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Cryptocurrencies have taken a beating this year. As Gizmodo reports , many have lost up to half their value within the last six months alone. But the beating that crypto is taking in 2022 is affecting more than just the digital coins themselves: In the wake of Coinbase’s most recent quarterly earnings, we now know that some crypto trading platforms are also underperforming. advertisement Yesterday after the bell, Coinbase Global (Nasdaq: COIN) announced its Q1 2022 earnings. The results were not good and sent COIN stock plummeting. As of the time of this writing, COIN is down over 14.5% to $62.33 in pre-market trading. That’s an all-time low for Coinbase, which peaked at just over $319 last October. The company went public in a much-hyped direct listing a little over a year ago, the first major crypto exchange to list on U.S. markets. So, what sent COIN stock crashing? As CNBC reports , revenue fell 27% from a year ago. That decline was led by fewer users … [Read more...] about Why is Coinbase crashing? COIN stock hits all-time low as crypto trading sinks

US officials say the number of unidentified flying objects reported in the last 20 years has increased, according to an AFP report. Scott Bray, a director of Naval intelligence, says there has been an increase in the numbers of unidentified objects in certain areas. “Since the early 2000s, we have seen an increasing number of unauthorised and/or unidentified aircraft or objects in military-controlled training areas and training ranges and other designated airspace.” Bray says the US military’s efforts to remove the stigma from reporting UFOs could well be behind the increase. It can also be attributed to advances in technology. However, Bray insists the Pentagon has not found anything to suggest that the objects are not from this planet. Hedging his bets however, he hasn’t ruled out that possibility. “We’ve made no assumptions about what this is or isn’t.” According to the AFP report, in June of last year, a report released by US intelligence officials claimed there was no … [Read more...] about Pentagon reports increase in UFO numbers over last 20 years

Reuters filepix for illustration purpose only - A + A NEW YORK (May 18): The US is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp. The Securities and Exchange Commission has been sending firms lists of key positions — in some cases pointing to around 30 people including heads of certain investment banking teams or trading desks — that are subject to the review, according to people with direct knowledge of the requests. Personnel in those roles are being ordered to hand over phones so devices can be examined by lawyers. The aim is to gauge how pervasively Wall Street professionals use unauthorized messaging platforms to chat with each other or clients as regulators decide which firms to punish, and how hard, for failing to preserve business-related messages sent via unapproved platforms. … [Read more...] about US pries into over 100 trader and banker phones in texting probe

- A + A NEW YORK (May 18): In public, Elon Musk’s erratic tweets have sent Twitter Inc’s shares flailing, as traders bet that the billionaire is preparing to walk away from or re-negotiate his US$44 billion takeover of the social-media company. Behind the scenes, it’s more like business as usual, as advisers on both sides plug away at the day-to-day work of closing a megadeal. One potential sign that the deal is still on track: the 139-page filing that hit early Tuesday, detailing how the offer came together and Twitter’s rationale for accepting it. That document was the result of weeks of coordinated work by both Musk and Twitter’s teams, according to people familiar with the matter. Musk himself signed off on the final version — complete with a deal price of US$54.20 a share — before it was filed, the people said. The situation is similar at the banks that promised to finance the transaction, said the people, who asked not to be identified because the details are … [Read more...] about As Musk tweets, advisers plug away to keep Twitter deal on track

- A + A (May 18): Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand. Ambani’s Reliance Industries Ltd is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance even deferred a scheduled maintenance of the facility to help churn out more diesel and gasoline, whose margins have shot up to touch a three-year high. The two Indian tycoons are stepping in at a time when many developed countries are scrambling for alternative sources of fuels as they try to back away from Russian supplies. This month, the Group of Seven most-industrialized nations pledged to ban imports of Russian oil. The … [Read more...] about Asia’s two richest men reap windfall from surging oil, coal

