
US Treasury chief Janet Yellen warned during a visit to China on Friday that Beijing's subsidies for industry could pose a risk to global economic resilience. "Direct and indirect government support is currently leading to production capacity that significantly exceeds China's domestic demand, as well as what the global market can bear," she said.
Gold hit another fresh record high Monday as investors grow confident that the Federal Reserve will cut interest rates this year, even after data showed a slight uptick in a key inflation report. On Monday it hit a new high of $2,256.44, according to Bloomberg News. Read on to know more:
The collapse of the Baltimore bridge could lead to the largest marine insurance payout ever, according to Lloyd's of London. The incident, which resulted in the suspension of vessel traffic at the Port of Baltimore, is expected to have significant economic impacts, affecting thousands of workers and disrupting supply chains. The insurance claim is likely to cover the ship, cargo, and the bridge, with additional claims for business interruptions and supply chain disruptions. The US government has formed a task force to address potential impacts on regional and national supply chains.
The US financial sector faces a "significant" data gap between big and small banks as they deploy AI to fight fraud, the Treasury Department said Wednesday, noting that smaller institutions are disadvantaged. While big banks have more internal data to develop AI models to prevent fraud, this is not the case for smaller ones, the Treasury said.
The US financial sector faces a "significant" data gap between big and small banks as they deploy AI to fight fraud, the Treasury Department said Wednesday, noting that smaller institutions are disadvantaged. While big banks have more internal data to develop AI models to prevent fraud, this is not the case for smaller ones, the Treasury said.
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