Business
Bitcoin slips towards $79K as higher Treasury yields and oil prices pressure trigger risk-off sentiment
In the past 24 hours, Bitcoin slipped 2% and Ethereum fell 1% to trade at $2,217 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid, and Cardano slipped up to 8%. The global crypto market capitalisation edged down 2% to $2.63 trillion, according to CoinMarketCap.
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Riya Sehgal, Research Analyst, Delta Exchange said that Bitcoin’s latest pullback appears to be part of a broader macro-led risk-off move. Technically, Bitcoin has again failed to build acceptance above the $82,000–$82,500 resistance band, which remains the key ceiling for momentum traders.
Sehgal also said that as long as Bitcoin holds this region, the market can still treat the move as consolidation after a recovery; however, a clean break below $78,500 may expose the 200-EMA region near $77,800 and overall, crypto markets need confirmation from ETF flows, macro liquidity, yields and on-chain holder behaviour before the next directional trend becomes clearer.
According to the data by CoinMarketCap, in the past week, Bitcoin fell 2% whereas Ethereum fell 4%. Among the major altcoins, XRP, Solana, Tron, Hyperliquid and Cardano went down up to 7% whereas BNB was up 2%.
WazirX Market Desk said that Bitcoin traded mostly around the $79,000-$81,000 range this week, with sentiment staying constructive despite short-term volatility and RSI readings remained largely in the mid-50s to low-60s, indicating steady demand, while Ethereum held firm near $2,250-$2,345 with longer-term signals staying supportive.
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Institutional activity continued to support confidence, with Bitcoin ETFs seeing strong inflows, regulatory optimism also improved after the U.S. Senate Banking Committee advanced the Clarity Act, WazirX Market Desk further said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Business
NVE Corporation: A Great Niche, But With Limited Upside (NASDAQ:NVEC)
My name is Myriam Hernandez Alvarez. I received the Electronics and Telecommunication Engineering degree from the Escuela Politecnica Nacional, Quito, Ecuador, the M.Sc. degree in computer science from Ohio University, Athens, OH, USA, a graduate degree in Business Management from Universidad Andina Simon Bolivar, Quito, Ecuador, and the Ph.D. degree in computer applications from the University of Alicante, Spain.Disclosure: I collaborate professionally with Edgar Torres H, who is also an author on Seeking Alpha. Our analyses are conducted independently, and we adhere to Seeking Alpha’s Shared Association Guidelines.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
Trump says Iran war is worth the economic pain. These rural voters agree

Trump says Iran war is worth the economic pain. These rural voters agree
Business
31 Brings Hope and Strength
NEW YORK — Millions of Christians worldwide woke up Saturday to the Bible Verse of the Day for May 16, 2026: “But those who hope in the Lord will renew their strength. They will soar on wings like eagles; they will run and not grow weary, they will walk and not be faint” (Isaiah 40:31, NIV). The timeless promise of renewal and endurance has resonated deeply on social media, with thousands sharing the verse amid personal challenges, global uncertainties and a collective desire for spiritual encouragement.
This verse, drawn from the Book of Isaiah in the Old Testament, has long served as a source of comfort for believers facing fatigue, trials or uncertainty. On this particular Saturday, as many observe the weekend as a time for rest and reflection, the message feels especially relevant. Pastors, influencers and everyday faith leaders highlighted how the imagery of soaring like eagles speaks to rising above difficulties through trust in God rather than relying on personal strength alone.
Context and Enduring Meaning
The prophet Isaiah delivered these words to the people of Israel during a period of exile and hardship. The promise was not that life would be easy, but that God would provide supernatural strength to those who wait on Him. In 2026, with ongoing global conflicts, economic pressures and personal struggles affecting countless families, the verse’s assurance of renewed energy strikes a powerful chord.
Christian author and speaker Max Lucado, in a widely shared devotional post, noted: “When your legs feel heavy and your spirit feels tired, remember Isaiah 40:31. God doesn’t promise to remove every burden, but He does promise to lift you above them.” Similar reflections appeared across platforms like Instagram, Facebook and YouTube, where short video explanations of the verse garnered hundreds of thousands of views within hours of the day’s posting.
Many churches and ministries featured Isaiah 40:31 in their weekend services and online devotionals. Youth groups particularly embraced the eagle imagery, using it to inspire young people facing academic stress, social media pressures and future uncertainties. One viral TikTok video showed a youth pastor explaining the verse with live footage of eagles soaring, amassing over 2.3 million views by midday.
