HSBC is reportedly planning to shed 10,000 jobs following other banks
HSBC is joining the list of banks this year shedding thousands of jobs as it has plans to lay off 10,000 people from the bank. Sources who had been briefed on the bank’s plans told the that the headcount at the bank would be reduced to 238,000 globally. It’s beenContinue Reading
Coinbase Discusses Acqui-Hire With Ripple-Backed Rental Startup
United States-based cryptocurrency exchange Coinbase is currently discussing the possibility of hiring the engineering team of Ripple-backed storage and rental startup Omni Rentals, tech news outlet as reported on Oct. 5. Not the only company interested As per the report, two unspecified sources familiar with the situation told that OmniContinue Reading
Tim Cook made a serious Bitcoin rival warning
Bitcoin has soared this year as rumors spread that some of the world’s biggest technology companies, including Apple, Samsung, Facebook, and Twitter, are taking an interest in cryptocurrencies. The bitcoin price jumped around 200% over the first six months of the year largely due to social media giant Facebook’s now fading plans to launch itsContinue Reading
Services survey shows economy is weaker than expected amid slowdown fears
The services sector continued its expansion in September but at a considerably slower pace than expected, according to the ISM Non-Manufacturing Index released Thursday. The closely watched measure came in at 52.6, compared with an expected reading of 55.3 from economists surveyed by Dow Jones. It was the weakest readingContinue Reading
Dow Jones Futures Rise, Led By JPMorgan, Goldman Sachs; Apple Stock In Buy Range
Dow Jones futures showed slightly higher movement early Tuesday along with S&P 500 and Nasdaq 100 futures. Invesco QQQ Trust (QQQ) was up 0.3%, poised to open above its 50-day moving average. FANG stocks like Amazon.com (AMZN), Google-parent Alphabet (GOOGL) and Facebook (FB) showed gains mostly in line with the Nasdaq despite news of anotherContinue Reading
U.S. Treasury says no plans to block Chinese listings in near future
The United States does not currently plan to stop Chinese companies from listing on U.S. exchanges, reported on Saturday, citing a U.S. Treasury official. “The administration is not considering blocking Chinese companies from listing shares on U.S. stock exchanges at this time,” Treasury spokeswoman Monica Crowley as said. It wasContinue Reading
WeWork cut deeper into junk territory
S&P Global Ratings cut WeWork’s credit rating deeper into junk territory amid apprehensions it won’t be able to meet its growth plans. The credit rating agency on Thursday lowered WeWork’s rating one notch to B- and assigned a negative outlook, saying “heightened risk of recession” could impact its liquidity positionContinue Reading
Bitcoin Market Falls Sharply As Litecoin Suddenly Crashes
Bitcoin and cryptocurrency market watchers were on high alert today as the eagerly-anticipated Bakkt crypto platform went live. The bitcoin price failed to perform, however, with bitcoin losing around 2% of its value since Bakkt began trading its “physically” settled bitcoin futures contracts, with some $8 billion wiped from the wider cryptocurrency market. Meanwhile,Continue Reading
UAW strike against GM forces more worker furloughs
The strike by UAW workers against General Motors is now having an effect on workers at GM facilities that aren’t involved in the walkout. As the strike heads into a ninth day, facilities in the U.S. and Canada have had to temporarily layoff thousands of workers according to the report. In OhioContinue Reading
Booming securitized loan market has echoes of financial crisis, BIS warns
Lending standards in the rapidly growing loan market are perishing and complex financial products that mask risks to banks have parallels with the run-up to the 2008 financial crisis, the Bank for International Settlements warned on Sunday. The number of collateralized loan obligations (CLOs), a form of securitization which poolsContinue Reading