Author: Press Room

Welcome to the FT Cryptofinance newsletter. This week we are asking if there are lessons to be learned from Singapore’s approach to regulating the industry.Broadly speaking, there have been two approaches when it comes to regulating crypto. Some countries have sprung into action quickly, trying to turn themselves into a “crypto hub”. Usually driven by politicians driven by fear of missing out on the alleged future of finance. Others have been more cautious, worried about a weakening of regulatory standards. Singapore fell into the first camp; the EU the second.Those jurisdictions trying to claim early mover advantage — that perhaps…

Former “Saturday Night Live” star Chris Redd was punched in the face outside a famed New York City comedy club and hospitalized in what police described as an unprovoked attack. The attack unfolded Wednesday evening just after 9:30 p.m. in front of the Comedy Cellar, where Redd was set to perform that night, in the 100 block of MacDougal Street in Manhattan, according to the New York City Police Department. Redd, 37, had just exited a vehicle in front of the club when an unknown individual approached him and punched him, police said. Authorities said the suspect attacked the comedian…

A dead body was discovered in the undercarriage of a Lufthansa plane that arrived at Frankfurt airport from Tehran on Thursday, German newspaper Bild reports.Workers found the body after the passengers of flight LH601 had left the aircraft and the A340 aircraft had been moved to a hangar for maintenance.The same flight scheduled for Friday has been cancelled, according to Lufthansa’s website.The undercarriage refers to the area of the plane below its main body (or fuselage) and wing section.It’s rare for people to survive long journeys there due to the extreme conditions they face, including frostbite and being crushed when…

CNN  —  President Joe Biden and Vice President Kamala Harris will make a rare joint appearance on the campaign trail in Philadelphia Friday evening as they seek to boost Pennsylvania Democrats in the closing stretch of the election. Their visit comes at crucial time, with less than two weeks until Election Day, as Democrats are fighting to hold onto their narrow majority in the 50-50 Senate. Pennsylvania represents the party’s best opportunity to pick up a Senate seat, with incumbent GOP Sen. Pat Toomey retiring. Biden and Harris’ appearance at the Pennsylvania Democratic Party’s annual Independence Dinner, a major state…

Check out the companies making headlines before the bell:Exxon Mobil (XOM) – Exxon Mobil added 2.2% in premarket trading after record profits exceeded analyst forecasts. Higher natural gas prices and cost controls helped offset the slide in crude oil prices.Chevron (CVX) – Chevron rose 1.7% in premarket action after top and bottom line beats for its latest quarter. Chevron’s $11.2 billion profit was lower than the record $11.6 billion it reported during the prior quarter, but still the second-best on record.Amazon (AMZN) – Amazon slumped 12.3% in the premarket after projecting much weaker-than-expected revenue for the current quarter. Amazon’s projection…

Financial resilience can be boosted enormously by understanding how money works in everyday life. Financial literacy education gives young people the foundations for future prosperity — and can help economically disadvantaged people out of deprivation. The FT invites readers to join the FT FLIC campaign to promote financial literacy in the UK and around the world Source: Financial Times

JUPITER, FLA. – Sen. Marco Rubio, R-Fla., spoke out against President Biden’s decision to release another 15 million barrels of oil from the Strategic Petroleum Reserve, noting that while it may lower gas prices at the moment, it places the United States at great risk.Biden rejected the idea that releasing the oil is for political purposes, despite the move resulting in Americans getting hit less hard at the gas pump right before the midterm elections than was the case over the summer. Speaking to reporters following a campaign rally in Palm Beach County, Florida, Rubio appeared to disagree.”Well, he’s doing…

CNN  —  A Miami Beach, Florida, condominium building was evacuated Thursday after a structural inspection, with residents given just hours to leave. City officials posted an unsafe structure notice on the Port Royale building and said damage to a concrete beam in the parking garage prompted the order for residents to leave immediately, CNN affiliate WPLG. The order comes more than a year after 98 people were killed in nearby Surfside when a large portion of the Champlain Towers South building collapsed in the middle of the night. Photos in an inspection report of the Miami Beach building evacuated this…

ExxonMobil’s profit set a record for the second straight quarter as oil and gas prices remained high. No. 2 US oil company Chevron also posted much-better-than-expected results. ExxonMobil earned $18.7 billion, excluding special items, up 6% from the second quarter results which had been the record and up 177% from a year ago. Earnings per share of $4.45 soared past the $3.79 forecast by analysts surveyed by Refinitiv. Chevron (CVX), the nation’s second largest oil company, also reported a huge jump in income that easily topped forecasts. Adjusted earnings of $10.8 billion were nearly double the $5.7 billion it made…

The U.S. economy is experiencing a “mitigation of growth” but not a slowdown, Bank of America CEO Brian Moynihan said Friday.Interest rate hikes by the Federal Reserve are starting to be felt in the housing and auto markets, and renters will see their budgets squeezed as landlords pass on higher costs, he told CNBC’s “Squawk Box Europe.” But he stressed that consumer spending remains strong.”If you raise rates and slow down the economy to fight inflation, the expectation is you have a slowdown in consumer spending. It hasn’t happened yet. So it could happen, but it hasn’t happened yet,” Moynihan…