Author: News Room

Through most of November, Bitcoin (BTC) has been moving towards the long-predicted $100,000 price target – sometimes making rapid daily leaps, sometimes inching upward ever so slowly. The rise to previously unseen highs has, along with institutions, ‘fear of missing out’ (FOMO)-afflicted investors, and swing traders, attracted a large number of short positions, either as hedges against other cryptocurrency market bets or due to an estimate that highs between $95,000 and $99,000 are not stable. Despite what the price action might suggest, short positions, as retrieved from Binance on November 22, 2024, are nowhere near record highs and, indeed, nowhere…

EV battery maker Northvolt has entered Chapter 11 bankruptcy protection, it said on Thursday.The Swedish firm, founded by two ex-Tesla executives, has struggled amid stuttering demand for EVs.Northvolt said it had secured an extra $245 million in funding as part of the bankruptcy deal.Northvolt, the battery company founded by two former Tesla executives, has filed for Chapter 11 bankruptcy protection after struggling to ramp up production.Sweden-based Northvolt said on Thursday that it voluntarily entered bankruptcy proceedings in the US, which will allow it to restructure debt and obtain new investment.Bankruptcy documents showed Northvolt had about $5.8 billion of debt, and…

Microsoft’s president hopes that Donald Trump will “push harder” against state-sponsored cyber threats.Hacking and ransomware attacks, often connected to Russia and China, have increased in recent years.Cybersecurity “deserves to be a more prominent issue of international relations,” Smith said.Microsoft President Brad Smith has urged Donald Trump to protect the US from Russian, Chinese, and Iranian cyber attacks.In an interview with The Financial Times, Smith, who is also the vice chair and top legal officer at Microsoft, said that cyber security “deserves to be a more prominent issue of international relations.””I hope that the Trump administration will push harder against nation-state…

By Stine Jacobsen COPENHAGEN (Reuters) -Northvolt’s CEO and co-founder Peter Carlsson is stepping down, the Swedish maker of battery cells for electric vehicles said on Friday, one day after the group filed for U.S. Chapter 11 bankruptcy protection. Northvolt went in a matter of months this year from being Europe’s best shot at a home-grown electric-vehicle battery champion to racing to stay afloat, hobbled by production problems and dwindling funding. It now needs to raise between $1 billion and $1.2 billion in order to restore its business, the outgoing CEO told reporters. “Personally this is an emotional day,” Carlsson said.…

By Aditya Kalra and Aditi Shah NEW DELHI (Reuters) – In March, Adani Group’s head of corporate finance wrote an email to one of its lenders, calling as “baseless” a media report on the group’s alleged bribery investigation in the United States. That email was also marked to top finance executive Sagar Adani. That same very week of March 11, the Adani Group had also issued a statement saying it was “not aware of any (U.S) investigation” against its 62-year-old billionaire chairman, Gautam Adani. But exactly a year ago, in March 2023, FBI special agents had approached Sagar Adani with…

The US Dollar Index (DXY) rallied to a fresh two-year high after Eurozone PMI data suggested the region’s economy is contracting. The US Dollar is also supported by safe-haven flows amid escalating geopolitical risks in the Russia-Ukraine war. The US Dollar Index pops above 108.00 and eases slightly afterward.  The US Dollar (USD) jumps on Friday to its highest level in two years, with the DXY US Dollar Index popping above 108.00, as Purchasing Managers Index (PMI) data for the Eurozone signaled that the region’s economy fell back into contraction in November. The data weighed heavily on the Euro (EUR)…

Binance, the world’s largest crypto exchange, says it expects to have 645 full-time compliance employees on staff by the end of the year — a 34% increase from last November — as it continues to rapidly build out its compliance department. Including contractors, the crypto exchange already has over 1,000 employees focused on compliance, according to a Friday press statement from Binance. Binance’s intense focus on regulatory compliance is relatively new for the crypto exchange, which just one year ago, agreed to pay a massive $4.3 billion fine to various U.S. regulators for violating the Bank Secrecy Act (BSA) and…

JPMorgan tech exec Teresa Heitsenrether talked about the bank’s ongoing adoption of generative AI.The bank has rolled out its “LLM suite” to 200,000 employees.Speaking at the Evident AI Symposium, Heitsenrether explained how it’s been taken up and by who.Before a business review with JPMorgan CEO Jamie Dimon, Teresa Heitsenrether runs her presentation through one of the bank’s generative AI tools to help her pinpoint the message she wants to convey to the top boss.”I say, what is the message coming out of this? Make it more concise. Make it clear. And it certainly has helped with that,” Heitsenrether, who is…

Neuralink, Elon Musk’s neurotechnology company, is hiring for multiple manufacturing roles.A Neuralink recruiter wrote that the firm is looking for people to “boost production” of its tech.Experts say it shows the company ramping up production earlier than most medical device makers would. Neuralink, Elon Musk’s brain-computer interface company, is looking to hire manufacturing technicians and microfabrication specialists.The company, which is developing a device Musk has compared to a “FitBit in your skull,” posted the job listings on its website this week. It also held multiple hiring events at its facilities in California and Texas this month, according to a review…

By William Schomberg LONDON (Reuters) – British business output shrank for the first time in more than a year and tax increases in the new government’s first budget hit hiring and investment plans, a survey showed, a fresh setback for Prime Minister Keir Starmer’s push for economic growth. The preliminary S&P Global Flash Composite Purchasing Managers’ Index, published on Friday, fell to 49.9 in November – below the 50.0 no-change level for the first time in 13 months – from 51.8 in October. “The first survey on the health of the economy after the budget makes for gloomy reading,” said…