Snap stock plunges and ‘problems escalate’, says analyst

Snap stock plunges and ‘problems escalate’, says analyst

The fading stock price vibes have returned to Snap Inc., as the camera-fueled social media company’s fundamental struggles don’t seem to end with the calendar returning to 2023. Snap stock plunged 15% in premarket trading on Wednesday after another lackluster quarter due to a weak advertising market and ongoing changes to how its advertising platform … Read more

Peloton (PTON) Q2 2023 results

Peloton (PTON) Q2 2023 results

Brody Longo trains on his Peloton exercise bike on April 16, 2021 in Brick, New Jersey. Michel Loccisano | Getty Images Platoon said Wednesday its net loss was down year-over-year and for the third straight quarter, subscription revenue exceeded sales of the company’s connected fitness products. CEO Barry McCarthy called the results a possible “turning … Read more

Gold demand hits 11-year high on ‘colossal’ central bank buying

Gold demand hits 11-year high on ‘colossal’ central bank buying

Bars of 99.99% pure gold are placed in a work room at the Krastsvetmet precious metals factory in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. Alexander Manzyuk | Reuters Gold demand hit an 11-year high in 2022 thanks to “colossal central bank buying, aided by vigorous buying by retail investors,” according to the … Read more

How Asia’s richest man lost his crown in days

How Asia’s richest man lost his crown in days

Gautam Adani, billionaire and chairman of the Adani Group, during an event at the Port of Haifa in Haifa, Israel, Tuesday, Jan. 31, 2023. Adani, the Indian billionaire whose business empire has been rocked by allegations of fraud by the short seller Hindenburg Research, said his company would make more investments in Israel. Bloomberg | … Read more

Eurozone inflation January 2023 print ahead of ECB rate meeting

Eurozone inflation January 2023 print ahead of ECB rate meeting

Inflation in the Eurozone has declined in the last two months of 2022, but the economic indicator is still well above the European Central Bank’s 2% mandate. Jeff Greenberg | Universal Image Group | Getty Images Inflation in the euro zone fell for a third consecutive month in January due to a significant drop in … Read more

Breakingviews: Gautam Adani’s next hurdles may be tougher to clear

Breakingviews: Gautam Adani’s next hurdles may be tougher to clear

HONG KONG, Feb 1 (Reuters Breakingviews) – It helps to have friendly investors and wealthy families on hand when finalizing a tricky stock sale. These groups dragged Gautam Adani’s $2.4 billion capital call to the finish line on Tuesday, despite a sell-off sparked by Hindenburg Research’s short attack on the eponymous infrastructure conglomerate. The feat … Read more

Google ChatGPT’s experimental rivals include a search bot and a tool called “Apprentice Bard”

Google ChatGPT’s experimental rivals include a search bot and a tool called “Apprentice Bard”

Google employees tested several potential ChatGPT competitors as part of the tech giant’s bid to launch a response to OpenAI’s technology, according to CNBC. An earlier New York Times report said Google CEO Sundar Pichai declared “code red” and accelerated AI development to be able to unveil at least 20 AI-powered products this year. Now, … Read more

Britain Outlines Plans To Regulate Crypto Industry Following FTX Collapse

Britain Outlines Plans To Regulate Crypto Industry Following FTX Collapse

Britain’s Prime Minister Rishi Sunak speaks during a question and answer session at Teesside University on January 30, 2023. Oli Scarf | Swimming pool Wpa | Getty Images The UK has officially laid out plans to regulate the cryptocurrency industry, with the government seeking to curb some of the reckless business practices that have emerged … Read more

Gautam Adani loses Asia’s richest crown as stock rout worsens to $84bn

Gautam Adani loses Asia’s richest crown as stock rout worsens to bn

BENGALURU, Feb 1 (Reuters) – Indian tycoon Gautam Adani lost his title as Asia’s richest person on Wednesday as the rout of his conglomerate’s biggest companies worsened to $84 billion following a a report on short sellers. A Hindenburg Research report last week alleged the group’s misuse of offshore tax havens and stock manipulation, as … Read more

Central banks set to signal path of sliding interest rates in crucial week

Central banks set to signal path of sliding interest rates in crucial week

A screen displays the Fed’s rate announcement as a trader works on the floor of the New York Stock Exchange (NYSE), November 2, 2022. Brendan McDermid | Reuters The US Federal Reserve, European Central Bank and Bank of England are all expected to raise interest rates again this week as they make their first policy … Read more