1 watch actual coin news with cryptomarket mood rating.

How the laws & regulation affecting blockchain technology can impact its adoption

Business Insider, 1/1/0001 12:00 AM PST

Rapid Rise of Cryptocurrencies and Blockchain Technology

Over the past few years, inventions in the fintech space have been rapidly transforming into innovations thanks to early commercialization, mass acceptance and adoption. 

Cryptocurrencies have been around for a  long time, but they have gained maximum traction and attention in the past decade. After the launch and success of Bitcoin, other cryptocurrencies soon followed, trying to break in the Fintech industry.

The rise and success of cryptocurrencies has been such that today, there are more than 1,100 cryptocurrencies currently trading in the financial market.

The price of cryptocurrencies ranges between approximately a quarter to thousands of dollars. Although recently, Bitcoin broke an all-time record high and hit a historic mark when its value peaked at a whopping $5,856.10 on October 13, 2017.  The $5,000 mark has long been a threshold of high-anticipation in the bitcoin community.

The currency, which is up more than 400% this year, is turning heads of businesses, financial institutions and governments all around the world. But it's also raising regulatory concerns and questions.

In this article, BI Intelligence, Business Insider’s premium research service, explores the regulations surrounding cryptocurrencies worldwide and their subsequent impact and spread. 

World Map

Cryptocurrency Regulations Around the World

Amongst world economies and governments, cryptocurrency has been a topic of continual debate. Many governments feel that allowing cryptocurrency for legal transactions and use would ultimately result in loss of economic power and a shift towards decentralized economies globally.

Even though many countries across the world permit cryptocurrencies, they have been under scrutiny and seen with skeptical eyes in many others. Certain countries have gone to the extent of banning the currency, making its use, possession, and trade illegal.  

BI Intelligence has gone into further depth in identifying and listing the blockchain regulations and associated issues in the U.S., Europe, and the rest of the world.

Blockchain Regulations in the U.S.

According to The Columbia Science and Technology Law Review, the regulatory responses to emerging technologies, and to blockchain in particular, range from excitement to suspicion to indifference.

The law review states that the U.S. federal government has not exercised its constitutional preemptive power to regulate blockchain to the exclusion of states (as it generally does with financial regulation) or even expressed intention to do so, regardless of the interest of federal agencies. And so the states remain free to introduce their own rules and regulations. As an example, although New York did not enact state-wide legislation recognizing blockchain for record-keeping purposes, in June 2015 it became the first state in the U.S. to regulate virtual currency companies through state agency rulemaking.

In 2017, at least eight U.S. States have worked on bills accepting or promoting the use of Bitcoin and blockchain technology, while a couple of them have already passed them into law. 

The most important developments for blockchain’s regulation and implementation in the U.S. in an evidentiary context occurred in Arizona (recognition of smart contracts), Vermont (blockchain as evidence), Chicago (real estate records), and, most importantly, Delaware (pending initiative authorizing registration of shares of Delaware companies in blockchain form).

In the U.S., Bitcoin is set to be given the same financial safeguards as traditional assets. The U.S. Commodity Futures Trading Commission has granted LedgerX, a cryptocurrency trading platform operator, approval to become the first federally regulated digital currency options exchange and clearinghouse in the U.S.

Blockchain Regulation

Blockchain Regulations in Europe

The overall approach of the EU towards the blockchain technology is positive and welcoming. The EU appears to be following the path of an innovation-first business philosophy, which could end up supporting development of virtual currencies from two angles: 1) encouraging the exploration of use cases to test impact and laws, and 2) giving entrepreneurs confidence that their "approved" applications will be more trusted by their target markets.

This approach, combined with the EU's scope as regulators for a 28-country economic bloc, could not only encourage an ecosystem of thinkers and doers, but could also end up making Europe a prime destination for blockchain development, as businesses choose the continent for their domicile and as talent flocks to the area.

Earlier this year, the executive arm of the European Union government revealed that it is working on the blockchain to support distributed ledger-based projects. According to this official press release published on February 7th, the Commission is considering growing its efforts on supporting more projects related to the distributed ledger technology (DLT).

The European Commission is “actively monitoring Blockchain and DLT developments” and is working on exploring “DLT benefits and challenges as well as fields for application in financial services”.

The official press release also clarified that the Commission wants to “pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society.” 

Switzerland has become one of the main European hubs for cryptocurrency and blockchain development. This has been spearheaded by the Crypto Valley Association, a Swiss non-profit blockchain and cryptographic technology ecosystem, which has started to develop an ICO Code of Conduct in light of China’s recent ban of token crowdsales. 

Blockchain Adoption

Regulating Blockchain Technology Worldwide 

Blockchain is the technology of choice for many startups. As per research by Outlier Ventures Research Team in May to June of 2016, 200 new startups were added in six weeks. Businesses and startups popped up around the virtual technology and sprouted with lightning speed. While many countries are supporting the development of the digital currencies, thus encouraging new ways of transacting and new businesses to bud, there are some that have boycotted the new technology, deeming it as an illegal negative disruption that brings financial instability and global economic unrest.

According to the Congressional resolution proposed July 14, 2016 in the U.S., “blockchain technology with the appropriate protections has the potential to fundamentally change the manner in which trust and security are established in online transactions through various potential applications in sectors including financial services, payments, health care, energy, property management, and intellectual property management.”

The hundreds of pilots and proofs-of-concept currently in motion are but a tip of the iceberg when it comes to potential applications of the blockchain technology.

The world is slowly and steadily learning and experiencing the advantages this new age of technology has to offer, which is why the story is constantly developing and changing.

Get the latest Bitcoin price here.

More to Learn

The red-hot currency is here to stay and has the potential to further disrupt traditional industries and transactional methods. Even though the mass adoption may see bumps due to opposition from world economies and governments, the digital currency is sure to make headlines due to mass adoption by the tech buffs and cryptocurrency aficionados swearing by the currency’s revolutionary power.

BI Intelligence has put together two detailed reports on the blockchain: The Blockchain in the IoT Report and The Blockchain in Banking Report to give you all the latest insights and an in depth insider view into the world of this techno-currency revolution.

To get these reports, plus immediate access to more than 250 other expertly researched reports, subscribe to an All-Access pass to BI Intelligence. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now

You can also purchase and download the full reports from our research store: 

                            >> Blockchain in the IoT

                            >> Blockchain in Banking 

Join the conversation about this story »

BlackRock Strategist: There's No 'Right or Wrong' Price for Bitcoin

CoinDesk, 1/1/0001 12:00 AM PST

BlackRock Chief Investment Strategist Richard Turnill says cryptocurrencies are in a bubble right now, but that blockchain technology is promising.

BitMEX Clarifies Position on Bitcoin Hard Forks With SegWit2x Looming

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post BitMEX Clarifies Position on Bitcoin Hard Forks With SegWit2x Looming appeared first on CryptoCoinsNews.

STOCKS HIT RECORD HIGHS: Here's what you need to know

Business Insider, 1/1/0001 12:00 AM PST

US Navy George H.W. Bush aircraft carrier Seahawk helicopter

The major averages closed at record highs on Friday.

The day didn't start out so well though, as General Electric caught investors off-guard with its disastrous earnings report ahead of the bell.

But, after sliding more than 6% at the open, GE ended the day higher and the S&P 500, Dow Jones industrial average and Nasdaq posted their best closes of all-time.

Here's the scoreboard:

  1. General Electric's disastrous earnings report caught traders off-guard. The stock clawed its way back on Friday as traders digested CEO John Flannery's restructuring plan.
  2. Snap hit with more layoffs, plans to slow hiring in 2018. Snap's stock, on the other hand, rose as the company cut workers and said it was slowing plans for future hiring.
  3. Bitcoin spikes to a record high near $6,000. The currency is at all-time highs, even as Wall Street wrestles over its future.
  4. Catalonia's fight for independence is about to hit a wall. Tensions in the Spanish region are simmering, and the Spain's stock market has been reflecting that volatility.
  5. The GOP has found an innovative new way to steal from your future self. Republicans want to punish people saving for retirement to finance Trump's tax cuts.

Other headlines

The stock market's robot revolution is here

JPMORGAN: Tesla could have to raise the price of the Model 3

Republicans are considering a proposal that would radically change the way you save for retirement

Apple will have only shipped 3 million iPhone X units when it launches — good luck finding one

 

 

SEE ALSO: What you need to know on Wall Street today

Join the conversation about this story »

NOW WATCH: Is bitcoin a bubble or the future of everything?

STOCKS HIT RECORD HIGHS: Here's what you need to know

Business Insider, 1/1/0001 12:00 AM PST

US Navy George H.W. Bush aircraft carrier Seahawk helicopter

The major averages closed at record highs on Friday.

The day didn't start out so well though, as General Electric caught investors off-guard with its disastrous earnings report ahead of the bell.

But, after sliding more than 6% at the open, GE ended the day higher and the S&P 500, Dow Jones industrial average and Nasdaq posted their best closes of all-time.

Here's the scoreboard:

  1. General Electric's disastrous earnings report caught traders off-guard. The stock clawed its way back on Friday as traders digested CEO John Flannery's restructuring plan.
  2. Snap hit with more layoffs, plans to slow hiring in 2018. Snap's stock, on the other hand, rose as the company cut workers and said it was slowing plans for future hiring.
  3. Bitcoin spikes to a record high near $6,000. The currency is at all-time highs, even as Wall Street wrestles over its future.
  4. Catalonia's fight for independence is about to hit a wall. Tensions in the Spanish region are simmering, and the Spain's stock market has been reflecting that volatility.
  5. The GOP has found an innovative new way to steal from your future self. Republicans want to punish people saving for retirement to finance Trump's tax cuts.

Other headlines

The stock market's robot revolution is here

JPMORGAN: Tesla could have to raise the price of the Model 3

Republicans are considering a proposal that would radically change the way you save for retirement

Apple will have only shipped 3 million iPhone X units when it launches — good luck finding one

 

 

SEE ALSO: What you need to know on Wall Street today

Join the conversation about this story »

NOW WATCH: RAY DALIO: You have to bet against the consensus and be right to be successful in the markets

A chilling sentence from Bank of America's tech chief should have a big chunk of Wall Street worried (BAC)

Business Insider, 1/1/0001 12:00 AM PST

robots machines internet of things ioT

  • Wall Street banks are ramping up spending on technology and hiring more people with tech skills. 
  • Bank of America's chief tech officer says that the technological shift is happening too fast for current traders to adapt. 

 

Technology is moving front and center on Wall Street, and it has many people worried about their jobs.

Wall Street is ramping up spending on technology and hiring more people with tech skills, especially in trading where profits have been harder to come by and banks are looking to cut costs.

According to data from Coalition, on average the top 12 investment banks decreased headcount in sales and trading near 6% in 2016. Meanwhile, tech spending increased 1% in front office systems, according to Bloomberg reporting. 

JPMorgan, specifically, is on track to spend $9.5 billion a year in technology. And 47% of Goldman Sachs' recent job listings are in technology, according to CB Insights. 

