Alecta Offloads First Republic Bank Stake amid US Banking ‘Uncertainty’

Sweden’s largest pension fund Alecta dumped its First Republic Bank stake at a $728 million loss amid broader US banking losses.  Swedish pension fund Alecta recently offloaded its First Republic Bank (NYSE: FRC) shares following the latter’s massive drawdown. The leading Swedish pension fund was the fifth-largest shareholder at the embattled bank but now appears … Read more

Nigerians Massively Adopt CBDC as Physical Cash Becomes Scarce

While the Nigerian legislative body is optimistic about the country’s adoption of eNaira, there is still significant work to be done to enhance the digital infrastructure for financial practices in the country. Nigeria is witnessing an increasing adoption of its Central Bank Digital Currency (CBDC) as the country’s fiat money scarcity intensifies. Almost eighteen months … Read more

US Federal Reserve Increased Interest Rate by 0.25% despite Banking Crisis

Irrespective of its current leanings, the Federal Reserve will implement additional rate hikes to correct the strain that is still being felt in the economy by the average consumer. The United States Federal Reserve through the Open Market Committee (FOMC) has increased its interest rate by 25 basis points (0.25%). The rate hike was as … Read more

VORB Stock Up 70% in Pre-market, Virgin Orbit to Receive $200M Investment from Matthew Brown

Virgin Orbit stock is up over 73% in the pre-market while yesterday it closed down almost 15%. Aircraft engineering company Virgin Orbit (NASDAQ: VORB) is about to close a deal with venture capital investor Matthew Brown. Reuters reported the news referring to a term sheet that reveals that the company is nearing an agreement with the investor … Read more

Web 3.0 Startup MetaMetaverse Unveils New Brand Identity MultiVersalME

The transition of the MultiVersalME brand has already begun and is expected to be completed by the end of this first quarter. Emerging Web 3.0 startup MetaMetaverse has announced its new brand identity dubbed MultiVersalME, a move it believes will capture the scope of its innovation as a global metaverse brand. According to a press … Read more