Why This Verse Speaks to 2026
The choice of Isaiah 40:31 feels especially fitting for the current moment. With many still recovering from the lingering effects of recent global events, economic volatility and personal losses, the idea of divine renewal offers hope without denying the reality of hardship. Faith leaders point out that the verse does not promote passive waiting but active hope — a deliberate choice to trust God even when circumstances seem overwhelming.
Popular Bible app YouVersion reported a significant spike in searches for Isaiah 40 today, with users bookmarking and highlighting the verse at rates 40 percent higher than average. The app’s “Verse of the Day” feature has become a daily touchpoint for more than 50 million users globally, many of whom shared their personal reflections using the platform’s built-in sharing tools.
One user from Seoul wrote: “Woke up exhausted from work and family pressures. This verse reminded me I don’t have to carry everything alone. God renews my strength daily.” Similar testimonies poured in from London, Lagos, São Paulo and Manila, showing the verse’s universal appeal across cultures and continents.
Historical and Theological Significance
Biblical scholars note that Isaiah 40 marks a major shift in the book, moving from judgment to comfort. The chapter opens with God’s tender words to His people and builds to this soaring promise in verse 31. The eagle metaphor draws from ancient Near Eastern imagery, where eagles symbolized power, freedom and divine protection. In Christian theology, the verse points forward to the sustaining grace found in Jesus Christ, who offers rest to the weary (Matthew 11:28-30).
Throughout history, Isaiah 40:31 has inspired countless believers. It was a favorite of missionaries, civil rights leaders and everyday Christians facing persecution or hardship. During World War II, it provided comfort to soldiers and families. In the civil rights movement, it encouraged persistence in the face of injustice. Today, it continues to speak to new generations navigating anxiety, burnout and cultural shifts.
Practical Applications for Daily Life
Faith leaders encourage practical steps to live out this verse. These include starting the day with prayer and Scripture, practicing gratitude, setting healthy boundaries to avoid burnout, and surrounding oneself with a supportive faith community. Many suggest memorizing the verse or displaying it visibly as a daily reminder.
Parents are using it to teach children about resilience. Teachers incorporate it into character education lessons. Mental health professionals working from a faith-based perspective often reference it when discussing coping with exhaustion and finding inner strength.
For those feeling spiritually dry, pastors recommend “waiting on the Lord” through practices like fasting, extended prayer, worship and serving others. The verse promises not just survival but soaring — a transformed way of moving through life with divine energy rather than mere human effort.
Global Reach and Digital Impact
The Bible Verse of the Day reaches far beyond traditional church walls. Apps, websites and social media accounts dedicated to daily Scripture deliver it to millions who may not attend services regularly. This democratization of spiritual encouragement has helped sustain faith during challenging times.
On May 16, 2026, the verse trended across platforms, with users creating artwork, music covers and short films inspired by its message. Christian influencers shared personal stories of times when God renewed their strength in unexpected ways, turning the daily verse into a communal moment of testimony and hope.
A Timely Reminder
As the world continues facing complex challenges — from geopolitical tensions to personal struggles — Isaiah 40:31 serves as a powerful anchor. It reminds believers that exhaustion is real but not final, and that divine strength is available to those who place their hope in God.
Whether you are a longtime Christian or someone simply seeking encouragement today, this verse offers an invitation to exchange weariness for wonder, weakness for wings. In a fast-paced, often overwhelming world, the promise to “run and not grow weary” feels both radical and deeply needed.
For millions starting their day with this Scripture, it becomes more than words on a screen — it becomes a declaration of faith, a source of courage and a reminder that they do not face tomorrow alone. As one popular comment summarized: “Exhausted today, but soaring in my spirit. Thank you, Lord, for renewing my strength.”
The Bible Verse of the Day for May 16, 2026 continues to inspire, comfort and challenge believers everywhere. In a world that often leaves people feeling depleted, Isaiah 40:31 points to a source of strength that never runs dry. May it encourage you today to hope in the Lord and discover the wings He provides for whatever lies ahead.
Business
Casey’s New Menu Item Could Give Its Stock Wings
Casey’s New Menu Item Could Give Its Stock Wings
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Amazon faces class action lawsuit over unreturned tariff costs to consumers
Novo Nordisk CEO Mike Doustdar details the company’s Amazon partnership, benefits of Ozempic beyond weight loss and more on ‘The Claman Countdown.’
Amazon is facing a new class action lawsuit accusing the company of failing to refund tariff-related costs it passed on to consumers through higher prices in order to appease the Trump administration.