So that means traditional Wall Streeters need to brush up on their tech skills, right? It turns out that it might not be so simple. There's a good chance that even if a trader tries to adjust to this shifting landscape, by sharpening his or her tech skills or learning how to read code, they could still lose their jobs.

Bloomberg is running a series of stories on the tech revolution on Wall Street, and in a story by Sarah Ponczek and Dakin Campbell, Cathy Bessant, the chief technology and operations officer at Bank of America, said technology is changing too fast for traders to catch up. 

"Those of us in leadership roles know what's coming, we're helping to drive it and know what skill sets we need," said Bessant.

What she said next to Bloomberg should worry anyone who isn't already conversant on coding and tech. According to Bessant, teaching existing talent new tech skills is not worth it in most cases:

“The kind of skills that we’ll need have to be taught beginning at a much earlier age. Whether you can train the same worker at the same time you’re changing their job remains to be seen.”

Wall Streeters, consider yourselves warned.

Read the full report at Bloomberg >>

SEE ALSO: Goldman Sachs has made a big hire in electronic trading

Join the conversation about this story »

NOW WATCH: RAY DALIO: Bitcoin is a speculative bubble

Bitcoin Breather? Higher Price Push Still Possible on Search Demand

CoinDesk, 1/1/0001 12:00 AM PST

The price of bitcoin continues to climb, and if price charts are any indication, there could be clear skies ahead.

Snap rises after layoffs and plans to slow hiring (SNAP)

Business Insider, 1/1/0001 12:00 AM PST

snap stock price

  • Business Insider's Alex Heath reported that Snap has laid off 18 people from its recruiting division.
  • The company is expected to see more layoffs as it implements a new employee evaluation system.
  • CEO Evan Spiegel also said that the company will slow its hiring in 2018.
  • The stock rose more than 1% after the news and is up 1.64% on the day to $15.50.
  • Snap is still down 8.8% from its IPO at $17, as investors wonder about its ability to monetize its relatively-small, but engaged, user base.

Read Alex Heath's story about the layoffs at Snap here.

SEE ALSO: Snap hit with more layoffs, plans to slow hiring in 2018 (SNAP)

Join the conversation about this story »

NOW WATCH: Is bitcoin a bubble or the future of everything?

Snap rises after layoffs and plans to slow hiring (SNAP)

Business Insider, 1/1/0001 12:00 AM PST

snap stock price

  • Business Insider's Alex Heath reported that Snap has laid off 18 people from its recruiting division.
  • The company is expected to see more layoffs as it implements a new employee evaluation system.
  • CEO Evan Spiegel also said that the company will slow its hiring in 2018.
  • The stock rose more than 1% after the news and is up 1.64% on the day to $15.50.
  • Snap is still down 8.8% from its IPO at $17, as investors wonder about its ability to monetize its relatively-small, but engaged, user base.

Read Alex Heath's story about the layoffs at Snap here.

SEE ALSO: Snap hit with more layoffs, plans to slow hiring in 2018 (SNAP)

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: The 'Trump trade' is back and Ray Dalio breaks down the bitcoin bubble

What you need to know on Wall Street today

Business Insider, 1/1/0001 12:00 AM PST

FILE PHOTO: Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May 9, 2012. REUTERS/Steve MarcusWelcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

The Senate passed its fiscal-year 2018 budget resolution Thursday, opening the door for the passage of Republican leadership's massive package to overhaul the tax code. Here's what you need to know:

In finance news, Wall Street has been embroiled in a civil war between traders and exchanges over the rising cost of market data. A recent hire by the Securities and Exchange Commission is being viewed as a win by the traders.

We talked to the chief investment strategist at $6 trillion fund giant BlackRock about stocks, bitcoin, and the Fed. Billionaire hedge fund manager Dan Loeb’s Third Point is crushing the competition. The first artificial intelligence-powered exchange-traded fund just launched, and it's already beating the market.

And Hong Kong's stock exchange is to shut after more than 30 years as automated trading takes over.

In deal news, SoftBank plans to invest roughly $880 billion in tech through more Vision Funds. Stitch Fix just filed for an IPO.

And the founder of a fresh hedge fund launch pitched the Madison Square Garden Company to a high-profile Wall Street investor conference on Thursday, touting the growing number of billionaires – who may in turn buy more sports teams – as a bullish sign for MSG.

The September jobs report showed a stunning drop in net nonfarm payrolls by 33,000, the first time the US economy shed jobs since 2010.  State-level data released on Friday made clear that most of the job losses occurred in Florida.

In markets news and views:

Lastly, Bombardier's next generation $73 million Global 7000 private jet just made its air show debut.

Join the conversation about this story »

NOW WATCH: The head of a $55 billion fund at First Eagle points out the risks everyone else on Wall Street is missing

Bitcoin Price Hits $6,054, Factors Behind New-All Time High

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post Bitcoin Price Hits $6,054, Factors Behind New-All Time High appeared first on CryptoCoinsNews.

The stock market's robot revolution is here

Business Insider, 1/1/0001 12:00 AM PST

artificial intelligence robot

  • EquBot just launched the AI Powered Equity ETF (AIEQ), which uses IBM's Watson technology to construct a stock portfolio.
  • The fund has outperformed the S&P 500 so far, but a much longer trading period is needed to assess whether it can truly offer market-beating returns.

 

The long-awaited rise of the machines is here, at least in the stock market.

The first artificial intelligence-powered exchange-traded fund launched on October 18. Called the AI Powered Equity ETF (ticker: AIEQ), it uses IBM's Watson supercomputing technology to analyze more data than humanly possible, all in the pursuit of building the perfect portfolio of 30 to 70 stocks.

The ETF ranks investments based on their "probability of benefiting from current economic conditions, trends, and world- and company-specific events" and picks those with the best chance at outperformance, according to a recent release.

And the technology enables it to do that while constantly analyzing information for 6,000 US-listed companies. The top three positions as of Friday were CIT Group, Penumbra and Genworth Financial

The fund was founded by EquBot, which is a part of IBM's Global Entrepreneur program, and is offered to investors through a partnership with ETF Managers Group. EquBot initially sprouted from a discussion between the cofounders in an MBA classroom at UC Berkeley's Haas School of Business.

The ETF launch comes at a time when passive investment has never been hotter. The combined assets of US ETFs hit $3.1 trillion in August, increasing roughly $700 billion in a single year, according to Investment Company Institute data. And many of those strategies already employ computer-driven quantitative strategies.

So what sets AIEQ apart? Chida Khatua, CEO and co-founder of EquBot, argues that their technology is more advanced, which gives it a big advantage.

"As powerful as many algorithms underlying expensive quantitative hedge funds and other vehicles might be, unless they’re also built with AI and machine learning baked right in, mistakes can be propogated and opportunities for outperformance can be missed," he said in the October 18 release.

In three days of trading, the fund has risen 0.8%, double the S&P 500 over the same period. What's more, the ETF has averaged about 193,000 units traded per day, a strong showing for a fledgling fund. It had around $3.2 million in assets on Friday afternoon.

Of course, a much longer time frame will be needed to assess whether the ETF is actually able to translate its massive computing power into market-beating returns. But so far, so good.

SEE ALSO: If Trump is doing so horribly, why is the stock market doing so well?

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: The 'Trump trade' is back and Ray Dalio breaks down the bitcoin bubble

JPMORGAN: Tesla could have to raise the price of the Model 3 (TSLA)

Business Insider, 1/1/0001 12:00 AM PST

tesla factory

  • Tesla is going through "production hell" right now as it tries to get more Model 3s out the door.
  • If it can't solve its production problems, the company could look to other ways to maintain margins, like raising the prices.
  • JPMorgan lowered its price target and earnings forecasts based on the production bottlenecks.

Tesla is in production hell right now.

The company only produced 260 Model 3s in the third-quarter when it hoped for more than 1,500. In a note to clients on Friday, JPMorgan suggested that if Tesla's production troubles continued, it might be forced on the defensive.

"We worry that if the vehicle proves structurally more expensive to manufacture, that in order to preserve the targeted gross margin, Tesla may need to increase the price of the vehicle to consumers, with negative implications for demand," JPMorgan said.

Right now, Tesla has an estimated 450,000 preorders for its Model 3. The company has said it is facing production bottlenecks that it hopes to solve soon, but JPMorgan isn't optimistic.

The bank said that investors are underestimating the risk of Tesla not being able to solve its production problems. If the Model 3 is simply harder to manufacture than Tesla predicted, it could mean lower delivery numbers and potentially higher prices for the new car. Both of these problems would put dents in the "mass-market" branding of the Model 3.

JPMorgan lowered its production forecasts for the Model 3 to 15,000 in the fourth quarter, half of its previous forecast.

The bank also lowered its earnings expectations for Tesla. JPMorgan now is expecting a loss of $7.34 per share for 2017, down 13.9% from its previous prediction of a loss of $6.44 per share. It lowered its 2018 and 2019 earnings forecasts as well, predicting that the company won't post a profit until 2020.

Tesla is down 1.48% on Friday following JPMorgan's report but is still up 61.4% this year.

Read more about Tesla's manufacturing woes here.

Tesla stock price

SEE ALSO: Silicon Valley is struggling to understand Tesla's Model 3 production problems — here's why

Join the conversation about this story »

NOW WATCH: Is bitcoin a bubble or the future of everything?

There's now a clear reason why September's jobs report was terrible

Business Insider, 1/1/0001 12:00 AM PST

markets cotd october 20

 

The September jobs report showed a stunning drop in net nonfarm payrolls by 33,000, the first time the US economy shed jobs since 2010. 

State-level data released on Friday made clear that most of the job losses occurred in Florida.

"Payrolls declined 127,000 in Florida in September, a result significantly weaker than the prior trend (+17,000 per month over the prior six months)," said Daniel Silver, an economist at JPMorgan, in a note on Friday. "It is likely that payrolls in the state will rebound in October, although it is not clear if all of the job losses will be made up by the time of the October reference period."

Ahead of the payrolls release earlier in October, economists had a wide range of expectations for how the hurricanes impacted the labor market. That gap in forecasts — from as many as 260,000 net new jobs to as low as -45,000 — showed how uncertain the economic impact was. But additional data is making it clearer. 

"There was also noticeable, but less dramatic, weakening in the data for some other areas affected by recent storms, including Texas," Silver said. 

The trend in jobs growth slowed down even in areas that were not affected by hurricanes. One explanation economists offer is that the economy is approaching a level associated with full employment, with the official unemployment rate at its lowest level since September 2001. However, the number of working-age people who aren't looking for jobs has not fully recovered to its pre-recession level. 

SEE ALSO: A key measure of the jobs market just fell to its lowest level since 1973

Join the conversation about this story »

NOW WATCH: Is bitcoin a bubble or the future of everything?

$6,054: Bitcoin Price Soars to All-Time High

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post $6,054: Bitcoin Price Soars to All-Time High appeared first on CryptoCoinsNews.

Shake Shack founder Danny Meyer banned tipping at his restaurants — but employees say it has led to lower pay and high turnover

Business Insider, 1/1/0001 12:00 AM PST

Danny Meyer

  • In 2015, Shake Shack founder Danny Meyer decided to eliminate tipping at his restaurants.
  • He hoped that the policy would give employees higher and more stable wages.
  • The experiment has reportedly decreased wages and increased turnover, according to current and former employees.

