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Gold Prices Hit New Records Amid Weak U.S. Economic Data

Due in part to bleak U.S. economic statistics and Federal Reserve Chair Jerome Powells hinted at rate reduction, gold prices broke fresh highs for the

Due in part to bleak U.S. economic statistics and Federal Reserve Chair Jerome Powells hinted at rate reduction, gold prices broke fresh highs for the seventh straight day. U.S. gold futures surged to $2,167.00 per ounce, while spot gold reached its top at $2,161.09 per ounce. Although U.S. statistics supported the gold advance, Marcus Garvey of Macquarie pointed out that substantial futures purchasing since Friday probably overstated the gain. Powells remarks increased the appeal of gold by pushing down U.S. Treasury rates and the dollar against the backdrop of deteriorating labour market conditions and decreasing inflation. In light of geopolitical unpredictability, Jigar Pandit of BNP Paribas Sharekhan believes that gold is a secure investment and expects central banks to keep purchasing it. Read More..

B2B Tech News | 1 years ago

FTX and BlockFi Reach Settlement Agreement in Bankruptcy Dispute

After going bankrupt in 2022, FTX and BlockFi resolved their differences, with FTX promising to pay BlockFi up to $874 million, subject to court clear

After going bankrupt in 2022, FTX and BlockFi resolved their differences, with FTX promising to pay BlockFi up to $874 million, subject to court clearance. The settlement comes after court cases involving money loans made before bankruptcy. Prioritising a $250 million payment to BlockFi, FTX will leave the remaining amount up to its capacity to pay back its bankruptcyprotected clients. Following the revelation of FTXs mishandling of client cash amid a market meltdown, their onceclose friendship crumbled. BlockFi requested FTXs assistance during market turbulence and extended loans to FTXs hedge fund, Alameda Research. In addition to $185.3 million for money in FTX accounts, FTX may pay BlockFi up to $689 million for Alameda loans. BlockFi withdrew its case about 56 million Robinhood shares promised to Alameda as loan collateral, which the US DOJ had confiscated during FTX founder Sam BankmanFrieds arrest. Read More..

B2B Tech News | 1 years ago

Tesla Shares Fall for Third Day as Morgan Stanley Cuts Price Target

Shares of Tesla TSLA.O fell for the third day in a row following a critical Morgan Stanley analysts reduction in the price objective for the stock. De

Shares of Tesla TSLA.O fell for the third day in a row following a critical Morgan Stanley analysts reduction in the price objective for the stock. Despite significant price reductions, there were worries about the declining demand for electric cars EVs in essential regions like China. In addition to highlighting the fierce pricing competition in the oversupplied Chinese EV market, Morgan Stanleys Adam Jonas also drew attention to Teslas ageing product selection compared to other major OEMs. His reduced target price for Teslas shares went from $345 to $320. After initially declining, Teslas stock somewhat rebounded and closed 1.3% down at $178.35. This week, the stock lost more than 11% of its market value, wiping out nearly $70 billion. In addition, the pricing war got more intense when Chinese EV producer BYD lowered its prices. Read More..

B2B Tech News | 1 years ago

Yen Hits OneMonth High Against Dollar on Speculation of BOJ Policy Shift

As anticipation of U.S. rate reduction weighed on the dollar, speculation that the Bank of Japan BOJ would soon eliminate negative interest rates sent

As anticipation of U.S. rate reduction weighed on the dollar, speculation that the Bank of Japan BOJ would soon eliminate negative interest rates sent the yen to a onemonth high versus the dollar. According to BOJ board member Junko Nakagawa, Japans economy is moving closer to sustainably meeting the central banks inflation objective. The increase in the yen is due to mounting expectations of a potential BOJ policy change. The dollar fell against other currencies as traders braced themselves for possible rate cuts in the United States, particularly after Federal Reserve Chair Jerome Powell made hints about them. The Canadian currency remained stable following the Bank of Canadas decision to retain its benchmark interest rate. At the same time, the euro and pound kept close to onemonth highs against the U.S. dollar. Read More..

