Chinese Central Bank Says It Will Prioritize Stabilizing Currency After Yuan Plunges to 14-Year Low Versus USD

Moments after the Chinese yuan’s onshore exchange rate versus the U.S. dollar slumped to 7.2458 per dollar, the Peoples Bank of China responded by stating that it will prioritize stabilizing the currency. Similar to other currencies that have been depreciating against......

Financial Giant State Street Sees Unwaning Crypto Demand From Institutional Investors

Investment management firm State Street says that institutional clients are not deterred from investing in crypto assets despite price declines. “There is a belief that the asset class is here to stay,” a State Street executive said. State Street on Institutional......

Southeast Asia’s Largest Bank DBS Enters the Metaverse

DBS, the largest bank in Southeast Asia, says it is “the first bank in Singapore to make a foray into the metaverse.” A DBS executive explained that “The metaverse presents exciting opportunities to redefine how we live, work and engage with......

Funko Partners With Entertainment Giant Paramount to Drop Avatar Legends NFTs

On July 29, the pop-culture consumer products firm, Funko, announced that the company has partnered with the multinational mass media and entertainment corporation Paramount Global. The two corporations plan to introduce a series of non-fungible tokens (NFTs) based on the Avatar......

E-commerce Giant Ebay Files Trademark Applications Covering Wide Range of Metaverse, NFT Services

E-commerce giant Ebay has filed two trademark applications covering a wide range of products and services relating to the metaverse and non-fungible tokens (NFTs). Ebay’s NFT, Metaverse Trademark Applications Ebay Inc. (Nasdaq: EBAY) filed two trademark applications with the United States......

Goldman Sachs President Warns of ‘Unprecedented’ Economic Shocks and Tougher Times Ahead

Global investment bank Goldman Sachs’ president and chief operating officer has warned of unprecedented economic shocks and tougher times ahead. His statement echoes JPMorgan CEO Jamie Dimon’s warning that a “hurricane” is coming our way. Goldman Sachs President’s Warning About the......

Tesla CEO Elon Musk Has ‘Super Bad Feeling’ About US Economy — Biden Responds

Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the U.S. economy. President Joe Biden responded with a list of major investments by large corporations and wished Musk luck on his trip to the moon. Elon......

‘Big Short’ Investor Michael Burry Warns of Looming Consumer Recession, More Earnings Trouble

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned of a looming consumer recession and more earnings trouble. He cited falling U.S. personal savings and record-setting revolving credit card debt despite trillions of dollars in stimulus......

Report: Fed’s Secret Repo Loans to Megabanks in 2020 Eclipsed 2008 Bailouts, Data Dump Shows $48 Trillion in Stealth Funding

Following the controversial bank bailouts and Troubled Asset Relief Program (TARP) in 2008, reports show in late 2019 and 2020, the U.S. Federal Reserve participated in providing trillions of dollars in secret repo loans to megabanks. At the end of March,......