 

Danny Meyer doesn't like tipping. He has said that the practice lets restaurants get away with paying servers insufficient wages, and in January, he called it "one of the biggest hoaxes pulled on [American] culture."

In 2015, Meyer, who also owns Shake Shack, decided to eliminate tipping at restaurants in his Union Square Hospitality Group — which includes Union Square Cafe, Gramercy Tavern, and The Modern — and raise prices in an attempt to give his employees more stable and equitable wages. 

While the policy has not been implemented at all of his restaurants yet, those that have removed tips have experienced some turmoil, according to Grubstreet, which interviewed current and former employees of Meyer's restaurants. Some say that the policy has resulted in lower wages and higher turnover.

While many employees continue to appreciate the generous benefits and flexible scheduling that the restaurants provide, even some of Meyer's most loyal employees said they couldn't afford to live with lower pay. After working at Union Square Cafe for over three years, Danielle Carroll quit just two months after she stopped receiving tips.

"That place was my New York home and the way I made my living, and it's no longer a sustainable place to do that," she told Grubstreet.

Since Maialino eliminated tips in 2016, nearly all of its front-of-house employees have reportedly quit and been replaced twice. North End Grill, Gramercy Tavern, and Union Square Cafe have faced similar rates of turnover.

Many of these problems stem from Meyer's insistence that employees would take home pay that was equal or greater to what they received with tips. But this prediction relied on stable business across his restaurants, a forecast that has not held.

maialino

Current and former servers at Gramercy Tavern and Maialino said they took home around $100 less per week than they had with tips. One Union Square Cafe employee reported a $10,000 annual decrease in pay.

Some have benefitted from the no-tip experiment, including entry-level cooks, who have seen hourly wages increase from around $11 to $13, but most employees are waiting for it to pay off.

Still, many remain hopeful and recognize that, while the intentions behind Meyer's decision are noble, it may take time for them to produce their desired effect. Whatever the result, Meyer's decision to eliminate tips will likely have a profound effect on the restaurant industry.

Union Square Hospitality Group did not immediately respond to Business Insider's request for comment. 

SEE ALSO: Some of America's top restaurateurs are being accused of conspiracy in a bizarre lawsuit

DON'T MISS: Shake Shack founder Danny Meyer calls tipping a massive hoax that was born out of slavery

Join the conversation about this story »

NOW WATCH: Gary Shilling calls bitcoin a black box and says he doesn't invest in things he doesn't understand

Sketchers is skyrocketing after stellar earnings (SKX)

Business Insider, 1/1/0001 12:00 AM PST

sketchers stock price

  • Sketchers is skyrocketing after reporting earnings, trading up 37.20% on Friday.
  • The company reported adjusted earnings of $0.59 per share, easily beating the Wall Street consensus of $0.43.
  • Revenue also beat, coming in at $1.095 billion compared to expectations of $1.068 billion.
  • It was a record quarter for net sales, which were 19% higher than the previous record.
  • The company said international growth was the biggest driver.

To see a live chart of Sketchers' stock price, click here.

SEE ALSO: Sketchers live stock price

Join the conversation about this story »

NOW WATCH: Is bitcoin a bubble or the future of everything?

Quiet Surge: Bitcoin Price Sets New High Just Below $6,000

CoinDesk, 1/1/0001 12:00 AM PST

Bitcoin's price has crossed the $5,900 mark for the first time, setting a new all-time high.

There could be good news coming for one side of a war tearing Wall Street apart (NDAQ)

Business Insider, 1/1/0001 12:00 AM PST

new york stock exchange traders

  • Trading firms have long complained about the mounting cost of data charged by US exchanges like the New York Stock Exchange and Nasdaq.
  • The Securities and Exchange Commission's appointment of Brett Redfearn, a trading veteran and critic of the way exchanges sell data, may signal change is on the way. 

Wall Street has been embroiled in a civil war between traders and exchanges over the rising cost of market data, and a recent hire by the Securities and Exchange Commission is being viewed as a win by one side of the war. 

The SEC on Wednesday announced Brett Redfearn, a trading exec at JPMorgan, will join the regulatory watchdog as director of its division of trading and markets, overseeing exchanges, high-frequency trading and other market makers.

Big traders have long accused exchanges such as the NYSE and Nasdaq for unfairly spiking the cost of their proprietary market data, which market makers claim is essential to competing in the trading business. 

The exchanges, in contrast, argue that these feeds are optional, that there is competition, and that trading firms can terminate feeds and other service arrangements if they get too pricey.

They also say market makers can use more affordable SIP data, which provide an aggregated feed of all the exchanges data, to get a picture of the markets. When Redfearn was global head of equity market structure at JPMorgan, he sided against the exchanges in a letter to the SEC, saying SIP data is effectively useless (emphasis ours):

"Unlike SIPs, 100% of the revenues from competing, proprietary market data products go to the exchanges selling that data. These proprietary data products are far superior to the product produced by the SIPs, such that broker-dealers — including my firm — must purchase these proprietary data feeds from exchanges to provide competitive trading products for our clients.

"The latency issues associated with the SIP are today so well known that, for broker-dealers providing electronic trading products, 'using the SIP' is considered uncompetitive. In client meetings, it is imperative that we reiterate that we use direct feeds."

The logic is: Without the exchanges' proprietary data traders don't have clients. That gives exchanges the upper hand, some critics say, to increase the costs of proprietary data. 

Rising costs have become a pain point for traders, many of whom are also facing historically low volatility, which has sapped the markets of profit opportunities.

Redfearn's appointment, which came as a surprise to many people on Wall Street, is being viewed as a signal that the tide may turn.

"Now you have someone with some influence that really cares about this issue who is in a position to push things in that direction," Michael Friedman, general counsel and chief compliance officer at Trillium, a trading technology firm, told Business Insider. 

Friedman said that a shift could be good for exchanges because their current business model is "unsustainable."

"When you have all of your customers unhappy, that's not going to last very long," Friedman said. "ICE is the biggest culprit here, CME and Bats are the least bad, and Nasdaq is somewhere in between."

Vlad Khandros, head of market structure and liquidity strategy at UBS, told Business Insider in an emailed statement that data fees are "substantial" and changes would be welcomed. 

"We are hopeful that enhanced governance would introduce greater transparency and lead to more rational fee structures," Khandros said. 

Kirsten Wegner, the recently appointed chief executive officer of Modern Markets Initiative, an advocacy organization founded by four quantitative trading firms, told Business Insider that Redfearn's appointment indicates that the SEC will be more motivated to prioritize the issue of market data costs. 

"On one hand, exchanges are expensive to run and are for-profit entities with a duty to maximize revenue for shareholders," Wegner said. "On the other hand, there is a lot of growing industry attention from the brokerage community, SIFMA, Bloomberg, and also the Treasury report, for the SEC to take a look at the question of how the exchange fees are assessed.”

Earlier this month the Treasury Department released a report outlining a number of recommendations for the SEC to consider on the issue of market data.

"Treasury suggests that the SEC consider whether proposed self-regulatory organization (SRO) rules establishing data fees are 'fair and reasonable,' 'not unreasonably discriminatory,' and an 'equitable allocation' of reasonable fees among persons who use the data," the report said.

Richard Repetto, an analyst at Sandler O'Neill + Partners who covers a number of exchanges and trading firms, told Business Insider that he expects Redfearn to act without bias in his new position.

"He is a knowledgeable professional who will take a balanced approach taking everyone's position into account," Repetto said.

Some exchange employees told Business Insider there's a chance that Redfearn might have to recuse himself on any rulings related to market data because of his past comments. 

“As a matter of policy we don’t comment on regulatory appointments," Ed Canaday, a spokesperson for ICE, the parent company of the New York Stock Exchange, said in an email to Business Insider. 

Nasdaq declined comment. The SEC did not respond to this reporter. 

SEE ALSO: There's a new 'hot-button' issue on Wall Street, and battle lines are being drawn

Join the conversation about this story »

NOW WATCH: TOP STRATEGIST: Bitcoin will soar to $25,000 in 5 years

Newsflash: Bitcoin Price Goes Berserk, Tears Past $6,000

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post Newsflash: Bitcoin Price Goes Berserk, Tears Past $6,000 appeared first on CryptoCoinsNews.

Bitcoin spikes to a record high near $6,000

Business Insider, 1/1/0001 12:00 AM PST

Bitcoin

  • Bitcoin is closing in on the $6,000 mark for the first time on Friday, trading up 5.1% at $5988 a coin, according to Bloomberg data. 
  • The reason for Friday's sudden spike is unclear.
  • The cryptocurrency had been hovering little changed for most of the morning before suddenly spiking around 10 a.m. ET. 
  • Bitcoin has been able to shrug off news of a crackdown in China and regulatory uncertainty around initial coin offerings, a cryptocurrency-based fundraising method.
  • After bottoming out near $2,900 per coin on September 15, it has since rallied.
  • Bitcoin is up more than 500% this year. 

Join the conversation about this story »

NOW WATCH: Is bitcoin a bubble or the future of everything?

100 Diplomas: MIT Issues Graduate Certificates on a Blockchain App

CoinDesk, 1/1/0001 12:00 AM PST

Massachusetts Institute of Technology has used bitcoin's blockchain to issue digital diplomas to over 100 graduates as a part of a pilot project.

Wall Street Analyst Gary Shilling: I Don’t Understand Bitcoin

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post Wall Street Analyst Gary Shilling: I Don’t Understand Bitcoin appeared first on CryptoCoinsNews.

PayPal is spiking after a solid earnings beat (PYPL)

Business Insider, 1/1/0001 12:00 AM PST

paypal stock price

  • Paypal's stock price is up 6.04% to $71.31 after a stellar earnings report and a solid outlook for the future.
  • The company reported adjusted earnings of $0.46 per share compared to the $0.43 per share that was expected by Wall Street.
  • Revenue came in higher at $3.239 billion compared to the $3.177 billion that was expected by Wall Street.
  • Paypal added 8.2 million new accounts in the quarter, the company said on the earnings call.
  • Credit Suisse raised its price target for PayPal to $74, saying "we are positive on 3Q17 results given solid beats" across revenue and EPS and strong growth in payment volume. 

To get a live stock price for Paypal click here.

SEE ALSO: GE is getting smoked after missing big on earnings

Join the conversation about this story »

NOW WATCH: Is bitcoin a bubble or the future of everything?

Dan Loeb’s Third Point hedge fund is crushing the competition

Business Insider, 1/1/0001 12:00 AM PST

Daniel Dan Loeb

  • Dan Loeb's Offshore and Ultra funds hold respective gains of 14.5% and 23% this year
  • The average hedge fund was up 5.92% through September 2017.


Third Point LLC, the hedge fund founded by billionaire investor Daniel Loeb, continues to post impressive returns when compared to its peers. 

In a letter to clients Friday, following the end of the third quarter, the fund reported year-to-date returns of 14.5% for its Offshore Fund and 23.0% for its Ultra fund.

The average fund was up 5.92% through September 2017, according to Hedge Fund Research. 

