U.S. Inflation Climbs 6.8 Percent in November ?, the Highest Level in Last Four Decades

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U.S. Inflation Climbs 6.8 Percent in November ?, the Highest Level in Last Four Decades

Inflation rate surges as CPI data shows prices rose 6.8% in November

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The consumer price index in November has jumped at the fastest rate since 1982, as it rose 0.8% and is up 6.8% from a year ago, the Labor Department announced on December 10.

The increase in prices was observed across a variety of products with food, shelter, gasoline, new & used cars seeing the biggest jumps.

In November, energy costs surged 33% over the last year, food costs increased 6%, and used car & truck prices increased 31%.

Moreover, the Labor Department said the surges in the food and energy components were the quickest 12-month gains in at least 13 years.

The last time U.S. consumers saw persistent price increases was in the 1970s. Inflation had increased from below 3% in 1972 to more than 13% in 1979.

By 1982, the inflation level had fallen back into the single digits. For consumers under 40 years, the recent increase in prices represents the largest inflation in their lifetime.

But even as prices increase, economists expect inflation to ease in the coming months, mainly driven by declining oil prices and uncertainty over the COVID-19 pandemic.

Compromised Hot Wallets Cost AscendEX Nearly $80 Million ?

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Cryptocurrency trading platform AscendEX suffered a loss of over $77 million as hackers got access to hot wallets and transferred tokens hosted over the Binance Smart Chains, Ethereum, and Polygon blockchains.

Soon after the attack, AscendEX proactively informed its users that funds had been stolen. However, the company confirmed that hackers were not able to access the cold wallet reserves.

PeckShield, a blockchain security & data analytics company, said that an estimated $60 million worth of tokens were transferred using the Ethereum blockchain, $9.2 million tokens were stolen from Binance Smart Chain, and $8.5 million from Polygon blockchains.

USD Coin (USDC), Tether (USDT), and Shiba Inu (SHIB) were some of the popular tokens stolen in this attack.

While AscendEX is yet to officially confirm the exact worth of the tokens taken away by the hackers, it has announced to help the affected users by covering up their losses due to this attack.

China’s SenseTime Postpones Hong Kong IPO After US Blacklisting ?

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SenseTime, a Chinese artificial intelligence start-up, has said that is postponing a $767 million initial public offering in Hong Kong after the company was blacklisted by the U.S. over charges of genocide in Xinjiang.

The AI startup filed a declaration with the Hong Kong stock exchange saying it would postpone its listing to safeguard the interest of its potential investors as they consider the impact of being placed on the blacklist.

SenseTime said that it remains committed to complete the listing and will publish supplemental prospects and an updated listing timetable. In addition, it said that it would also fully refund those people who have already invested.

According to the regulatory filings, the company had plans to sell over 1.5 billion shares in the price range of HK$3.85 to HK$3.99. From this, the company would have raised about $767 million.

But instead of setting its listing price, SenseTime found itself in urgent talks with the Hong Kong Stock Exchange and its lawyers to assess the future of the deal amid reports about being blacklisted.

PropTech Startup Aptuno Raises $5 Million in Seed Round ?

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Aptuno, a proptech company, has raised $5 million in its seed funding round co-led by Dalus Capital and Kayyak Ventures.

This seed round comes only 8 months after the company had closed a $1.2 million from Ventura Family Office, INCA VENTURES, and FJ Labs in a pre-seed round.

Founded in 2019 by Cristina Palacios, Aptuno is a Columbia-based proptech startup that provides a seamless search and application experience for Latin American residential renters.

The company’s platform cuts the time it takes for closings to happen by 80% and additionally offers 3 times as many choices to customers.

Aptuno is the next-generation proptech company that is focused on revolutionizing the burdensome property rental process across Latin America.

The company also aims to build an end-to-end solution to make the rental process more efficient for tenants, landlords, and brokerages alike.

With the latest proceedings, the company will hire top tech talent across the region to continue building its product and scaling operations throughout the region.

Around the Web  ?

The U.S. Commercial Real Estate Faces Steep Costs From Flood Damages: According to the First Street Foundation- a non-profit research and technology group and global commercial engineering company Arup, the U.S. commercial real estate industry may face an increasing threat from flooding leading to billions of dollars in increased costs, which is projected to cost $13.5 billion in 2022.

Shabodi Raises $3.3 Million in Seed Funding: Toronto-based infotech startup Shabodi has raised $3.3 million in a seed funding round. The funding was led by Blumberg Capital and also saw participation from Counterview Capital, Green Egg Ventures, Maccabee Ventures, CEAS Investments, SineWave Ventures, Shasta Ventures, MAVA Ventures, Supernode Ventures, and Lorimer Ventures.


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