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Gold prices have seen a notable increase, driven by a cooling U.S. labor market which has contributed to a weaker dollar and lower Treasury yields. This environment has enhanced the allure of gold, pushing its prices up in Asian trading on Friday. Spot gold rose by 0.3% while futures climbed by 0.9%, setting the stage for gold to potentially end its recent three-week correction on a positive note. Analysts see bullish future with $3,000 targetThe long-term outlook for gold remains strongly bullish, with market analysts and technical charts suggesting a possible rise to the $3,000 mark. The for...
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The number of Americans filing for new unemployment benefits rose last week to the highest level in more than eight months, indicating a further cooling of the labor market. According to the Labor Department’s latest weekly jobless claims report, initial claims for state unemployment benefits surged by 22,000 to a seasonally adjusted 231,000 for the week ended May 4. This marks the highest figure since late August and the most significant increase in nearly four months. Economists’ expectations exceededThe rise in unemployment claims exceeded economists’ expectations, who had forecast claims t...
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Duolingo, the popular language learning app, is facing its slowest rate of subscriber additions since 2022, which has put the company at risk of falling from its high ranking in the Obsidian League. Despite surpassing market expectations in daily average use for the quarter ending in March, the app’s shares plummeted by 12% overnight, underscoring investor concerns about its growth trajectory. Duolingo has steady growth but slowing momentumDaily active users (DAU) increased by 55% reaching 31.4 million, a continuation of the app’s strong performance during the pandemic when many people took up...
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The New York Times reported a successful first quarter on Wednesday, exceeding revenue and profit estimates as its diverse content bundle strategy attracted more subscribers. Ahead of the 2024 U.S. presidential elections and major sports events, the publisher has increasingly focused on combining its core news coverage with a variety of content, including podcasts, cooking recipes, and games. NYT’s revenue beats expecationsThe company announced a revenue of $594 million for the quarter, slightly above the analyst expectations of $591.9 million according to LSEG data. Adjusted earnings stood at...
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Turkey’s competition board has levied a hefty fine of 1.2 billion lira ($37.20 million) against Meta Platforms on Wednesday, following the conclusion of two separate investigations into the tech giant’s data-sharing activities involving its social media platforms including Facebook, Instagram, WhatsApp, and Threads. Investigations into Threads and Instagram integrationThe investigations, which began in December, focused on potential violations of competition law stemming from the integration of Threads and Instagram. In response to these concerns, the competition board in March implemented int...
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Uber Technologies, Inc. has announced a strong performance for the first quarter of fiscal year 2024, highlighting substantial growth in gross bookings and revenue, despite facing a net loss due to revaluation of equity investments. Uber sees growth in bookings and revenueAs of the first quarter of FY24, Uber’s gross bookings have surged by 20% year-over-year, reaching $37.7 billion, or a 21% increase on a constant currency basis. The mobility sector alone accounted for $18.7 billion of the total gross bookings. This growth has propelled the company’s revenue up by 15% compared to the same per...
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The Swedish krona continued its downward trend on Wednesday. The EUR/SEK exchange rate surged to 11.78 and is hovering near its highest level since November last year. It has soared by over 6.6% from its lowest point this year. Similarly, the USD/SEK surged to 10.92, higher than this year’s low of 9.90, making krona one of the worst-performing developed country currencies in the market. EUR/SEK vs USD/SEK The currency continued its downward trend after the latest Riksbank interest rate decision. In it, the bank decided to slash interest rates by 25 basis points to 3.75%. It also hinted that it...
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UBS Group AG, the Swiss multinational investment bank and financial services firm, released its quarterly earnings report for Q1 of FY24 on 7 May 2024. The company reported a net profit of $1.8 billion and an underlying PBT of $2.6 billion, with 15% growth Q1 in underlying revenues, and a 5% quarter-on-quarter reduction in underlying operating expenses, resulting in significant positive operating leverage. Net profit attributable to shareholders was $1,755 million. The total revenues of UBS reached $2.7 billion, and the total underlying revenues were $12 billion. Group operating expenses decre...
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A new analysis conducted by Visa and data analytics firm Allium Labs has discovered that less than 10% of stablecoin transaction volumes are generated by real users, with the vast majority driven by automated bots and large-scale traders. Limited organic activity in stablecoin transactionsThe study, which was reported by Bloomberg, investigated approximately $2.2 trillion worth of transactions in April and found that only about $149 billion represented genuine, organic payments activity. This stark discrepancy highlights the prevalence of non-human actors in the stablecoin markets. The analysi...
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In March, the total U.S. nonfarm payroll employment rose by 303,000, and there was negligible change in the unemployment rate, at 3.8%. The newly released report presents data from two monthly surveys. The household survey evaluates labour force status, including unemployment, by demographic characteristics; and the establishment survey assesses nonfarm employment, hours, and earnings by industry. Household survey dataIn March, there has been very little change to the current U.S. unemployment rate of 3.8%, with 6.4 million unemployed people. Since August of last year, the unemployment rate ha...
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