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• JetBlue announced a round of layoffs, buyouts, and a restructuring of positions on Friday afternoon. 
• It did not specify how many jobs would be affected by the decision. 
• The restructuring comes at a time when JetBlue is seeking to honor a goal set in December 2016, when it announced a plan to reduce operational costs by up to $300 million a year by 2020.

On Friday, JetBlue announced a round of layoffs, buyouts, and a restructuring of staff in an effort to cut expenses to the tune of $300 million. 

In a statement to Business Insider, JetBlue's Shelby Wallace said, "To streamline how we work, we are moving certain teams and roles into new reporting structures and are eliminating a number of positions. We need to make these difficult decisions to ensure we are set up for success."

The statement continued: "We aimed to reduce the number of involuntary departures by offering voluntary buyouts and by eliminating a number of open positions. We will continue to hire strategically in our support center teams, and these changes do not affect staffing levels of our frontline crew members." 

JetBlue did not specify how many jobs would be affected by the decision. 

JetBlue spokesman Doug McGraw told CNBC that the cuts are focused on office jobs, and that the airline is not planning to let go of airport workers such as gate agents. It is also not planning to cut flight crew jobs. 

The restructuring comes at a time when JetBlue is seeking to honor a goal set in December 2016, when it  announced a plan to reduce operational costs by up to $300 million a year by 2020 through a combination of targeted stock buybacks and various cost-saving steps. 

SEE ALSO: JetBlue is selling one-way tickets to the Caribbean for as low as $58

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Executives and operators of major crypto conglomerates, valued at many billions of dollars, have been more optimistic towards Ethereum than bitcoin, the most dominant cryptocurrency in the global market, as of late. Throughout the past year, Circle, the $3 billion cryptocurrency exchange and payments platform, and Coinbase, the $8 billion cryptocurrency brokerage company which also

The post Why CEOs of Circle, Coinbase, and Major Crypto Firms are Bullish on Ethereum appeared first on CCN

• Since February, Uber users have been able to book an electric bike through the app. Now the bikes are taking a big chunk out of Uber's core car-ride business.
• An Uber employee published early results of an analysis showing that it booked 10% fewer rides in cars and SUVs after the company got into bike-sharing.
• The data suggests that Uber could be in serious trouble if the emerging scooter-sharing market also cuts into its car-hailing business.

Electric-scooter sharing startups are racing to become as dominant as Uber or Lyft in this wacky and well-funded transportation business that's revolutionizing transit in America.

At the same time, Uber is learning that it may need to end up dominating scooter-sharing, before companies like Bird, Lyft, and Ofo cannibalize its core car-hailing business.

On Thursday, Santosh Rao, a policy researcher at Uber, published a Medium post showing that Uber trips fell 10% overall after the company got into the bike-sharing business in February. During peak traffic hours, Uber trips in cars and SUVs declined as much as 15%.

Mike Dudas, an entrepreneur who previously led mobile business development at Venmo, PayPal, and Google, shared the Medium post in a tweet that's going viral.

According to Dudas, the analysis shows Uber's "core car business would be REKT in dense urban areas by scooters if they didn't own them," in his own words. 

Bird and Lime — two scooter-sharing companies that investors say are destined to become the Uber and Lyft of scooter-sharing based on their explosive user growth — are "looking like increasingly brilliant investments and businesses," Dudas said.

Jump, a startup that makes the fire-engine red electric bikes that cover the streets of San Francisco, Chicago, Austin, and Washington, DC, teamed up with Uber in February to let users book rides on its app. Uber later acquired Jump for close to $200 million, giving it skin in the game as consumers tried new modes of transportation.

Since February, according to the Uber researcher, the overall number of trips booked on Uber's app increased 15% among "early Jump adopters" — people who averaged at least one trip a week (in an Uber car or on a Jump bike) after their first Jump ride.

"The entire increase can be attributed to the use of eBikes," Rao wrote.

He added, "To sum up, eBikes were popular with these early adopters and some Uber trips, especially during congested periods, were replaced by Jump trips. This is a promising early sign of the ability of eBikes to alleviate congestion and reduce car trips. The fact that demand for eBikes is currently constrained by limited supply (there are only 250 Jump bikes in San Francisco) makes this all the more promising."

The post doesn't specify which cities Uber gathered data from. We've reached out to Uber for more information on its methodology here and will update if we hear back.

It also neglected to mention the meteoric rise of scooter-sharing, which could someday cut into Uber's car-hailing business in the same way Jump bikes have. Scooters are good for even shorter trips than the electric bikes, and are one fewer reason to book a car.

Shortly after Jump bikes cropped up on the streets and sidewalks of San Francisco, electric scooters invaded. Hundreds of vehicles covered the city before local officials issued cease-and-desist letters to their operators, forcing a temporary ban.

Twelve companies, including Bird, Lime, Uber (via Jump), and Lyft applied for permits to operate scooters in San Francisco. The city is expected to issue a maximum of five permits, sometime in August, TechCrunch reported on Thursday.