In the same 9-month period, the S&P 500 has returned 14.2%.

Third Point Q3 results

"Deregulation is occurring quickly and although tax reform remains in the works, we expect that markets will continue to move higher, driven by strong consumer and business confidence combined with synchronized global growth," the hedge fund said.

"The strength in global growth is largely owed to the worldwide easing of financial conditions that started during the first quarter of 2016, catalyzed by the weakening of the US Dollar and the Fed’s failure to execute on its forecasted four interest rate hikes last year."

Congress took a first step to finally legislating tax reforms on Thursday, when the Senate passed a budget resolution containing Reconciliation, which would allow Republicans to pass a tax bill through the chamber with only a simple majority.

Third Point also acquired Illinois-based Dover Corporation, a $15 billion industrial conglomerate. Loeb said the fund can increase shareholder value by addressing underperforming segments of Dover’s business and optimizing capital allocation.

"Mapping out the course to year-end, we see more of the same conditions. While we invest a lot of time and effort in the analysis of policymaking, it doesn’t appear for now that any of the incremental changes under consideration in tax cuts or rates – whether or not they come to pass – will materially impact the markets," Third Point said. "We expect the Fed to continue to raise rates but changes to FOMC leadership will determine the pacing."

Join the conversation about this story »

NOW WATCH: TOP STRATEGIST: Bitcoin will soar to $25,000 in 5 years

General Electric's disastrous earnings report caught traders off guard (GE)

Business Insider, 1/1/0001 12:00 AM PST

General Electric GE trading floor nyse

  • General Electric is paying the price for a poor earnings season, which saw it cut forward guidance
  • Options traders were woefully unhedged for the drop, while short sellers weren't effectively positioned to profit from the decline

General Electric's stock is getting whacked after the company fell short of analyst estimates and slashed its forecast.

And to make matters worse, traders weren't braced for a drop that stretched as deep as 6.3% in the company's shares on Friday, a loss that has the stock at its lowest level in more than four years.

They were paying the lowest premium in eight years to protect against a decline in GE's stock, relative to bets on an increase, according to data compiled by Bloomberg. In other words, they were completely unhedged against the type of damage the stock incurred on Friday.

GE Skew

In addition, short interest on GE — a measure of bets that the stock will fall — actually declined heading into the earnings report, implying that investors were getting more confident in the preceding weeks. It was an acceleration of a bullish trend seen all year, as short interest as a percentage of shares available to loan has dropped precipitously from 2017 highs, according to IHS Markit data.

Based on trading activity, investors are scrambling to make up for lost ground. Less than 10 minutes into Friday's trading session, GE's stock had already seen two-thirds of the volume it normally sees in a full day.

Screen Shot 2017 10 20 at 10.07.16 AM

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: The 'Trump trade' is back and Ray Dalio breaks down the bitcoin bubble

Ethereum, Bitcoin Prices Stabilize After Day of Sideways Trading

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post Ethereum, Bitcoin Prices Stabilize After Day of Sideways Trading appeared first on CryptoCoinsNews.

ECB President: Bitcoin Not 'Mature' Enough to Be Regulated

CoinDesk, 1/1/0001 12:00 AM PST

Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.

Bitcoin Price Nears $10,000 in Zimbabwe Due to a Lack of Cash in the Country

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post Bitcoin Price Nears $10,000 in Zimbabwe Due to a Lack of Cash in the Country appeared first on CryptoCoinsNews.

GE is getting smoked after missing big on earnings (GE)

Business Insider, 1/1/0001 12:00 AM PST

GE stock price

  • Shares of General Electric are down 6.91% to $21.96 after the company reported disappointing earnings and slashed forecasts.
  • GE reported an adjusted profit of $0.29 per share, much lower than the $0.49 per share expected by Wall Street.
  • The company also cut its profit forecasts for the year to $1.05-$1.10 from $1.60-$1.70, a 34% drop.
  • GE said a lot of its costs are coming from new CEO John Flannery's restructuring plan. 

Read more about GE's earnings results here.

SEE ALSO: General Electric misses big on earnings, slashes its forecast

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: The 'Trump trade' is back and Ray Dalio breaks down the bitcoin bubble

The Canadian dollar is tumbling after disappointing data

Business Insider, 1/1/0001 12:00 AM PST

canadian dollar

  • The Canadian dollar is tumbling after some disappointing data out of Canada.
  • The loonie was down by 0.6% at 1.2561 per US dollar at 8:32 a.m. ET after being little changed just minutes earlier.
  • Core retail sales fell by 0.7% month-over-month in August, below expectations of an increase of 0.3%. The prior month's reading came in at 0.2%.
  • CPI rose 0.2% month-over-month, below expectations of a 0.3% uptick.
  • Core CPI rose 0.2% month-over-month, up from the prior month's reading of 0.0%. 
  • "Overall, while the latest inflation data would normally hint at another interest rate hike from the Bank of Canada, the increased uncertainty around NAFTA renegotiations and domestic housing risks will likely mean that it keeps rates on hold next week," David Madani, senior Canadian Economist at Capital Economics, said in emailed commentary.

SEE ALSO: There's a surprising winner from China's ban on North Korean coal

Join the conversation about this story »

NOW WATCH: Is bitcoin a bubble or the future of everything?

Here's a super-quick guide to what traders are talking about right now

Business Insider, 1/1/0001 12:00 AM PST

cme futures trader traders

Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.

Here's Lutz:

Good Morning!  US Futures are on the upswing into Monthly Expiry today.  The “Trumpflation” bets seem to be moving, with Industrials and Smallcaps up 40bp, double the efforts of the SPY.   It’s a wide sea of green overseas as well, where the DAX is climbing 35bp - Autos acting well behind Volvo, Miners acting great as Ore jumps in China, and Banks are rebounding as Sov Yields squirt higher.   Stockholm is up 1% as Ericsson leaps, but the IBEX is lagging as Catalan Banks get hit.  London up 25bp, with every sector climbing except Staples and healthcare.   In Asia, Nikkei 225 up 14in a row, longest streak since the 60s, as investors await Abe’s re-election this weekend - Hang Seng rebounded from yesterday’s smack, gaining 1.2%  - Shanghai up 20bp - KOSPI added 70bp - Taiwan off small as AAPL suppliers see continued weakness - Aussie added 20bp, continuing its longest winning streak in 15months

The 10YY and Greenback popped overnight on headers the Senate had passed a Tax resolution, but heavy selling in Bunds is keeping the lid on any Treasury rally, keeping our 10YY upside 2.35% early.  DXY in rally mode, Euro weaker as Catalona angst resurfaces, testing $1.18 against the Greenback - Kiwi$ breaks down again - $/Y back upside 113 into the election, and Sterling is under pressure as Brexit headers roll.   Ore squeezes almost 6% in China overnight, propelling Nickel up 3% and Copper 1%.  Gold is breaking lower, but holding 1280 thus far.   The Oil complex under good pressure as stops go off on the $51 break.   Natty continuing yesterday afternoon’s rally, adding 1% early.

SEE ALSO: 10 things you need to know before the opening bell

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: The 'Trump trade' is back and Ray Dalio breaks down the bitcoin bubble

Sweden’s Government Sells Bitcoin in Auction at a Premium Price

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post Sweden’s Government Sells Bitcoin in Auction at a Premium Price appeared first on CryptoCoinsNews.

Traders are swelling with confidence on the latest tax reform progress

Business Insider, 1/1/0001 12:00 AM PST

options trader

  • Progress is being made in Washington on Republican tax reform
  • Investors are being emboldened and are responding by buying risk assets

Traders worldwide piled into riskier assets on Friday after the Senate passed its fiscal year 2018 budget resolution on Thursday, helping pave the way for Republican tax reform.

The S&P 500 index of US stocks climbed 0.3%, while the dollar climbed versus all but two of its 16 major counterparts. That included a 0.8% gain against the Japanese yen and a 0.6% increase relative to the euro.

News of tax reform progress is providing some relief for the stock market in particular, which grappled with weakness on Thursday before finishing slightly higher on the day. Corporate tax cuts are expected to boost profits for domestic corporations, while a one-time repatriation tax holiday is forecast to help companies with more international exposure.

Stocks also increased on a global basis, with the Euro Stoxx 600 climbing 0.2% and Germany's DAX up 0.1%, while the Hong Kong-based Hang Seng index surged 1.2%.

Meanwhile, US Treasuries sold off, sending the 10-year yield up as much as 5 basis points to 2.37%, its highest in about three months. Risk optimism also spurred selling in gold — traditionally viewed as a safe haven asset.

Screen Shot 2017 10 20 at 8.16.26 AM

SEE ALSO: If Trump is doing so horribly, why is the stock market doing so well?

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: The 'Trump trade' is back and Ray Dalio breaks down the bitcoin bubble

We talked to the chief investment strategist at $6 trillion fund giant BlackRock about stocks, bitcoin and the Fed (BLK)

Business Insider, 1/1/0001 12:00 AM PST

  • We sat down with Richard Turnill, global chief investment strategist for BlackRock, the world's largest money manager.
  • He's bullish on stock markets around the world.
  • While BlackRock is exploring blockchain technology, Turnill says there's no way to assess a fair price for bitcoin, and doesn't own any. 

 

Richard Turnill is the chief investment strategist at BlackRock, the world's largest money manager with $5.98 trillion under management.

In an interview with Business Insider's Sara Silverstein, Turnill spoke candidly about market valuations, and why he's still bullish on stocks today, despite fears that equities may have reached a peak.

He says that, despite record-low volatility and a longer streak of economic growth than has been seen in recent history, there's still room left to profit from the current business cycle, which isn't close to a downturn just yet. 

Here's the full interview:

This transcript has been lightly edited for length and clarity. 

Sara Silverstein, Business Insider: After looking over a bunch of your research notes, you seem to be bullish on almost everything. 

Richard Turnill, BlackRock: We're certainly bullish on stocks, on risk assets right now.

Silverstein: To jump right in there, how do you feel about valuations? We've been talking a lot about valuations seeming really high for equities.

Turnill: The market's gone up a long way, and that's making people nervous. When people look at valuations, there are two concerns actually. When we look at most parts of the stock market today, we think they're reasonable. Importantly, when you think about what's the right value or fair value for the stock market, you have to think about what's the economic environment and interest environment we're in? Actually, in an environment of sustained economic growth and low interest rates, relatively high valuations can be supported for some time. We're actually much less concerned about valuations than many others. 

Although we would say that there are parts of the market which do look more highly valued. The US market looks more expensive than many international markets for example. So whilst we think the US market can do well, we see more upside in some of the international markets today. 

Silverstein: Within the US market, are you seeing opportunities there as well?

Turnill: We absolutely see opportunities within the US market, and actually the economic environment in the US is very attractive. We see the Fed gradually raising interest rates going forward. That's an environment which is very good news for technology stocks.

Mark ZuckerbergIt's also very good news for financial stocks, which do very well in an environment of gradually rising interest rates over time. We prefer those two sectors. It's not so good for some sector such as consumer staples, some of the more defensive bond proxies, which I think are going to struggle to keep up in a rising interest rate environment. 

