Kraken is shutting down its NFT marketplace nearly two years after its launch, reallocating resources to new products and services. Clients have been notified and will receive support in transferring their NFTs to either their Kraken Wallet or a self-custodial wallet of their choice.
Amidst Africa's profound challenges lie unprecedented opportunities, particularly with the International Development Association (IDA) emerging as the largest source of low-cost financing for the continent's poorest nations. As the IDA prepares for its triennial replenishment meeting in December, an ambitious strategy is essential to support Africa's economic transformation.
Macy’s Inc. disclosed an internal investigation revealing that a former employee manipulated delivery cost metrics, hiding up to $154 million in expenses since 2021. This incident, which did not involve cash theft, has raised concerns despite the hidden amount being a small fraction of the $4.36 billion in overall delivery costs during that period.
Federal Reserve Bank of Chicago President Austan Goolsbee stated that it would be “perfectly sensible” for the central bank to slow the pace of interest-rate cuts as it nears a neutral monetary policy setting. He emphasized that determining what is neutral versus restrictive requires time to observe economic conditions, suggesting that a more measured approach is warranted.
President-elect Donald Trump's proposed 25% tariffs on goods from Canada and Mexico are expected to significantly increase aluminum and steel prices in the US. Analysts from Citigroup highlight that Canada and Mexico are major suppliers, with Canada providing about 60% of US aluminum and 25% of steel imports.
Databricks is raising at least $5 billion in a funding round that could value the company at $55 billion, allowing employees to cash out and reducing the urgency for an IPO. Founded in 2013, the firm specializes in data organization and generative AI products, with annualized revenue projected to reach $2.4 billion by mid-2024. CEO Ali Ghodsi indicated that a public debut could occur in the latter half of next year, but the focus remains on long-term success rather than immediate market entry.
The dollar strengthened after President-elect Donald Trump announced plans for additional tariffs on Mexico, Canada, and China, disrupting expectations for a more moderate economic approach. The Bloomberg Dollar Spot Index rose by 0.4%, while the Canadian dollar and Mexican peso fell significantly, with the latter dropping over 2%. In response to the dollar's rise, the People's Bank of China intervened to support the yuan by setting a stronger daily fixing than anticipated.
XRP's price is gaining traction following Ripple's launch of its first tokenized money market fund in collaboration with Archax, which tokenizes abrdn’s $4.77 billion U.S. dollar Liquidity Fund. Analysts predict XRP could surge to $4.96, supported by key Fibonacci levels, as it recently broke above significant technical thresholds. With a 27.9% increase in the past week, XRP is positioned for potential further gains if it maintains momentum.
Värde Partners is considering the sale of its credit-card platform, Mercury Financial, formerly known as CreditShop Holdings LLC. The investment firm is collaborating with an adviser to gauge interest in the company, according to sources familiar with the situation.
Eli Lilly shares surged following two significant updates, prompting enthusiasm among investors. Jim Cramer expressed strong support for the company's prospects, aligning himself with the bullish sentiment surrounding the stock's performance.
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