Markets

Dan Yergin explains why oil prices are falling despite tight supply, Russia tensions

Dan Yergin explains why oil prices are falling despite tight supply, Russia tensions

Energy expert Dan Yergin said there are two reasons why oil prices have dropped in the past month despite a market that is still tight: the Fed and Russia’s war in Ukraine. Oil prices had been increasing since last year, spiking to highs after Russia launched an unprovoked war on Ukraine. But since the end …

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Mark Zuckerberg envisions a billion people in the metaverse spending hundreds of dollars each

Mark Zuckerberg envisions a billion people in the metaverse spending hundreds of dollars each

Meta Platforms CEO Mark Zuckerberg told CNBC’s Jim Cramer on Wednesday that the metaverse could be a substantial part of the social network operator’s business in the second half of the decade. “We hope to basically get to around a billion people in the metaverse doing hundreds of dollars of commerce, each buying digital goods, …

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China's economic numbers come in better than expected, but 'difficulties and challenges' remain

China’s economic numbers come in better than expected, but ‘difficulties and challenges’ remain

New energy vehicles, which include hybrid and battery-powered cars, have seen sales surge in China despite a slump in the overall car market. Pictured here is an unnamed new energy vehicle factory in Jiangsu province on June 13, 2022. Wan Shanchao | Visual China Group | Getty Images BEIJING — China released economic data for …

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Crypto lender Celsius pauses withdrawals due to 'extreme market conditions'

Crypto lender Celsius pauses withdrawals due to ‘extreme market conditions’

Celsius CEO Alex Mashinsky. Piaras Mídheach | Sportsfile for Web Summit | Getty Images Celsius, a controversial cryptocurrency lending platform, said Monday it was pausing all withdrawals, causing more pain in the fragile crypto market. Celsius is one of the largest players in the nascent crypto lending space, with more than $8 billion lent out …

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Asia markets tumble;  Japan, South Korea and Hong Kong drop about 3% and dollar-yen touches 135

Asia markets tumble; Japan, South Korea and Hong Kong drop about 3% and dollar-yen touches 135

SINGAPORE — Shares in Asia tumbled on Monday, as major markets in the region saw sharp losses and the dollar-yen hovered around the 135 level. South Korea’s Kospi fell 3.3%, led by tech shares like Samsung Electronics which declined 2.51% while Kakao dipped 4.74%. The Nikkei 225 in Japan dropped 2.81%, and shares of conglomerate …

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TerraUSD collapse will 'probably be the end' of most algorithmic stablecoins, crypto exec says

TerraUSD collapse will ‘probably be the end’ of most algorithmic stablecoins, crypto exec says

Luna, the sister cryptocurrency of controversial stablecoin TerraUSD, dropped to $0. The collapse of the algorithmic stablecoin TerraUSD has raised question about the future survival of similar crypto assets. Dan Kitwood | Getty Images News | Getty Images Algorithmic stablecoins like terraUSD, which collapsed and sent shockwaves through the cryptocurrency market, are unlikely to survive, …

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China faces a nearly $1 trillion funding gap.  It will need more debt to fill it.

China faces a nearly $1 trillion funding gap. It will need more debt to fill it.

During the first four months of the year, investment in real estate development fell by 2.7% from a year ago. Pictured here is a project in Qingzhou, Shandong province, on May 15, 2022. CFOTO | Future Publishing | Getty Images BEIJING — The Chinese government faces a growing shortfall of cash, analysts say, as they …

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Fed minutes point to more rate hikes that go further than the market anticipates

Fed minutes point to more rate hikes that go further than the market anticipates

Federal Reserve officials earlier this month stressed the need to raise interest rates quickly and possibly more than markets anticipate to tackle a burgeoning inflation problem, meeting minutes released Wednesday showed. Not only did policymakers see the need to raise benchmark borrowing rates by 50 points, but they also said similar hikes likely would be …

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