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Share to Twitter Share to Linkedin Bitcoin bank Custodia today sued the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City charging they have “unlawfully” delayed for 19 months acting on its application for a master account with the Federal Reserve. The bank, chartered in Wyoming under a crypto-friendly statute passed in 2019 allowing for “special purpose depository institutions,’’ says the master account would reduce its costs and is “vital” to its core mission of providing a bridge between digital assets and the U.S. dollar system. According to the suit, the Federal Reserve has a legal obligation to act within a year and states on its own paperwork that it ordinarily takes just five to seven days to act on a master account application. Custodia’s suit alleges the Kansas City Fed’s processing of its application was moving along until the Spring of 2021, when the main Federal Reserve got involved. The suit seeks to force the … [Read more...] about Bitcoin Bank Custodia Sues Federal Reserve, Demanding Decision On Master Account

PETALING JAYA: The Government is doing its best to tackle the uncertainties brought about by several issues affecting the world and will strive to reduce the economic burden on the people, says Datuk Seri Dr Wee Ka Siong (pic). "The world situation is not so stable now not only because of Covid-19, but also due to the Russia-Ukraine war and other major factors affecting the world. "The sharp rise in inflation is a major challenge facing the world, including Malaysia," said the Transport Minister. Malaysia, he said, was also facing the issue of inflation in food, which is influenced by the rising global food prices which are mostly the main input to local food products. "The Malaysian Family Government is doing its best to address this issue, including providing a subsidy of RM77.3bil for petrol, cooking oil, food and several critical sectors to lessen the burden of the people," he said. Dr Wee, who is also MCA president, delivered his speech at the Federation of Hakka … [Read more...] about Dr Wee: Government doing its best to tackle global uncertainties

Wall Street, New York City (File image: Reuters) Wall Street's main indices soared on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve's rate-hike plans. The S&P 500 rose over 3% for its biggest one-day percentage rise since May 2020. All 11 of the benchmark index's sectors ended at least 1.5% higher. Stocks rebounded this week as financial markets have been roiled over worries that rapid rate hikes by the Fed to rein in 40-year-high inflation could cause a recession. Still, investors have been gauging when the market might hit its bottom after the benchmark S&P 500 earlier this month recorded a 20% drop from its January closing peak, confirming the common definition of a bear market. "Some of the moves, the sellers just get exhausted so you don’t have as much capital moving out," said Shawn Cruz, head trading strategist at TD Ameritrade. "This might be a … [Read more...] about Wall Street mints big gains to end a strong week

Share to Twitter Share to Linkedin Stocks continued their descent last week, with the S&P 500 now well into bear market territory at -23% from the high. While most define bear markets as a decline of 20% from the high, some pullbacks just kiss that level or don’t result in widespread carnage across all sectors. What we saw last week certainly qualifies the current situation as a “real” bear market. First, the S&P 500 was down almost 11% during the previous two weeks. Secondly, all sectors participated in the sell-off. Whether it is “profit-taking” or “selling what you can rather than what you want to,” this indiscriminate liquidation is the hallmark of a bear market. For example, energy stocks, which had been almost impervious to the market weakness this year, declined 17% last week! That still leaves energy up 31% and the only sector in the green year-to-date. Utilities, which were only slightly lower before last week, underperformed the market over … [Read more...] about Welcome To The Real Bear Market

- A + A KUALA LUMPUR (June 25): Federal Territories Minister Datuk Seri Dr Shahidan Kassim has urged unrelated parties to stop interfering and politicising the issue of land acquisition for the Sungai Baru redevelopment project in Kampung Baru, which is still in the process of negotiations. He also urged the group of residents who still disagree with the land acquisition process not to be confused and influenced by those who just want to take advantage of the issue by pretending to be "heroes". “Landowners are more entitled than others. They voice their opinion a little wrongly when the opinion is channelled to those who want to take advantage. “I may be challenged by other parties. Go ahead. Challenge me. I have no problem but I am still in favour of the landowners. There is no need to look for others because we (the government) will make the decision, but if other people want to be heroes, it is up to them,” he said at the press conference of the Self-Defence … [Read more...] about Shahidan: Unrelated parties must stop interfering, politicising Sungai Baru issue

