Somebody cue the stock market’s park ranger: Bears are having a picnic on Wall Street this year. The meltdown of 2022 has wiped out more than $10 trillion in market value from the blue-chip stocks in the S&P 500. The index is down nearly 18 per cent since the end of December. The meltdown of … Read more
Virgin Australia is expected to continue as a primarily domestic airline, apart from short overseas trips to the likes of New Zealand, Fiji and Bali, for at least several years – and no, those Boeing 777s are not coming back, either. Bain Capital ditched Virgin’s long-range Boeing 777 and Airbus A330 jets under a sweeping … Read more
In his communications with them, Kwon also said another outcome was that bitcoin-backed algorithmic stablecoins could be liquidated and take everything down with them “in a catastrophic failure that will take a long time, if ever, to recover from”. To prepare for this kind of liquidation event, Kwon and the Luna team had started buying … Read more
Elon Musk said Friday that his planned $US44 billion ($63.89 billion) purchase of Twitter is “temporarily on hold” pending details on spam and fake accounts on the social media platform, another twist amid signs of internal turmoil over the proposed acquisition. Musk, who has been vocal about his desire to clean up Twitter’s problem with … Read more
Those heralding the death of crypto this week have been put in their place after a phenomenal resurgence on Friday. Bitcoin bounced back on Friday after a rough few days, rising 14.08 per cent (and counting) in the past 24 hours. Ethereum, the word’s second most popular cryptocurrency, also rose 17.16 per cent after tumbling … Read more
A US-wide baby formula shortage has forced frenzied parents into online groups to swap and sell to each other to keep their babies fed. Key points: The problem is the result of supply chain disruptions and a safety recall The recall wiped out many brands covered by a federal program like food stamps that serves … Read more
It’s an age-old stereotype about the differences between men and women, but new research has busted the myth. Aussie men outspent women at the online till at nearly double the rate over the last year according to new data, bursting an age-old stereotype In a research paper released by broker firm Savvymen were shown to … Read more
He is known to have the “Musk effect” on the market and even with crypto in freefall he’s backing it. But this time, Elon Musk is failing to get the currency to fire up. With the cryptocurrency bloodbath leaving panicked investors scrambling as bitcoin and other cryptos plunged and almost $US1 trillion ($A1.4 trillion) worth … Read more
A Supercheap Auto worker who confronted a woman as she allegedly used a pram to steal from a Gold Coast store has left the company. The employee was stood down from his position this week as the retailer conducted a review into the incident. The decision to stand him down sparked a backlash against the … Read more
A celebrated experiment that combined maths and software to get a digital currency to behave like a dollar is crashing in dramatic fashion, posing the biggest test yet to decentralized finance and the will of its backers to defend it. TerraUSD, or UST, is an algorithmic stablecoin, meaning it uses a complex combination of code, … Read more