Huobi, Man Utd, WeWork, Bitstamp and More: Editor’s Choice

We take a look back at some of the news stories that dominated this week’s headlines in our Editor’s Choice.

Huobi takes $64M hit in outflows over the weekend: here’s why

The trading week kicked off with the news that one of the biggest cryptocurrency exchanges, Huobi, experienced massive outflows of $64 million over the weekend, impacting its overall long-term value.

Invezz looked at the allegations and rumours swirling around Huobi, in particular, the talk of the cryptocurrency exchange being “deeply insolvent.”

Read more on the Huobi outflows here.

Can Italy revive its ailing economy with Russian rubles?

Ferdinando Pelazzo, President of the Italian-Russian Chamber of Commerce, wants to develop a ruble-based payment mechanism to kickstart diminished trade flows between the two countries to support the unsanctioned space and boost a faltering Italian economy.

Invezz takes a deep dive into Italian-Russian trade and whether such proposals, going very much against the tide of sanctions, could gain traction elsewhere.

Read more on the Italian-Russian Chamber of Commerce proposals here.

Is Manchester United stock (NYSE:MANU) a good investment?

With the football season now firmly upon us, Invezz takes a timely look at one of the most popular football clubs in the world – Manchester United (NYSE:MANU).

Despite a big jump in the stock price on news of the club being put up for sale last year, Man Utd stock has fallen 13% year-to-date, whilst the S&P 500 in the same period has registered an 18% gain.

Our Head of Research, Dan Ashmore, analyses Manchester United on and off the pitch to see if Manchester United Plc is a good investment.

Read more on Manchester United Plc (NYSE:MANU) here.

Bitstamp to halt US trading for MATIC, SOL, CHZ and five other altcoins

Citing the prevailing regulatory environment, crypto exchange Bitstamp announced this week that it will soon halt trading for several altcoins for users in the United States.

Bitstamp said that US customers will not have access to Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near Protocol (NEAR), The Sandbox (SAND) and Solana (SOL) trading starting later this month.

Read more on the Bitstamp altcoin action here.

WeWork warns of a possible bankruptcy

Shares of WeWork Inc (NYSE: WE) were slashed almost in half on Wednesday morning after the shared workspace provider warned of a possible bankruptcy.

The New York-based company, which was once valued at $45 billion, said it lost another $700 million in the first six months of this year on top of the $2.3 billion it lost in 2022.

Read more on the WeWork bankruptcy warnings here.

The spectacular rise and fall of Boohoo: Does it have a future?

With Boohoo stock down 38% from its yearly high, Invezz took a closer look at the fast fashion company started in 2006 by Mahmud Kamani and Carol Kane.

Having established itself as one of the fastest-growing companies in the UK. Boohoo’s revenue jumped from over £67 million in 2012 to £1.9 billion in 2021/22.

However, amid allegations of poor working conditions and rising competition from abroad, Boohoo has suffered of late. Now, with a turnaround strategy in place, what does the future hold for Boohoo

Read more on the rise, fall and future of Boohoo here.

Country Garden share price and the $200 billion black swan

Country Garden stock price, which surged in 2022, came crashing down to earth this week, with the stock plunging to a low of H$1 on Friday, its lowest level since 2009.

The plunge came after the company missed payments on two international bonds worth over $22 million.

Following the Chinese government’s crackdown on the real estate sector two years ago, Country Garden now have to battle rising interest rates and a slowing global economy.

Read more on the Country Garden stock price plunge here.