Business Highlights: Twitter buy on ‘hold,’ crypto downturn


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Musk puts the purchase on Twitter “on hold”, calling into question the $ 44 million deal

DETROIT (AP) – Elon Musk has temporarily put off plans to buy Twitter, raising questions about whether to proceed with the $ 44 billion acquisition. In a tweet in the early hours of Friday, the Tesla billionaire said he is skeptical that the number of non-authentic accounts submitted by Twitter is as low as the company suggests. The subject of fake Twitter accounts is no secret. In its quarterly submission to the SEC, even Twitter expressed doubts that its bot account count was correct, admitting that the estimate may be low.

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Bitcoin falls, a stable currency falls in a wild week in crypto

NEW YORK (AP) – It’s been a wild week in crypto, even by cryptographic standards. Bitcoin fell, stablecoins were all but stable, and one of the top companies in the crypto industry lost a third of its market value. On Friday, bitcoin traded at around $ 30,000 after earlier in the week falling to its lowest level since December 2020. Investors have been selling bitcoins along with other risky assets as the Federal Reserve raises interest rates. Meanwhile, a popular stable currency called the Earth lost its relationship with the dollar and fell to 14 cents. The cryptocurrency trading platform Coinbase has lost about a third of its market value.

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Shares are picking up, but are still marking their sixth consecutive week of defeats

NEW YORK (AP) – Shares ended another week with a rise on Friday, but not enough to prevent the market from recording its sixth consecutive weekly drop, the longest streak of its kind since 2011. The S&P 500 rose 2, 4%, led by more. benefits in the highly volatile technology sector. Markets have been falling since late March, as traders fear the Federal Reserve will not succeed in its delicate mission of slowing the economy down enough to control inflation without causing a recession. Twitter sank after Tesla CEO Elon Musk said it was suspending its deal to acquire the social media company.

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Treasury: Russia’s war has to fight illicit financing

WASHINGTON (AP) – Russia’s war in Ukraine is one of the main considerations in the latest US Treasury strategy paper that describes how the agency plans to combat the illicit financial threats posed to the US financial system. The agency publishes a report every two years with recommendations on how to close the gaps that could facilitate terrorist financing and illicit. The report was released on Friday and says Russia’s invasion of Ukraine “demonstrates that those seeking to undermine global security and stability are exploiting these same gaps.”

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Russian oil pipeline sanctions raise fears of gas disruption

BERLIN (AP) – Gas prices in Europe have risen after Russian state-owned exporter Gazprom said it would no longer send supplies to Europe via a gas pipeline in Poland, citing new sanctions Moscow has imposed on European energy companies. The measure does not immediately block large amounts of natural gas from Europe, but intensifies fears that the war in Ukraine will lead to far-reaching cuts. Gazprom said on Thursday it would ban the use of the Yamal gas pipeline coming to Germany via Poland. Although this cuts off a supply route to Europe, the point of entry of the pipeline into Germany has not been used much this year. In addition, Gazprom has already cut off gas to Poland for rejecting a demand for payment in rubles.

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Expensive tortillas: LatAm’s poor struggle to pay for staple foods

MEXICO CITY (AP) – Across Latin America, the sharpest price increase in a generation has suddenly made it difficult to get many local consumer products. Countries had already been absorbing higher prices because of supply chain bottlenecks related to COVID-19 and government stimulus programs. Then the invasion of Ukraine by Russia sent far more fertilizer prices, affecting agricultural products, including corn. World fuel prices have also risen, making truckloads from the countryside more expensive. In Chile, annual inflation was 10.5% in April, the first time in 28 years that the index has reached double digits. Colombia’s rate reached 9.2%, its highest in more than two decades. In Argentina, whose consumers have long faced double-digit inflation, price increases reach 58%.

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The Biden administration will release $ 45 million for the internet nationwide

WASHINGTON (AP) – The Biden administration is taking the first steps to release $ 45 billion to ensure that all U.S. residents have access to high-speed internet access by approximately 2028. The administration is inviting governors and other leaders on Friday to start the application process. Secretary of Commerce Gina Raimondo is overseeing distribution. Raimondo travels to North Carolina and says universal access to broadband Internet would be similar to the electrification of rural America during the 1930s, a recognition that the Internet is a necessary utility for U.S. residents to operate in today’s economy. Funding is part of the $ 65 billion for broadband in the $ 1 trillion infrastructure package that President Joe Biden signed into law last November.

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The interfaith group is asking Starbucks to remove the vegan milk surcharge

BOSTON (AP) – A group of Christian, Hindu, Buddhist and Jewish leaders are asking Starbucks to stop charging more for vegan milk alternatives. The interfaith coalition says the practice is a tax on people who have adopted plant-based lifestyles. The leader of the group is Hindu activist Rajan Zed of Nevada. He and other members of the clergy pressed the coffee chain on Friday to end the surcharges they described as “unethical and unfair.” Starbucks says it does not charge for a squirt of non-dairy milk, including soy milk, coconut milk, almond milk and oat milk, although it does charge a surcharge for custom drinks made largely with those substitutes.

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The S&P 500 jumped 93.81 points, or 2.4%, to 4,023.89. The Dow Jones Industrial Average gained 466.36 points, or 1.5%, to 32,196.66. The Nasdaq finished with 434.04 points, or 3.8%, to 11,805. The Russell 2000 Small Business Index rose 53.28 points, or 3.1%, to 1,792.67.



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