Silverstein: Are you concerned at all about the Fed unwinding its balance sheet and what the valuations will look like when interest rates start rising?

Turnill: One of the big risks to markets is that we have a policy mistake, that the Fed raises interest rates much more quickly than markets anticipate, unwinds its balance sheet much more aggressively, and we have a repeat of the taper tantrum. That's something that many investors, many of our clients, have been worried about for some time. We think the risk of that scenario is quite low. It's quite low because the Fed has been extremely deliberate in signaling what it's going to do. The Fed has now started the process of reducing its balance sheet, but it's done that in a way where actually the market has been extremely strong through that process, and that's because the Fed has signaled the move well in advance. Really the only piece of uncertainty there is what the endgame is. We can see the path of balance sheet reduction, but we don't know quite how far that will go. 

Our expectations on interest rates are that the Fed will end up doing more than the market's currently pricing in. The market today is only pricing in around two interest rate hikes between now and the end of next year. We actually think the Fed will do what it's telling us it will do, which is raise interest rates up to four times over that period. That could create some volatility, but it's still a very gradual path of interest rate hikes over time. So in that scenario, we think the market could continue to make good gains. 

Silverstein: Even if there is a little bit of volatility, you still see volatility staying low for a long time? I know a lot of people don't necessarily agree with that. 

Turnill: We're in a very low volatility environment right now, and many people see that volatility as a sign of complacency or a sign you should sell equities and take profits. Purely statistically, that's just not the case. If you sold every time we were in a low volatility environment, you'd miss a huge amount of upside.

If you sold every time we were in a low volatility environment, you'd miss a huge amount of upside

The low volatility environment we're in today reflects the very stable economic environment we're in. The economic data is incredibly stable, it's low volatility economic data. We're somewhere in the middle of a very long expansion. While that continues, we think the low volatility regime will continue, that's an environment where you're generally being paid to take risk. There are areas of the market where you're being paid more than others to take risk. It's an area where you effectively buy the dips. It's not like you won't get dips, of course there will be, there will inherently be turmoil in the market, there will be drawdowns. But in these low volatility regimes, you should be buying those dips rather than selling out. 

Silverstein: So you think we're somewhere in the middle of this economic expansion and not towards the peak of it? 

Turnill: Yeah I think one of the notable features of the cycle is it's been extremely long. We're now in the 8th year of the expansion. For my entire career, the average length of an economic expansion has been around eight years. 

Silverstein: So why do you think it's not about to end?

Turnill: Because recessions don't start on a clock. You shouldn't measure the length of a cycle in years, you measure it in terms of the excesses that are building up in the economy. To what extent is excess capacity being consumed? So when you adjust this cycle for the fact that it's been one of the slowest cycles we've seen in economic history, actually, you come to the conclusion that rather than being at the end of a cycle, we're somewhere in the middle. Actually the time to the next recession could be measured potentially in years, so we feel like we've got some way to run. 

The time to the next recession could be measured potentially in years, so we feel like we've got some way to run 

Silverstein: Why do you feel like we're somewhere in the middle? Is it because of wage inflation?

Turnill: What you're not seeing is any of the signs of excess in the economy that would typically build up if we're towards the end of a cycle. We don't see that in the labor market today. So you're right, wage inflation is low. We don't see that in broader consumer prices, so we think there's some upside potential to inflation going forward, but we're still in a very benign price environment. We don't see it in terms of leverage. We think about the signs of excess leverage that built up towards the end of the last cycle, we see very few signs — some pockets in areas like auto loans — but you don't see that broad increase in leverage that would flash a red warning sign that perhaps we're close to the end of the cycle. 

Silverstein: You like all of the equity factors right now? You like value? You like momentum?

Turnill: We think factors are a good thing to have exposure to. Typically factors, if you're patient, will drive excess return over time. The two factors we prefer in this environment are the two you mentioned. We think momentum, typically does well. We're you're in this period of sustained expansion, winners typically keep winning. When we look at how expensive momentum stocks are right now, we come to the conclusion that they're not expensive. Look at how crowded momentum has become. Actually, contrary to many people's beliefs, momentum is very diverse right now. It's not about a handful of tech stocks. You see great momentum in financial stocks, in many industrial stocks, in many material stocks right now. It's  very diverse group of stocks. We think momentum can continue to run. 

Value typically does well in this phase of a cycle as well. That's because value is typically associated with economic growth. It does well when interest rates gradually rise. So we'd focus on momentum and value. 

On the other side of that, factors like low volatility stocks, we think they may struggle, they typically do less well in this phase of the cycle. 

Silverstein: Is there anything else you think people are not getting paid for all the risk they're taking?

Turnill: The one area we're a little more cautious about right now is small-cap stocks.

The one area we're a little more cautious about right now is small-cap stocks

They've done extremely well. I would say there's a lot of hope priced into US small-cap stocks today, hope around corporate tax cuts in particular. Russell 2000 is now trading around 25 times forward earnings. Those forward earnings themselves imply something around 20% earnings increases over the next 12 months, or a lot of hope that we're going to get significant tax cuts. That's an area where there's a lot on the price. Whereas if we look at areas like emerging markets, which have also done well, actually valuations are much more compelling. I think investors there really are being paid for taking the risk. 

Silverstein: So the economy will continue to expand, volatility can stay low, equities look good, mostly international. How do you feel about bitcoin?

Turnill: We've been looking a lot at particularly blockchain as a technology. BlackRock, we're starting to use blockchain. I think it's a technology which is going to get more and more adoption over time. What that doesn't mean is that the value of bitcoin and broader cryptocurrencies should continue to go up and up. I would say that cryptocurrencies show many characteristics of a bubble right now, which is [to say] you've seen spectacular price increases. The main argument for buying them is that prices have risen, and are therefore going to continue to rise over time. But there's no inherent right or wrong price for bitcoin. You could say 'what's the fair value?' you know, I'm an investor, I like to think about the fair value of stocks of bonds. I can't answer what's the fair value for bitcoin or any cryptocurrency. For that reason, I'm not an owner. 

Join the conversation about this story »

Why Erik Voorhees Keeps All His Assets in Bitcoin

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post Why Erik Voorhees Keeps All His Assets in Bitcoin appeared first on CryptoCoinsNews.

Bitcoin is ‘Worse than Casinos’, Says Russia’s Economic Development Minister

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post Bitcoin is ‘Worse than Casinos’, Says Russia’s Economic Development Minister appeared first on CryptoCoinsNews.

After Dropping to $5120, Bitcoin Price Surges Above $5,650

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post After Dropping to $5120, Bitcoin Price Surges Above $5,650 appeared first on CryptoCoinsNews.

Influential MP Nicky Morgan warns over lack of diversity at the Bank of England

Business Insider, 1/1/0001 12:00 AM PST

Nicky Morgan

  •  Treasury Select Committee head Nicky Morgan seeks more diversity in the upper ranks of the Bank of England.
  • Morgan writes to Chancellor Philip Hammond to make "all efforts to encourage as diverse range of candidates ... as possible."
  • Numerous high profile women have left the bank in 2017, leaving it open to accusations of being a "Boys Club."

 

LONDON — Nicky Morgan, the influential head of the House of Commons' Treasury Select Committee (TSC), is taking aim at the Bank of England a lack of diversity in its upper ranks.

In an announcement on Friday, Morgan said that the TSC could in future refuse to ratify appointments to the Bank of England's major policy committees — which are made by the Treasury — if greater efforts are not made to improve the number of non-male, non-white policymakers.

"The Treasury must make all efforts to encourage as diverse range of candidates for the Bank’s policy committees as possible," Morgan said in a statement on Friday, having written to Chancellor Philip Hammond about the subject.

Morgan's initiative comes after the TSC approved the appointments of two new members of the bank's key ratesetting group, the Monetary Policy Committee — Professor Silvana Tenreyro, and Sir Dave Ramsden.

Gender diversity in the Bank of England's highest ranks has suffered in recent months, following the departures of several female officials. MPC members Minouche Shafik and Kristin Forbes both left the committee at the end of their terms this year, while Deputy Governor Charlotte Hogg resigned her role in March after failing to declare that her brother works for Barclays, a potential conflict of interest.

Jenny Scott, a key lieutenant of Governor Mark Carney, and one of the bank's executive directors also departed earlier this year.

These exits have left the bank vulnerable to accusations of being a so-called Boys Club — with only middle aged, largely white, men in its higher ranks. The TSC is now seeking to address that, with Morgan stating on Friday that the committee wants to be shown "a breakdown by gender of applicants at each stage" of the appointment process for senior BoE officials, such as members of the Monetary Policy Committee, and Financial Policy Committee.

Earlier this year, Governor Carney said that the Bank of England is committed to improving both diversity in terms of gender, ethnicity, age, disability, sexual orientation, and education, but also "cognitive diversity."

Morgan, who took over from long-serving TSC chairman Andrew Tyrie after the summer's general election, has looked to stamp her authority on the role immediately, launching investigations into a wide range of topics, including proposed changes to UK listing rules designed to attract the initial public offering of Saudi Aramco to London.

Under her leadership the TSC is also, among other areas, investigating student loans, and RBS' alleged mistreatment of certain business customers. 

Join the conversation about this story »

NOW WATCH: TOP STRATEGIST: Bitcoin will soar to $25,000 in 5 years

IKEA UK CEO: TaskRabbit deal is part of plan to 'become more relevant'

Business Insider, 1/1/0001 12:00 AM PST

IKEA

  • IKEA acquired TaskRabbit last month for an undisclosed price.
  • TaskRabbit's platform lets you hire people to do odd jobs, from cleaning to assembling furniture.
  • "We need to offer services" to "become more relevant," IKEA UK CEO says. 


LONDON — IKEA's acquisition of gig economy company TaskRabbit is part of the 74-year old furniture company's efforts to modernise the company, according to IKEA's UK CEO.

IKEA surprised the market last month by buying US startup TaskRabbit, a platform that lets people hire temporary workers to do odd jobs ranging from cleaning homes to running errands — and even assembling furniture. Anyone can join the platform to do casual work and earn a bit of money.

Gillian Drakeford, IKEA's UK CEO, told Business Insider in an interview this week: "IKEA can't do everything itself. When we look at the gig economy, the platform economy, this has the ability to bring people together that have skills and experiences."

IKEA already offered installation services for big-ticket items but Drakeford said the company realised that there was a gap in the market for smaller, cheaper jobs.

"It could be something like hanging a curtain rail or a mirror — it's not just installing a kitchen."

IKEA Gillian DrakefordIKEA trialled a partnership with TaskRabbit in the UK last year.

"What we saw very clearly was that there were lots of people assembling IKEA furniture via TaskRabbit — IKEA experts," Drakeford said.

"I met one of the Taskers who had been assembling a Hemnes Day Bed over a number of years and he could see the development in the product in order to reduce the assembly time. He was as passionate as many of our coworkers were."

The acquisition forms part of IKEA's efforts to "become more relevant to the customer," Drakeford said.

"It's not enough just to have a great product with a great price. We need to offer services. People are saying there's value to time — I don't have the time to assemble it myself. I don't necessarily have the time to install things myself. Actually, I'm looking for services from you."