- A + A KUALA LUMPUR (June 25): The Federation of Malaysian Manufacturers (FMM) has hailed the government’s decision not to pass through a higher surcharge rate to consumers despite the recent sharp increase in fuel and other electricity generation costs. “The FMM is pleased that the government had positively considered its call for assistance to help curb one of the industries’ major operational input costs, i.e. energy cost,” said FMM president Tan Sri Soh Thian Lai on Saturday (June 25). On Friday, Prime Minister Datuk Seri Ismail Sabri Yaakob said Putrajaya had decided to maintain the electricity and water tariffs in Peninsular Malaysia in efforts to fight the rising cost of living. In a statement, Soh said: “The government’s decision to absorb the cost of the fuel price which amounts to RM5.8 billion and hence maintain the Imbalance Cost Pass-Through (ICPT) surcharge at the current rate as well as to maintain the current water tariffs would ease the cost … [Read more...] about FMM hails govt’s decision to absorb fuel price increase

- A + A WASHINGTON (June 25): US President Joe Biden on Saturday (June 25) signed a bipartisan gun safety bill into law, the first major federal gun reform in three decades, days after the Supreme Court expanded gun rights. "This is a monumental day," Biden said at the White House, with his wife Jill by his side. "God willing, it's going to save a lot of lives." The Supreme Court on Thursday declared for the first time that the US Constitution protects an individual's right to carry a handgun in public for self-defence. Gun control has long been a divisive issue in the nation with several attempts to put new controls on gun sales failing time after time. The new legislation includes provisions to help states keep guns out of the hands of those deemed to be a danger to themselves or others and blocks gun sales to those convicted of abusing unmarried intimate partners. It does not ban sales of assault-style rifles or high-capacity magazines. The law does take some … [Read more...] about Biden signs bipartisan gun safety bill into law, takes swipe at Supreme Court

Unprecedented forest fires in the drought-stricken western United States . Tropical storms and rising seas threatening the Gulf and Atlantic coasts. Sizzling heat across large swaths of the country. As climate change unfolds before our eyes, what can the U.S. do to sharply and rapidly reduce its share of the greenhouse gas emissions that are causing it? advertisement advertisement The Biden administration has committed to reducing those emissions 50% by 2030 to below 2005 levels. That’s a critical first step of a global energy transition that must achieve net-zero emissions by midcentury to limit warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) and thereby avert the worst impacts of climate change. Twenty years ago, I would have regarded the U.S. 2030 pledge as crazy talk. But a new study in the journal Science that I coauthored, compares results from six independent analyses conducted by academic, industry, and nongovernmental … [Read more...] about How we can meet Biden’s 2030 climate goals with today’s technology

The larger job market in India remains buoyant across sectors – even amid layoffs by a clutch of startups in recent months – and employees will generally continue to call the shots through FY23. “We see FY23 to remain an employees’ market with some amount of adjustments. Employees still have the bargaining power, opportunities and enjoy the benefit of demand,” said RP Yadav, chairman of Genius Consultants, a staffing and human resource company. While information technology and IT-enabled services will continue recruiting, e-commerce, logistics and export-oriented sectors including textiles and leather goods are doing well in terms of hiring. The consumer goods sector will increasingly do well, as will the retail and hospitality segment, according to staffing firms, HR experts and talent managers. The near-normal level of economic activity in retail and hospitality is indicative of a revival in these sectors after a prolonged phase of weakness due to the pandemic and offers a … [Read more...] about Amid startup layoffs, larger job market remains buoyant across sectors

President Joe Biden was seeking much tougher measures on guns, including a ban on military style rifles often used by mass shooters WASHINGTON - President Joe Biden on Saturday signed into law the first significant federal bill on gun safety in decades, saying that while it falls short of what's really needed it will "save lives." "While this bill doesn't do everything I want, it does include actions I've long called for that are going to save lives," he said at the White House before leaving for two major diplomatic summits in Europe. The gun legislation includes enhanced background checks for younger buyers and federal cash for states introducing "red flag" laws that allow courts to temporarily remove weapons from those considered a threat. Billions of dollars have been allocated to crack down on "straw purchasers" who buy firearms for people not allowed to own them, and to curb gun trafficking. However, much tougher measures wanted by Biden and other Democrats did not … [Read more...] about Biden signs first significant US gun control law in decades