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The company planning to buy Donald Trumps new social media business disclosed Monday that it has received subpoenas from a grand jury in New York. Shares of Digital World Acquisition Corp. dropped 7% in morning trading Monday as the company reported that the subpoenas and related investigations by the Department of Justice and the Securities and Exchange Commission could delay its acquisition of the maker of Trump's Truth Social app. Trumps social media venture launched in February as he seeks a new digital stage to rally his supporters and fight Big Tech limits on speech, a year after he was banned from Twitter, Facebook and YouTube. The Trump Media & Technology Group which operates the app and was in the process of being acquired by blank-check firm Digital World said in a statement that it will cooperate with "oversight that supports the SECs important mission of protecting retail investors. Digital World said in a regulatory filing Monday that each member of its … [Read more...] about Company buying Trump’s social media app faces subpoenas

Today, Wells Fargo announced the launch of a new rewards credit card, the Wells Fargo Autograph Credit Card. The rewards credit card offers bonus rewards on several everyday spending categories, including select recurring monthly charges. The card is set to be available for new applications on July 13. Key Takeaways Wells Fargo has announced a new rewards credit card, the Autograph Credit Card. The new card will offer 3 points per dollar on six different everyday spending categories, similar to what the discontinued Wells Fargo Propel Credit Card offered before being shut down last year. New cardholders will also be able to take advantage of a welcome bonus and an introductory 0% APR promotion. Wells Fargo Autograph Credit Card Details Credit card companies are jostling for consumer spending, offering more rewards and unique bonus categories to set themselves apart from the competition. The new Wells Fargo Autograph Credit Card has some of that, though it's … [Read more...] about Wells Fargo Introduces New Rewards Credit Card

- A + A SINGAPORE (June 27): Mirxes Pte, a Singapore-based biotechnology startup, is weighing an initial public offering in the city-state next year that could raise about US$300 million, according to people with knowledge of the matter. The company is in discussions with bankers about a potential offering that could value it at over US$1 billion, said the people, who asked not to be identified as the process is private. Deliberations are ongoing and Mirxes could decide not to proceed with the offering, said the people. Calls and emails to Mirxes seeking comment were not returned. Any listing would help to further stimulate the IPO market in Singapore. First-time share sales in the city-state totaled US$348 million so far this year, up from US$242 million in the same period last year, according to data compiled by Bloomberg . Founded in 2014 as a spinoff from Singapore’s Agency for Science, Technology and Research, also known as A*STAR, Mirxes focuses on early … [Read more...] about Biotech startup Mirxes said to weigh US$300 mil Singapore IPO

Penny Wong (Bloomberg filepix) - A + A PUTRAJAYA (June 27): Australia’s Foreign Minister Senator Penny Wong will undertake a three-day working visit to Malaysia starting Tuesday (June 28). Malaysia’s Foreign Ministry in a statement said the visit will further strengthen the longstanding close relations between Malaysia and Australia as Comprehensive Strategic Partners (CSP). It said during the visit Foreign Minister Datuk Seri Saifuddin Abdullah and Senator Wong are scheduled to meet and exchange views on various bilateral, regional and international issues of common interest. Senator Wong is also expected to meet Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali and Senior Minister of Defence Datuk Seri Hishammuddin Tun Hussein to discuss among others, matters relating to bilateral cooperation in trade and investment, as well as defence. The Australian Foreign Minister will also be visiting Kota Kinabalu, where she will have … [Read more...] about Australia’s foreign minister to visit Malaysia from June 28-30

- A + A JAKARTA (June 27): Indonesia calls on all countries to act immediately and not to give up in finding a peaceful solution in Ukraine, so that the affected global food supply chain can be restored. Indonesian Foreign Minister Retno Marsudi said this at the "Ministerial Conference on Uniting for Global Food Security" in Berlin, Germany in a hybrid manner last week, which was also attended by foreign ministers, agriculture ministers and development ministers of the G7 countries. Retno said the effects of the current war was not limited to one region but had also destroyed the global food system chain which was already weakened by the pandemic and climate change. Thus, an effective solution is to create a ‘grain corridor’ to export grain from Ukraine, as well as open up the export of food and fertilisers from Russia. "When we fail to overcome the fertiliser crisis, then there will be a rice crisis that will affect the fate of more than two billion people in … [Read more...] about Indonesia urges world to unite to restore global food supply chain

