Author: MNK News
Topline Financial markets’ strong reaction to Donald Trump’s projected return to the oval office included a spike in the value of the dollar and a sharp selloff in fixed income, hinting at both investor optimism at strong economic growth and concerns about inflation. Trump appears at a Michigan rally earlier this year.Getty Images Key Facts The U.S. dollar index (DXY), which tracks the American currency’s exchange rate against a basket of six other developed market currencies including the euro and the Japanese yen, rose 1.8% to about $105.30 by around 8 a.m. EST, registering its highest level since early July.…
Critics call gambling “the devil’s playground.” Losses to online gambling in the U.S. now look set to live down to that estimation by surpassing the $1 trillion mark in coming years at the expense of American bettors. U.S. lawmakers and government regulators “cannot continue to rely on the theory of responsible gambling, which shifts the burden of harm prevention onto individuals,” Derek Webb, founder and chief funder of the California-based Campaign for Fairer Gambling, said Wednesday in a release forecasting the impending losses. A UPI report notes gambling is legal in some form in more than 80 percent of the nearly 200…
Maybern cofounders Ashwin Raghu and Ross Mechanic started the company in 2021 to automate the highly complex accounting calculations that plague investment firms.Maybern Sitting beneath the $15 trillion that global investors have sunk into private capital, a burgeoning pool of investments that covers everything from private equity and private credit to venture capital and real estate funds, is a mind-numbing accounting problem. Investment firms make countless bespoke deals with their deep-pocketed clients, creating the need for highly complex, custom calculations to figure out the investment firms’ management fees and who will reap what share of the profits. “It doesn’t matter…
The Bank of England’s Prudential Regulation Authority has issued a data request asking firms to disclose their current and planned exposures to “cryptoassets.” The statement requested firms to disclose their current and expected future “cryptoasset exposures” and to explain their use of the crypto-regulating Basel framework. These assets encompass tokenized assets and stablecoins. Firms have until March 24, 2025, to submit their responses. The PRA emphasized that the information will inform its policymaking, including calibrating prudential frameworks for managing ‘cryptoasset’ exposures. This initiative aligns with the global Basel framework, which guides the prudential treatment of cryptoassets. Use of tokenized assets…
Topline President-Elect Donald Trump has named billionaires Elon Musk, one of his biggest campaign supporters, and Vivek Ramaswamy, his one-time primary opponent, to lead a new “Department of Government Efficiency”—giving Musk a role in his administration after Trump and the world’s richest person spoke on the campaign trail about working together. SpaceX and Tesla founder Elon Musk speaks during a town hall for Donald Trump on Oct. 18, 2024. Getty Images Key Facts The announcement comes months after Musk and Trump first started publicly floating the idea of a government efficiency position for the billionaire and more than a week…
Representative Brian Fitzpatrick (R-PA) on Thursday called for immediate government action to be taken to address increasing reports of unexplained drone activity in Philadelphia suburbs. The Congressman explained his move on the basis of seeking assurances for local residents that Washington is doing all it can to assuage fears over the increasing sightings. He wrote on X his main concern is the safety and security of local residents: Today, I sent an urgent letter to the DHS, FBI, and FAA calling for immediate answers and decisive action regarding the increasing reports of unexplained drone activity. The safety and security of…
Warren Buffett takes a slice of Domino’s. Ken Griffin, David Tepper and Steve Cohen are shedding Amazon shares. Here’s what SEC filings reveal about recent moves of the world’s richest and most successful investors. By John Dobosz, Forbes Staff Over the past 30 months, the reported moves of billionaire investors were a major consideration in the strategies we have used to construct our two Forbes Billionaire Investor model portfolios, but they were not the only factor. We also sought out stocks that had compelling value appeal with low debt levels and strong business fundamentals, which means stocks trading at depressed…
Vlad Gorbunov, founder of the Choise.ai ecosystem, discusses the future of the meme coin space and explains how the team’s new Meme Bank can transform the sector by providing meme coins with utility-driven features such as token burns and staking rewards, along with real-world applications like payments via Visa/Mastercard bank cards with bespoke designs. CN: Vlad, can you elaborate on the future of the meme coin sector? Do you think meme coins can transform from hype-driven assets to solid, long-term performers, especially in light of recent headlines about the meme coin hype cooling down? VG: Meme coins are a quintessential…
Topline A stream of congratulatory messages were sent in support of Donald Trump after winning the election Wednesday morning, including from a handful of Trump’s billionaire backers and his celebrity endorsements. Trump declared victory hours before the race was called.Copyright 2024 The Associated Press. All rights reserved Key Facts Elon Musk, who was praised by Trump in his election speech, wrote “game, set and match” late on Tuesday and later posted—in addition to several other pro-Trump messages—an image of himself speaking with Trump at an election night party. Fellow tech billionaire Palmer Luckey, the founder of Oculus VR, said “GG,”…
The Biden administration has dismissed the recent wave of drone sightings on the East Coast, suggesting that most reports are likely cases of mistaken identity involving legally operating aircraft. The New York Post reports that the mysterious drone sightings that have been reported in New Jersey, New York, and surrounding areas over the past few weeks have left residents and local authorities puzzled and concerned. However, the White House has taken a different stance on the matter, with national security council spokesman John Kirby dismissing the reports during a briefing on Thursday. Kirby stated that federal investigators have been unable…