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Jack Dorseys fintech companyBlock IncSQ is responding to aThursday short report issued by Hindenburg Research that accusesBlock of misleading investors and taking advantage of the people it claims to help.

Block Says Short Report 'Misleading': Hindenburg said Blockintentionally misled investors by disguising predatory loans and fees as revolutionary technology, overstated user growth while understating costs for acquiring customers and added that 40% to 75% of accounts could be fake.

In response to the allegations, Block said it intends to work with the SEC and explore legal action against Hindenburg for afactually inaccurate and misleading reportabout Blocks Cash Appbusiness.

A highly regulated public company with regular disclosures, Block said it is confident in its products, reporting, compliance programsand controls. The company said it reviewed the full Hindenburg report in the context of its own dataand said its designed to deceive and confuse investors.

In January, Hindenburg targetedIndian multinational holding companyAdani Groupin January and its founder Gautam Adani,accusing him of fraud and sending his wealth plunging.

Benzinga reported earlier that Dorsey, who is CEO of Block and co-founder of Twitter was targeted personally by Hindenburg, who said Dorsey's public mentions of its Cash App product in songs was used as evidence of its mainstream appeal.

Yet Hindenburg said many of the artists who mentioned Cash App in songs were talking about using the app for criminal activity.

Block is a global tech company that focuses on financial services. Its ecosystem of commerce solutions, business softwareand banking services that include Square, Cash App, Afterpay, web hoster Weeblyand music streaming platform Tidal.

SQ Price Action: Shares of Block Inc are trading 16.3% lower due to the Hindenburg report at $60.81, accordingto Benzinga Pro.

Photo courtesy of Square.

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Crypto isn’t crashing the American dream; it’s renovating it

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Crypto isn’t crashing the American dream; it’s renovating it

Crypto isn’t crashing the American dream; it’s renovating it

The US housing regulator’s decision to recognize crypto assets in mortgage applications marks a historic shift from exclusion to integration, opening new pathways to homeownership.

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US and EU agree trade deal, says Donald Trump

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US and EU agree trade deal, says Donald Trump

The United States and European Union have agreed a trade deal, says Donald Trump.

The announcement was made as the US president met European Commission chief Ursula von der Leyen at one of his golf resorts in Scotland.

Speaking after talks in Turnberry, Mr Trump said the EU deal was the “biggest deal ever made” and it will be “great for cars”.

The US will impose 15% tariffs on EU goods into America, after Mr Trump had threatened a 30% levy.

He said there will be an EU investment of $600bn in the US, the bloc will buy $750bn in US energy and will also purchase US military equipment.

Mr Trump had earlier said the main sticking point was “fairness”, citing barriers to US exports of cars and agriculture.

He went into the talks demanding fairer trade with the 27-member EU and threatening steep tariffs to achieve that, while insisting the US will not go below 15% import taxes.

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For months, Mr Trump has threatened most of the world with large tariffs in the hope of shrinking major US trade deficits with many key trading partners, including the EU.

Ms von der Leyen said the agreement would include 15% tariffs across the board, saying it would help rebalance trade between the two large trading partners.

In case there was no deal and the US had imposed 30% tariffs from 1 August, the EU has prepared counter-tariffs on €93bn (£81bn) of US goods.

Ahead of their meeting on Sunday, Ms von der Leyen described Mr Trump as a “tough negotiator and dealmaker”.

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US and EU agree trade deal, says Donald Trump

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US and EU agree trade deal, says Donald Trump

The United States and European Union have agreed a trade deal, says Donald Trump.

The announcement was made as the US president met European Commission chief Ursula von der Leyen at one of his golf resorts in Scotland.

Speaking after talks in Turnberry, Mr Trump said the EU deal was the “biggest deal ever made” and it will be “great for cars”.

The US will impose 15% tariffs on EU goods into America, after Mr Trump had threatened a 30% levy.

He said there will be an EU investment of $600bn in the US, the bloc will buy $750bn in US energy and will also purchase US military equipment.

Mr Trump had earlier said the main sticking point was “fairness”, citing barriers to US exports of cars and agriculture.

He went into the talks demanding fairer trade with the 27-member EU and threatening steep tariffs to achieve that, while insisting the US will not go below 15% import taxes.

More from World

For months, Mr Trump has threatened most of the world with large tariffs in the hope of shrinking major US trade deficits with many key trading partners, including the EU.

Ms von der Leyen said the agreement would include 15% tariffs across the board, saying it would help rebalance trade between the two large trading partners.

In case there was no deal and the US had imposed 30% tariffs from 1 August, the EU has prepared counter-tariffs on €93bn (£81bn) of US goods.

Ahead of their meeting on Sunday, Ms von der Leyen described Mr Trump as a “tough negotiator and dealmaker”.

Follow the World
Follow the World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the latest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

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