Bitcoin slides below US$30,000 level for the first time in a month

(July 20): A selloff in Bitcoin accelerated Tuesday, pushing it below US$30,000 for the first time in about a month. The largest digital coin fell as much as 4.1% and was trading at about US$29,700 as of 7am in London. Other virtual currencies also retreated, including second-ranked Ether. The Bloomberg Galaxy Crypto Index was down about 4%. Some traders had …

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UBS books 63% profit surge for 2Q amid wealth management boom

ZURICH (July 20): UBS on Tuesday posted a 63% jump in second-quarter net profit, easily beating expectations as buoyant markets continued to help the world’s largest wealth manager generate higher earnings from managing money for the rich. The Swiss bank’s net profit of US$2.01 billion far outpaced expectations for US$1.34 billion in a poll of 20 analysts compiled by the …

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Wall St rises after steep selloff, strong results boost IBM

BENGALURU (July 20): Wall Street’s main indexes rose on Tuesday, as economically sensitive stocks rebounded after a sharp selloff in the previous session, while International Business Machines (IBM) jumped on strong second-quarter results. Shares of the blue-chip technology firm climbed 3.7% as brokerages raised their price targets on the stock following robust growth in the company’s cloud and consulting businesses. …

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