Crypto Exchange Binance to Acquire Rival FTX

Crypto Exchange Binance to Acquire Rival FTX

Cryptocurrency exchange FTX, just months removed from looking like a shining survivor in a struggling industry, succumbed to its own sudden liquidity crisis on Tuesday and was taken over by rival Binance. The deal signals a shift in power in the crypto world, which has been decimated by rising interest rates and investors retreating from … Read more

Justice Department announces seizure of Bitcoin, once valued at $3.36 billion

Justice Department announces seizure of Bitcoin, once valued at $3.36 billion

The Justice Department said Monday it had seized cryptocurrency once worth $3.36 billion from a Georgia man who pleaded guilty to stealing bitcoin from the Silk Road online marketplace. The seizure of cryptocurrency, which took place in November 2021 and had not been made public, is the second largest in the history of the Department … Read more

Tensions Between Crypto Giants FTX, Binance Are Spilling Public

Tensions Between Crypto Giants FTX, Binance Are Spilling Public

Tensions between two of the richest men in cryptocurrency erupted into open warfare on Twitter over the weekend, upsetting much of the digital currency world. On the one hand is Sam Bankman-Fried, the founder of crypto trading firm Alameda Research and FTX, a crypto exchange that has grown in size and recognition over the past … Read more

Why the Powerball Jackpot Jumped to a Record $1.9 Billion

Why the Powerball Jackpot Jumped to a Record $1.9 Billion

A lucky ticket in Monday night’s Powerball drawing could win a $1.9 billion jackpot, the largest lottery prize in American history. If no one picked the right numbers, the game would set another record: 40 consecutive draws without a winner. Big jackpots have become more common and harder to win in recent years. The Multi-State … Read more

Frackers say oil production is slowing in the shale patch

Frackers say oil production is slowing in the shale patch

Despite a long streak of strong profits, shale companies are slowing their oilfield activity, keeping U.S. oil output roughly flat and offering little relief for tight global markets. What was expected to be a banner year for U.S. oil production has not materialized as creeping inflation-related costs, supply chain snarls and disappointing well performance for … Read more

In bond investments, ‘return’ can be calculated in many ways

In bond investments, ‘return’ can be calculated in many ways

As central bankers raise interest rates to combat inflationary pressures, it has created a sea of ​​red ink for bond investors. It also means that interest rates are back in the spotlight as investors look for new earning potential in a battered market. “When interest rates were very, very low, people looked to bond funds … Read more

Deutsche Bank faces threat of fines for money laundering controls

Deutsche Bank faces threat of fines for money laundering controls

Deutsche Bank, which is based in Frankfurt, has until the middle of next year to implement money laundering controls ordered by a German regulator. Photo: Alex Kraus/Bloomberg News Germany’s top financial watchdog threatened to fine Deutsche Bank AG if it does not implement anti-money laundering controls by a deadline, suggesting the watchdog is not satisfied … Read more

HSBC’s top shareholder steps up pressure for major overhaul

HSBC’s top shareholder steps up pressure for major overhaul

LONDON— HSBC Holdings HSBC 8.77% PLC’s top shareholder called for a radical reorganization of the banking giant – including possibly selling part of its business – to boost its profits and lower its share price. Ping An Insurance co. 601318 3.74% China called for cutting the bank’s costs and accelerating a shift in capital and … Read more

Coinbase posts third straight losing quarter amid crypto rout

Coinbase posts third straight losing quarter amid crypto rout

Coinbase Global Inc. COIN -8.09% had a loss of $2.43 per diluted stock in the third quarter, compared with earnings of $1.62 a share a year ago, as its main revenue driver — crypto trading — remains depressed in the wake of the market crash. The second-largest crypto exchange lost $545 million — its third … Read more

PayPal crushes earnings estimates. The stock falls anyway.

PayPal crushes earnings estimates.  The stock falls anyway.

PayPal Holdings’ turnaround efforts are taking hold, as evidenced by the payments company’s third-quarter financial results released Thursday. PayPal stock is down 10% in response. PayPal (ticker: PYPL) earned $1.15 per share on revenue of $6.85 billion, according to generally accepted accounting principles. On an adjusted basis, earnings were $1.08 per share. stock.