UBS has warned that further turmoil in markets will prompt clients to retreat after its second-quarter profits fell short of expectations, sending shares in the world’s largest wealth manager down more than 5 per cent. The Swiss group’s private bank bore the brunt of a bruising quarter, with pre-tax profit for the business falling 11
The Bitcoin (BTC) community, or “plebs” as they are affectionately known, are a force to be reckoned with. They banded together in less than seven days to stack over $160,000, or 7 BTC, in a “stackchain.” The so-called stackchain, a portmanteau of the blockchain (Bitcoin’s ledger) and stacking Sats (buying BTC), is a community-driven meme.
This article is an online version of our Inside Politics newsletter. Sign up here to get the newsletter sent straight to your inbox every weekday. Good morning. The topic of today’s newsletter is political betting. I used to do a lot of political betting before joining the Financial Times, and you can find an awful
While public acceptance remains key to crypto’s existence, the road to mainstream crypto adoption requires governments to set up a supporting infrastructure that complements the requirements of the technology and the people. Factors such as crypto ATM installations, pro-crypto regulations, startup culture and a fair tax regime signal a country’s readiness to adopt cryptocurrencies. Considering
Unilever increased prices for its products 11 per cent in the second quarter from a year earlier and raised its full-year sales guidance, as it battles to pass on more cost increases to consumers. The consumer goods maker said it had yet to pass on the full impact of input cost rises to shoppers in
European stocks drifted on Tuesday after US retailer Walmart issued an after-hours profit warning and investors girded themselves for another interest rate rise from the Federal Reserve. Europe’s regional Stoxx 600 index struggled for direction, while London’s FTSE 100 rose 0.5 per cent. Shares in Walmart dropped almost 9 per cent in pre-market trading in
Sam Bankman-Fried, CEO of FTX, believes that the future of crypto is bright in Latam. In a recent interview, Bankman-Fried recognized the rising adoption and demand that cryptocurrencies are experiencing in Latam, stating that use is expected to grow for remittances and payments in the future. Sam Bankman-Fried Talks Crypto in Latam Latam is one
For entrepreneurs hoping to get Masayoshi Son’s backing, the global outbreak of Covid-19 has made it harder than ever to meet the billionaire SoftBank founder in person. Even after two years of the pandemic, Son has stopped travelling overseas, switching instead to online video chats. Visitors from both in and outside of Japan are required
Good morning. Ethan is away this week, resting up for August, which I will skip altogether (Unhedged will appear just three times a week all month, with a special guest author writing one of those.) So you know who to blame for the below: robert.armstrong@ft.com. The market thinks the Fed has very good timing It’s
“Extreme” demand at the $20,000 price point for Bitcoin (BTC) appears to have forced the coins back into the hands of investors who care less about price while creating a new realized price level. In the latest The Week OnChain Newsletter published on Monday, Glassnode’s UkuriaOC pointed to “extreme demand” around the $20,000 region, noting
Institutional sentiment toward Ether (ETH) appears to have shifted into positive gear, with digital investment products offering exposure to the asset having posted four consecutive weeks of inflows, according to CoinShares. Prior to this, ETH investment products had been on a lengthy 11-week run of outflows that saw the total year-to-date (YTD) outflows hit as
This year Patrick Pouyanné, chief executive of TotalEnergies, was en route to Mozambique when he stopped off in the tiny central African nation of Rwanda. Rwanda has no oil and gas reserves and a small domestic market of 13mn people. Yet Pouyanné and Rwanda’s president Paul Kagame signed a co-operation agreement anyway, agreeing to explore
The Federal Bureau of Investigation (FBI) has warned crypto investors about a scam using an investment strategy called liquidity mining. “This scam has been responsible for over $70 million in combined victim losses,” said the law enforcement agency. FBI Warns of Crypto Liquidity Mining Scam The Federal Bureau of Investigation (FBI) issued an investor alert
The governor of the central bank of the Philippines has shared his policy on cryptocurrency regulation. “I don’t want it banned,” he said, advising investors not to invest money they cannot afford to lose in crypto. Philippine Central Bank Governor on Crypto Regulation Felipe Medalla, the governor of the Bangko Sentral ng Pilipinas (BSP), the
Tesla has revealed that it is still holding bitcoin worth $222 million in market value after selling 75% of its crypto holdings. The company recorded realized gains of $64 million on its recent bitcoin conversion into fiat currency. Tesla Realizes Gains of $64 Million From Bitcoin Sale Tesla Inc. filed its second-quarter report with the
Rishi Sunak and Liz Truss have exchanged blows over the economy in a crucial televised Tory leadership debate that ended in a bloody stalemate but took the contest to new levels of acrimony. Sunak, former chancellor, had hoped to use the primetime BBC1 debate to secure a breakthrough against foreign secretary Truss, who is seen
Walmart has cut its outlook for the second quarter and the rest of the year, signalling a sharp worsening of the US retail environment as inflation bites the price-sensitive consumers on which the world’s largest retailer depends. “The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good
The blockchain space is seeing some areas of strength despite the perceived downturn in the market. The perpetual futures funding rates for Bitcoin (BTC) and Ether (ETH) have flipped back to positive on major exchanges, which shows bullish sentiment among derivatives traders. In addition, Bitcoin started trading below its cost basis, which has marked previous
U.S. stock futures fell on Monday night after Walmart cut its profit forecast, sending retail stocks tumbling after hours. Dow Jones Industrial Average futures fell by 134 points, or 0.42%. S&P 500 and Nasdaq 100 futures declined 0.31% and 0.38%, respectively. A late Monday announcement from Walmart, which cut its quarterly and full-year profit estimates
Walmart has issued its second profit warning in 10 weeks, signalling a further deterioration in the US retail environment as inflation weighs on the price-sensitive consumers on whom the world’s largest retailer depends. “The increasing levels of food and fuel inflation are affecting how customers spend,” said Doug McMillon, Walmart’s chief executive. He said the
Liz Truss, foreign secretary, has proposed sweeping reforms to UK trade union laws that would guarantee minimum services during strikes and raise the threshold on the number of workers needing to take part in ballots on industrial action. Truss, the bookmakers’ favourite to be the UK’s next prime minister, pledged on Monday to introduce legislation