The Financial Times reported earlier this month that IKEA has set up a special team to look for more acquisitions following the TaskRabbit deal.

Asked what other deals IKEA might pursue, Drakeford said: "Whatever we engage in, it will be about moving IKEA to be a more relevant brand for the many people."

She added: "I think today about the work their doing in Sweden — a lot of [IKEA] products there are already in the second-hand market. They have worked together with the schemes to ensure that's connected to our website. If I'm shopping for a sofa and I can't afford the price today, I'm offered a second hand or upcycled product. This is one of the areas where I think we'll need to work with others."

Join the conversation about this story »

NOW WATCH: RAY DALIO: Bitcoin is a speculative bubble

10 things you need to know in markets today

Business Insider, 1/1/0001 12:00 AM PST

German Chancellor Angela Merkel speaks during a news conference during a European Union leaders summit meeting in Brussels, Belgium, October 20, 2017.

Good morning! Here's what you need to know in markets on Friday.

1. Lyft has secured $1 billion (£760 million) in a funding round led by Alphabet's investment arm, CapitalG, giving it a post-money valuation of $11 billion (£8.4 billion). Ride-hailing app Lyft has been growing its cash cushion to take on Uber. The $1 billion Lyft secured in funding on Thursday follows a $600 million (£457 million) funding round in April.

2. German Chancellor Angela Merkel offered one of her most positive assessments of Brexit talks in months on Thursday, saying she believed negotiations between the EU and Britain were moving forward and dismissing the prospect of a breakdown. Reuters reports that Merkel made her comments after the first day of a European Union summit at which British Prime Minister Theresa May appealed to her fellow leaders to help her silence critics at home and break a deadlock in the talks.

3. SoftBank plans to invest roughly $880 billion (£671.1 billion) in tech companies through at least three more iterations of its Vision Fund, CEO Masayoshi Son recently told Nikkei. The Japanese conglomerate already commands the world's biggest private equity fund with the $100 billion (£76.2 billion) it raised for the first Vision Fund this year. But the colossal amount of capital is just "the first step," according to Son, who said he is already working to establish a second Vision Fund in the next two or three years.

4. Asian shares inched slightly higher on Friday but grappled for firmer leads as speculation about who the next US central bank chief will be kept global investors wary. Japan's Nikkei is up 0.03% at the time of writing (6.30 a.m. BST/1.30 a.m. ET), while the Hong Kong Hang Seng is up 0.95%, and China's Shanghai Composite is up 0.12%.

5. Bank of England Deputy Governor Jon Cunliffe said on Thursday it was not clear that interest rates needed to rise soon, showing at least two of the central bank’s nine policymakers are unlikely to vote for a hike in November. Reuters reports that Cunliffe told BBC radio he did not see signs of sustained upward inflation pressure.

6. Goldman Sachs CEO Lloyd Blankfein spelled out the bank's post-Brexit plans for Europe in a Tweet. "Just left Frankfurt," he tweeted. "Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit."

7. Interserve appeared to be fighting for its survival last night as the company crashed through its banking covenants, sending shares in the construction and cleaning group plunging to new lows. The Times reports that Interserve stock closed nearly 30% lower at 65½p after its latest profit warning that underlying earnings would more than halve while debts continue to soar.

8. UK borrowing numbers are coming. Public sector net borrowing figures for September will be released by the Office for National Statistics (ONS) at 9.30 a.m. BST (4.30 a.m. ET). Economists are forecasting a rise in borrowing to £5.7 billion, up from £5 billion previously.

9. Closely-watched German fintech startup N26 is recruiting a country manager to spearhead its launch into the UK. A job listing on N26's website says it is looking for someone to take "charge of the market entry of N26 in the UK."

10. Russian President Vladimir Putin has reportedly decided that the time has come for a national cryptocurrency called the CryptoRuble. Last week, Russian authorities discussed heavily regulating Bitcoin and other cryptocurrencies, even going so far as planning the closure of all websites that sell them.

Join the conversation about this story »

NOW WATCH: These are the watches worn by the smartest and most powerful men in the world

German app-only bank N26 gears up for UK launch as it recruits country manager

Business Insider, 1/1/0001 12:00 AM PST

n26 team founders valentinstalf maximiliantayenthal

  • German app-only bank N26 recruiting a manager to lead "market entry in the UK."
  • The hot startup has signed up 500,000 customers in just two years and raised $55 million.

 

LONDON — Closely-watched German fintech startup N26 is recruiting a country manager to spearhead its launch into the UK.

A job listing on N26's website says it is looking for someone to take "charge of the market entry of N26 in the UK." The successful applicant will be "responsible for the operational setup and development of N26 in the UK market," and should "build up the branding for N26 within the UK market in order to successfully attract and win new customers."

A spokesperson for N26 declined to comment on the app-only bank's timeline for launch in the UK.

The Times reported in April that Berlin-based N26 wanted to launch in Britain by the end of the year. When Business Insider asked cofounder and CFO Maximilian Tayenthal this in June, he said: "It's a really interesting market and we are thoroughly looking at it. I don't want to commit to any timeline."

It's unclear when N26 first posted the job listing but the same advert was posted on LinkedIn at the start of October. Business Insider understands that at least one person at a leading London fintech business has been approached by N26 about the job in recent weeks.

Founded in 2013 and launched in 2015, N26 is a so-called "neobank" — a branchless bank that offers all its services through a smartphone app. The company operates across 17 countries in Europe, including Germany, France, Italy, and Spain, and has already signed up half a million customers.

N26 is one of a number of app-only bank or bank-like services that have sprung up across Europe in the last few years. UK rivals include Monzo and Revolut.

N26 has a significant war chest to take on competitors. The 290-person business has raised over $55 million (£42.7 million), most recently raising $40 million (£31 million) from investors including Hong Kong billionaire Li Ka-Shing last June.

Join the conversation about this story »

NOW WATCH: Gary Shilling calls bitcoin a black box and says he doesn't invest in things he doesn't understand

USV’s Fred Wilson Dismisses Bitcoin Crash Prediction, Explains Optimal Crypto Holdings for Investors

CryptoCoins News, 1/1/0001 12:00 AM PST

[…]

The post USV’s Fred Wilson Dismisses Bitcoin Crash Prediction, Explains Optimal Crypto Holdings for Investors appeared first on CryptoCoinsNews.

