Business Highlights: Twitter buy on ‘hold,’ crypto downturn

 Business Highlights: Twitter buy on ‘hold,’ crypto downturn


___

Musk puts Twitter’s purchase ‘on hold,’ questioning the $ 44B deal

DETROIT (AP)-Elon Musk has put his plan to buy Twitter on temporary suspension, raising new doubts about whether he will continue to claim the $ 44 billion. In a tweet early Friday, the Tesla billionaire said he doubted the number of fake accounts presented on Twitter was as low as the company had suggested. The issue of fake Twitter accounts is no secret. In its quarterly filing with the SEC, even Twitter expressed doubts that the bot account count was correct, claiming the estimate could be low.

___

Bitcoin fell, a stablecoin fell in the wild crypto week

NEW YORK (AP)-It’s been a wild week in crypto, even by crypto standards. Bitcoin collapsed, stablecoins were unstable and one of the highest profile companies in the crypto industry lost a third of its market value. On Friday, bitcoin sold for nearly $ 30,000 after earlier in the week falling to its lowest level since December 2020. Investors traded bitcoin along with other risky assets as the Federal Reserve raised rates. in interest. Meanwhile, a popular stablecoin called Terra lost its peg to the dollar and dropped to 14 cents. The cryptocurrency trading platform Coinbase has lost about a third of its market value.

___

Stocks rallied, but still marked their 6th consecutive losing week

NEW YORK (AP)-Stocks ended another bumpy week with gains on Friday, but not enough to prevent the market from placing its sixth weekly decline in a row, the highest. consecutive streak since 2011. The S&P 500 rose 2.4%, led by even more. gains in the faster technology sector. Markets have collapsed since late March as traders worried that the Federal Reserve may not succeed in its dangerous mission of slowing the economy enough to curb inflation without causing a recession. Twitter sank after Tesla CEO Elon Musk said he blocked his deal to get the company on social media.

___

Treasury: Russia’s warlords must fight against illicit finance

WASHINGTON (AP)-Russia’s war in Ukraine is one of the biggest considerations in the latest U.S. Treasury strategy document outlining how the agency plans to combat significant illegal financial threats to the U.S. financial system. The agency every two years releases a report with recommendations on how to close the gaps that could facilitate terrorist and illicit finance. The report was released on Friday and said Russia’s invasion of Ukraine “shows that those seeking to undermine global security and stability are taking advantage of the same gaps.”

___

Russia’s pipeline sanctions have raised fears of gas disruption

BERLIN (AP)-European gas prices have risen after Russian state-owned exporter Gazprom said it would no longer ship supplies to Europe via a Polish pipeline, citing new sanctions. imposed in Moscow by European energy companies. The move will not immediately curb much of Europe’s natural gas but fuel fears that the Ukraine war will lead to widespread cutoffs. Gazprom said Thursday that it will ban the use of the Yamal pipeline to reach Germany via Poland. While a European supply route has been cut, the German pipeline entry point has been underutilized this year. In addition, Gazprom has already cut gas to Poland for refusing a requirement to pay in rubles.

___

Expensive tortillas: LatAm’s poor struggle to buy staples

MEXICO CITY (AP) – Across Latin America, the worst price rise in a generation has made many consumed local products suddenly hard to come by. Countries are already absorbing higher prices due to supply chain bottlenecks related to COVID-19 and government stimulus programs. Then the Russian invasion of Ukraine sent fertilizer prices higher, which affected agricultural products including corn. Global fuel prices have jumped, too, making items transported by truck from the countryside more expensive. In Chile, annual inflation was 10.5% in April, the first time in 28 years the index hit double digits. Colombia’s rate reached 9.2%, the highest in more than two decades. In Argentina, whose consumers have long faced double-digit inflation, price increases will reach 58%.

___

Biden that the Biden administration will release $ 45B for the nationwide internet

WASHINGTON (AP)-The Biden administration is taking first steps to release $ 45 billion to ensure every U.S. resident has access to high-speed internet by nearly 2028. The administration is inviting governors and other leaders on Friday to begin the application process. Commerce Secretary Gina Raimondo oversaw the distribution. Raimondo traveled to North Carolina and said universal broadband internet access would be like the electrification of rural America during the 1930s, a recognition that the internet was a necessary tool for U.S. residents. to operate the economy today. The funding is part of the $ 65 billion for broadband in the $ 1 trillion infrastructure package that President Joe Biden signed into law in November.

___

Interfaith group has asked Starbucks to drop the vegan milk surcharge

BOSTON (AP) – A group of Christian, Hindu, Buddhist and Jewish leaders is asking Starbucks to stop charging more for vegan milk alternatives. The interfaith coalition says the practice is equivalent to taxing people who adopt plant-based lifestyles. The leader of the group is Nevada -based Hindu activist Rajan Zed. He and other clergy members forced the coffee chain on Friday to end surcharges they called “bad and unfair.” Starbucks says it does not charge for a splash of nondairy milk, including soy milk, coconut milk, almond milk and oat milk, even if it imposes a surcharge for customized drinks made in most substitutes.

___

The S&P 500 jumped 93.81 points, or 2.4%, to 4,023.89. The Dow Jones Industrial Average gained 466.36 points, or 1.5%, to 32,196.66. The Nasdaq finished with 434.04 points, or 3.8%, to 11,805. The Russell 2000 index of small firms rose 53.28 points, or 3.1%, to 1,792.67.



Source link

Related post