(Reuters) – Chipmaker Intel Corp said on Tuesday it has discontinued production of its bitcoin mining chip series, just a year after its introduction. A rout in the cryptocurrency market hurt some chip companies including Nvidia Corp, whose high-end graphics chips became popular for crypto mining. Intel expects to stop taking orders for the series,…
By Herbert Lash and Samuel Indyk NEW YORK/LONDON (Reuters) – The dollar fell against most major currencies on Tuesday after better-than-forecast growth data from China, while strong pay figures from Britain supported the pound. China’s gross domestic product (GDP) grew 4.5% year on year in the first three months of the year, data showed, beating…
By Paul Lienert (Reuters) – Chinese electric vehicle maker Xpeng Inc is the latest manufacturer hoping to save money and speed development and production by shifting to a digital vehicle architecture – an approach that bears a striking resemblance to Tesla Inc’s. Unveiled this week ahead of the Shanghai Auto Show, Xpeng’s Smart Electric Platform…
By Medha Singh and Lisa Pauline Mattackal (Reuters) – Beleaguered bitcoin miners are finally feeling the spring sunshine after a cold, hard crypto winter. The power-hungry companies that pump new bitcoin into circulation have been thrown a lifeline by the cryptocurrency’s rally to above $30,000 this year, which has conspired with falling electricity prices to…
WASHINGTON (Reuters) – There was “some evidence” that China wants the dollar to weaken as the international reserve currency, said a White House nominee for a top economist position on Tuesday, and he urged Congress to raise the U.S. debt ceiling to protect the dollar’s value. Jared Bernstein, a member of the White House Council…
By Michael S. Derby (Reuters) -The U.S. central bank most likely has one more interest rate rise ahead of it as it continues to work to lower high inflation, Atlanta Federal Reserve President Raphael Bostic said on Tuesday. “One more move should be enough for us to then take a step back and see how…
By John Kruzel WASHINGTON (Reuters) -The U.S. Supreme Court on Tuesday considered a bid by three whistleblowers to revive lawsuits accusing pharmacy operators of pocketing millions of taxpayer dollars by knowingly overbilling government health insurance programs for prescription drugs. The justices heard arguments in an appeal by the whistleblowers of lower court rulings in favor…
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Thursday will lay out the Biden administration’s principal objectives for the U.S.-China economic relationship in a speech in Washington, the Treasury said on Tuesday as tensions between the world’s two largest economies has thwarted high-level meetings. Yellen, who said last week she still hopes to visit…
By Andrea Shalal WASHINGTON (Reuters) -The White House on Tuesday said it is closely tracking developments in commercial real estate after recent strains in the banking sector, given that many smaller and mid-sized banks have “non-trivial” holdings in commercial real estate. Jared Bernstein, a member of the White House Council of Economic Advisers (CEA), told…
WASHINGTON (Reuters) – Health and Human Services Secretary Xavier Becerra violated the Hatch Act by expressing support for Democratic Senator Alex Padilla’s re-election at a public event last year, a U.S. government watchdog said on Tuesday. The U.S. Office of Special Counsel report cited Becerra’s comments that he intended to vote for Padilla while speaking…
