Broadcom Upgrades Guidance after Revenue Jumps 16% in the Third Quarter
(Broadcom) Broadcom Inc. posted revenue of $6,778 million in the third quarter of 2021, up 16% year over year. The third-quarter net income rose to $1.876 billion, up from $688…
El Salvador Accelerates Bitcoin Adoption With the Approval of $150 Million Fund
(Reuters) El Salvador is moving ahead of its peers in the adoption of cryptocurrencies after its Congress approved a law creating a $150 million fund for bitcoin-dollar conversions. Money for…
US Narrows International Trade Deficit by $3.2 Billion in July as Imports Fall
(BEA) The US posted an international trade deficit of $70.1 billion in July, a decline of $3.2 billion or 4.3% from June. Fig: US International Trade Deficit July’s exports rose…
Jobless Claims Fall by 14,000 to Maintain Levels Below Estimates
(Department of Labor) US jobless claims were 340,000 in the week that ended August 28, down 14,000 from the previous week. Analysts had projected a higher 345,000 claims. Fig: US…
Cardano Tops $3 after Its Public Testnet Starts Supporting Smart Contracts
(Cryptoglobe) Cardano surged past the $3 level to a fresh all-time high, just five hours after its public testnet started supporting Plutus smart contracts. The surge happened after IOHK, the…
Alibaba Joins China’s Tech Giants Supporting Wealth Initiative After $15.5B Pledge
(Bloomberg) Alibaba Group Holdings Ltd. will donate 100 billion yuan or $15.5 billion over five years in support of Beijing’s wealth redistribution. Alibaba’s donation will go into ten initiatives ranging…
Chewy Swings into First Half Year Profit after Posting a 27% Increase in Q2 Net Sales
(Chewy) Chewy Inc. posted net sales of $2.16 billion in the second quarter of 2021, up 26.8% year over year. Half-year net sales were $4.29 billion, up from $2.32 billion…
Oil Bullishness Pauses as OPEC+ Moves with Plan to Boost Output
(Bloomberg) Brent crude hit the ceiling near $72 as investors took time to digest OPEC+ plan to boost output by 400,000 barrels a day from October. The pause in oil…
SEC Sues BitConnect Founders over a Crypto Scheme Amounting to $2 Billion
(Bloomberg) US Securities and Exchange Commission has sued BitConnect founder Satish Kumbhani for raising more than $2 billion from investors without the regulator’s approval. Kumbhani is sued alongside BitConnect’s promoter…
Media Apps to Avoid the 30% Fees on Services as Apple Bows to Global Pressure
(Bloomberg) Apple Inc. has agreed to allow media app developers to link their App Store to other websites and avoid the current 30% fees on downloads and subscriptions. The change…
Chinese Regulators Go after Ride-Hailing Firms. Summons 11 Companies
(Reuters) Didi Global Inc., Meituan, and Geely’s Caocao are among 11 ride-sharing firms summoned by Chinese regulators over market practices. The regulators accuse the ride-hailing firms of hiring unqualified drivers…
DEA Seeks the Expansion of Marijuana and Psilocybin Production for Medical Research
(Marijuana Moment) The Drug Enforcement Administration is pushing for an expansion in Marijuana and Psilocybin production for the research and development of therapeutic drugs. The agency seeks to increase its…
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