Twitter staff can tweet from any account, according to an FTC complaint seen by The Washington Post. The ex-Twitter engineer behind the complaint said it was called “GodMode,” and the company didn’t close it after a hack. In 2020, hackers tweeted a Bitcoin scam from several high-profile accounts after accessing internal systems. Twitter staff can … Read more
Joint currencies tend to boost trade by getting rid of conversion costs and exchange rate uncertainty. Brazil and Argentina could later expand the initiative to neighboring countries, creating a euro-type currency for South America. Brazil and Argentina are preparing to launch a joint currency that could eventually become a euro-like project adopted by all of … Read more
Tesla is trying to use its overbuilding problem to maintain market share. Price slashes and piled up inventory at Tesla pose a big problem for rival startups. But the price cuts in the US alone could cost Tesla as much as $7 billion in annual profit. Tesla has the opposite problem of its competitors right … Read more
Warren Buffett’s “most gruesome” mistake was buying Dexter Shoe, a Maine shoemaker, in 1993. He paid with Berkshire Hathaway stock worth $433 million at the time, but $12 billion today. “I gave away 1.6% of a wonderful business … to buy a worthless business,” Buffett later admitted. Warren Buffett’s gravest mistake was buying Dexter Shoe … Read more
Goldman Sachs is relatively optimistic in 2023, saying there’s only a 1/3 chance of a US recession. That’s high enough that the firm is telling investors to be prepared for ‘hard’ or ‘soft’ landings. US Stock Chief David Kostin and his team put together portfolios designed for either scenario. Goldman Sachs seems like a beacon … Read more
Investors poured a record $12.7 billion into emerging-market debt and equity funds in the week to Wednesday, in response to China’s easing of its Covid-19 restrictions on activity, data on Friday from BofA Global Research showed. The sudden shift in Chinese policy has boosted many different asset classes, from commodities and mining stocks to currencies … Read more
Payments and financial services unicorn PhonePe has raised $350 million in funding from General Atlantic — a leading global growth equity firm — at a pre-money valuation of $12 billion, making the Walmart-owned start-up the most-valued financial technology (fintech) player in India. The investment is the first tranche of the company’s latest fundraise that … Read more
WeWork Inc said on Thursday it plans to cut about 300 roles across countries to cut costs as high inflation weighs on office workspace spending. The New York-based company, which offers workstations, private offices and customized floors, had enjoyed a pandemic-driven shift to flexible work outside traditional offices. But with companies cutting their spending, WeWork … Read more
Treasury Secretary Janet Yellen informed congressional leaders including House Speaker Kevin McCarthy that her department had begun using extraordinary cash management measures that could stave off default until June 5. Republicans, with a newly won House majority, aim to use the time until the Treasury’s emergency maneuvers are exhausted to exact spending cuts from Biden … Read more