Fed minutes, Bank of Korea decision, Sri Lanka

Bank of Korea hikes rates by 25 basis points, meets expectations The Bank of Korea raised its benchmark interest rate by 25 basis points to 3.25%, a smaller hike than its previous move and widely in line with expectations. A Reuters poll of economists had expected the move amid signs of slowing domestic growth. The … Read more

New Zealand interest rate hikes, inflation data

New Zealand’s central bank hikes rates by 75 basis points The Reserve Bank of New Zealand raised its official cash rates by 75 basis points, its biggest hike on record, to 4.25%. The decision is in line with analysts’ expectations, according to a Reuters poll. It is the ninth consecutive hike since the RBNZ first … Read more

S&P 500 futures fall slightly ahead of more retail earnings before the Thanksgiving holiday

Traders on the floor of the NYSE, Oct. 21, 2022. Source: NYSE S&P 500 futures fell slightly Sunday evening ahead of another batch of retail earnings to kick off a shortened week for the Thanksgiving holiday. Futures tied to the broad market index were lower by 0.1%. Dow Jones Industrial Average futures were lower by … Read more

FTX will sell or restructure global empire, CEO says

FTX’s new CEO said on Saturday that the bankrupt crypto exchange is looking to sell or restructure its global empire, even as Bahamian regulators and FTX squabble in court filings and press releases about whether the bankruptcy filing should proceed in New York or in Delaware. “Based on our review over the past week, we … Read more

Sam Bankman-Fried’s Alameda quietly used FTX customer funds without raising alarm bells, say sources

Tom Williams | CQ Roll Call, Inc. | Getty Images The quant trading firm Sam Bankman-Fried founded was able to quietly use customer funds from his exchange FTX in a way that flew under the radar of investors, employees and auditors in the process, according to a source. The way they did it was by … Read more

Big Tech falters on Q3 2022 results as Meta has worst week ever

Facebook CEO Mark Zuckerberg Marlene Awaad | Bloomberg | Getty Images Other than Appleit was a brutal earnings week for Big Tech. alphabet, Amazon, Meta other Microsoft combined lost over $350 billion in market cap after offering concerning commentary for the third quarter and the remainder of the year. Between slowing revenue growth — or … Read more

Apple’s top designer is leaving three years after taking over from Ive

Apple's top designer is leaving three years after taking over from Ive

An aerial view of Apple Park is seen in Cupertino, California, United States on October 28, 2021. Tayfun Coskun | Anadolu Agency | Getty Images Apple’s vice president of industrial design, Evans Hankey, is leaving the company, Apple confirmed to CNBC on Friday. Hankey took over for former Apple design chief Jony Ive three years … Read more

Silicon Valley’s next trillion-dollar companies?

Silicon Valley's next trillion-dollar companies?

Zoom In IconArrows pointing outwards Stable Diffusion’s web interface, DreamStudio Screenshot/Stable Diffusion Computer programs can now create never-before-seen images in seconds. Feed one of these programs some words, and it will usually spit out a picture that actually matches the description, no matter how bizarre. The pictures aren’t perfect. They often feature hands with extra … Read more

Treasury warns digital assets could threaten stability of economy

The Treasury Department warned Monday that unregulated cryptocurrencies could pose a risk to the US financial system. The warning was a part of the first major public report released by the Treasury’s Financial Stability Oversight Council on digital assets. The council identified digital or “crypto” assets such as stablecoins as well as lending and borrowing … Read more

Dow tumbles 1,200 points for worst day since June 2020 after hot inflation report

Stocks fell sharply on Tuesday after a key August inflation report came in hotter than expected, hurting investor optimism for cooling prices and a less aggressive Federal Reserve. The Dow Jones Industrial Average slides 1,276.37 points, or 3.94%, to close at 31,104.97. The S&P 500 dropped 4.32% to 3,932.69, and the Nasdaq Composite declined 5.16% … Read more