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2022-06-07 21:28:55 Elon Musk Accuses Twitter of 'Material Breach' of Agreement — Threatens to End $44B Deal

Tesla and Spacex CEO Elon Musk believes that Twitter is in material breach of the merger agreement with him, so he has the right to terminate the deal. The social media giant has refused to provide critical information relating to spam and fake accounts on its platform, Musk’s legal team explained.

Twitter has … refused to provide the information that Mr. Musk has repeatedly requested since May 9, 2022 to facilitate his evaluation of spam and fake accounts on the company’s platform.

This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement.

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2022-06-07 15:39:02 Citigroup CEO: Europe More Likely to Head Into Recession Than US

Citigroup CEO Jane Fraser warns that a recession is more likely in Europe than in the U.S. Nonetheless, she stressed that it is not easy for the U.S. to avoid a recession.

Europe definitely felt more likely to be heading into a recession than you see in the U.S.

The European Central Bank (ECB) feels like the ECB is a few months behind where the Fed has been in getting its arms around inflation and without quite the same flexibility that U.S. has. It’s certainly not our base case that it will be, but it’s not easy to avoid either.

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2022-06-06 19:59:54 Dubai's Retail Giant Majid Al Futtaim Accepts Crypto at 29 Shopping Malls and 13 Hotels

Leading shopping mall operator Majid Al Futtaim has partnered with Binance to accept cryptocurrencies at its malls and other properties. “Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year.”

29 shopping malls, 13 hotels, and four mixed-use communities now accepts crypto. Adoption continues.

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2022-06-06 19:56:54 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.

The top Goldman Sachs executive elaborated:
"We’ve obviously been through lots of cycles, but the confluence of the number of shocks to the system, to me, is unprecedented. We expect there’s going to be tougher economic times ahead. No question we are seeing a tougher capital-markets environment."

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2022-06-04 13:45:35 The global microchip shortage impacts the worldwide economic future

The tech industry is at a crunch point.

Today, millions of products - cars, washing machines, smartphones, and more - rely on computer chips, also known as semiconductors.

And right now, there just aren't enough of them to meet industry demand. As a result, many popular products are in short supply. About 33,000 vehicles were added to Auto Forecast Solutions’ most recent tally of vehicles cut from automakers’ global production plans because of the microchip shortage and will expect microchip shortage to last until 2024.

The bottom line is: The pandemic accelerated an already precarious situation for chip makers - we're in the middle of a tech boom, supply can't quite keep up - and it won't get sorted out overnight.

It means that all sorts of people, including those seeking a new car, could continue to experience delays and disappointment for months or even years to come.

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2022-06-04 13:35:15 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 Musk has a uniquely informed insight into the global economy. We believe that a message from him would carry high credibility.

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2022-06-03 18:01:34 Elon Musk’s ‘super bad feeling’ about the economy

Tesla Chief Executive Elon Musk told top managers he had a “super bad feeling” about the economy and that the electric carmaker needed to cut staff by about 10%, according to an internal email seen by Reuters.

The email, titled “pause all hiring worldwide”, was sent to Tesla executives on Thursday, and underscored an increasingly gloomy economic outlook for the globe, as prices soar and war in Ukraine passes its 100th day.

The message from Musk came shortly after Jamie Dimon, Chairman and Chief Executive of JPMorgan Chase, described the challenges facing the U.S. economy as akin to a “hurricane”.

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2022-06-03 17:57:58 One Of Panama’s Largest Banks Just Became Bitcoin-Friendly

Towerbank, a top 30 banking institution in Panama, just declared itself bitcoin-friendly, according to Cristobal Pereira, executive director of the Latam Blockchain Summit, where Towerbank made the announcement.

Following Pereira’s announcement, “Towerbank, in Panama, opens its doors to bitcoiners and cryptocurrency investors,” followed by a laser-eyed meme of the company’s headquarters. “And we hope to have something soon to offer our customers.”

Towerbank said: “Customers must only present the following requirements: name, ID card or passport, telephone number, email, activity in which they are engaged, place of work, monthly income and place of residence.”

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2022-06-02 21:36:43 Russia is winning the Economic War

The perverse effects of sanctions means rising fuel and food costs for the rest of the world – and fears are growing of a humanitarian catastrophe. Sooner or later, a deal must be made.

It is now three months since the west launched its economic war against Russia, and it is not going according to plan. On the contrary, things are going very badly indeed.

That’s not to say the sanctions are pain-free for Russia. The International Monetary Fund estimates the economy will shrink by 8.5% this year as imports from the west collapse. Russia has stockpiles of goods essential to keep its economy going, but over time they will be used up.

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2022-06-01 17:02:49 US Treasury Secretary: 'I Was Wrong About Inflation' in 2021

As America’s inflation rate remains at a level unreported since the 1980s, decreasing the population’s purchasing power, the US Treasury Secretary Janet Yellen has admitted to being wrong about "the path inflation would take."

In reference to 2021 and her actions that year, the Secretary said:

“I think I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices.”

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