Author: Journalist

Dive Brief: Semiconductor manufacturer Intel is continuing to zero in on its foundry business following the ousting of its CEO Patrick Gelsinger on Tuesday, CFO David Zinsner said during a Wednesday talk at the UBS Global Technology and AI Conference in Scottsdale, Arizona. Zinsner was named interim co-CEO following Gelsinger’s departure, together with Intel Products CEO Michelle Johnston Holthaus, CFO Dive previously reported. “The Board was pretty clear that the core strategy remains intact,” Zinsner said during his talk Wednesday together with Naga Chandrasekaran, EVP and chief global operations officer for Intel. “We still want to be a world-class foundry.” The…

GameStop, AMC Jump Following Roaring Kitty Tweet 6 minutes ago Shares of GameStop (GME) and other meme stocks popped on Thursday after Roaring Kitty, the online alias of meme stock ringleader Keith Gill, posted to X for the first time since September. Shares of GameStop jumped as much as 14% Thursday afternoon while AMC Entertainment (AMC), another favorite among meme stock traders, surged as much as 13%. Shares of online pet retailer Chewy (CHWY), also a meme stock favorite, were unaffected. Gill, at 1:45 p.m. ET on Thursday, posted a photo of a fake TIME Magazine cover featuring just a desktop computer monitor and…

NYSE Proposes Similar Rules to the Newly Amended Nasdaq Rules On October 10, 2024, the SEC announced proposed rule changes submitted by the New York Stock Exchange (the “NYSE”) earlier in September, one of which is like the newly amended Nasdaq-rule as discussed above, similarly targeting companies that effect reverse stock splits. Under current listing standards, if a NYSE-listed company fails to comply with the NYSE minimum-price criteria over a consecutive 30 trading-day period, it is subject to delisting, provided that the NYSE-listed company has six months to cure its noncompliance “if on the last trading day of any calendar…

Large, loosely-explained payments to a third-party intermediary hired to facilitate business in Africa did not raise “red flags” at Trafigura, its chief financial officer told a Swiss court trying the commodity trader for bribery on Thursday.Pierre Lorinet, who is not a defendant in the case, appeared as a witness on behalf of Trafigura, which Swiss prosecutors accuse of having inadequate controls in place to stop serious acts of corruption.The case, the first time a natural resources trader has been put on trial in Switzerland, the industry’s main global hub, concerns Trafigura’s lucrative push into Angola between 2009 and 2011. Switzerland’s federal…

Jerome Powell, chairman of the US Federal Reserve, during the New York Times DealBook Summit at Jazz at Lincoln Center in New York, US, on Wednesday, Dec. 4, 2024. Yuki Iwamura | Bloomberg | Getty ImagesBitcoin’s meteoric run may have gotten a little extra push from an unlikely source: Federal Reserve Chair Jerome Powell.In comments Wednesday about the cryptocurrency, the central bank leader noted that he does not and cannot own any himself. In addition, he said the Fed’s role in regulating bitcoin and its competitors is limited.However, he also maintained that bitcoin is not a challenge for traditional currencies such…

Estimated climate finance in 2030, based on funds that have already been pledged, and target set at COP29 for 2035 (red). Dark blue bars show historical climate finance recorded by the Organisation for Economic Co-operation and Development (OECD), 2013-2022 (grey). The light blue bars indicate an estimated trajectory to reach the 2030 and 2035 levels. These figures do not account for inflation. Source: OECD, NRDC, NCQG text.The expected increase between 2022 and 2030 comes from a few different sources.The analysts calculated that climate finance distributed “bilaterally” – as grants or loans via overseas aid and other public funding – was…

Bernstein thinks bitcoin could eventually replace the role of gold. “We expect Bitcoin to emerge as the new-age premier ‘store of value’ asset eventually replacing Gold over the next decade, and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management,” analyst Gautam Chhugani wrote in a note Thursday. The comments come after bitcoin hit $100,000 for the first time, adding to its monster 2024 gains. Year to date, the digital currency is up 141%. A chunk of those gains have come since the Nov. 5 U.S. election, with investors betting the incoming Trump administration…

Bitcoin BTCUSD, Federal Reserve Chair Jerome Powell said yesterday, is not a competitor of the U.S. dollar but to gold. Not only did the largest cryptocurrency by market capitalization soar through $100,000 during Asia trading hours, reaching a record $104,000, it’s also at an all-time high when priced in gold, worth about 39 ounces, breaking through the last remaining resistance level for that trading pair. It has also hit records against silver and the S&P 500.The price action means bitcoin is now an over-$2 trillion asset class, with its sights on overtaking Google GGOOG, whose market cap is $2.14 trillion,…

CFOTO | Future Publishing | Getty ImagesCryptocurrency-related stocks gave up big gains Thursday even after the price of bitcoin soared above $100,000 for the first time overnight.MicroStrategy dipped into negative territory to slip 3.5% after surging more than 7% earlier in the day. Riot Platforms and Mara Holdings fell more than 1% each. Meanwhile, Robinhood Markets declined 1.8% and Coinbase Global dropped 1%.MicroStrategy has become a proxy for bitcoin, as the software company has been buying the digital currency in recent years — driving the stock’s value higher. The stock is up more than 2,700% since 2020, when the company…

Circle Internet Financial, issuer of the world’s second-largest stablecoin, USD Coin USDCUSD, has made some layoffs as part of a regular review of its operations.The job cuts amount to “less than 6% of Circle’s workforce,” according to Bloomberg, which reported the news earlier. Circle confirmed the figure in an email.Circle, which filed for an initial public offering in the U.S. in January, said it had 882 employees in June, so 6% would equate to just over 50 people. “Circle regularly reviews our investments and expenses [which] includes investing in teams and operational infrastructure that need to grow, while marginally reducing…