Streetbeat News

Regulatory

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On Thursday, 9,627.23 Ether (ETH) valued at approximately $20.17 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -11.93% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

December 01, 2023 | 6:00 pm

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The European Medicines Agency (EMA) is seeking further clarifications from makers of GLP-1 receptor agonists, including Novo Nordisk's Ozempic and Wegovy, to investigate reports of suicidal thoughts. The PRAC has reviewed evidence from various sources and will discuss the issue in April 2024. Reports of suicidal ideation linked to these drugs, including cases from Iceland and off-label prescriptions in the U.S., have prompted this action. Companies affected include Novo Nordisk, AstraZeneca, Sanofi, and Eli Lilly.

Portfolio Pulse from Vandana Singh

December 01, 2023 | 5:43 pm

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Fitch Ratings has maintained a 'Deteriorating Outlook' for the global shipping sector, citing overcapacity and environmental regulations as key challenges. The report suggests that these factors may lead to increased costs and operational complexities for shipping companies, potentially impacting their financial performance.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 5:36 pm

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The Starknet Foundation acknowledged the leak of screenshots showing an early version of a potential provisions portal for STRK token distribution. The criteria for eligibility have been set, and no current actions will influence this. The foundation will release final details once they are ready. Starknet, a Layer 2 network on Ethereum, was developed by StarkWare and is now managed by the Starknet Foundation.

Portfolio Pulse from Murtuza Merchant

December 01, 2023 | 5:27 pm

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Evergrande Group (OTC: EGRNF) is in urgent talks with major foreign creditors to avoid the liquidation of its offshore businesses. The company is offering creditors about 20% ownership in its parent company to comply with Chinese regulatory demands, which include no new debt issuance. Discussions with Dubai-based NWTN about investing in Evergrande's EV division are ongoing, following a paused $500 million investment for a 28% stake in Evergrande Auto. The company's default in late 2021 has been a focal point in China's real estate crisis.

Portfolio Pulse from Vandana Singh

December 01, 2023 | 5:25 pm

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Federal Reserve Chair Jerome Powell spoke at Spelman College, emphasizing it's 'premature' to declare victory on inflation and indicating the Fed's readiness to further tighten policy if necessary. He noted the U.S. economy's resilience and the need for data-driven decisions. Financial markets reacted calmly, with the SPDR S&P 500 ETF Trust (SPY) and SPDR Dow Jones Industrial Average (DIA) seeing slight increases, while the Invesco QQQ Trust (QQQ) declined. Small-cap stocks surged, and gold prices continued to rise, tracked by the SPDR Gold Trust (GLD).

Portfolio Pulse from Piero Cingari

December 01, 2023 | 5:15 pm

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Beta Technologies, an electric aerospace company backed by Amazon.com Inc (NASDAQ:AMZN), is expanding in New York with a $41 million investment in Plattsburgh International Airport. The expansion is supported by a $20 million state grant and aligns with New York's zero-emission vehicle investment. It will create 85 jobs and establish a manufacturing and assembly hub for electric aircraft. Beta's recent achievements include a 1,730-mile flight and delivering its first product to the U.S. Air Force. The hybrid aircraft market is expected to grow significantly by 2030.

Portfolio Pulse from Anusuya Lahiri

December 01, 2023 | 5:11 pm

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Genesco Inc. shares fell by approximately 20% following their quarterly results. The article also lists other stocks that moved significantly in Friday's mid-day session, categorizing them as gainers and losers. Notable gainers include Harbor Custom Development, Altimmune, and Elastic N.V., which rose due to positive trial results, financial results, and guidance, respectively. Among the losers, Polar Power experienced a significant drop after pricing a public offering, and Ampio Pharmaceuticals fell after a previous surge. The article provides a snapshot of the mid-day stock movements, highlighting the volatility and market reactions to company-specific news and broader market trends.

Portfolio Pulse from Lisa Levin

December 01, 2023 | 5:04 pm

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Federal Reserve Chair Jerome Powell discussed the varying perspectives on how artificial intelligence (AI) affects the economy, particularly in terms of job creation and displacement.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 4:55 pm

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Federal Reserve Chairman Jerome Powell emphasized the importance of restoring price stability, considering it the foundation of a healthy economy. He indicated that the Fed is committed to controlling inflation and ensuring economic stability.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 4:55 pm