Democratic and Republican lawmakers said on Tuesday that Facebook Inc’s track record of what they described as untrustworthiness should stand in the way of it launching a digital currency, labeling the plan “delusional” and “crazy” at a Senate hearing.
A top U.S. financial market regulator said on Tuesday he has not discussed with Facebook its Libra currency proposal, nearly a month after the social media giant announced the project.
The cryptocurrency market took a beating on Tuesday with bitcoin losing over 10% in value after U.S. lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies.
A top U.S. financial market regulator said on Tuesday he has not discussed with Facebook its Libra currency proposal, nearly a month after the social media giant announced the project.
Blue Apron Holdings Inc’s beleaguered stock surged 60% on Tuesday after the meal-kit subscription service said it would add Beyond Meat Inc’s plant-based burgers to its menu, betting on a growing market for premium meat alternatives to attract new customers.
JPMorgan Chase & Co reported a quarterly profit that beat estimates on Tuesday as higher interest income and consumer lending offset lower activity at its trading desks.
A gauge of global equities fell on Tuesday and U.S. Treasury yields climbed as a stronger-than-anticipated report on retail sales raised the possibility the Federal Reserve could move towards a less dovish stance.
When Netflix Inc reports second-quarter earnings on Wednesday, a big question is how the streaming giant will handle a slew of new competitors barging in to its territory.
Wells Fargo & Co reported higher quarterly earnings on Tuesday, due in part to lower expenses, but the bank reined in its outlook for cost cuts to invest in improving its risk management.
U.S. stocks were lower on Tuesday as results from big Wall Street lenders rekindled concerns about slowing profit growth in a low interest rate environment, while comments from President Donald Trump on trade also soured the mood.
The UAW and General Motors Co on Tuesday formally kicked off contract talks, with the union’s president calling on the automaker to keep open plants it has slated for closure and to invest in its workforce after the union helped it through a government-led bankruptcy a decade ago.
Several large U.S. retailers recorded higher sales on the first day of Amazon.com Inc’s Prime Day shopping event as online shoppers also flocked to their websites, Adobe Analytics said on Tuesday.
Oil prices turned lower on Tuesday, falling by about $1 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast.
U.S. retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the drag on the economy from weak business investment.
Bitcoin fell 8% on Tuesday, breaching $10,000 for the first time in two weeks after U.S. lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies.
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