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August 15th - According to Politico, President Trumps demands on the Navy reached their peak this month, threatening to further weaken an already heavily financially and logistically burdened branch of the military. Trumps deployment of the USS Abraham Lincoln aircraft carrier has set a record, with the ship having been at sea for nine consecutive months, and sailors families warning that the crew is nearing its limit. A government report indicates that Trumps proposed "golden fleet" of new battleships will cost billions of dollars more than expected. Meanwhile, experts have criticized the presidents order to reinstate outdated technology, a move that could completely disrupt ship production. These problems are now compounding, significantly increasing the pressure on the U.S. Navy. The Navy itself is chronically plagued by delays, cost overruns, and a shrinking fleet, all of which could jeopardize its ability to defend the nation. One U.S. official said, "Our warships are exhausted in the Middle East and the Caribbean, with no end in sight. The Navy is really on the line right now."Iranian Foreign Minister: Iran has not yet decided to resume negotiations with the United States.On August 15, South Korean President Lee Jae-myung proposed a "blueprint for inclusive and stable peaceful coexistence with North Korea," indicating that he would begin the process of transforming the unstable armistice regime on the Korean Peninsula into a peace regime.August 15th - According to the China State Railway Group, from January to July this year, the national railway system transported 2.8 billion passengers, a year-on-year increase of 4.1%, setting a new record for the same period.August 15th – Today (August 15th) marks the fourth National Ecological Day. The China Consumers Association today released the "China Consumer Green Consumption Guide (2026 Edition)". The guide focuses on the "3060" carbon peak and carbon neutrality target, using daily life as a foundation to help consumers increase their knowledge of green consumption, enhance their confidence in green consumption, and cultivate sustainable lifestyles. Based on my countrys socio-cultural background and residents daily life scenarios, the guide systematically proposes 50 action suggestions covering four major consumption areas: food, travel, energy, and daily necessities. These include advocating for the "Clean Plate Campaign," reducing the use of disposable tableware, promoting low-carbon travel, and encouraging prioritizing public transportation, cycling, or walking.

Block shares slip after crypto winter dampens quarterly results

Skylar Shaw

Aug 08, 2022 14:39

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In premarket trading on Friday, shares of Jack Dorsey-led Block Inc, a digital payments startup that has made a significant bet on bitcoin, fell by roughly 7% after the business revealed a loss in quarterly profits due to dwindling interest in cryptocurrencies.


By 6:20 a.m. ET, the corporation, which is situated in San Francisco, California, had lost approximately $3.5 billion in market value. This year, the stock has decreased by more than 44%.


Block announced Thursday that it has halted recruiting and would lower its 2022 investment objective by $250 million. Block recorded a loss of 36 cents per share in the second quarter, compared to a profit of 40 cents last year.


The JPMorgan analysts said in a report that "the move of lowering expenditure shows SQ is prepping for possibly slower growth."


The brokerage, noting underlying profits potential from its purchase now, pay later business, which generated $150 million in gross profit in the quarter, maintained its "overweight" rating and $107 price objective for the company, however.


Investor interest in bitcoin and other digital currencies has waned this year as riskier assets have been sold off as a result of sizzling inflation and the Federal Reserve's tightening of monetary policy.


Companies like Block, who profited last year from the bitcoin mania by riding its wave, have been harmed by this.


Block's gross profit from bitcoin fell by 24 percent to $41 million in the quarter from $55 million a year earlier, or what the business makes from the margin on buying and selling the cryptocurrency.


In the eight trading sessions before to the publication, shares had increased by approximately 35%. According to analysts at BTIG, "the business probably would have needed to provide a fairly faultless report in order for that increase to continue.


However, Jefferies and RBC Capital Markets increased their price targets, stating that Block's choice to reduce expenses would provide it a great advantage in navigating a challenging economic climate.

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