Consumers allege in a proposed lawsuit filed in Seattle that the tech giant collected hundreds of millions of dollars in unlawful tariff costs by raising prices on imported goods before the U.S. Supreme Court ruled in February that President Donald Trump lacked authority under the International Emergency Economic Powers Act (IEEPA) to impose certain tariffs.
While thousands of companies have sought billions of dollars in refunds from the government following the ruling, Amazon has failed to do so, the complaint states, “not because it lacks a legal basis to do so, but because it seeks to curry favor with Trump by allowing the federal government to retain the funds.”
“Amazon’s decision to forgo recovery serves its own political and commercial interests at the direct expense of the consumers who bore the tariff costs in the first place,” the lawsuit alleges.
AMAZON’S 30-MINUTE DELIVERY PUSH RAISES STAKES IN RACE FOR SPEED

The Amazon logo is displayed on the façade of Amazon Germany’s headquarters in Parkstadt Schwabing, Munich, Bavaria, on Jan. 27, 2026. (Matthias Balk/picture alliance via Getty Images / Getty Images)
“The problem is that the funds Amazon is using to stay in the President’s good graces do not belong to Amazon,” the complaint continues. “These funds were wrongfully taken from consumers to cover IEEPA tariffs that have since been invalidated. Those funds belong to the consumers who paid them.”
The lawsuit also alleges Amazon “has no intention” of returning the costs passed on to consumers.
“It has, in short, generated and retained a windfall from unlawful government action, and consumers — not Amazon — are the ones left paying for it,” the filing states.
The complaint accuses Amazon of unjust enrichment and violating Washington state’s consumer-protection law.
MORE THAN 125,000 CHILDREN’S TOWER STOOLS RECALLED NATIONWIDE DUE TO POSSIBLE DEADLY DEFECT

The U.S. Supreme Court ruled 6-3 that the International Emergency Economic Powers Act does not authorize the president to impose broad tariffs. (MANDEL NGAN/AFP via Getty Images / Getty Images)
The legal clash comes after consumers filed similar lawsuits against companies, including Nike and Costco, over claims they failed to pass tariff-related refunds on to customers.
The lawsuit against Amazon also alleges the company faced White House pushback in April 2025 after reports surfaced that it was considering displaying how much of a product’s cost stemmed from IEEPA tariffs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 264.14 | -3.08 | -1.15% |
Amazon denied the report, saying it never considered listing tariff-related prices on its main retail site. However, the lawsuit alleges the report prompted Trump to call Amazon Executive Chairman Jeff Bezos to complain.
CLICK HERE TO GET FOX BUSINESS ON THE GO

Nike and Costco are both tied to tariff-related lawsuits. (Natalie Behring/Bloomberg via Getty Images / Getty Images)
More than 2,000 companies have filed suits in the U.S. Court of International Trade seeking to recover tariffs paid on imported goods.
FOX Business has reached out to Amazon and the White House for comment.
Reuters contributed to this report.
Business
Why Intel Is More Like Boeing Than Nvidia or TSMC
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Man Critically Injured in Shark Attack at Popular Rottnest Island Beach Near Perth
PERTH, Australia — A man in his thirties is fighting for his life after a shark attacked him at Geordie Bay on Rottnest Island off the Western Australian coast Saturday morning, triggering a major emergency response and renewed safety concerns at one of the state’s most visited tourist destinations.
The incident occurred just before 10 a.m. local time when the victim was swimming in the popular bay. St John WA ambulance confirmed paramedics treated the man for serious injuries before airlifting him to Royal Perth Hospital, where he remains in critical but stable condition. Officials have not yet released the man’s name, citing privacy, but said he is a visitor to the island.
Witnesses described a chaotic scene as beachgoers rushed to assist the victim while others scrambled out of the water. Surf Life Saving Western Australia immediately activated emergency protocols, closing Geordie Bay and nearby swimming areas as a precaution. Helicopters and drones were deployed to search for the shark, though no further sightings were reported in the immediate aftermath.
Rottnest Island, located just 18 kilometres west of Fremantle, is famous for its pristine beaches, friendly quokkas and car-free environment. Geordie Bay is one of its most popular swimming spots, especially on weekends when ferries bring hundreds of day-trippers. Saturday’s attack has sent shockwaves through the local tourism industry and the broader Western Australian community, where shark encounters, while statistically rare, carry significant public fear.
Rapid Medical Response
St John WA said its paramedics arrived within minutes and provided critical on-scene care, including hemorrhage control and advanced life support. “Our teams worked quickly to stabilise the patient before transferring him via the Royal Flying Doctor Service,” a spokesperson said. “He is receiving specialist treatment in Perth, and our thoughts are with him and his family at this difficult time.”
