Author: Press Room

© Reuters. Investing.com — Oil prices rose Friday, heading towards their second consecutive week of gains on signs of tightening U.S. supply and improving fuel demand in the world’s largest oil consumer. By 09:15 ET (13:15 GMT), futures traded 1.4% higher at $72.82 a barrel, while the contract rose 1.1% to $77.10 a barrel. Both benchmarks are on course for gains of close to 2% this week on expectations of tighter U.S. supplies as the travel-heavy summer season approaches, boosted by an unexpected, hefty fall in U.S. crude oil inventories last week. U.S. commercial fell by 12.5 million barrels a…

Groundbreaking web3 freelancing and remote work metaverse platform DeeLance just secured a massive strategic investment from a top venture capital (VC) investment firm.Bitgert Ventures will invest $1.12 million in DeeLance to help fund the development of its blockchain-powered metaverse, which is already generating huge hype in web3 circles and some observers think could upend the still very web2 platform-centric freelance/gig work economy.Bitgert Ventures focuses on investing in “decentralized infrastructure, ecosystems, and applications that have the potential to reshape”.The firm’s investment in DeeLance is a strong endorsement of the project that might open the door to further intuitional funding.Meanwhile, given its…

© Reuters. FILE PHOTO: A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey, March 29, 2019. REUTERS/Murad Sezer By Marc Jones and Nevzat Devranoglu LONDON/ANKARA (Reuters) – As hit a record low ahead of the country’s election decider on Sunday, the currency is looking increasingly dysfunctional with investors concerned about what may be in store if Tayyip Erdogan secures another decade in power. ‘Erdonomics’, as the 69-year old president’s unorthodox, growth-chasing policies are often dubbed, have driven the lira down 80% over the last five years, embedding an inflation problem and shattering Turks’ confidence in their…

After weeks of negotiating a deal to raise the debt limit to avert default, Democrats and Republicans announced a tentative deal has been reached. The plan is to put it to vote on Wednesday, but the optimism is there, and one can assume that from now on, the only thing to work on is details. As I explained in this article, failure to raise the debt limit would have had tremendous negative implications for the US economy and financial markets. However, there was no precedent for not raising the debt limit, so, in the end, the outcome was the most…

Warning: SBGSY is at high risk of cutting its dividend

An agreement in principle was reached Saturday between House Republican leaders and the White House that would prevent the government from breaching debt ceiling and failing to meet all its obligations.The deal would claw back some unspent COVID-19 pandemic funds and provide a cut from funding granted the IRS in President Biden’s Inflation Reduction Act, multiple sources told Fox News and Fox News Digital. It would also suspend the debt limit until after the 2024 presidential election, sources said. House Speaker Kevin McCarthy said the deal includes cuts and language aimed at reducing the government’s footprint. He said the text of…

A man appeared on a budgeting podcast to seek help and raise awareness for mental health issues. Duncan, 26 from San Antonio, said his Bipolar 2 disorder contribute to his dire finances. He told Hammer he owed some $57,000, with minimum payments taking 40% of his $2,150 monthly income. A man struggling with huge debts appeared on a budgeting podcast last week, saying he was an example of how ignoring mental health can lead to financial problems.Duncan, 26, from San Antonio, Texas, told appeared on the “Financial Audit” run by YouTuber Caleb Hammer. He didn’t give a second name.Hammer and…

U.S. stocks finished mostly lower on Thursday, kicking off the final month of a brutal year for investors on a downbeat note. The Dow Jones Industrial Average DJIA, +1.00% fell about 194 points, or 0.6%, ending near 34,395. The S&P 500 index SPX, +1.30% fell 0.1%, while the Nasdaq Composite Index COMP, +2.19% rose 0.1%, according to FactSet. Stocks rallied sharply on Wednesday after Federal Reserve Chairman Jerome Powell indicated the central bank may soon downsize its pace or rate hikes after a series of jumbo increases of 75 basis points to the Fed’s policy rate. That has brought the…

The first Chinese-made passenger jet has taken to the skies on its inaugural commercial flight, in a symbolic moment for China’s technological independence after years of delays for the project.The single-aisle C919 flew from Shanghai to Beijing on Sunday following more than a decade of development and an estimated $72bn in support from Beijing.The aircraft has boosted the aspirations of Chinese leader Xi Jinping as he aims for technological self-sufficiency for his country in the face of intensifying trade tensions with the US. The prospect, albeit long term, of a Chinese passenger jet industry could pose a threat to the…

© Reuters. FILE PHOTO: The sun sets behind the U.S. Capitol building in Washington, U.S., October 6, 2021. REUTERS/Leah Millis/File Photo By Steve Holland, Gram Slattery and Katharine Jackson WASHINGTON (Reuters) -U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to suspend the federal government’s $31.4 trillion debt ceiling on Saturday evening, ending a months-long stalemate. However, the deal was announced without any celebration, in terms that reflected the bitter tenor of the negotiations and the difficult path it has to pass through Congress before the United States runs out of money to pay its…