The Federal Reserve (Fed) has made it clear that it will not cut interest rates until it is certain that inflation is falling sustainably towards the 2% target, according to the minutes of its last meeting held at the end of January and published on February 21.

Members of the Federal Open Market Committee (FOMC), also known as the FOMC, unanimously agreed that it would not be appropriate to cut rates until they had greater confidence that inflation was moving sustainably towards 2%.

At the meeting of the US regulator on 30 and 31 January, it was decided to keep the rates in the range of 5.25% to 5.5%, the highest level since 2001. FOMC members discussed inflation and noted that although prices had declined over the past year, they remain concerned. They will therefore carefully evaluate incoming economic data to determine whether inflation is declining in a sustainable manner.

On February 13, it was reported that the inflation rate in the United States fell again in January, after having risen in December, and fell three-tenths to 3.1%. Underlying inflation, a key figure that the Federal Reserve analyzes for making interest-rate decisions, remained at 3.9% year-on-year.

In short, the Fed is closely monitoring inflation and commits to returning it to the 2% target, but only when it is certain that the trend is sustainable.

K. Tovar

Source: Diario Las Américas

(Reference image source: @Themoneypost_, X)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada The Fed will not cut interest rates for the time being apareció primero en Bitfinance.

The US House Committee on Agriculture met to discuss the Financial Innovation and Technology for the 21st Century Act.

The bill, drafted collaboratively by Republican members of the Farm Committee and the Financial Services Commission, aims to establish a comprehensive regulatory framework for digital assets.

The session took place in a bipartisan atmosphere, highlighting self-satisfied mentions of cooperation and hard work by committee members, allowing various amendments to pass smoothly and quickly.

The ranking representative, David Scott, raised the concerns of Democrats, emphasizing the need to strengthen consumer protections in the bill, especially with regard to third-party auditing, a measure he considered essential.

K. Tovar

Source: Cointelegraph

(Reference image source: Aleksi Räisä, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada US agriculture committee passes cryptocurrency bill apareció primero en Bitfinance.

Binance.US, the US arm of the renowned global cryptocurrency platform Binance, is in the midst of serious wash trading allegations brought by the US Securities and Exchange Commission (SEC). This practice consists of an entity carrying out fictitious operations with itself, creating an illusion of activity in the market.

Despite Binance.US strongly denying these allegations, the lawsuit filed by the SEC and the ongoing investigation by the Department of Justice have had significant repercussions. Several senior officials have submitted their resignations, and the platform has experienced a notable decline in its market share.

Legal documents reveal that the SEC has been investigating Binance.US since 2020, highlighting evidence of hundreds of millions of dollars in trades on the cryptocurrency exchange. The regulator recently filed a lawsuit against Binance and its entities both domestically and globally, including its CEO Changpeng Zhao, accusing them of conducting unregistered securities exchanges.

The impact on the market and the regulatory challenges have been notorious. Following the SEC’s lawsuit, Binance.US’s market share dropped sharply, reaching less than 1 %. Additionally, many clients have been forced to withdraw their funds due to the uncertainty surrounding the platform.

On the other hand, although the parent company Binance also faced some regulatory challenges, it has managed to maintain a significant part of the global cryptocurrency market. Although its market share has decreased from 60 % to 52 % since the beginning of the year, it is still one of the leading platforms in the industry.

The situation for Binance.US remains fluid as the investigation and legal process continue to unfold. The cryptocurrency market remains vigilant about how these allegations and regulatory fallout may affect the perception and operation of the exchange.

K. Tovar

Source: Criptotendencia

(Reference image source: Kanchanara, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Binance.US is now accused of committing “wash trading” apareció primero en Bitfinance.

Cooperation on emerging technologies, sustainable trade and economic security was the key point discussed by the United States and the EU at the meeting held this Wednesday in Sweden.