With Uber joining the fray, the company shows it refuses to be left in the dust.

SEE ALSO: Uber, Alphabet, and top VCs just poured $335 million into scooter startup Lime — here's why one investor thinks it's the future of commuting

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• Elon Musk took to Twitter on Thursday night to defend Tesla after a New York investment bank downgraded the electric car company's shares that morning. 
• The firm suggested Tesla Model 3 cancellations are outpacing orders. 
• Musk responded with a tweet calling the suggestion 'bs' and then gave specific order numbers. 

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Tesla, CEO Elon Musk took to Twitter on Thursday night to dispute rumors that Model 3 cancellations are outpacing orders. The move came after Needham & Co., a New York-based investment bank, downgraded Tesla shares from hold to sell. 

Needham's report, which included several reasons for taking a bearish position on Tesla, specifically cited, "slower sales of Model S/X on increased competition, possible cannibalization from Model 3 and expiration of credits." 

Replying to a Tweet by a fellow Twitter user about Needhan's suggestion that Tesla's cancellations are outpacing orders, Musk said, "Dunno where this bs came from. Who knows about the future, but last week we had over 2000 S/X and 5000 Model 3 *new* net orders." 

It is not uncommon for Musk to engage combatively on Twitter, or defend Tesla's Model 3 production rate. The electric car company was under deep scrutiny by investors to hit a 5,000 per week production goal at the end of the second quarter last month, which the company achieved. By revealing the amount of order numbers on Thursday for Model S, Model X, and Model 3 cars, Musk gave the public a rare look into Tesla's behind-the-scenes data. 

Recently, Tesla hit its 200,000th sale in the US, which means the company's $7,500 electric vehicle tax credit has expired and will begin to phase-out next year and will go away in January 2020.  

CNBC reports, when asked for a comment, a Tesla spokesperson said, "The notion that Model 3 cancellations are outpacing orders is unequivocally wrong.” 

SEE ALSO: Elon Musk reportedly tried to defuse criticism of his Republican funding by asking an environmental group to ride to his rescue

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This article originally appeared on Bitcoin Magazine.

• Amelia Earhart disappeared in her plane over 80 years ago, but since then there have been many technological advances to keep that from happening.
• Today, radar, satellites, and other flight-tracking systems keep a close eye on planes around the globe. It's a mix of old and new technologies which come together to create a larger system of checks and backups.
• Despite these advances, however, there are still problems with tracking planes in certain remote regions. To remedy this, coordinated international reform efforts are set to take hold over the next few years.

In July of 1937, Amelia Earhart, her navigator Fred Noonan, and her Lockheed Electra plane took off from New Guinea, at the tail-end of her quest to circle the globe. They were never seen again.

Fast forward to March 2018, when a report from Forensic Anthropology claimed to have identified Earhart's bones, found on a remote atoll in the Pacific Ocean in 1940, with 99% accuracy — contradictory to the initial original report, which said the bones were from a man. Even now, the circumstances of Earhart's disappearance remain somewhat of a mystery. Her plane, for example, is still missing.

Nowadays, a disappearing plane is almost unthinkable (though it can happen — many of us remember when Malaysia Airlines Flight 370 vanished in 2014).

But for the most part, technology has taken us far from the days when a person could fly out into the unknown, never to be seen again. For one thing, the unknown feels hard to come by these days. For another, air traffic is highly regulated, backed up by technological advances and overlapping systems that allow planes to be monitored at almost every stage.

One such system is radar, or "Radio Detecting and Ranging," which uses radio waves to keep air traffic controllers aware of each aircraft's location, according to the Australian Bureau of Meteorology. The concept of radar has been around since before Earhart first climbed into a cockpit, according to Britannica. Despite its age and relative simplicity, it remains a staple for most flight-tracking systems, Mark Millam, a vice president at the Flight Safety Foundation, told Business Insider.

But some programs, like the Federal Aviation Administration's NextGen program, are focusing on switching from radar to a more accurate and reliable satellite-based tracking technology. In fact, most planes operating in U.S.-controlled airspace must be equipped with satellite-compliant technology by January 2020, according to the FAA.

When radar and satellites aren't available, in remote areas for example, it's up to flight crews to report their position back to air traffic control centers, Millam said. The International Civil Aviation Organization (ICAO), a specialized agency of the United Nations, has recommended that commercial planes be required to report their positions every 15 minutes, according to The Guardian. This recommendation applies starting on November 8, 2018.

Millam said that most countries are already complying with that standard. But it still leaves a bit to be desired, especially when you're travelling hundreds of miles per hour.

That's where the Global Aeronautical Distress Safety System (GADSS), another set of potential reform initiatives, comes in. It calls for things like automating the location-reporting process for planes in distress, thereby shrinking the search radius for missing planes to a six-nautical-mile radius. That standard goes into effect on January 1, 2021.