- A + A (June 27): The wipeout in Bitcoin may have run its course, a range of technical indicators suggest. Momentum measures and insights from options bets signal ebbing selling pressure and a possible trading range of US$20,000 to US$25,000 — though the usual caveats apply about the mercurial nature of cryptocurrencies. The largest digital token has slumped about 70% from a November record and was little changed at US$21,343 as of 8:38 a.m. Monday in London. It slid below US$18,000 earlier this month, before retaking the closely watched US$20,000 level. Tightening monetary policy, withering speculative ardor and collapsing digital-asset projects have spurred a broad crypto rout in 2022. But the mood in global markets is turning less dour on tentative hopes that the price pressures driving interest-rate hikes may be cresting. The lessons of Bitcoin’s past swoons suggest it’s in the vicinity of its bear-market low, according to Glassnode. This “bear market is now … [Read more...] about Bruised bitcoin due relief after crypto wipeout, charts show

- A + A (June 27): Chinese stocks extended gains into a fifth week, bringing them close to a bull market, as investors turned increasingly upbeat amid eased pandemic curbs in Shanghai. Tech shares also rallied in Hong Kong to the highest in nearly four months. The recent rebound in Chinese equities, which started in April while stocks elsewhere were still selling off, is gaining momentum thanks to an improving economic outlook as well as persistent monetary and fiscal stimulus. President Xi Jinping's planned visit to Hong Kong is boosting stocks that would benefit from easing pandemic restrictions such as Macau casinos. The benchmark CSI 300 Index gained 1.1%, adding 4% in three sessions, led by consumer shares, as Shanghai's leader declared victory in defending the financial hub against Covid-19 and will this week allow residents to dine in restaurants in some areas deemed lower risk. Drinks maker Eastroc Beverage Group Co and food supplier Yihai Kerry … [Read more...] about China stocks approach bull market as investors catch up on gains

- A + A (June 27): The People’s Bank of China pledged to maintain a supportive monetary policy to aid the economy’s recovery from Covid outbreaks and lockdowns and other stresses. “The monetary policy will continue to be accommodative to support economic recovery in aggregate sense,” Governor Yi Gang said in an interview with state broadcaster China Global Television Network , according to a transcript released by the central bank on Monday. The central bank’s “high priorities” are to maintain stable prices and maximize employment, Yi said. It will also continue to focus on structural policies such as those supporting small businesses and green projects, he said. China’s “real interest rate is pretty low” after taking inflation into account, Yi said. The inflation outlook is stable, he said, with consumer prices rising 2.1% in May and producer prices increasing 6.4%. The PBOC has taken a modest approach to easing this year, as weak borrowing demand in the face … [Read more...] about PBOC to keep policy supportive for China economy, Governor says

- A + A JOHOR BAHRU (June 27): Taiwan-based Wiwynn Corp will set up a printed circuit board assembly (PCBA) plant for cloud data centres with an investment value of RM300 million in Johor. State Investment, Trade and Consumer Affairs Committee chairman Lee Ting Han said the plant is expected to create about 1,100 jobs. “Johor is increasingly becoming a hotspot for data centre investment, and the reason is that the state is able to meet the needs of world-class high-tech companies, apart from adequate utilities and land. “Wiwynn’s investment and their presence in Johor will bring international exposure and attract more similar or related investments to the state,” he said in a statement on Monday (June 27). Earlier, Lee attended the groundbreaking ceremony for the facility at Senai Airport City in Kulai. He said the location of the facility in Kulai, which serves as Wiwynn’s regional hub in the Asia Pacific region, would place Johor on the global map as an … [Read more...] about Wiwynn invests RM300 mil to build PCBA manufacturing facility in Johor

- A + A (June 27): Russia defaulted on its external sovereign bonds for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors. For months, Russia had found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace period on about US$100 million of trapped interest payments due May 27 expired, a deadline considered an “Event of Default” if missed. The route to this point has been far from normal, as Russia has the resources to pay its bills — and tried to do so — but was blocked by the sanctions. Those restrictions also mean there’s huge uncertainty about what comes next, and about how investors can go about getting their money. “With Russia benefiting from the high price of its energy exports, it clearly has both the means and the desire to pay its foreign debt,” said Giles Coghlan, chief analyst at HYCM Group. It’s a … [Read more...] about Russia slips into historic default as sanctions muddy next steps