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Biden expected to announce tariff cut soon
President Biden is expected to roll back some tariffs on Chinese imports soon, a decision that is constrained by competing policy aims: addressing inflation and keeping economic pressure on Beijing. President Biden is expected to roll back some tariffs on Chinese imports soon, a decision that is constrained by competing policy aims: addressing inflation and keeping economic pressure on Beijing. People familiar with the situation say that what comes next has been pending with Mr. Biden in recent...
Updated: 07/05/2022
Celsius, a cryptocurrency lending platform, is a riskier platform
... was riskier for users than traditional banks. The lending platform has been facing a number of issues over the past month, including freezing withdrawals and investigating investigations from multiple US states. According to the documents seen by the WSJ , Celsius had issued large loans that were backed by very little collateral, and it did not have a safety net in case the market started to go downward. The company made investments that would be hard to unwind in the event consumers rushed to withdraw ...
Updated: 06/29/2022
Coin lending platform BlockFi gets a money services license
... CEO Zac Prince . Prince recently announced that BlockFi had secured a $250 million revolving credit facility from the leading FTX exchange. According to him, BlockFi planned to use these funds to strengthen its balance sheet. A report from the WSJ revealed that FTX is in talks to acquire a stake in BlockFi . The companies did not reach an agreement. A BlockFi spokesman said that they were commenting on the news. BlockFi has no comment on market rumors. We are still negotiating the terms ...
Updated: 06/28/2022
Tether CTO Paolo Ardoino says hedge funds are shorting its stablecoin
... government bailout. Tether has absorbed more pressure over a shorter period, but there has been no apparent issues with $16 B withdrawn from Tether over the past month, about 20% of its market cap, and no redemptions have been publicly reported. The WSJ noted a $16 billion decline in Tether 's market cap, currently at $67 billion, but did not comment on whether that has had an impact on Tether 's reserves. Ardoino also highlighted the actions of other financial entities and their investment in ...
Updated: 06/27/2022
FTX in talks to acquire stake in BlockFi
Sam Bankman- Fried is a lender of last resort to his beleaguered industry. He may end up owning large chunks of it as well. Sam Bankman- Fried is a lender of last resort to his beleaguered industry. He may end up owning large chunks of it as well. People familiar with the matter said that Bankman- Fried's FTX is in talks to acquire a stake in BlockFi , a FTX -owned criptocurrency exchange that FTX gave a $250 million credit line last week. His other company, Alameda Research, has also acquired...
Updated: 06/27/2022
Chinese fast fashion retailer SHEIN is the most searched-for apparel retailer in U.S.
... TikTok , the online-only retailer of inexpensive clothes, beauty and lifestyle products has become a global phenomenon. SHEIN has gone from a $15 billion valuation in 2020 to now being valued at $100 billion in a recent funding round, according to WSJ. The valuation is a result of strong momentum with consumers, according to analysts at UBS. The data also shows that SHEIN is a major and increasing threat to US specialty retailers, such as American Eagle AEO Abercrombie Fitch ANF Urban Outfitters ...
Updated: 06/26/2022
Federal appeals court grants Juul stay from FDA ban
A federal appeals court on Friday granted Juul Labs Inc. a temporary stay from the Food and Drug Administration's order for the vaping company to pull its e-cigarettes off the U.S. market. A federal appeals court on Friday granted Juul Labs Inc. a temporary stay from the Food and Drug Administration's order for the vaping company to pull its e-cigarettes off the U.S. market. A panel of judges from the U.S. Court of Appeals for the D.C. The Circuit granted Juul's request to delay the FDA 's ban...
Updated: 06/25/2022
Another criptome bridge hacked for $100 million
Another criptome bridge that lets people swap coins betweenBlockchains got hacked today, this one for $100 million. Another criptome bridge that lets people swap coins betweenBlockchains got hacked today, this one for $100 million. In a tweet, Harmony said that it has begun working with national authorities and forensic specialists to identify the culprit and recover the stolen funds after the hack of its Horizon bridge took place Thursday morning. This is the third major bridge hack this year...
Updated: 06/24/2022
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