The stablecoin market, characterized by digital currencies tied to assets like the U.S. dollar, is primed for a remarkable transformation. Projected to surge from its current $125 billion valuation to an astonishing $2.8 trillion over the next five years, these predictions stem from a recent study. According to insights from a Bernstein report, the trajectory…
By Lewis Krauskopf NEW YORK (Reuters) – After a “relief rally” in the first half of 2023, the S&P 500 is set to remain largely flat through the end of the year as inflation keeps monetary policy tight, Stifel equity strategists said on Wednesday. The S&P 500 has rebounded 16.4% so far this year after…
By David Shepardson WASHINGTON (Reuters) – Norfolk Southern Corp has agreed to improve conditions for workers rebuilding and cleaning up the site of its February derailment in East Palestine, Ohio, the U.S. Labor Department said on Wednesday. The department said the railway company entered into the agreement with the federal government and the Teamsters’ Railway…
By Jake Spring BELEM, Brazil (Reuters) -A dozen rainforest countries formed a pact on Wednesday at a summit in Brazil to demand developed countries pay to help poorer nations combat climate change and preserve biodiversity. The joint statement, titled “United for Our Forests,” was issued by Bolivia, Brazil, Colombia, the Democratic Republic of Congo, Ecuador,…
By Mary Milliken (Reuters) – Sixto Rodriguez, an American singer-songwriter whose outsized popularity in South Africa inspired the Oscar-winning documentary “Searching for Sugar Man,” passed away on Tuesday at the age of 81, a website dedicated to him said on Wednesday. The Detroit-based Rodriguez did not know how popular he had become in South Africa,…
By Gram Slattery WASHINGTON (Reuters) – A staff shake-up by 2024 Republican presidential candidate Ron DeSantis is unlikely to presage a major strategy shift, according to several people close to the campaign, despite increasing pressure from some top donors to dramatically change course due to a slump in the polls. DeSantis’ camp on Tuesday announced…
By Tim Hepher PARIS (Reuters) – Shortages of Pratt & Whitney engines for Airbus A220 passenger jets have eased but it will take around 18 months before disruption is lifted altogether, the head of the airplane’s second-largest operator, airBaltic, told Reuters. A recall of Geared Turbofan engines for larger Airbus A320s for inspections and possible…
(Reuters) – Democrat Congresswoman Maxine Waters said on Wednesday she was “deeply concerned” about payment giant PayPal launching its own stablecoin in the absence of a federal framework to regulate digital assets. Earlier this week, PayPal became the first major financial technology firm to embrace digital currencies for payments and transfers with the launch of…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The U.S. dollar drifted lower on Wednesday in thin rangebound trading, with investors looking ahead to Thursday’s U.S. consumer prices report for indications on where the Federal Reserve’s monetary policy is headed. The greenback posted steeper losses earlier in the session, particularly after data showing the Chinese economy…
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices hit new peaks on Wednesday with the global Brent benchmark touching its highest since January after a steep drawdown in U.S. fuel stockpiles and Saudi and Russian output cuts offset concerns about slow demand from China. Brent crude settled $1.38, or 1.6%, higher at $87.55 a barrel, its…