09/18/2018 09/17/2018 09/16/2018 09/15/2018 09/14/2018 09/13/2018 09/12/2018 09/11/2018 09/10/2018 09/09/2018 09/08/2018 09/07/2018 09/06/2018 09/05/2018 09/04/2018 09/03/2018 09/02/2018 09/01/2018 08/31/2018 08/30/2018 08/29/2018 08/28/2018 08/27/2018 08/26/2018 08/25/2018 08/24/2018 08/23/2018 08/22/2018 08/21/2018 08/20/2018 08/19/2018 08/18/2018 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/12/2018 08/11/2018 08/10/2018 08/09/2018 08/08/2018 08/07/2018 08/06/2018 08/05/2018 08/04/2018 08/03/2018 08/02/2018 08/01/2018 07/31/2018 07/30/2018 07/29/2018 07/28/2018 07/27/2018 07/26/2018 07/25/2018 07/24/2018 07/23/2018 07/22/2018 07/21/2018 07/20/2018 07/19/2018 07/18/2018 07/17/2018 07/16/2018 07/15/2018 07/14/2018 07/13/2018 07/12/2018 07/11/2018 07/10/2018 07/09/2018 07/08/2018 07/07/2018 07/06/2018 07/05/2018 07/04/2018 07/03/2018 07/02/2018 07/01/2018 06/30/2018 06/29/2018 06/28/2018 06/27/2018 06/26/2018 06/25/2018 06/24/2018 06/23/2018 06/22/2018 06/21/2018 06/20/2018 06/19/2018 06/18/2018 06/17/2018 06/16/2018 06/15/2018 06/14/2018 06/13/2018 06/12/2018 06/11/2018 06/10/2018 06/09/2018 06/08/2018 06/07/2018 06/06/2018 06/05/2018 06/04/2018 06/03/2018 06/02/2018 06/01/2018 05/31/2018 05/30/2018 05/29/2018 05/28/2018 05/27/2018 05/26/2018 05/25/2018 05/24/2018 05/23/2018 05/22/2018 05/21/2018 05/20/2018 05/19/2018 05/18/2018 05/17/2018 05/16/2018 05/15/2018 05/14/2018 05/13/2018 05/12/2018 05/11/2018 05/10/2018 05/09/2018 05/08/2018 05/07/2018 05/06/2018 05/05/2018 05/04/2018 05/03/2018 05/02/2018 05/01/2018 04/30/2018 04/29/2018 04/28/2018 04/27/2018 04/26/2018 04/25/2018 04/24/2018 04/23/2018 04/22/2018 04/21/2018 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/15/2018 04/14/2018 04/13/2018 04/12/2018 04/11/2018 04/10/2018 04/09/2018 04/08/2018 04/07/2018 04/06/2018 04/05/2018 04/04/2018 04/03/2018 04/02/2018 04/01/2018 03/31/2018 03/30/2018 03/29/2018 03/28/2018 03/27/2018 03/26/2018 03/25/2018 03/24/2018 03/23/2018 03/22/2018 03/21/2018 03/20/2018 03/19/2018 03/18/2018 03/17/2018 03/16/2018 03/15/2018 03/14/2018 03/13/2018 03/12/2018 03/11/2018 03/10/2018 03/09/2018 03/08/2018 03/07/2018 03/06/2018 03/05/2018 03/04/2018 03/03/2018 03/02/2018 03/01/2018 02/28/2018 02/27/2018 02/26/2018 02/25/2018 02/24/2018 02/23/2018 02/22/2018 02/21/2018 02/20/2018 02/19/2018 02/18/2018 02/17/2018 02/16/2018 02/15/2018 02/14/2018 02/13/2018 02/12/2018 02/11/2018 02/10/2018 02/09/2018 02/08/2018 02/07/2018 02/06/2018 02/05/2018 02/04/2018 02/03/2018 02/02/2018 02/01/2018 01/31/2018 01/30/2018 01/29/2018 01/28/2018 01/27/2018 01/26/2018 01/25/2018 01/24/2018 01/23/2018 01/22/2018 01/21/2018 01/20/2018 01/19/2018 01/18/2018 01/17/2018 01/16/2018 01/15/2018 01/14/2018 01/13/2018 01/12/2018 01/11/2018 01/10/2018 01/09/2018 01/08/2018 01/07/2018 01/06/2018 01/05/2018 01/04/2018 01/03/2018 01/02/2018 01/01/2018 12/31/2017 12/30/2017 12/29/2017 12/28/2017 12/27/2017 12/26/2017 12/25/2017 12/24/2017 12/23/2017 12/22/2017 12/21/2017 12/20/2017 12/19/2017 12/18/2017 12/17/2017 12/16/2017 12/15/2017 12/14/2017 12/13/2017 12/12/2017 12/11/2017 12/10/2017 12/09/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017 12/04/2017 12/03/2017 12/02/2017 12/01/2017 11/30/2017 11/29/2017 11/28/2017 11/27/2017 11/26/2017 11/25/2017 11/24/2017 11/23/2017 11/22/2017 11/21/2017 11/20/2017 11/19/2017 11/18/2017 11/17/2017 11/16/2017 11/15/2017 11/14/2017 11/13/2017 11/12/2017 11/11/2017 11/10/2017 11/09/2017 11/08/2017 11/07/2017 11/06/2017 11/05/2017 11/04/2017 11/03/2017 11/02/2017 11/01/2017 10/31/2017 10/30/2017 10/29/2017 10/28/2017 10/27/2017 10/26/2017 10/25/2017 10/24/2017 10/23/2017 10/22/2017 10/21/2017 10/20/2017 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/15/2017 10/14/2017 10/13/2017 10/12/2017 10/11/2017 10/10/2017 10/09/2017 10/08/2017 10/07/2017 10/06/2017 10/05/2017 10/04/2017 10/03/2017 10/02/2017 10/01/2017 09/30/2017 09/29/2017 09/28/2017 09/27/2017 09/26/2017 09/25/2017 09/24/2017 09/23/2017 09/22/2017 09/21/2017 09/20/2017 09/19/2017 09/18/2017 09/17/2017 09/16/2017 09/15/2017 09/14/2017 09/13/2017 09/12/2017 09/11/2017 09/10/2017 09/09/2017 09/08/2017 09/07/2017 09/06/2017 09/05/2017 09/04/2017 09/01/2017 08/02/2017 07/27/2017 07/26/2017 07/25/2017 07/24/2017 07/23/2017 07/22/2017 07/21/2017 07/20/2017 07/19/2017 07/18/2017 07/17/2017 07/16/2017 07/15/2017 07/14/2017 07/13/2017 07/12/2017 07/11/2017 07/10/2017 07/09/2017 07/08/2017 07/07/2017 07/06/2017 07/05/2017 07/04/2017 07/03/2017 07/02/2017 07/01/2017 06/30/2017 06/29/2017 06/28/2017 06/27/2017 06/26/2017 06/25/2017 06/24/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/17/2017 06/16/2017 06/15/2017 06/14/2017 06/13/2017 06/12/2017 06/11/2017 06/10/2017 06/09/2017 06/08/2017 06/07/2017 06/06/2017 06/05/2017 06/04/2017 06/03/2017 06/02/2017 06/01/2017 05/31/2017 05/30/2017 05/29/2017 05/28/2017 05/27/2017 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017 05/21/2017 05/20/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/14/2017 05/13/2017 05/12/2017 05/11/2017 05/10/2017 05/09/2017 05/08/2017 05/07/2017 05/06/2017 05/05/2017 05/04/2017 05/03/2017 05/02/2017 05/01/2017 04/30/2017 04/29/2017 04/28/2017 04/27/2017 04/26/2017 04/25/2017 04/24/2017 04/23/2017 04/22/2017 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/17/2017 04/16/2017 04/15/2017 04/14/2017 04/13/2017 04/12/2017 04/11/2017 04/10/2017 04/09/2017 04/08/2017 04/07/2017 04/06/2017 04/05/2017 04/04/2017 04/03/2017 04/02/2017 04/01/2017 03/31/2017 03/30/2017 03/29/2017 03/28/2017 03/27/2017 03/26/2017 03/25/2017 03/24/2017 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/19/2017 03/18/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017 03/13/2017 03/12/2017 03/11/2017 03/10/2017 03/09/2017 03/08/2017 03/07/2017 03/06/2017 03/05/2017 03/04/2017 03/03/2017 03/02/2017 03/01/2017 02/28/2017 02/27/2017 02/26/2017 02/25/2017 02/24/2017 02/23/2017 02/22/2017 02/21/2017 02/20/2017 02/19/2017 02/18/2017 02/17/2017 02/16/2017 02/15/2017 02/14/2017 02/13/2017 02/12/2017 02/11/2017 02/10/2017 02/09/2017 02/08/2017 02/07/2017 02/06/2017 02/05/2017 02/04/2017 02/03/2017 02/02/2017 02/01/2017 01/31/2017 01/30/2017 01/29/2017 01/28/2017 01/27/2017 01/26/2017 01/25/2017 01/24/2017 01/23/2017 01/22/2017 01/21/2017 01/20/2017 01/19/2017 01/18/2017 01/17/2017 01/16/2017 01/15/2017 01/14/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/08/2017 01/07/2017 01/06/2017 01/05/2017 01/04/2017 01/03/2017 01/02/2017 01/01/2017 12/31/2016 12/30/2016 12/29/2016 12/28/2016 12/27/2016 12/26/2016 12/25/2016 12/24/2016 12/23/2016 12/22/2016 12/21/2016 12/20/2016 12/19/2016 12/18/2016 12/17/2016 12/16/2016 12/15/2016 12/14/2016 12/13/2016 12/12/2016 12/11/2016 12/10/2016 12/09/2016 12/08/2016 12/07/2016 12/06/2016 12/05/2016 12/04/2016 12/03/2016 12/02/2016 12/01/2016 11/30/2016 11/29/2016 11/28/2016 11/27/2016 11/26/2016 11/25/2016 11/24/2016 11/23/2016 11/22/2016 11/21/2016 11/20/2016 11/19/2016 11/18/2016 11/17/2016 11/16/2016 11/15/2016 11/14/2016 11/13/2016 11/12/2016 11/11/2016 11/10/2016 11/09/2016 11/08/2016 11/07/2016 11/06/2016 11/05/2016 11/04/2016 11/03/2016 11/02/2016 11/01/2016 10/31/2016 10/30/2016 10/29/2016 10/28/2016 10/27/2016 10/26/2016 10/25/2016 10/24/2016 10/23/2016 10/22/2016 10/21/2016 10/20/2016 10/19/2016 10/18/2016 10/17/2016 10/16/2016 10/15/2016 10/14/2016 10/13/2016 10/12/2016 10/11/2016 10/10/2016 10/09/2016 10/08/2016 10/07/2016 10/06/2016 10/05/2016 10/04/2016 10/03/2016 10/02/2016 10/01/2016 09/30/2016 09/29/2016 09/28/2016 09/27/2016 09/26/2016 09/25/2016 09/24/2016 09/23/2016 09/22/2016 09/21/2016 09/20/2016 09/19/2016 09/18/2016 09/17/2016 09/16/2016 09/15/2016 09/14/2016 09/13/2016 09/12/2016 09/11/2016 09/10/2016 09/09/2016 09/08/2016 09/07/2016 09/06/2016 09/05/2016 09/04/2016 09/03/2016 09/02/2016 09/01/2016 08/31/2016 08/30/2016 08/29/2016 08/28/2016 08/27/2016 08/26/2016 08/25/2016 08/24/2016 08/23/2016 08/22/2016 08/21/2016 08/20/2016 08/19/2016 08/18/2016 08/17/2016 08/16/2016 08/15/2016 08/14/2016 08/13/2016 08/12/2016 08/11/2016 08/10/2016 08/09/2016 08/08/2016 08/07/2016 08/06/2016 08/05/2016 08/04/2016 08/03/2016 08/02/2016 08/01/2016 07/31/2016 07/30/2016 07/29/2016 07/28/2016 07/27/2016 07/26/2016 07/25/2016 07/24/2016 07/23/2016 07/22/2016 07/21/2016 07/20/2016 07/19/2016 07/18/2016 07/17/2016 07/16/2016 07/15/2016 07/14/2016 07/13/2016 07/12/2016 07/11/2016 07/10/2016 07/09/2016 07/08/2016 07/07/2016 07/06/2016 07/05/2016 07/04/2016 07/03/2016 07/02/2016 07/01/2016 06/30/2016 06/29/2016 06/28/2016 06/27/2016 06/26/2016 06/25/2016 06/24/2016 06/23/2016 06/22/2016 06/21/2016 06/20/2016 06/19/2016 06/18/2016 06/17/2016 06/16/2016 06/15/2016 06/14/2016 06/13/2016 06/12/2016 06/11/2016 06/10/2016 06/09/2016 06/08/2016 06/07/2016 06/06/2016 06/05/2016 06/04/2016 06/03/2016 06/02/2016 06/01/2016 05/31/2016 05/30/2016 05/29/2016 05/28/2016 05/27/2016 05/26/2016 05/25/2016 