Kristalina Georgieva, the Managing Director of the International Monetary Fund, said on Thursday that global finance executives may need to get used to dealing with multiple bouts of inflationary pressures. Due to mounting pressures on energy and food prices from Russia’s war in Ukraine, China’s zero-COVID policies, which have slashed manufacturing with lockdowns, and the…
The European Commission has detailed a strategy to increase the EU’s renewable energy capacity and reduce its dependency on Russian fossil fuels, while also conceding that existing coal plants may have to be utilised for “longer than initially thought.” On Wednesday, the Commission published a statement describing the REPowerEU plan’s goals, emphasising the importance of…
Elon Musk announced on Friday that his $44 billion cash purchase for Twitter Inc is “temporarily on pause” till the social media company provides statistics on the proportion of fraudulent accounts. Twitter shares plunged more than 20% in premarket trade, although they recovered some ground after Musk, the CEO of the electric vehicle market Tesla…
Bitcoin investors are panicking as the terraUSD stablecoin continues to drift away from its intended $1 peg. Late Monday, TerraUSD, or UST, fell below 70 cents for the first time, as holders fled the token in what some have dubbed a “bank run.” According to Coinbase data, the coin plummeted as low as 62 cents…
Due to a continuing shortage of chips and other essential ingredients, some of the world’s largest tech and automotive businesses have had to lower their expectations for this year. Apple CEO Tim Cook warned on Thursday that the company was “not immune” to supply chain issues, citing “quite significant supply constraints” in the iPad business…
The New York Post reported on Tuesday that Elon Musk is willing to invest between $10 billion and $15 billion of his own money to take Twitter private, citing two persons familiar with the situation. According to the story, the billionaire, who owns 9.1% of Twitter, is intending to launch a tender offer in approximately…
According to figures provided by an industry association on Tuesday, African start-ups garnered a record $5.2 billion in venture financing last year, rebounding from a pandemic-induced slump in 2020 with an almost five-fold surge in investments. The success of startups like Nigeria’s Paystack, which was purchased by Stripe in 2020, and sister fintech Flutterwave, which…
Elon Musk, the CEO of Tesla Inc, unveiled a 9.2 per cent stake in micro blogging site Twitter Inc, worth about $3 billion, putting him as the microblogging site’s largest stakeholder and causing its stock to surge more than 20%. Musk’s move comes just days after he tweeted that he was “considering” creating a new social media…
Meta allegedly paid a political consulting agency to “undermine” TikTok, according to the CEO of a political consulting firm. According to internal emails obtained by the Washington Post, Targeted Victory’s effort attempted to portray TikTok “as a menace to American children.” The Post’s piece misrepresented their work, according to Zac Moffatt, and “major parts are…
Sri Lanka’s president proclaimed a state of emergency in the island nation on Friday, a day after angry protestors demanded his resignation near his home and as plans were being prepared for a nationwide rally over the country’s worst economic crisis in recent memory. President Gotabaya Rajapaksa used parts of the Public Security Ordinance to…
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