During the fourth edition of the Trade and Technology Council (TTC), both regions issued a joint statement to highlight “the progress made in the field of semiconductors, implementing agreements on early warning in the supply chain and transparency in subsidies and putting into practice a mechanism to prevent competition for subsidies.”

Other topics related to the three main ones, also discussed during the meeting, include 6G wireless communications, Artificial Intelligence (AI) in industry and other areas, the manipulation of information and its effect on the youngest, commercial relations.

On transatlantic trade relations, both parties “agreed on a work program for the Transatlantic Initiative on Sustainable Trade, which will allow closer cooperation to advance the green transition, and adjust regulations related to export restrictions on items sensitive to Russia and Belarus.

Considering that in 2022 trade between the US and the EU reached a record figure of 1.55 trillion euros, during the meeting the parties reaffirmed their commitment to strengthen “commercial relations by facilitating them in key sectors”.

M.Pino

Source: finanzasdigital

(Reference image source: Alexandre Lallemand, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada US to strengthen cooperation with EU on emerging technologies and economic security apareció primero en Bitfinance.

The massive job cuts among the big US technology companies have gained new intensity in the last week, after the announcement of thousands of layoffs by Microsoft and Google, and the communication of the departure of thousands of workers from Amazon, in response to the weakening of activity after the hiring ‘boom’ driven by the pandemic.

In this way, Alphabet, the parent company of Google, has been the last of the big technology companies to announce a massive workforce adjustment by announcing this Friday that it will cut around 12,000 jobs worldwide, a figure close to 6 % of the total. , to address weakening economic conditions.

“We have decided to reduce our workforce by approximately 12,000 positions”, confirmed the CEO of the company, Sundar Pichai, who explained that in the last two years the multinational had undertaken a hiring policy “to match and feed” the spectacular growth experienced in that period. “We hire for a different economic reality than the one we face today,” he acknowledged.

Previously, last Wednesday, it was Microsoft that announced that it will undertake a series of measures in response to macroeconomic conditions, including cutting some 10,000 jobs, slightly less than 5% of its workforce, assuming an extraordinary adverse impact of 1,200 million dollars (1,109 million euros) in its accounts for the second fiscal quarter, which it will announce on January 24.

That same day, according to the US press, the electronic commerce giant Amazon began notifying its departure to the workers affected by a new round of layoffs, which added to the adjustment at the end of last year, will reach 18,000 jobs.

Tech companies suffer as they seek to reduce costs with layoffs

The latest workforce cuts among US technology companies reflect the cooling of the sector, after years of record activity as a result of the boost derived from the containment measures of the Covid-19 and the new consumption habits, in addition to the impact of the evolution of prices and costs.

In this way, in the last stretch of last year several companies in the sector had already announced massive layoffs, such as Meta, owner of Facebook, Whatsapp and Instagram, which reported a cut of 11,000 jobs last November, around 13 % of your overall workforce.

Likewise, other multinationals had reported the departure of thousands of workers, including Salesforce, with some 7,000 workers, around 10 % of its workforce; Twitter, around 3,700 jobs; Stripe, about 1,100 workers; Shopify and Snap, around a thousand each; the broker Robinhood, another 1,100 jobs.

Cryptocurrency sector also makes layoffs

On his side, in addition to the crisis in the technology sector, the so-called ‘crypto winter’ as a result of the default of the Three Arrows fund and the bankruptcy of the FTX platform has triggered a domino effect with the declaration of suspension of payments of several entities linked to the crypto assets, as well as blocking withdrawals and layoffs.

In this sense, firms such as Crypto.com have communicated the suspension of half a thousand jobs, while the Coinbase platform will eliminate 950 jobs, after eliminating another 900 last summer.

In turn, Silvergate Capital will carry out a workforce adjustment that will affect 40 % of its employees, which will mean the departure of some 200 people after suffering a massive outflow of deposits in the fourth quarter of 2022.

Source: dpa

(Reference image source: dpa / Europa Press)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Massive layoffs among US tech giants continue apareció primero en Bitfinance.

