In late 2024, Ripple plans to introduce its own stablecoin based on the Ethereum and XRP Ledger blockchains. The Block reports that blockchain startup Ripple has revealed plans to release its own stablecoin based on the Ethereum and XRP Ledger networks in late 2024. The stablecoin will be supported by dollar deposits, short-term US government treasuries, and other currency equivalents. "These...

Geely's premium electric vehicle brand Zeekr has resumed preparations for an initial public offering (IPO) in the US, according to sources cited by Reuters. Zeekr later lowered its estimates in half from the $1 billion it had originally hoped to raise in the deal. According to Reuters, which cites people familiar with the matter, Zeekr, a high-end electric vehicle brand owned by Chinese...

According to The Wall Street Journal, the Federal Deposit Insurance Corporation (FDIC) and other US banking authorities are curious as to whether investment funds BlackRock, Vanguard, and State Street Corp. are investing in US bank stocks in a passive manner. All told, the three firms oversee over $23 trillion in assets, the majority of which are invested in funds that essentially replicate...

Truth's parent company, Trump Media & Technology Group, announced on April 1 that it lost over $58 million in 2023 and could find it difficult to pay its debts going forward. According to Reuters, on April 1, shares of Trump Media & Technology Group (TMTG), the company that runs Truth, a social network designed to facilitate communication between Donald Trump and his fans, dropped by...

The Federal Reserve (Fed) report states that the rise in the stock market contributed to the wealthiest 1% of Americans having a record $44.6 trillion at the end of 2023. The list of the 1% of the wealthiest Americans includes those whose fortune exceeds $11 million. They made $2 trillion more money in the fourth quarter, and all of that gain came from their current shares. At the conclusion of...

The US oilfield services business SLB (formerly Schlumberger) has made a NOK 4.1 billion ($382 million) investment in the Norwegian business Aker Carbon Capture (ACC), which creates technology for atmospheric carbon dioxide capture. A joint venture will be established as a result of the agreement, with Schlumberger owning 80% and ACC stockholders owning 20%. Schlumberger is anticipated to invest...

The European automaker Stellantis NV offered to end employment contracts to roughly 3.6 thousand workers at its Italian operations, according to a report from the trade union FIOM-CGIL. MarketWatch reports, referring to the union's statement, that the firm specifically plans to do this by reducing the workforce at its operations in Melfi, Pomigliano D'Arco, Mirafiori, and Termoli. While...

Anthropic, an AI business, has received a $2.75 billion investment from Amazon, which raised the share of Amazon’s investment in the company to $4 billion. According to a statement from Anthropic, Amazon will invest $2.75 billion in the business, Bloomberg reports. According to the agency, Amazon is wrapping up an agreement from 2023 to help the artificial intelligence startup and deepen their...

According to the Economy and Finance Ministry of Italy, the government has sold securities worth €650 million to lower its interest in Banca Monte dei Paschi di Siena as part of a previously agreed plan. 157.5 million Monte Paschi shares were sold by the state for 4.15 euros each, which is 2.5 percent less than their closing market value on Tuesday. The papers were offered to Italian and...