05/24/2016 05/23/2016 05/22/2016 05/21/2016 05/20/2016 05/19/2016 05/18/2016 05/17/2016 05/16/2016 05/15/2016 05/14/2016 05/13/2016 05/12/2016 05/11/2016 05/10/2016 05/09/2016 05/08/2016 05/07/2016 05/06/2016 05/05/2016 05/04/2016 05/03/2016 05/02/2016 05/01/2016 04/30/2016 04/29/2016 04/28/2016 04/27/2016 04/26/2016 04/25/2016 04/24/2016 04/23/2016 04/22/2016 04/21/2016 04/20/2016 04/19/2016 04/18/2016 04/17/2016 04/16/2016 04/15/2016 04/14/2016 04/13/2016 04/12/2016 04/11/2016 04/10/2016 04/09/2016 04/08/2016 04/07/2016 04/06/2016 04/05/2016 04/04/2016 04/03/2016 04/02/2016 04/01/2016 03/31/2016 03/30/2016 03/29/2016 03/28/2016 03/27/2016 03/26/2016 03/25/2016 03/24/2016 03/23/2016 03/22/2016 03/21/2016 03/20/2016 03/19/2016 03/18/2016 03/17/2016 03/16/2016 03/15/2016 03/14/2016 03/13/2016 03/12/2016 03/11/2016 03/10/2016 03/09/2016 03/08/2016 03/07/2016 03/06/2016 03/05/2016 03/04/2016 03/03/2016 03/02/2016 03/01/2016 02/29/2016 02/28/2016 02/27/2016 02/26/2016 02/25/2016 02/24/2016 02/23/2016 02/22/2016 02/21/2016 02/20/2016 02/19/2016 02/18/2016 02/17/2016 02/16/2016 02/15/2016 02/14/2016 02/13/2016 02/12/2016 02/11/2016 02/10/2016 02/09/2016 02/08/2016 02/07/2016 02/06/2016 02/05/2016 02/04/2016 02/03/2016 02/02/2016 02/01/2016 01/31/2016 01/30/2016 01/29/2016 01/28/2016 01/27/2016 01/26/2016 01/25/2016 01/24/2016 01/23/2016 01/22/2016 01/21/2016 01/20/2016 01/19/2016 01/18/2016 01/17/2016 01/16/2016 01/15/2016 01/14/2016 01/13/2016 01/12/2016 01/11/2016 01/10/2016 01/09/2016 01/08/2016 01/07/2016 01/06/2016 01/05/2016 01/04/2016 01/03/2016 01/02/2016 01/01/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015 12/27/2015 12/26/2015 12/25/2015 12/24/2015 12/23/2015 12/22/2015 12/21/2015 12/20/2015 12/19/2015 12/18/2015 12/17/2015 12/16/2015 12/15/2015 12/14/2015 12/13/2015 12/12/2015 12/11/2015 12/10/2015 12/09/2015 12/08/2015 12/07/2015 12/06/2015 12/05/2015 12/04/2015 12/03/2015 12/02/2015 12/01/2015 11/30/2015 11/29/2015 11/28/2015 11/27/2015 11/26/2015 11/25/2015 11/24/2015 11/23/2015 11/22/2015 11/21/2015 11/20/2015 11/19/2015 11/18/2015 11/17/2015 11/16/2015 11/15/2015 11/14/2015 11/13/2015 11/12/2015 11/11/2015 11/10/2015 11/09/2015 11/08/2015 11/07/2015 11/06/2015 11/05/2015 11/04/2015 11/03/2015 11/02/2015 11/01/2015 10/31/2015 10/30/2015 10/29/2015 10/28/2015 10/27/2015 10/26/2015 10/25/2015 10/24/2015 10/23/2015 10/22/2015 10/21/2015 10/20/2015 10/19/2015 10/18/2015 10/17/2015 10/16/2015 10/15/2015 10/14/2015 10/13/2015 10/12/2015 10/11/2015 10/10/2015 10/09/2015 10/08/2015 10/07/2015 10/06/2015 10/05/2015 10/04/2015 10/03/2015 10/02/2015 10/01/2015 09/30/2015 09/29/2015 09/28/2015 09/27/2015 09/26/2015 09/25/2015 09/24/2015 09/23/2015 09/22/2015 09/21/2015 09/20/2015 09/19/2015 09/18/2015 09/17/2015 09/16/2015 09/15/2015 09/14/2015 09/13/2015 09/12/2015 09/11/2015 09/10/2015 09/09/2015 09/08/2015 09/07/2015 09/06/2015 09/05/2015 09/04/2015 09/03/2015 09/02/2015 09/01/2015 08/31/2015 08/30/2015 08/29/2015 08/28/2015 08/27/2015 08/26/2015 08/25/2015 08/24/2015 08/23/2015 08/19/2015 08/18/2015 08/17/2015 08/16/2015 08/15/2015 08/14/2015 08/13/2015 08/12/2015 08/11/2015 08/10/2015 08/09/2015 08/08/2015 08/07/2015 08/06/2015 08/05/2015 08/04/2015 08/03/2015 08/02/2015 08/01/2015 07/31/2015 07/30/2015 07/29/2015 07/28/2015 07/27/2015 07/26/2015 07/25/2015 07/24/2015 07/23/2015 07/22/2015 07/21/2015 07/20/2015 07/19/2015 07/18/2015 07/17/2015 07/16/2015 07/15/2015 07/14/2015 07/13/2015 07/12/2015 07/11/2015 07/10/2015 07/09/2015 07/08/2015 07/07/2015 07/06/2015 07/05/2015 07/04/2015 07/03/2015 07/02/2015 07/01/2015 06/30/2015 06/29/2015 06/28/2015 06/27/2015 06/26/2015 06/25/2015 06/24/2015 06/23/2015 06/22/2015 06/21/2015 06/20/2015 06/19/2015 06/18/2015 06/17/2015 06/16/2015 06/15/2015 06/14/2015 06/13/2015 06/12/2015 06/11/2015 06/10/2015 06/09/2015 06/08/2015 06/07/2015 06/06/2015 06/05/2015 06/04/2015 06/03/2015 06/02/2015 06/01/2015 05/31/2015 05/30/2015 05/29/2015 05/28/2015 05/27/2015 05/26/2015 05/25/2015 05/24/2015 05/23/2015 05/22/2015 05/21/2015 05/20/2015 05/19/2015 05/18/2015 05/17/2015 05/16/2015 05/15/2015 05/14/2015 05/13/2015 05/12/2015 05/11/2015 05/10/2015 05/09/2015 05/08/2015 05/07/2015 05/06/2015 05/05/2015 05/04/2015 05/03/2015 05/02/2015 05/01/2015 04/30/2015 04/29/2015 04/28/2015 04/27/2015 04/26/2015 04/25/2015 04/24/2015 04/23/2015 04/22/2015 04/21/2015 04/20/2015 04/19/2015 04/18/2015 04/17/2015 04/16/2015 04/15/2015 04/14/2015 04/13/2015 04/12/2015 04/11/2015 04/10/2015 04/09/2015 04/08/2015 04/07/2015 04/06/2015 04/05/2015 04/04/2015 04/03/2015 04/02/2015 04/01/2015 03/31/2015 03/30/2015 03/29/2015 03/28/2015 03/27/2015 03/26/2015 03/25/2015 03/24/2015 03/23/2015 03/22/2015 03/21/2015 03/20/2015 03/19/2015 03/18/2015 03/17/2015 03/16/2015 03/15/2015 03/14/2015 03/13/2015 03/12/2015 03/11/2015 03/10/2015 03/09/2015 03/08/2015 03/07/2015 03/06/2015 03/05/2015 03/04/2015 03/03/2015 03/02/2015 03/01/2015 02/28/2015 02/27/2015 02/26/2015 02/25/2015 02/24/2015 02/23/2015 02/22/2015 02/21/2015 02/20/2015 02/19/2015 02/18/2015 02/17/2015 02/16/2015 02/15/2015 02/14/2015 02/13/2015 02/12/2015 02/11/2015 02/10/2015 02/09/2015 02/08/2015 02/07/2015 02/06/2015 02/05/2015 02/04/2015 02/03/2015 02/02/2015 02/01/2015 01/31/2015 01/30/2015 01/29/2015 01/28/2015 01/27/2015 01/26/2015 01/25/2015 01/24/2015 01/23/2015 01/22/2015 01/21/2015 01/20/2015 01/19/2015 01/18/2015 01/17/2015 01/16/2015 01/15/2015 01/14/2015 01/13/2015 01/12/2015 01/11/2015 01/10/2015 01/09/2015 01/08/2015 01/07/2015 01/06/2015 01/05/2015 01/04/2015 01/03/2015 01/02/2015 01/01/2015 12/31/2014 12/30/2014 12/29/2014 12/28/2014 12/27/2014 12/26/2014 12/25/2014 12/24/2014 12/23/2014 12/22/2014 12/21/2014 12/20/2014 12/19/2014 12/18/2014 12/17/2014 12/16/2014 12/15/2014 12/14/2014 12/13/2014 12/12/2014 12/11/2014 12/10/2014 12/09/2014 12/08/2014 12/07/2014 12/06/2014 12/05/2014 12/04/2014 12/03/2014 12/02/2014 12/01/2014 11/30/2014 11/29/2014 11/28/2014 11/27/2014 11/26/2014 11/25/2014 11/24/2014 11/23/2014 11/22/2014 11/21/2014 11/20/2014 11/19/2014 11/18/2014 11/17/2014 11/16/2014 11/15/2014 11/14/2014 11/13/2014 11/12/2014 11/11/2014 11/10/2014 11/09/2014 11/08/2014 11/07/2014 11/06/2014 11/05/2014 11/04/2014 11/03/2014 11/02/2014 11/01/2014 10/31/2014 10/30/2014 10/29/2014 10/28/2014 10/27/2014 10/26/2014 10/25/2014 10/24/2014 10/23/2014 10/22/2014 10/21/2014 10/20/2014 10/19/2014 10/18/2014 10/17/2014 10/16/2014 10/15/2014 10/14/2014 10/13/2014 10/12/2014 10/11/2014 10/10/2014 10/09/2014 10/08/2014 10/07/2014 10/06/2014 10/05/2014 10/04/2014 10/03/2014 10/02/2014 10/01/2014 09/30/2014 09/29/2014 09/28/2014 09/27/2014 09/26/2014 09/25/2014 09/24/2014 09/23/2014 09/22/2014 09/21/2014 09/20/2014 09/19/2014 09/18/2014 09/17/2014 09/16/2014 09/15/2014 09/14/2014 09/13/2014 09/12/2014 09/11/2014 09/10/2014 09/09/2014 09/08/2014 09/07/2014 09/06/2014 09/05/2014 09/04/2014 09/03/2014 09/02/2014 09/01/2014 08/31/2014 08/30/2014 08/29/2014 08/28/2014 08/27/2014 08/26/2014 08/25/2014 08/24/2014 08/23/2014 08/22/2014 08/21/2014 08/20/2014 08/19/2014 08/18/2014 08/17/2014 08/16/2014 08/15/2014 08/14/2014 08/13/2014 08/12/2014 08/11/2014 08/10/2014 08/09/2014 08/08/2014 08/07/2014 08/06/2014 08/05/2014 08/04/2014 08/03/2014 08/02/2014 08/01/2014 07/31/2014 07/30/2014 07/29/2014 07/28/2014 07/27/2014 07/26/2014 07/25/2014 07/24/2014 07/23/2014 07/22/2014 07/21/2014 07/20/2014 07/19/2014 07/18/2014 07/17/2014 07/16/2014 07/15/2014 07/14/2014 07/13/2014 07/12/2014 07/11/2014 07/10/2014 07/09/2014 07/08/2014 07/07/2014 07/06/2014 07/05/2014 07/04/2014 07/03/2014 07/02/2014 07/01/2014 06/30/2014 06/29/2014 06/28/2014 06/27/2014 06/26/2014 06/25/2014 06/24/2014 06/23/2014 06/22/2014 06/21/2014 06/20/2014 06/19/2014 06/18/2014 06/17/2014 06/16/2014 06/15/2014 06/14/2014 06/13/2014 06/12/2014 06/11/2014 06/10/2014 06/09/2014 06/08/2014 06/07/2014 06/06/2014 06/05/2014 06/04/2014 06/03/2014 06/02/2014 06/01/2014 05/31/2014 05/30/2014 05/29/2014 05/28/2014 05/27/2014 05/26/2014 05/25/2014 05/24/2014 05/23/2014 05/22/2014 05/21/2014 05/20/2014 05/19/2014 05/18/2014 05/17/2014 05/16/2014 05/15/2014 05/14/2014 05/13/2014 05/12/2014 05/11/2014 05/10/2014 05/09/2014 05/08/2014 05/07/2014 05/06/2014 05/05/2014 05/04/2014 05/03/2014 05/02/2014 05/01/2014 04/30/2014 04/29/2014 04/28/2014 04/27/2014 04/26/2014 04/25/2014 04/24/2014 04/23/2014 04/22/2014 04/21/2014 04/20/2014 04/19/2014 04/18/2014 04/17/2014 04/16/2014 04/15/2014 04/14/2014 04/13/2014 04/12/2014 04/11/2014 04/10/2014 04/09/2014 04/08/2014 04/07/2014 04/06/2014 04/05/2014 04/04/2014 04/03/2014 04/02/2014 04/01/2014 03/31/2014 03/30/2014 03/29/2014 03/28/2014 03/27/2014 03/26/2014 03/25/2014 03/24/2014 03/23/2014 03/22/2014 03/21/2014 03/20/2014 03/19/2014 03/18/2014 03/17/2014 03/16/2014 03/15/2014 03/14/2014 03/13/2014 03/12/2014 03/11/2014 03/05/2014 03/01/2014 02/27/2014 02/26/2014 02/25/2014 02/20/2014 02/19/2014