In the United States, the use of TikTok by employees on the devices of government agencies was prohibited. The measure seeks to give greater security to the data in the event of any vulnerability or attack.

The ban on the use of TikTok by employees of state agencies on phones for official use applies in Maryland, South Dakota, South Carolina, Nebraska, among other states.

South Dakota Governor Kristi Noem was one of the first regional authorities to suspend access to TikTok on state-owned devices for employees and contractors due to its ties to China.

Henry McMaster, governor of South Carolina, emulated the measure on Monday, going to the State Department of Administration to formally request a ban on the use of the platform on state smartphones.

In Nebraska, Governor Pete Ricketts had already made the decision to block TikTok on the devices he assigns to state agency staff in August 2020.

It’s important to note that even the US military “has banned the app on military devices.”

“It’s a risk that most governments are beginning to realize is not worth taking,” said Holden Triplett, co-founder of Trenchcoat Advisors and a former FBI official who has worked in Beijing and in counterintelligence.

Regarding the measure that is being applied in different US states, the director of operations of TikTok, Vanessa Pappas, in Los Angeles, pointed out that “the company protects all the information of American users and that Chinese government officials They don’t have access to it.”

M.Pino

Source: sandiegouniuontribune

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada The US prohibits the use of TikTok by staff of state agencies apareció primero en Bitfinance.

The Prime Minister of Saint Vincent and the Grenadines, Ralph Gonsalves, reported that different Caribbean leaders agreed to restore the PetroCaribe program, with the purpose of importing crude oil from Venezuela.

This new plan for Venezuela to supply fuel is a consequence of the high costs of energy in the global sphere, as a consequence of the war between Ukraine and Russia.

According to Gonsalves, the agreement will favor the independent countries of the Organization of Eastern Caribbean States (OECS), as well as the member countries of the Caribbean Community (Caricom).

Lift sanctions on Venezuela

Recently, Phillip Davis and Gaston Browne, Prime Ministers of the Bahamas and Antigua and Barbuda, respectively, asked the US to suspend the economic sanctions that Donald Trump imposed on Venezuela and make it difficult to export oil.

The Prime Minister of Saint Vincent and the Grenadines also indicated that they will ask the United States to eliminate “certain sanctions imposed against Venezuela, particularly those that make it difficult to resume PetroCaribe service.” Such sanctions impact transportation agreements and payment processes.

The PetroCaribe program was launched in 2005 by the late President Hugo Chávez and established that Venezuela supplied oil at flexible prices and with payment facilities to Caribbean countries. However, the program was suspended as a result of the economic sanctions imposed on Venezuela.

Last April, the president of Venezuela, Nicolás Maduro, announced the restart of the program with a 35 % discount on the fuel sale price.

M. Rodríguez

Click the link to subscribe free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: bancaynegocios.com

La entrada Caribbean leaders agree to resume the PetroCaribe program apareció primero en Bitfinance.

Joe Biden, President of the United States, ordered the release of one million barrels of oil per day for the next six months, in order to replicate the increase in energy prices as a result of the war between Russia and Ukraine.

This is the largest release of oil in US history. Biden said the plan to release up to 180 million barrels of oil is part of a “strategy to lessen the impact of the Russian invasion of Ukraine on domestic energy and gas prices.”

The price of gasoline is currently registering a record increase of almost 5 dollars a gallon compared to 3 dollars at the beginning of the year.

Record profits

On the other hand, the president of the United States referred to the oil companies and sent them a definitive message. In Biden’s opinion, in 2021 the oil companies made record profits equivalent to “80 billion dollars in profits last year and they are driving high prices right now. This is not the time to be stuck with record profits, this is the time to step up for the good of your country,” Biden said.

US consumption is currently around 20 million barrels of oil per day, while global consumption reaches 100 million barrels. With President Biden’s releases, more oil will be placed on the world market, impacting prices and costs.

