Author: Press Room

U.S. consumer spending 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…

Hello from New York, where we’ve just wrapped up the third and final conference in this year’s Moral Money Summit series. It featured some really stimulating insights from speakers ranging from UN Development Programme head Achim Steiner to Meta’s chief diversity officer Maxine Williams, and from ex-BlackRock firebrand Tariq Fancy to US climate envoy John Kerry (see Patrick’s take on that session below). If you missed it, don’t panic — you can sign up here to watch all the sessions on catch-up. And we’re already gearing up for next year’s conferences in London, Singapore and New York, where we’ll look…

Signage at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C.Andrew Kelly | ReutersA court tossed out a regulation written by the Consumer Financial Protection Bureau for payday lenders last week, saying the agency’s funding was unconstitutional and that it, therefore, lacked the ability to curb the industry.The U.S. Court of Appeals for the Fifth Circuit voided a CFPB rule that prohibited payday lenders from debiting the accounts of customers who miss a payment without getting their consent first. While the ruling applied just to that regulation, financial service attorneys say it muddies the agency’s authority and has the…

Cryptocurrency risk monitoring platform Solidus Labs said that over 10% of tokens showing scam characteristics reside on Binance’s native BNB Chain. Less than 10% is seen on Ethereum (ETH).The research firm announced its real-time, on-chain Threat Intelligence tool on Thursday, saying that it was designed to help anti-money laundering (AML) teams address smart contract scams, which the firm described as “one of [decentralized finance] DeFi and Web3’s biggest challenges”.Solidus Labs’ AML covers 12 chains, including Ethereum, BNB, and Polygon (MATIC). The company claims that its new risk monitoring technology enables real-time analysis of smart contract scams, as well as an…

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. The US economy grew by a 2.6% adjusted annual rate in the third-quarter, bouncing back from two negative quarters and beating analyst expectations. This ultra-resilient economy stands in the face of the Federal Reserve’s aggressive attempts to quell inflation by slowing growth through aggressive interest rates. But a quick look under the hood of Thursday’s headline GDP number reveals a different story: The…

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.A crypto trading bot can automatically buy and sell digital assets according to preset parameters. Such a tool can be extremely useful in executing crypto trades, without having to watch over the market at all times. In this guide, we explain what crypto bots trading is all about and how these automated systems work. We will also take a look at the best crypto bots that investors can use to trade digital currencies in 2022.The 8 Best Crypto Trading Bots for…

Good morning and welcome to Fox News’ morning newsletter, Fox News First. Subscribe now to get Fox News First in your email. And here’s what you need to know to start your day …‘GATES OF HELL’ – Elon Musk’s Twitter takeover makes the Left lose it as he fires company’s top execs.  Continue reading …HALLOWEEN SCARE- Dems’ midterm fears worsen as favor appears to shift to GOP. Continue reading …‘MOST EXTREME’ – Voters to consider measure critics warn will ‘virtually eliminate firearm sales’ in state. Continue reading …RADICAL RHETORIC – Biden-Harris quotes that could come back to haunt them in midterms.  Continue reading …CALL OF THE…

Norway’s Equinor and Italy’s Eni have become the latest energy companies to report bumper earnings as the oil and gas industry heads towards its most profitable year ever.State-controlled Equinor said it would raise its special dividend by $0.20 to $0.70 a share for the third quarter after it achieved record adjusted pre-tax earnings of $24.3bn for the three months to September, up from $9.8bn a year earlier.Eni’s adjusted net profit for the third quarter jumped to €3.73bn, bringing its total profits for the year so far to €10.81bn, four times higher than its earnings in the first nine months of…

Centrica has reopened Rough, Britain’s largest gas storage facility, but cautioned that it was not a “silver bullet” to solving energy security concerns this winter, with the site able to meet just 1 per cent of demand on a cold day.Following months of speculation, Centrica said on Friday that the nearly 40-year-old facility off the Yorkshire coast would be reopened as a storage site this winter. For safety reasons given its age, it will be restarted in phases, initially operating at about 20 per cent of its previous capacity. The site will be capable of storing 30bn cubic feet of…

Indonesia and Cambodia have said that expulsion was not discussed at the meeting. Myanmar is already facing restrictions within ASEAN, with its generals barred from high-level meetings since last year. The country was invited to send a non-political official to the special meeting on Thursday but the junta refused. Malaysia’s foreign minister Saifuddin Abdullah said he is pushing for Myanmar to be excluded and suspended from all ASEAN meetings if no progress is made. SPECIAL ENVOY POSTPONES THIRD VISIT ASEAN Special Envoy Prak Sokhonn – who is also Cambodian deputy prime minister and foreign affairs minister – told CNA his…