By Lisa Pauline Mattackal and Medha Singh (Reuters) – Major cryptocurrency volatility has hit stablecoins, typically considered the market’s safer-havens, with investors pulling money out of the sector and several losing the peg to their underlying assets. The market capitalization of stablecoins had plummeted to $156.8 billion on Thursday, from around $181 billion at the…
WASHINGTON (AP) — Fewer Americans applied for unemployment benefits last week as the U.S. job market remains strong in the face of rising inflation and interest rates. Applications for jobless aid fell by 3,000 to 229,000 for the week ending June 11, down from the previous week’s 232,000, the Labor Department reported Thursday. First-time applications…
By Andy Bruce and William Schomberg LONDON (Reuters) -The Bank of England stuck to its gradual increases in interest rates on Thursday, as other central banks took more urgent action, but said it was ready to act “forcefully” if needed to stamp out dangers posed by inflation it now sees topping 11%. A day after…
LONDON (AP) — The European Union is beefing up its code of practice on disinformation by enlisting more tech companies beyond Google, Twitter and Facebook parent Meta and adding measures to prevent online purveyors of fake news from profiting. The EU’s executive Commission unveiled an update Thursday to its four-year-old voluntary code that, together with…
NEW YORK (AP) — Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, weighed down by debt load, disruptions to its supply chain network and surging costs. The New York-based company said that upon court approval, it expects to receive $575 million in financing from its existing lenders, which will allow…
Severe weather has forced Abbott Nutrition to pause production at a Michigan baby formula factory that had just restarted after being closed for several months, contributing to a national shortage. Production for Abbott’s EleCare specialty formula has been suspended, but there is enough supply to meet demand until production is restarted, the company said. Abbott…
(Reuters) – Kroger Co raised its expectations for 2022 profit on Thursday, betting on steady demand for its groceries and household essentials in an inflationary environment. Major U.S. retailers including Walmart Inc and Target Corp have in recent weeks sounded alarm bells over the toll decades-high inflation is taking on U.S. shoppers, stoking fears the…
(Reuters) -Activision Blizzard Inc’s board and external advisers said on Thursday there was no evidence to suggest that senior executives intentionally ignored or attempted to downplay reported instances of gender harassment. There were some substantiated instances of gender harassment, the independent directors of the company’s board said https://bit.ly/3HtI8Yz in a filing. But these instances did…
By Andy Bruce and William Schomberg LONDON (Reuters) – The Bank of England raised interest rates by a further quarter of a percentage point on Thursday but said it was ready to act “forcefully” to stamp out dangers posed by an inflation rate heading above 11%. A day after the U.S. Federal Reserve raised rates…
BRUSSELS (Reuters) – Meta, Alphabet unit Google, Twitter and Microsoft on Thursday agreed to take a tougher line against disinformation including deep fakes and fake accounts under an updated EU code of practice or face hefty fines. More than 30 signatories including advertising bodies have signed up to the updated Code of Practice on disinformation,…
