Author: Press Room

The US Internal Revenue Service (IRS) has released updated guidelines for reporting digital assets, clarifying the taxation of non-fungible tokens (NFTs) and stablecoins as well.The IRS’ draft 2022 tax year guide has placed cryptocurrencies, stablecoins, and NFTs into the same category of ‘digital assets’ for taxing purposes.It stated that,“Digital assets include [NFTs] and virtual currencies, such as cryptocurrencies and stablecoins. If a particular asset has the characteristics of a digital asset, it will be treated as a digital asset for federal income tax purposes.”The latter sentence seems to allow room for any further developments in the crypto space to potentially…

Cardano’s ADA token continues to navigate the current market downturn, with recent developments giving investors hope that it could see a pump in the long term. But how high can ADA really go? ADA Price ActionADA currently trades at $0.3513, marking an uptrend of 0.46% in the past 24 hours. ADA has outperformed the broader market, which is down by 1% in the same period. However, ADA’s price has failed to break through any of its top moving average (MA) indicators despite the 24-hour increase. It trails every major metric, ranging from the 10-day MA of $0.3522 to the 200-day MA of $0.3530. ADA’s…

Hyundai Motor Co, Korea’s top automaker, is investigating child labor violations in its U.S. supply chain and plans to “sever ties” with Hyundai suppliers in Alabama found to have relied on underage workers, the company’s global chief operating officer Jose Munoz told Reuters on Wednesday. A Reuters investigative report in July documented children, including a 12-year-old, working at a Hyundai-controlled metal stamping plant in rural Luverne, Alabama, called SMART Alabama, LLC. Following the Reuters report, Alabama’s state Department of Labor, in coordination with federal agencies, began investigating SMART Alabama. Authorities subsequently launched a child labor probe at another of Hyundai’s…

British Prime Minister Liz Truss has resigned after just 45 days on the job. She only formally took over from Boris Johnson on 6 September, but after a premiership of chaotic policy decisions, freefalling economic indicators, media gaffes and high-profile resignations — not to mention opinion polls which saw her Conservative Party slump while the opposition Labour Party surged — Truss called it quits.Truss is officially Britain’s shortest-serving prime minister ever, beating the next candidate George Canning who was PM for 118 days until he died in office in the 1820s.Who are some of the other short-term prime ministers in Europe?We’ve…

In Chile, police have attempted to quell protests, resulting in scattered violence marking the third anniversary of the 2019 protests against inequality that left more than 30 people dead. In the capital Santiago on Tuesday, peaceful protesters gathered around the city to remember the victims. In other parts, police responded with tear gas and water cannon when hooded protesters lit fires and threw rocks, including in the area surrounding Plaza Baquedano, the epicentre of the 2019 protests. Speaking from La Moneda Palace on Tuesday morning, President Gabriel Boric, who took office this year and supported the 2019 protests as a…

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Elon Musk looks at a robot display during a tour of the new Tesla Motors auto plant, formerly operated New United Motor Manufacturing Inc. (NUMMI), in Fremont, California, U.S., on Wednesday, Oct. 27, 2010.Bloomberg | Bloomberg | Getty ImagesCheck out the companies making headlines in midday trading.AT&T – The telecom giant’s stock jumped 7% after the company surpassed earnings and revenue estimates for the recent quarter. AT&T’s wireless revenue rose 5.6%.Allstate – Shares of insurer Allstate fell 11% after the company said it would report a loss in the third quarter following Hurricane Ian, which struck in September and boosted…

In a bid to increase its institutional clients’ exposure to crypto, Canadian asset manager Fidelity has decided to enable Ethereum (ETH) trading starting October 28, according to a memo sent out by the company. Fidelity’s institutional clients will be enabled this month to buy, sell, and transfer ether, according to the memo whose contents were confirmed to CoinDesk by a spokesperson for Fidelity. Taking into consideration the asset manager’s robust market position, the latest development could provide a major boost for institutional adoption. Most recently, as part of the company’s efforts to provide new crypto-related investment opportunities to its customers, Fidelity launched…

Philip Morris International has raised its offer for Swedish Match by almost 10 per cent, caving to pressure from activist hedge funds in a last-ditch effort to complete the takeover of the smokeless tobacco specialist. PMI, best known for selling Marlboro outside the US, on Thursday increased its offer from Skr106 to SKr116 per share, valuing the target’s equity at about SKr176bn ($15.7bn). PMI chief executive Jacek Olczak stressed it was the company’s “best and final price”.The latest offer represents a victory for a group of hedge funds led by Elliott Management that have built stakes in Swedish Match since…

UK markets are upbeat but not rattling higher in the wake of Liz Truss’s resignation as prime minister. To understand why, the clue is in the lettuce.The Daily Star tabloid plonked an iceberg lettuce with googly eyes and a blonde wig on a table next to a picture of Truss on October 14 and streamed it on the internet to see which would last longer — the lettuce or Truss’s premiership. Against the odds, given the warm wig and the apparent lack of refrigeration, the lettuce won.The pound gained after Truss took to the lectern outside 10 Downing Street on…