GM Aims for More Competitiveness in EV and AV after a Further $35B Investment
(General Motors) General Motors Co. has said it will raise its EV and AV investments by 75%, or $35 billion up to 2025. GM aims to become a market leader…
Canadian Inflation Hits a 10-Year High after Jumping to 3.6% in May
(Statistics Canada) Canada recorded the fastest rise in inflation since 2011, with annual consumer prices rising 3.6% in May. The jump in Canada’s inflation was higher than expected 3.5% gain.…
Roblox’s DAU Adds Slows, But Jumps 28% YOY
(Roblox) Global platform Roblox announced 43.0 million daily active users in May, a 28% jump from the comparable month of 2020. May DAU were 1% lower than April’s 43.3 million.…
Study Reveals 98% of Hedge Funds Will Allocate Assets to Digital Tokens by 2026
(CoinTelegraph) About 98% of traditional hedge fund executives plan to invest 7.2% of their assets in digital currencies by 2026. The survey by Intertrust Global involved 100 hedge funds from…
China to Release Metal Stockpiles in Additional Move to Tame Commodity Prices
(WSJ) China will release its stockpiles of industrial metals to curb commodity prices which have ticked to a 13-year high. Economic stimulus across the world and resumption of activity have…
Ebay to Sell its South Korean E-commerce Unit for $3.6B
(Financial Post) Ebay has agreed to sell its South Korean e-commerce unit to Naver and Shinsegae Group for 4 trillion won or $3.6 billion. Ebay controls about 12.8% of Korean…
UK Inflation Overshoots Expectations and BOE Target to Jump 2.1% in May
(Office for National Statistics) UK Inflation exceeded expectations and Bank of England target of 2% to jump 2.1% in 12 months to May. The surge reflected the opening of the…
Blow to Citi, JPMorgan, and 8 Other Banks as EU Blocks them from Bond Sales
(Bloomberg) Banks that include Citigroup Inc. are targeted in a European Union freeze on sales of syndicated bonds. JPMorgan, Bank of America, Barclays, Deutsche Bank, and Nomura Holdings are the…
US Retail and Food Services Fell 1.3% in May as Recovery Takes a Bumpy Ride
(US Census Bureau) US estimates of retail and food services sales plunged by 1.3% in May from April to reach $620.2 billion. Retail sales in May were still 28.1% higher…
JPMorgan is Hoarding $500 Billion Cash to Take Advantage of Higher Rates-CEO
(MarketWatch) JPMorgan CEO Jamie Dimon says the US top bank has $500 billion in cash awaiting deployment in a higher rate economy in coming months. Dimon expects low rates to…
Fed Likely to Announce Rate Hikes in 2023 in a Dovish Statement-Survey
(Bloomberg) More than 50% of economists in a survey predict the Fed will increase interest rates in 2023 despite an uptick in inflation and a rebounding economy. The economists do…
AMC Stock Surges 15% as Retail Frenzy Grows on “#AMCDay”
Meme Stock AMC Entertainment Holdings jumped 15.38% after retail traders tried to push it back to $60 a share on Monday’s so-called #AMCDay. #AMCDay ranked third on Twitter trends on…
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