Business News

Allstate, Geico, Kemper, Liberty Mutual and State Farm not allowed to increase rates by California

SACRAMENTO, Calif. (AP) — Top US insurance companies and associations say California is risking a crisis in the nation’s largest automobile insurance market by refusing to approve any rate increases for more than two years, since the start of the coronavirus pandemic. The companies are already cutting back and say they can’t continue operating at …

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Do Kwon says he is not hiding as crypto manhunt intensifies

The co-founder of collapsed cryptocurrency operator Terraform Labs has broken his silence after Interpol issued a red notice against him, stressing that he is not in hiding despite an escalating global manhunt. Do Kwon has remained active on social media as the threat of jail hangs over him in South Korea. He wrote on Twitter …

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New Cosmos whitepaper repurposes ATOM token and refines vision By Cointelegraph

New Cosmos whitepaper repurposes ATOM token and refines vision Interoperability-focused blockchain network Cosmos has dropped a new whitepaper proposing a revamped Cosmos Hub aimed at strengthening interoperability and security, along with key changes to its native ATOM token. The new Cosmos whitepaper was released on Monday at the Cosmoverse conference in Medellin, Colombia. The upgrades …

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Pound edges higher in Asian trading after hitting record low against dollar

The pound rose in Asian trading on Tuesday after hitting a record low against the dollar, recovering slightly after the Bank of England and UK Treasury sought to calm rattled markets. Sterling was up 0.9 per cent in morning trading at $1.0776, just a day after an early morning fall sent the currency tumbling Almost …

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Twitter to interview Elon Musk, known for combative testimony By Reuters

© Reuters. Elon Musk’s Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration By Tom Hals WILMINGTON, Del. (Reuters) -Billionaire Elon Musk’s tendency to dish out insults while being questioned under oath will be tested anew this week, when lawyers for Twitter …

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Nasa successfully smashes satellite into asteroid at 23,000kph

A Nasa spacecraft has smashed into an asteroid at 23,000kph, in a spectacular first test of deflection technology that could in future change the path of an incoming space rock to prevent a cataclysmic collision with Earth. As the 600kg Dart projectile closed in on its target, Dimorphos, early on Tuesday UK time, its camera …

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Putin grants Russian citizenship to US whistleblower Snowden By Reuters

© Reuters. FILE PHOTO: Former contractor of US National Security Agency Edward Snowden is seen on a screen during his interview presented via video link at the New Knowledge educational online forum in Moscow, Russia September 2, 2021. REUTERS/Olesya Astakhova (Reuters) – President Vladimir Putin on Monday granted Russian citizenship to former US intelligence contractor …

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Falling home prices shouldn’t collapse the financial system, says hedge funder who made $4 billion betting on the 2008 housing crash

The US housing market is experiencing one of the most rapid and dramatic shifts in its history. The reason is pretty simple: Spiked mortgage rates are sidelining buyers across the country. And it’s far from over. Last week, Fed Chair Jerome Powell even went as far as to call it a “difficult correction.” While the …

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Fed official warns UK tax cuts increase risk of global recession

The UK government’s new fiscal plan has increased economic uncertainty and raised the odds of a global recession, a top official at the US central bank warned after sterling touched a record low. Speaking while the pound whipsawed as traders digested UK chancellor Kwasi Kwarteng’s The £45bn tax-cutting package, Raphael Bostic, president of the Atlanta …

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