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Trade Deal Optimism Lifts Cryptos To A Higher Orbit, Bitcoin Touches $104k

1 week ago | rttnews.com | Avila Sebastian

Cryptocurrencies surged ahead and Bitcoin touched a high of $104,297 in the past 24 hours amidst strong hopes of an easing in trade-related tensions between the U.S. and its major trading partners. Crypto market capitalization touched high of $3.29 trillion before retreating to its current level of $3.28 trillion, implying overnight gains of around 6 percent. The rise in market capitalization was accompanied by a 75-percent jump in the 24-hour trading volume to $208 billion.
EU To Launch WTO Dispute Against US Reciprocal Tariffs

1 week ago | rttnews.com | Joji Xavier

The European Union will launch a dispute against the United States over its universal reciprocal tariffs and tariffs on cars and car parts. EU will formally lodge a request for consultations with the World Trade Organization alleging that these tariffs blatantly violate fundamental WTO rules. "The EU's objective is thus to reaffirm that internationally agreed rules matter, and these cannot be unilaterally disregarded by any WTO member, including the US," the European Commission said.
Trade Deal Optimism Boosts Market Sentiment

1 week ago | rttnews.com | Avila Sebastian

Optimism about potential trade deals between the U.S. and its trading partners significantly improved market sentiment. The U.S.-U.K. trade deal as well as strong trade data from China also bolstered sentiment. Positive updates to corporate earnings also supported markets. Wall Street Futures are trading above the flatline. Major markets in Europe are trading on a positive note. Asian markets finished trading on a mostly positive note. The six-currency Dollar Index declined.
FDA To Roll Out AI-Assisted Scientific Review Pilot By June 30

1 week ago | rttnews.com | Joji Xavier

The United States Food and Drug Administration has announced that an AI-assisted scientific review pilot will be rolled out by June 30The generative AI tools allow FDA scientists and subject-matter experts to spend less time on tedious, repetitive tasks that often slow down the review process. To reflect the urgency of this effort, FDA Commissioner Martin A. Makary has directed all FDA centers to begin deployment immediately, with the goal of full integration by the end of June.
Treasury To Launch Fast Track Pilot Program For Foreign Investors

1 week ago | rttnews.com | Joji Xavier

The U.S. Department of the Treasury has announced that it will establish a fast track process to facilitate greater investment in U.S. businesses from ally and partner sources. This process will include the launch of a Known Investor portal where the Committee on Foreign Investment in the United States, chaired by Treasury, can collect information from foreign investors in advance of a filing. Initially, Treasury will conduct a pilot of this process and build from it over time.
US Airports To Shift To State-of-the-Art Air Traffic Control System

1 week ago | rttnews.com | Joji Xavier

U.S. Department of Transportation Secretary Sean P. Duffy has unveiled a plan to build a brand new, state-of-the-art air traffic control system. By replacing the current, antiquated system, the FAA will enhance safety in the sky, reduce delays, and unlock the future of air travel, according to the Department of Transportation. "Decades of neglect have left us with an outdated system that is showing its age.
Pope Leo XIV - First American To Lead The Catholic Church

1 week ago | rttnews.com | Joji Xavier

In a historic development in the Catholic Church, Pope Leo XIV has become the first person from the United States to lead it. Cardinal Robert Francis Prevost, who also holds Peruvian citizenship after working in the Latin American country for many years, was elected by a conclave of cardinals at the Vatican Thursday night. The 69-year-old pontiff later greeted thousands gathered in St. Peter's Square with a message of peace.
Italy Industrial Output Rises Marginally

1 week ago | rttnews.com | Renju Jaya

Italy industrial output grew only marginally in March, data from the statistical office ISTAT showed Friday. Industrial production rose at a slower-than-expected pace of 0.1 percent on a monthly basis. Monthly growth was seen at 0.4 percent. Nonetheless, the increase came in contrast to the 0.9 percent decrease in February. On a yearly basis, industrial production declined 1.8 percent, following February's 2.6 percent decrease in February.
Norway Inflation Slows To 3-Month Low

1 week ago | rttnews.com | Renju Jaya

Norway's consumer price inflation slowed to a three-month low in April and producer prices grew at the slowest pace in five months, Statistics Norway reported Friday. Consumer prices logged an annual growth of 2.5 percent after rising 2.6 percent in March. This was the lowest rate since January. Likewise, core inflation softened to a three-month low of 3.0 percent from 3.4 percent in March. On a monthly basis, overall consumer prices gained 0.7 percent and core prices moved up 0.5 percent.
China Exports Growth Beats Expectations; Imports Drop At Slower Pace

1 week ago | rttnews.com | Renju Jaya

China's exports grew more than expected in April despite the sharp contraction in shipments to the United States following the trade tariff hikes, while imports decreased at a meager pace, official data revealed on Friday. Exports advanced 8.1 percent on a yearly basis in April, customs data showed. While the growth rate slowed from 12.4 percent in March, this was far better than the expected expansion of 1.9 percent.