B2B Tech News | 1 years ago

Temasek Holdings Considers Investment in OpenAI, Backed by Microsoft

Temasek Holdings in Singapore is considering investing in Microsoftbacked artificial intelligence startup OpenAI. Sam Altman, the CEO of OpenAI, met w

Temasek Holdings in Singapore is considering investing in Microsoftbacked artificial intelligence startup OpenAI. Sam Altman, the CEO of OpenAI, met with Temasek executives to express possible interest in the business. In recent talks, Temaseks attention has turned from Altmans venture capital firm, Hydrazine Capital, to OpenAI. This possible investment comes after news surfaced that Altman was looking for extensive finance for factories producing AI chips. The popularity of OpenAIs ChatGPT technology has led to increased investments in AIrelated fields. Thrive Capital, Sequoia Capital, and Khosla Ventures are a few wellknown OpenAI investors. OpenAI was valued at more than $80 billion in a recent transaction. Roblox, Tencent, Alibaba, and other notable internet businesses are part of Temaseks impressive portfolio. Temasek is wellknown for its aggressive investments in the industry. Read More..

B2B Tech News | 1 years ago

Russian Subcommittee Approves Acquisition of Yandexs Russian Business

The purchase of 96.3% of Yandex NVs Russian company by a group of Russian investors has been approved by a subcommittee of the Russian government comm

The purchase of 96.3% of Yandex NVs Russian company by a group of Russian investors has been approved by a subcommittee of the Russian government commission for control over foreign investments. With a valuation of 521 billion dollars or 475 billion roubles, the purchase is the most significant business departure from Russia since the invasion of Ukraine. Consortium.first, the acquirer is led by trustee Solid Management and consists of financial investors such as Argonaut, which Lukoil and top management personnel from Yandex ultimately control. With this action, control of "Russias Google" has significantly shifted to domestic firms. Read More..

B2B Tech News | 1 years ago

Vietnam and Australia to Sign MoU on Energy and Mineral Cooperation

A Memorandum of Understanding MoU on energy and mineral cooperation will be signed by Vietnam and Australia during the visit of Vietnamese Prime Minis

A Memorandum of Understanding MoU on energy and mineral cooperation will be signed by Vietnam and Australia during the visit of Vietnamese Prime Minister Pham Minh Chinh to Melbourne, according to an announcement by the Ministry of Industry and Trade of Vietnam. The two nations cooperation in the energy and mining industries will be improved under the MoU. In particular, the deal will make it easier for Australia to export coal and LNG to Vietnam. Australia now supplies 44% of Vietnams total coal imports, making it a significant coal supplier. This alliance emphasises how crucial bilateral cooperation is to supplying Vietnams energy demands and advancing the two countries economic relations. Read More..

B2B Tech News | 1 years ago

Zscaler Reports Higher Operating Expenses, Shares Drop 5% in Extended Trading

Zscaler ZS.O, a cybersecurity company, disclosed more significant operational expenditures in the second quarter, which caused its shares to drop 5% d

Zscaler ZS.O, a cybersecurity company, disclosed more significant operational expenditures in the second quarter, which caused its shares to drop 5% during extended trading. Despite this, Zscaler is incorporating these technologies into its products to adjust to the changing role that AI is playing in cybersecurity. Palo Alto Networks PANW.O, a rival that provides free services to users migrating to its platform, is a threat to it nevertheless. Zscaler had a 24% increase in total operating expenses, including a 42% increase in research and development costs. Zscaler did, however, beat market forecasts for the second quarter and projected higherthanexpected sales and profit for the third quarter. Its secondquarter earnings per share, excluding adjustments, was 76 cents as opposed to projections of 58 cents. Annual sales are anticipated to range from $2.118 billion to $2.122 billion, with thirdquarter adjusted profit per share projected between 64 and 65 cents, exceeding the average esti Read More..

B2B Tech News | 1 years ago

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