Fidelity will soon allow eligible individuals to save a portion of their 401(k) in bitcoin, coming a month after the Labor Department expressed concerns about including cryptocurrencies in retirement plans. The endorsement of the nation’s largest retirement-plan provider suggests crypto investing is moving further into the mainstream. Fort Worth recently became the first city government in the U.S. to mine bitcoin, with plans to convert bitcoin into cash and then transfer the funds to the city account.
Russia cut NATO members Poland and Bulgaria off from its gas one day after the U.S. and other Western allies vowed to send more military supplies to Ukraine. The Kremlin’s move to use its most essential export as leverage – and threaten supply to other European customers – demonstrates the conflict’s broadened scope in the West. Europe, already heavily exposed to fallout from the war in Ukraine, saw gas prices surge over 20% after flows were cut. The World Bank forecasted the war to send energy prices soaring more than 50% in 2022.
Visa said it expects revenue to accelerate past pre-pandemic levels, reassuring investors of a sustained recovery and sending its shares 5% higher in extended trading. The forecast from the world’s largest payments processor underscored an upbeat quarter fueled by a rebound in consumer spending. Visa reported cross-border transactions were up nearly 50%, driven by “robust” travel and reinforcing consumers’ recent desire to choose experiences over goods. The shift in consumer sentiment contributed to UPS seeing a 7.4% decline in residential average daily volume of package delivery during the first quarter.
Vice President Kamala Harris tested positive for the coronavirus Tuesday, becoming the latest high-ranking official in Washington to be infected. Aides said Harris has not been in contact with President Joe Biden in the past week, assuaging renewed concern about the president’s potential exposure. Numerous public officials have come down with COVID-19 in the past month, a spread that appeared to be linked in part to a handful of events in Washington. Despite cases rising across the country, the leading White House COVID-19 adviser warned of caution, but not overreaction as cases remain well below their January peak.
The Biden administration’s Department of Energy finalized another rollback of a Trump-era policy Tuesday, ruling to phase out older, high-efficiency incandescent light bulbs. The new rule emphasizes a transition that’s been happening for years with the rise of energy-efficient LED bulbs. The Energy Department estimates the rule will save U.S. consumers close to $3 billion on their utility bills as well as cut planet-warming carbon emissions.
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