According to the Department of Energy, US reserves have a “storage capacity of 714 million barrels in underground salt caverns at four sites along the coast of the Gulf of Mexico.”

M. Rodríguez

Source: El Carabobeño

La entrada The US will release a million barrels of oil daily apareció primero en Bitfinance.

Major e-commerce company Amazon said it plans to close dozens of brick-and-mortar bookstores and other retail stores to focus on groceries and tech. The decision affects a total of 68 stores in the United States and the United Kingdom dedicated to different products.

The e-commerce giant said the move is part of a broader shift the company is making to its strategy with brick-and-mortar retailers, noting that it will strengthen its focus on grocery retail locations.

An Amazon spokeswoman indicated that the company decided to “close its Amazon 4-star and Pop Up bookstores and stores, but will keep its food, technology and textile branches, such as Amazon Fresh, Whole Foods Market, Amazon Go and Amazon Style” open.

The spokeswoman also explained that the company remains “committed to creating great physical retail experiences and technologies for the long term, and we are working closely with our affected employees to help them find new roles within Amazon.”

Amazon: from book to food

Amazon was created as a digital bookstore by Jeff Bezos, one of the richest men in the world. Later he expanded his sales and included records. Two decades later, he added physical stores, opening its first physical bookstore in 2015 in Seattle. As a differentiating element he offered discounts to Amazon Prime customers, as well as offering its own devices to try and sell. He created a curated selection of books based on a rating system.

Subsequently, it developed a network extended to several cities in the United States offering a reading experience, but according to some “international media it did not reach the expected profitability and the experience of finding books was transformed into a hybrid between copies and other products. sold from Amazon.com.”

Amazon, whose name is inspired by the largest river on the planet Amazon, became a business model for the new platforms and as a mirror to look at the ferocity of the market. Its beginning was with the sale of books, but it has expanded so much that it has become a “sort of hypermarket with varied products, which today is diversified into technology, food, clothing, toys and household items.”

M. Rodríguez

Source: conclusion.com.ar

La entrada Amazon closes its physical bookstores in the US and the UK apareció primero en Bitfinance.

The US Department of Labor published a report reporting that the country opened some 467,000 new job vacancies during the month of January, greatly increasing the projections made by economists, who estimated some 150,000 jobs.

In a survey previously carried out by Dow Jones, different economic analysts expressed their pessimism regarding the work environment, due to the impact that the pandemic is having on the economy. Especially with the development and expansion of the omicron variant of Covid-19, which seemed to enter one of its most important peaks after the Christmas celebrations.

The increase in job vacancies presents an excellent outlook for the local economy of the United States, which since last year has maintained an unemployment rate of around 4 %. However, with the increase in these new places, the projections improve positively.

Job vacancies as an indicator for the FED

One of the variables that worries the US Federal Reserve (FED) is the increase in inflation levels, but the reactivation of the labor market has become an excellent indicator for the institution.

Some analysts consider that it is a very good sign for the FED because as of March the institution plans to begin modifying some measures that it has implemented as a result of the pandemic. The following are some of the most relevant: significantly reduce the capital destined for repurchase of sovereign bonds, in addition to increasing bank interest rates, which have remained close to 0 since 2020, and reducing the economic support that is impacting inflation levels.

Concern in the crypto market

The crypto market could be impacted if the FED executes the aforementioned measures because it would represent less liquidity for the digital currency ecosystem, especially for Bitcoin due to the lack of financial instruments that offer greater exposure to more traditional investors.

Joel Kruger, market strategist at LMAX Digital, noted: “The data suggests that the Fed will have to be more aggressive with rate hikes…this juncture will continue to have a negative impact on cryptocurrencies for the time being.”

Despite the negative expectations that analysts have for the crypto market, the price of cryptocurrencies has increased in recent days, particularly Bitcoin, which exceeds 40 thousand dollars.

M. Rodríguez

Source: diariobitcoin.com

La entrada The US created 467 thousand new job vacancies in January apareció primero en Bitfinance.