Western Australia Police and the Department of Biodiversity, Conservation and Attractions are leading the investigation. Shark spotters and marine experts have been monitoring the area, but authorities have not yet identified the species involved. Great whites, bull sharks and tiger sharks are all known to frequent these waters, particularly during warmer months.
The island’s authorities closed all swimming zones around Geordie Bay for the remainder of the day. Ferries continued running, but visitors were strongly advised to stay out of the water. Many day-trippers chose to cut their trips short, creating an unusually quiet atmosphere at what is normally a bustling weekend destination.
Rising Shark Activity in Western Australia
Western Australia has a complex relationship with sharks. The state records several serious attacks each year, though fatal incidents remain relatively uncommon. This latest event is the first serious shark bite at Rottnest Island in several years, though the broader Perth metropolitan coastline has seen increased activity in recent seasons.
Marine scientists attribute some of the rise to changing ocean conditions, including warmer waters and shifting prey patterns linked to climate change. The recovery of seal and sea lion populations has also drawn larger sharks closer to popular swimming areas. Despite these trends, experts stress that the risk to individual swimmers remains extremely low — far lower than risks associated with driving or swimming in rip currents.
The Western Australian government has invested millions in shark mitigation strategies, including drone surveillance, shark nets at selected beaches, and public education campaigns. Saturday’s incident will likely prompt a review of current measures around Rottnest Island, which relies more heavily on visual spotting and beach closures than physical barriers.
Premier Roger Cook expressed concern for the victim and his family while urging calm. “Our thoughts are with the man and everyone affected by this incident,” he said. “Western Australia has some of the most beautiful beaches in the world, and we must balance safety with the ability for people to enjoy them responsibly.”
Impact on Tourism and Local Economy
Rottnest Island generates significant revenue for Western Australia’s tourism sector. The attack could temporarily dampen visitor numbers, particularly among international tourists sensitive to shark-related news. Local businesses that depend on weekend trade have already reported quieter conditions, though many expressed hope that the incident will be contained and public confidence restored quickly.
Tourism operators emphasized the island’s overall safety record and encouraged visitors to follow beach closure signs and swim at patrolled locations. “One incident should not define an entire destination,” said one ferry operator. “Rottnest remains an incredibly special place, and we’re committed to keeping it safe for everyone.”
Community and Expert Reactions
The surfing and swimming community expressed shock but also resilience. Many noted that beachgoers acted quickly to help the victim, demonstrating the strong sense of mateship common in Australian coastal culture. Surf Life Saving clubs across Perth reinforced their patrols and education efforts in response to the event.
Marine biologist Dr. Emily Watson, who has studied shark behaviour in Western Australian waters for over a decade, said the attack fits patterns seen in other non-fatal incidents. “Most shark bites are exploratory or mistaken identity,” she explained. “Humans are not natural prey for these animals. Understanding their behaviour helps us develop better prevention strategies without unnecessarily harming shark populations.”
Conservation groups urged against knee-jerk reactions such as culling programs, which have proven controversial and largely ineffective in the past. They called for continued investment in non-lethal technologies like smart drum lines and advanced detection systems.
Safety Advice for Beachgoers
Authorities are reminding the public to follow basic shark safety guidelines: swim at patrolled beaches, avoid swimming at dawn or dusk, stay in groups, and refrain from swimming near river mouths or areas with schooling fish. The SharkSmart app and beach signage provide real-time alerts and updates that can help visitors make informed decisions.
For Rottnest visitors specifically, officials recommend checking the island’s website and ferry operator updates before travel. While swimming is currently prohibited at Geordie Bay, other activities such as cycling, snorkelling in designated areas (with caution) and wildlife watching remain available.
The victim’s family has requested privacy as he continues treatment in Perth. Hospital officials said he is receiving excellent care and is surrounded by loved ones. His condition is being closely monitored, with updates expected in the coming days.
As investigations continue and beaches gradually reopen, Saturday’s incident serves as a sobering reminder of the power and unpredictability of the ocean. Western Australians have a deep respect for the sea, and this latest event will likely spark renewed conversations about balancing enjoyment with safety in one of the world’s most beautiful coastal regions.
The man’s recovery and the broader lessons from this attack will be watched closely by communities up and down the coast. For now, the focus remains on his well-being and supporting all those affected by this frightening encounter at one of Perth’s favourite island getaways.
