LONDON, Nov 17 (Reuters) - Blockchain technology firm ConsenSys said on Wednesday it had raised $200 million, at a valuation of $3.2 billion, from investors including HSBC (HSBA.L) and U.S. hedge fund Third Point.Blockchain emerged over a decade ago as the technology behind cryptocurrencies such as bitcoin. Since then, investors have poured millions of dollars into the technology and related com...Read More
WARSAW/BRUSSELS/VILNIUS, Nov 17 (Reuters) - The EU said on Wednesday it will send 700,000 euros worth of food, blankets and other aid to migrants at the Belarus border, after criticism it had done too little to help thousands of people trapped in frozen woods by an east-west feud.In a sign of European urgency to resolve what it calls an artificial border crisis created by Minsk, Germany's Chancell...Read More
WASHINGTON, Nov 17 (Reuters) - U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by oil and gas companies that is keeping fuel prices elevated, asking the Federal Trade Commission to dig deeper into possible "illegal conduct" in the market.The White House is pressing on several fronts to try to lower fuel costs, even as tight global oil supply drives...Read More
LONDON, Nov 17 (Reuters) - British households, businesses and financial markets remain confident that the Bank of England will return inflation to its 2% target, BoE policymaker Catherine Mann said, after official data on Wednesday showed inflation at a 10-year high.BoE Governor Andrew Bailey said on Monday that he had been concerned last month that markets might lose faith in the BoE's commitment...Read More
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission (SEC) chairman, seeking to improve transparency in the world's biggest bond market, has asked staff for new rules to ensure principal trding firms (PTFs) are properly registered as dealers.Speaking at the New York Federal Reserve, Gary Gensler said the rules would likely mandate PTFs, also known as high-frequency trading firms, to...Read More
PARIS (Reuters) - France's Danone, the world's largest yoghurt maker, plans to switch one of its big French factories to plant-based drinks next year in a bet on fast-growing non-dairy milk alternatives.Danone said in a statement on Wednesday it will invest 43 million euros ($49 million) in 2022 to convert its Villecomtal-sur-Arros dairy plant in southern France into a production site of mainly oa...Read More
Nov 17 (Reuters) - Shares of Tesla (TSLA.O) climbed for a second day on Wednesday, gaining 4% after Chief Executive Elon Musk sold more of his shares, while other high-flying electric vehicle makers hit the brakes on a euphoric rally.Luxury electric car maker Lucid Group Inc (LCID.O) tumbled 8%, while Rivian Automotive Inc (RIVN.O) dropped about 15%, down for the first time since its blockbu...Read More
(Reuters) - A stronger regulatory and supervisory framework is needed to ensure that stablecoins are a safe form of payment, but they should not necessarily be subject to all of the same rules as banks, Federal Reserve Board Governor Christopher Waller said on Wednesday.Waller also said that while he would be okay with the idea of banks being able to issue both bank deposits and stablecoins, he di...Read More
(Adds details)TUNIS, Nov 17 (Reuters) - Tunisia has cut its GDP growth expectation for 2021 to 2.6%, down from a previous forecast of 4%, according a document seen by Reuters.Tunisia faces its the worst economic crisis after its economy contracted 8.8% last year and the fiscal deficit reached a record 11.4%.The fiscal deficit in the latest forecast will reach 8.3% in 2021, up from 6.6% expected ea...Read More
Nov 17 (Reuters) - The Federal Reserve Bank of Dallas has kicked off a search for a new president to replace Robert Kaplan, the bank's previous top executive who left last month after a scandal over his personal financial transactions.The bank's search is being led by its non-bank directors, it said in a statement on Wednesday. The bank hired the executive search firm Egon Zehnder to assist in rec...Read More
NEW YORK (Reuters) - Global debt dipped in the third quarter though it remained near the record high set in June, while debt in emerging markets hit a fresh record high of $92.5 trillion, a report showed on Wednesday.Total debt, including that owed by governments, households and companies, dipped to $296 trillion at the end of September, after an increase to record highs in the second quarter. It...Read More
WASHINGTON, Nov 17 (Reuters) - U.S. President Joe Biden's nominee as the next chair of the Federal Reserve, expected as soon as this week, will inherit an economy headed for the fastest annual growth in a generation with wage increases flowing to the lowest-paid workers, strong hiring, and household bank accounts flush with cash.They'll also inherit a situation where homes, cars, food, and clothin...Read More
OTTAWA, Nov 17 (Reuters) - Canada's annual inflation rate accelerated again in October, matching a February 2003 high, led by sharp rises in gasoline and housing prices, data showed on Wednesday, with analysts expecting more heat ahead.Inflation rose to 4.7%, in line with expectations, up from 4.4% in September, Statistics Canada data showed. It was the seventh consecutive month in which headline...Read More
WASHINGTON, Nov 17 (Reuters) - U.S. single-family homebuilding tumbled in October while the number of houses authorized for construction but not yet started jumped to a 15-year high, underscoring the disruption to the housing market from an ongoing shortage of materials and labor.Though the report from the Commerce Department on Wednesday showed an increase in permits for future homebuilding, the...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gold and silver prices arehigher in midday U.S. trading Wednesday. Bulls stepped in to buy Tuesday's dipsin the metals' prices, which is a sign of strong markets. Gold and silver as aninflation hedge...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term. Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have...Read More
By David LawderWASHINGTON, Nov 16 (Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday extended a deadline for a potential U.S. government default to Dec. 15 from Dec. 3, giving Congress more time to raise the federal debt ceiling as lawmakers also consider a massive social spending and climate bill.Yellen said in a letter to congressional leaders that the adjustment was "based on our most...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) -The global silver market will see demand reach 1.29 billionounces this year, the first time it has breached 1 billion since 2015,according to the latest report from the Silver Institute.Wednesday, in it...Read More
GOLD/ SILVERWitha series of hot inflation readings overnight from the UK and the Euro zone, thestrengthening dollar has not prevented gold and silver from tracking higher inthe early action. However, along with rising inflation signals are concerns ofinterest rate increases, with the Bank of England and Bank of Canada possiblycloser to hiking rates than many other central banks. Going forward, the...Read More
(Kitco News) If stagflation is in the cards for next year, stocks could drop up to 50%, according to a simulation run by UBS.With inflation running hot globally and COVID-19 numbers still spiking across the globe, markets are starting to fear stagflation — a period described by high price pressures and slower economic growth.Latest inflation data out of the U.S. showed the consumer price ind...Read More