Crypto EcoBlog
British inflation has been stubborn forcing the Bank of England to continue its interest rate hikes to 4.5%, for the 12th consecutive time. Economists are expecting further hikes in the upcoming meetings. As per the latest reports, the UK inflation has taken fresh dive under 10% for the last month of April 2023. This happened as the energy price retreated and the impact of Russia’s invasion of Ukraine started to subside on the annual consumer price comparison. Earlier on Wednesday, May...
Read More »Alibaba Cloud to Downsize Headcount by 7%, with Layoff Signaling Beginning of Its Spinoff Process
Alibaba Cloud has emerged as an early IPO candidate and will reportedly pursue a 7% staff layoff amid its ‘streamlined’ restructuring. The cloud arm of Chinese e-commerce giant Alibaba Group (NASDAQ: BABA) has begun a layoff set to affect 7% of its total workforce. Sources describe the downsizing as part of broader measures to prepare Alibaba’s cloud division for a spinoff. Furthermore, sources add that the new standalone company would ultimately pursue an initial public offering (IPO)....
Read More »IMF Predicts Positive Outlook for UK amid Broad Inflationary Worry
Per the IMF outlook, resilient demand in the context of declining energy prices can encourage a positive outlook for the UK economy in several ways. The International Monetary Fund (IMF) said it expects the United Kingdom to avoid a recession and maintain positive growth in 2023. According to a CNBC report, the IMF attributes this positive outlook to resilient demand and declining energy prices, which have encouraged economic growth. However, the IMF also characterizes the outlook as...
Read More »Berenberg: MicroStrategy Shares Give Investors Better Crypto Exposure than Coinbase
The report says that macro drivers favor MicroStrategy shares in terms of the de-dollarization of the world economy. The German investment bank Berenberg said that investors seeking exposure to cryptocurrencies are better served if they buy the shares of MicroStrategy than those of Coinbase. A Monday report revealed to the media said that macro factors associated with the shares of MicroStrategy Inc (NASDAQ: MSTR) give investors a higher possibility of being in profit than if they went for...
Read More »JPMorgan Hikes 2023 Key Revenue Target to $84B Following Its First Republic Acquisition
Banking powerhouse JPMorgan recently increased its 2023 revenue target by $3 billion on improved operational prospects. JPMorgan Chase (NYSE: JPM) has increased its 2023 key revenue target to $84 billion following its acquisition of First Republic earlier this month. The New York-based banking giant revealed the projected performance at an investor presentation Monday which should last throughout the day. Details of JPMorgan Revenue Target Development The new JPMorgan revenue target is...
Read More »Ryanair Posts Impressive FY23 Profit as It Capitalized on Its Oil Hedging Positions
The aviation business faces numerous problems and uncertainties, including fuel pricing, regulatory changes, geopolitical events, economic conditions, and competition from other carriers. Ryanair Holdings Plc (NASDAQ: RYAAY) one of the largest and most well-known low-cost carriers in Europe has reported a full-year net profit pegged at 1.43 billion euros ($1.55 billion). This record was boosted by increased traffic and rates, as well as favorable oil hedging positions of which it recorded...
Read More »Wise Shares Impacted by Management Shakeups Including Pending Departure of Eight-Year CFO
Wise saw its shares dip Monday after management announced that long-serving CFO Matt Briers would leave the company early next year. Shares of British fintech firm Wise (LON: WISE) slipped 4% on news of CFO Matt Briers’ resignation next year. The London-based company’s stock slide also comes amid reports of CEO Kristo Kaarman’s paternity leave which begins in September. Wise’s shares are changing hands at 590 GBX after management made the announcements. Briers’ pending departure in 2024...
Read More »China Fuels New Chip War as It Bans Purchases from Micron Technology
The ban on Micron Technology has drawn a response from US Commerce Secretary Gina Raimondo who said America will not sit back and firmly oppose restrictions that are not backed by proper facts. The chip and semiconductor industry is likely to see its next major distortion following the labeling of United States-based chipmaker Micron Technology Inc (NASDAQ: MU) as a threat to its National security infrastructure. As reported by CNBC, China’s Cyberspace Administration said Micron failed to...
Read More »Foot Locker Posts Q1 2023 Results, Sees Stock Sink 25% on Sales Drop
Sportswear and footwear retail company Foot Locker took a beating in its Q1 2023 report after sustaining an 11% drawdown in revenue. Foot Locker Retail Inc (NYSE: FL) plunged 25% following a big earnings miss in the Q1 2023 outing. For the first quarter of 2023, the sportswear and footwear retailer reported revenue of $1.93 billion versus the $1.99 billion analysts expected. In addition, the company realized earnings per share of 70 cents adjusted versus 81 cents expected. Following...
Read More »Britain Joins Semiconductor Chips Race, Introduces $1.2B Plan
The British government has undertaken a focused approach in revamping its semiconductor industry and will capitalize on its strengths such as designing and producing non-silicon chips, and intellectual property rights. On Friday, May 19, Great Britain announced support of £1 billion ($1.2 billion) for its semiconductor industry. With this move, the United Kingdom joins the race with the US and EU to boost its domestic chipmaking capabilities and reduce its dependence on foreign players....
Read More »