Investing
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$400 million in crypto was stolen in the year’s first quarter, a 70% decline from the same period in 2022, analysis shows
Less crypto is being stolen this year, thanks to industrywide implementation of anti-money-laundering standards, and increased efforts by law enforcement and regulators to go after bad actors, according to new research by TRM Labs, a blockchain intelligence company, published Tuesday. Around $400 million in cryptocurrencies was stolen across nearly 40 attacks in the first three…
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A debt-ceiling deal will spark a new worry: Who will buy the deluge of Treasury bills?
When the U.S. debt-ceiling fight finally is resolved, the Treasury is expected to unleash a flood of bill issuance to help refill its coffers run low by the protracted standoff in Washington, D.C., over the government’s borrowing limit. Treasury bills are debt issued by the U.S. government that mature in four to 52 weeks. New…
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Debt-ceiling angst sends Treasury bill yields toward 6%
Continued uncertainty about whether a debt-ceiling resolution can come together fast enough to avoid a government default pushed yields on Treasury bills maturing between early and mid-June toward 6% on Tuesday. The yield on Treasury bills maturing on June 6 touched that level before slipping slightly to 5.997% Tuesday afternoon, according to Bloomberg data. Meanwhile,…
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Goldman Sachs says weak investment flows suggest limited upside for the S&P 500
Investment flows into the U.S. financial market have been weaker than the S&P 500 index returns over the past two months, suggesting a headwind for equities over the coming weeks, said analysts at Goldman Sachs. The S&P 500 SPX, -1.12% return has been 7% stronger than investment flows in the past few months, said a…
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Bill Gates lays AI tombstone on Amazon and Google
Microsoft Corp. co-founder Bill Gates thinks two pillars of Big Tech are as susceptible to the downside of artificial intelligence as the potentially millions of workers who could be displaced by the technology. In a chat Monday at an event hosted by Goldman Sachs and SV Angel, Gates predicted that the sprint to create a…
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Natural-gas prices have dropped by nearly half this year, despite output risks and higher demand prospects
[]Risks to U.S. production and an expected spike in demand have failed to rally prices for natural gas, which have dropped by nearly half so far this year. []The natural-gas market is reaching a historically pivotal phase of the year, with the price swings typically occurring in the summer and winter months, said Tyler Richey,…
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Up in smoke: $60 million marijuana startup co-owned by rapper was a Ponzi scheme, feds say
A California startup that raised $60 million to develop a marijuna-growing operation was actually a Ponzi scheme with the money used to buy luxury cars, houses and adult entertainment and to sustain the rap career of one of the company’s founders, federal regulators said. The Securities and Exchange Commission alleged in a civil complaint filed…
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U.S. stocks close lower as debt ceiling talks drag on with deadline due in days
The Dow Jones Industrial Average on Tuesday closed at the lowest level in a week, as worries about the debt ceiling negotiations in Washington outweighed data suggesting economic growth remains resilient, while yields on Treasury bills maturing between early and mid-June climbed toward 6% on Tuesday. How stocks traded The Dow DJIA, -0.69% finished 231.07…
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JPMorgan raises net-interest-income guidance to reflect $3 billion bump from First Republic Bank takeover
JPMorgan Chase & Co. raised its net-interest-income guidance on Monday by $3 billion to reflect the bump it will get from its takeover of First Republic Bank. The bank is now expecting its 2023 net interest income (NII) to come to $84 billion, up from $81 billion forecast in April. That’s well above the current…
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As Tim Scott launches his campaign, here are the Republicans running for president in 2024
The contest to become the Republican Party’s 2024 presidential nominee is heating up, with Florida Gov. Ron DeSantis poised to have an official launch for his campaign this week. In addition, Sen. Tim Scott of South Carolina formally kicked off his White House bid at an event Monday in North Charleston, after filing a statement…