- A + A KUALA LUMPUR (May 18): Country Heights Holdings Bhd (CHHB) informed Bursa Malaysia on Wednesday (May 18) that it was not aware of any corporate development that would have caused the sharp fall in its share price. The group also stressed that it is in compliance with the Bursa Securities Listing Requirements on immediate disclosure obligations. CHHB had opened one sen higher at RM1.20 but thereafter inexplicably nosedived on heavy trading volume to 83.5 sen — dropping 35.5 sen or 30% — hitting limit down and triggering an unusual market activity (UMA) query by Bursa Malaysia. The company is valued at RM247.99 million based on the stock price of 83.5 sen. In late April this year, the group said it intended to invest about RM250 million in capital expenditure (capex) for the next five years following its partnership with Beijing Wodong Tianjun Information Technology Co Ltd (JD.com) to develop an omnichannel business model in Malaysia. CHHB managing … [Read more...] about Country Heights says not aware of reason for UMA

- A + A KUALA LUMPUR (May 18): Sunway Real Estate Investment Trust's (Sunway REIT) net property income (NPI) for the first quarter ended March 31, 2022 (1QFY22) jumped 77.4% year-on-year (y-o-y) to RM118.9 million from RM67.02 million driven by strong pick up in business activities for the retail and hotel segments due to the relaxation in movement restrictions. Earnings per unit rose to 2.96 sen from 0.94 sen a year earlier, Sunway REIT informed Bursa Malaysia on Wednesday (May 18). Quarterly revenue grew 47.67% to RM153.97 million from RM104.27 million underpinned by higher revenue from all segments. Gross revenue for the retail segment soared 83.5% to RM98.4 million from RM53.7 million a year ago, primarily contributed by strong performance from all retail malls on the back of pent-up demand, festive spending, relaxation of Covid-19 safety measures and marginal rental support. The hotel segment’s gross revenue increased 28.6% y-o-y to RM18.5 million compared … [Read more...] about Sunway REIT’s 1Q net property income jumps 77% on strong pick up in business activities

Representative image. New Delhi-based drone startup Skye Air Mobility along with Aster DM Healthcare is currently undertaking a seven-day trial for carrying out deliveries of medicines and diagnostic samples from Aster RV Hospital to Aster Clinics in Bengaluru. The beyond visual line of sight (BVLOS) operation began on May 14, and is expected to continue till May 20, a release by Skye Air said. According to an agreement signed by the drone startup and the healthcare provider, Skye Air, with its ‘Skye Ship One’ drone, is aiming to undertake 80 flights, each carrying blood samples and medicines for Aster clinics. BVLOS drone flights are those that go beyond 500–700 metres from the eye’s vision or beyond the visual line of sight. A Skye Air release said that firstly, a Skye Air cold chain professional will load the medicine and diagnostic sample in a temperature-controlled payload box. Then, the payload box will be loaded on the drone, which would be then manoeuvered by drone … [Read more...] about Skye Air Mobility, Aster DM Healthcare conduct trials for delivery of medicines with drones in Bengaluru

Bill Ackman stressed on the need for self-regulation in the cryptocurrency industry. American investor Bill Ackman has said that schemes like Luna are a threat to the whole cryptocurrency ecosystem. His remark came after Luna, the sister token of stablecoin TerraUSD, crashed 100 percent on May 13. Bill Ackman said in a Twitter thread that to him, the algorithm of Terra seemed like a " crypto version of a pyramid scheme". "Investors were promised 20% returns backed by a token whose value is driven only by demand from new investors in the token," he added. "There is no fundamental underlying business." When I read about the ‘algorithm’ of @terra_money it sounds just like a crypto version of a pyramid scheme. Investors were promised 20% returns backed by a token whose value is driven only by demand from new investors in the token. There is no fundamental underlying business. — Bill Ackman (@BillAckman) May 17, 2022 Close Ackman said Luna gained … [Read more...] about Investor Bill Ackman’s take on the Terra Luna crypto crash