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India has emerged as a leading global player in the Web3 market, a new report by Nasscom states. Web3 investments in the country grew 37 times from the start of 2020 to Q1 2022 and $1.1 trillion in Web3 economic value is projected to be added to India’s GDP by
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Tesla and Spacex CEO Elon Musk expects a global recession to last until the spring of 2024. Musk added that his two companies are in good positions but many others are not. “Recessions do have a silver lining in that companies that shouldn’t exist stop existing,” the Tesla boss said. Elon
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A Bank of America economist, Tatonga Rusike, has said the Nigerian currency is overvalued by as much as 20% and will likely be devalued in 2030. The remarks by the economist came just days after the currency’s exchange rate reportedly touched a new low of just under 750 naira for
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According to the European Union’s statistics office Eurostat on Wednesday, Euro area annual inflation is up to 9.9% in September, up from 9.1% in August. The inflation rate in September tapped a 40-year high, and investors suspect that the eurozone is “at risk of a financial meltdown.” European Union’s Consumer Price
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Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon both agree that the U.S. economy is doing well and consumers are in good shape. “The consumers basically have more money in their accounts by multiples than they did pre-pandemic,” said the Bank of America chief. Bank of
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The Conference Board has found that 98% of chief executives surveyed are preparing for a U.S. recession while 99% of CEOs are preparing for an EU recession. “CEO confidence sunk further to start Q4 and is at its lowest level since the Great Recession,” the organization said. 98% of CEOs Expect
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Gold bug and economist Peter Schiff says there are two possible outcomes of the Federal Reserve’s action on the U.S. economy. One outcome leads to “a massive financial crisis and severe recession” as stocks, bonds, and real estate crash. In the second outcome, “the world will run away from the
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While the euro has found support between 0.96 to 0.97 nominal U.S. dollars per unit, foreign exchange (FX) strategists from Citi believe the euro could tap a low of around $0.86 against the greenback. While the dollar slumped on October 13, the fiat currency is rising again and market strategists
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The Japanese yen’s exchange rate versus the U.S. dollar recently plunged to its lowest rate in 32 years — 147.66 JPY per dollar. The yen’s latest fall comes less than a month after its slip in September prompted authorities to enter foreign exchange markets for the first time since 1998.
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The government of Argentina, which is currently applying dollar exchange controls, has added two new dollar exchange rates into its arsenal: the “Qatar” and “Coldplay” dollars. However, Kristalina Georgieva, managing director of the International Monetary Fund (IMF) has made declarations against these measures, stating they are not a substitute for
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