Shares of Sea, owner of Shopee, rise 14% after higher-than-expected earnings

Shares of Southeast Asian e-commerce and gaming company Sea Group surged after its first-quarter revenue beat analysts’ expectations on Tuesday. Sea’s U.S.-listed shares rose 14% to close at $80.21 after the Singapore-based internet company reported earnings that beat analysts’ expectations in the first quarter of this year. Here’s how the NYSE-listed company fared from January … Read more

Consumer prices in China hit a six-month high as Covid prompts residents to stock up on food

Fresh vegetable prices rose 24% year-on-year in April as consumers stocked up to prepare for possible stay-at-home orders. Pictured is a delivery driver from Alibaba’s Hema Fresh supermarket in Beijing on May 10, 2022. Jade Gao | AFP | Getty Images BEIJING — Consumer and producer prices in China rose more than expected in April, … Read more

5 things to know before the stock market opens on Tuesday

Here are the most important news, trends and analysis that investors need to start their trading day: 1. Wall Street set to rise after S&P 500 hits lowest level in more than a year Traders work on the floor of the New York Stock Exchange (NYSE) in New York, March 22, 2022. Brendan McDermid | … Read more

$3.5 billion bet on bitcoin becoming a “reserve currency” for crypto is put to the test

Pedestrians walk past a Bitcoin cryptocurrency exhibit on February 15, 2022 in Hong Kong, China. Anthony Kuan | Getty Images A multi-billion dollar bet that bitcoin can act as a “reserve currency” for the crypto-economy is already being tested as controversial stablecoin UST struggles to maintain its peg at $1. UST fell nearly 99 cents … Read more

Uber CEO says company will cut costs and treat hiring as a ‘privilege’

Uber will cut spending and focus on becoming a leaner company to weather a “seismic shift” in investor sentiment, CEO Dara Khosrowshahi told employees in an email obtained by CNBC. “After the earnings, I spent several days meeting with investors in New York and Boston,” Khosrowshahi said in the email sent Sunday evening. “Clearly the … Read more

Uber CEO says company will cut costs and treat hiring as a ‘privilege’

Uber posted a loss of $5.9 billion in the first quarter of 2022. Philippe Pacheco | AFP via Getty Images Uber will cut spending and focus on becoming a leaner company to weather a “seismic shift” in investor sentiment, CEO Dara Khosrowshahi told employees in an email obtained by CNBC. “After the earnings, I spent … Read more

This Week in Pieces: Markets Slip for Fifth Straight Week, Argentina’s Largest Private Bank Offers Bitcoin Cryptocurrency

This week in parts. Illustration by Mitchell Preffer for Decrypt. For the fifth consecutive weekmajor cryptocurrencies such as Bitcoin and Ethereum have fallen, even as signs of wide-scale adoption continue to emerge: US customers of Gucci will be able to pay with bitcoin in select stores later this summer. Still, prices are a good indicator … Read more