Business
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Oil prices rise as Iraq’s Hormuz shipments collapse amid conflict

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India’s gold import duty hike: A double-edged sword
Why the Appeal to Citizens
India is the world’s second-largest consumer of gold, with nearly 90% of its demand met through imports. This heavy reliance has consistently placed pressure on the current account deficit (CAD), making gold a critical factor in India’s external balance. In FY26, gold imports surged to nearly $72 billion, despite lower import volumes, largely due to rising global prices. Such persistent demand has prompted the Prime Minister to urge citizens to voluntarily reduce consumption, aiming to ease the burden on foreign reserves and stabilize the rupee. The appeal also reflects concerns over widening CAD amid elevated crude oil prices, which together strain India’s economy. By curbing gold buying, the government hopes to conserve forex reserves and strengthen the currency.
Current Account Deficit and Crude Oil Prices
India’s current account deficit (CAD) has widened considerably, driven primarily by two major imports, crude oil and gold. Elevated crude oil prices, fuelled by ongoing geopolitical tensions in West Asia, have placed significant downward pressure on the rupee. A rising CAD not only weakens the currency but also increases borrowing costs, reduces investor confidence, and heightens vulnerability to external shocks. In this context, restricting gold imports is viewed as a temporary measure to ease the imbalance and conserve foreign reserves.
Gold Imports and Forex Pressure
Gold imports account for nearly 9–10% of India’s total import bill, making them a significant contributor to external imbalances. By curbing imports, the government hopes to conserve foreign reserves, reduce pressure on the current account deficit, and stabilize the rupee. Yet the structural nature of India’s gold demand, deeply rooted in cultural traditions, weddings, and festivals, limits the effectiveness of such restrictions. Even when prices rise, demand tends to rebound during peak seasons, reflecting gold’s enduring role as both ornament and investment. Thus, while the policy may offer short-term relief, its long-term impact remains uncertain.
Risk of Illegal Imports
India has witnessed this cycle repeatedly. Whenever import duties on gold were raised sharply, smuggling surged, undermining official trade channels and eroding government revenue. This prompted policymakers to reduce the duty to 6% last year in an effort to narrow the price gap and discourage illegal inflows. With the latest hike back to 15%, the risk of illicit imports is once again elevated. Smuggling not only distorts the domestic market but also complicates regulation, creating parallel channels of supply. Such unintended consequences highlight the limitations of relying solely on duty hikes to manage India’s persistent gold demand.
Impact on Gold Demand
In the short term, higher gold prices may dampen demand, as consumers delay purchases or shift to lighter ornaments. However, India’s gold consumption is deeply entrenched and resilient. Weddings, festivals, and cultural traditions ensure steady demand regardless of price fluctuations, making gold more than just an investment, but a social necessity. With the peak demand season approaching, imports are expected to rise again, even if unofficial channels play a larger role due to the widened price gap. This persistence highlights that duty hikes can only offer temporary relief, while long-term demand remains largely unaffected.
Can Duty Hike Alone Achieve the Goals? Exploring Alternatives
Raising customs duty on gold to 15% is unlikely to achieve the government’s objectives in isolation. While it may temporarily reduce official imports, the widened price gap between domestic and international markets encourages smuggling and unofficial trade, undermining the policy’s intent. India’s resilient appetite for gold means demand will persist regardless of higher duties. Instead of relying solely on import restrictions, the government could pursue alternative strategies. Expanding and simplifying the Gold Monetization Scheme would help unlock the vast idle gold reserves held by households and temples. Establishing a Gold Bank could provide a centralized platform for importers, improve transparency, and reduce dependence on physical imports. Promoting Sovereign Gold Bonds and gold-backed financial instruments would also channel investment demand into formal avenues.
What Should Investors Do?
Investors need not panic in response to the recent hike in gold import duty. Gold prices have risen rather than declined, ensuring that current holdings continue to retain value. Historically, gold has proven to be a reliable safe-haven asset, particularly during periods of geopolitical uncertainty and economic volatility. For those looking to maintain or expand exposure, instruments such as Exchange Traded Funds (ETFs) and Sovereign Gold Bonds offer attractive alternatives, as they eliminate concerns over purity, storage, and making charges. These vehicles also provide liquidity and, in the case of Sovereign Gold Bonds, additional interest income.
While higher duties may temporarily affect official imports, India’s cultural and investment demand for gold remains resilient. Once tensions in West Asia ease, global gold prices could surge further, which in turn may lift domestic prices. Thus, investors should view gold as a long-term hedge rather than a short-term speculative play.
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