Cryptocurrencies trade higher even as Coinbase announces layoffs
Cryptocurrencies soared after the crypto company Coinbase declared Plans to cut 20% workforce This protects money during crypto market downturns.
Bitcoin Currency gauges last traded up 1.55% at $17,459.63. Ether Up 1% to $1,337.85.
Other digital currencies such as Kronos and Cardano also made progress.
CEO Brian Armstrong said there was “no way” to cut costs and increase opportunities to “do better in every situation”.
– Lee Ying Shan, Kate Rooney
The Philippines will return to a low of 2% by 2024, says the finance secretary
Inflation in the Philippines is expected to return to the government’s target range in two years, Finance Secretary Benjamin Diogno said.
Diokno said he expects average inflation to be between 2.5% and 4.5% for 2023, easing to between 2% and 4% by next year, he told CNBC at the Asian Finance Forum in Hong Kong.
Headline inflation in the Philippines remains high, rising to 8.1% in December 2022 from 8% in the previous month. According to government data.
Philippine Central Bank Governor Felipe Medalla announced on Monday that interest rates will be raised by another 25 to 50 basis points in February. Diokno said he expects the central bank to act for some time this year.
“We may cut back at some point this year because we’re shooting more,” he said.
– Charmaine Jacob
Australia’s consumer prices rose 7.3% in November
Australia’s consumer price index rose 7.3% in November Australian Bureau of StatisticsA sign that inflationary pressures have not yet subsided.
The figure was in line with Reuters expectations and higher than last month’s reading of 6.9%.
Housing, food and transportation are among the key factors driving the rise, the release said.
Separately, Australia Sales increased by 1.4% In November, it was boosted by Black Friday sales, compared to a month ago.
– Lee Ying Shan
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– Ganesh Rao
South Korea’s unemployment rate hits 11-month high
South Korea’s unemployment rate for December rose to 3.3%, the highest in 11 months, government data showed.
The reading was higher compared to November’s figure of 2.9%
Total employment increased in 2022, despite high unemployment 28.089 million from 816,000 From a year ago.
– Lee Ying Shan, Jihye Lee
CNBC Pro: ‘A Costly Mistake: Citi Stops Hoarding Cash – Reveals Two Areas To Invest’
Investors endured a tough 2022 as stocks and bonds tumbled amid broader market turmoil.
While many take refuge in the relative safety of cash, Citi says now is the time to put it to work, and points to two ways to make more money.
Pro subscribers can Read more here.
– Javier Ong
The Fed should remain politically independent when dealing with inflation, Powell says
Central Bank Governor Jerome Powell On Tuesday The central bank stressed the need to remain free of political influence while dealing with persistently high inflation..
In a speech to Sweden’s Riksbank, Powell noted that stabilizing prices would require politically unpalatable tough decisions.
“Price stability is the foundation of a healthy economy and provides immeasurable benefits to the public over time. But restoring price stability when inflation is high may require unpopular measures in the short term, such as raising interest rates to slow the economy.” The president said in prepared remarks.
“The lack of direct political control over our decisions allows us to take these necessary steps without considering short-term political factors,” he added.
– Jeff Cox
Copper hit its highest price since June
Copper It hit a high not seen since June.
The metal settled down 1.3% at $4.0775. It hit a high of $4.0835, its highest since reaching $4.1160 on June 17.
Copper is up about 7% since the start of 2023.
– Gina Francola, Alex Haring
Coinbase to lay off 20% of employees
Shares of Coinbase rose 6% After the crypto exchange operator announced plans to cut 20% of its workforce In an effort to cut costs.
The layoffs will affect 950 jobs and mark the second round of cuts from the company in recent months. Coinbase laid off 18% of its workforce in June in preparation for a possible recession and crypto winter, which it said grew “too quickly” during the bull market.
Crypto markets have come under pressure following the collapse of one of the industry’s largest operators, FTX.
According to a new regulatory filing, Coinbase said the new round of layoffs will reduce its operating expenses by 25% in the quarter ending in March.
– Kate Rooney, Samantha Subin