Billionaire investor Barry Sternlicht says he has long-term concerns about the U.S. economy

Global investor Barry Sternlicht told CNBC on Thursday he has some long-term concerns about the U.S. economy, saying there are risks beyond the immediate boom from the Covid recovery. In a wide-ranging interview on “Squawk Box,” the billionaire businessman worried about numerous shortages in the economy and criticized the Federal Reserve’s highly accommodative monetary policy… Continue reading Billionaire investor Barry Sternlicht says he has long-term concerns about the U.S. economy

An employee chatbot is helping workers with relatives in India’s Covid surge

In early May, as the Covid-19 pandemic tore through India, employees of Genpact, the global professional services firm, wanted to know how they could help. Genpact has thousands of employees in India, many of whom have friends and relatives working for the company in the U.S. But it took data from Genpact’s AI-powered chatbot named… Continue reading An employee chatbot is helping workers with relatives in India’s Covid surge

Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage

Elon Musk’s decision to stop Tesla from accepting bitcoin as payment has led to fresh scrutiny of the cryptocurrency’s environmental impact. Musk said Wednesday that Tesla had halted purchases of its vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.” He alluded to data from researchers at… Continue reading Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage

Chinese driverless car company WeRide valued at $3.3 billion after fresh funding

China — Autonomous driving company WeRide has raised new funds valuing the company at $3.3 billion dollars. The Nissan-backed start-up did not disclose the sum raised but said it totaled “hundreds of millions” of dollars from venture capital investors including IDG Capital and Sky9 Capital. A number of other backers and existing investors participated in… Continue reading Chinese driverless car company WeRide valued at $3.3 billion after fresh funding

Stock index giant MSCI to start tracking Alibaba’s Hong Kong shares instead of U.S. shares

Stock index giant MSCI said Wednesday it is removing the U.S.-listed shares of Alibaba from its global indexes, and replacing them with Alibaba’s Hong Kong-traded shares. The move, set to take effect after the close on May 27, could see trillions of U.S. dollars tracking those indexes leave the U.S. Trading volume for Alibaba’s Hong… Continue reading Stock index giant MSCI to start tracking Alibaba’s Hong Kong shares instead of U.S. shares

As much as $365 billion wiped off cryptocurrency market after Tesla stops car purchases with bitcoin

China — Hundreds of billions of dollars were wiped off the entire cryptocurrency market after Tesla CEO Elon Musk tweeted that the electric vehicle maker would suspend car purchases using bitcoin. At around 6:06 a.m. Singapore time on Thursday when Musk made the announcement, the value of the whole cryptocurrency market stood at around $2.43… Continue reading As much as $365 billion wiped off cryptocurrency market after Tesla stops car purchases with bitcoin

Facebook-backed Diem abandons Swiss license application, will move to the U.S.

Facebook-backed digital currency project Diem said Wednesday it has withdrawn its application for a Swiss payment license and will instead shift its operations to the United States. The Diem Association, which oversees development of the Diem digital currency, had been pursuing a payment system license with Switzerland’s FINMA watchdog. Diem has now dropped plans to… Continue reading Facebook-backed Diem abandons Swiss license application, will move to the U.S.

MoneyGram to let cryptocurrency holders cash in their investments

nascent digital currencies. The money transfer firm said Wednesday it had teamed up with bitcoin exchange and ATM operator Coinme on the feature. In the coming weeks, new and existing Coinme users will be able to buy crypto with cash or withdraw it from thousands of MoneyGram’s brick-and-mortar locations in the U.S. The companies plan… Continue reading MoneyGram to let cryptocurrency holders cash in their investments

EU court rejects an order for Amazon to pay back $300 million in taxes

Amazon won its appeal against the European Commission on Wednesday, who had ordered the tech giant to pay back 250 million euros ($303 million) in taxes to Luxembourg. The EU’s general court said that the commission, the EU’s executive arm, failed to prove that there was an illegal tax advantage given to Amazon by Luxembourg.… Continue reading EU court rejects an order for Amazon to pay back $300 million in taxes

China tech crackdown turns to food delivery giant Meituan as $38.96 billion is wiped off value

China — Meituan has seen around $38.96 billion wiped off its value in the past two weeks as Beijing turns its regulatory scrutiny on the Chinese food delivery giant. On April 26, China’s State Administration for Market Regulation (SAMR) opened an investigation into “suspected monopolistic practices” of Meituan. It’s only the second antitrust investigation into… Continue reading China tech crackdown turns to food delivery giant Meituan as $38.96 billion is wiped off value