The legal odyssey regarding prediction markets versus games of chance continues. On Friday, Kalshi stumbled upon an island full of black-robed giants. Via the Associated Press, the U.S. Court of Appeals for the Ninth Circuit ruled Friday that federal commodity trading law does not preempt Nevada gaming law when it comes to regulating sports betting. … Read more
NEW YORK (AP) — The bond market swung Friday as investors made bets that the Federal Reserve could soon raise interest rates to rein in the country’s high inflation. Meanwhile, U.S. stocks fell, but not by much, after economists said a speech by Chairman Kevin Warsh helped strengthen faith that the Federal Reserve will do … Read more
JACKSON HOLE, Wyo. (AP) — Federal Reserve Chairman Kevin Warsh said Friday that inflation remains too high and suggested the central bank may have to raise interest rates in the coming months to bring it down, a clearer signal than it had previously sent about its economic outlook. In his first high-profile speech at the … Read more
Federal Reserve Chairman Kevin Warsh expressed concern Friday about high inflation and hinted that interest rates may need to rise if more progress is not made to ease price pressures. Warsh’s comments, closely watched at the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, avoided committing to forward guidance (or verbal signals about the Fed’s … Read more
Nvidia CEO Jensen Huang is open to ideas on how to share the enormous wealth generated by the rise of AI. He has created billionaires on his executive team, personally ensures his staff receive competitive salaries and is “perfectly on board” with proposals to tax the ultra-rich more. But he disagrees with a proposal by … Read more
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PayPal shares fell sharply following a report that an Advent-Stripe consortium abandoned its efforts to buy the digital payments giant. Private payments company Stripe and private equity firm Advent had abandoned their pursuit of PayPal (PYPL), Bloomberg reported late Thursday, citing sources. The group reportedly offered $60.50 per share, or $53 billion, for PayPal in… … Read more
The U.S. Food and Drug Administration approved the updated Covid-19 vaccines on Thursday, allowing manufacturers to begin shipping doses to pharmacies and doctors’ offices across the country. The FDA approved the updated Covid vaccines from Moderna, Novavax-Sanofi and Pfizer-BioNTech, the companies said Thursday, after an advisory panel recommended that the shots should target the dominant … Read more
The Trump administration’s latest deal to cancel offshore wind projects and boost fossil energy development is creating a huge payday for one of the president’s millionaire donors. Behind the windfall is a deal that stipulates that German energy giant RWE will receive $1.2 billion from a federal fund on the condition that it give up … Read more
The stage is set for Federal Reserve Chairman Kevin Warsh’s first Jackson Hole speech on Friday, offering the new chief a chance to clarify the central bank’s strategy for reducing inflation and rebuilding confidence in the Federal Reserve itself. This year’s meeting takes place against a challenging backdrop, as inflation remains well above the Federal … Read more