"You'll get a tighter and tighter window of where that aircraft is if it begins to show signs that it's not operating like a typical aircraft. Altitude, pressurization ... GADSS is meant to be able to identify these aircraft early, report more information back to air traffic control and help recover the aircraft," Millam said.

As it stands, however, these layers of accountability have fallen short in the not-so-distant past. Consider, for example, the 2014 disappearance of Malaysia Airlines flight 370. The plane, which had over 200 people on board, was never found, as Business Insider previously reported. It was the catalyst which later prompted the ICAO to create GADSS.

It's worth noting that this event was an anomaly for modern aviation.

"That aircraft flew for hours after it reported that it was not on its planned flight path. That is something that had never been seen before," Millam said. "With the changes that are proposed since Malaysia 370, since Amelia Earhart — there's been so much more that's been set up in terms of coverage."

When planes crash on land, force-activated emergency-locator transmitters are meant to help search and rescue locate the ones that don't make it home. And larger aircraft flying internationally are required to have underwater locating devices, which activate automatically and send out a signal for at least 30 days.

Despite the loss of that Malaysia Airlines flight, however, the expectation that your flight will arrive at the intended destination is still mostly taken in stride. Planes still crash, but it's much more difficult for a plane to disappear than it was in Earhart's day. And given the flight-tracking proposals on the table, it will only become more difficult as new initiatives and technologies become the norm.

Over the years, Earhart's mysterious disappearance has taken her from a person of public fascination to that of an aeronautic legend and an icon of female empowerment. In honor of her impressive life and pioneering contributions to aviation, July 24 is celebrated as Amelia Earhart Day.

Although we've mostly managed to move beyond the phenomenon of vanishing aircraft, her disappearance does still resonate with a certain degree of fascination, reflecting our deepest desires for exploration and discovery — even if that means confronting the unknown.

SEE ALSO: 7 times a flight upgrade might be worth your money

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• 2 of the 'Big Four' accounting firms are helping crypto startups shake-off their scrappy roots with a little-known tech audit. 
• BitGo, a crypto custody shop, is one of the first firms to complete a so-called SOC2 audit, which shows its systems meet Deloitte's standards. 
• Other crypto firms are looking to complete the audit, as well. 

Bitcoin companies have a branding problem.

The nascent market for digital coins is known for its spine-tingling volatility and hacks. 

That's part of the reason institutional investors don't trust firms across the landscape with their money. But crypto service providers and exchanges are trying to lure in big money by shaking off their scrappy roots and holding themselves to Wall Street standards. 

To that end, many are partnering with 'Big Four' accounting firms to acquire a so-called SOC2 certification, a way to prove to clients that they have the proper functioning security systems in place to keep funds secure. 

BitGo, a crypto custody firm, for instance, is leading the charge and recently completed its SOC2 with Deloitte, the firm told Business Insider.

The designation, which took over a year for BitGo to complete, means the firm is following stricter rules and that Deloitte will come in to test systems to ensure they are meeting SOC2 standards.  

"$15 billion of all crypto is coming through us per month," said Tom Pageler, chief security officer at BitGo."That's across 50 countries."

"We are in the position where we have to show how to do this right, and know we have a third-party to show our clients that we are," Pageler added. 

BitGo may be the first firm to complete a SOC2, but it's not the only firm looking at getting one. Elsewhere, Coinbase is partnering with Deloitte on a SOC2, company insiders told Business Insider. New York-based rival Gemini is also looking into getting a SOC2, a spokeswoman told Business Insider. 

KPMG, a Deloitte rival, is getting inbounds from crypto companies about SOC2 designations. 

Kiran Nagaraj, a managing director at the firm focusing on crypto, said the trend is the latest signal of the crypto space's maturation. 

"In addition to the white glove services - such as a prime brokerage - institutions are going to look for something like this," Nagaraj said in an interview with Business Insider.

"Exchanges are constantly being hacked and so when a major investment bank wants to use an exchange they want to know there is some sort of assurance," Nagaraj added. "And this is where a SOC2 report comes in, it gives a level of comfort."

More than $800 million worth of cryptocurrency has been stolen by hackers this year, as per research by Autonomous Research, a financial analytics provider. 

The biggest hack this year took place on Coincheck, a Japanese-based exchange which had more than $500 million worth of crypto stolen in late January. Last month, South Korean exchange Bithumb was targeted, as hackers made off with around $30 million while the company suspended operations and moved its crypto holdings to cold storage.

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A break could be imminent as bitcoin has been consolidating for three days. But while the charts say bullish, plenty of resistance awaits.

This article originally appeared on Bitcoin Magazine.

Throughout May and June, even during bear markets and strong downward movements, tokens performed relatively well against bitcoin. So far, in July, bitcoin has proven its dominance through a stable performance against the US dollar. Why Bitcoin is King, For Now Over the past three months, tokens have had a solid basis to increase in

The post Bitcoin Reigns Supreme in July as Tokens Money Comes Back to BTC appeared first on CCN

• The FDA just approved a new drug to treat a form of blood cancer. 
• It's the second approval in about a decade for Agios Pharmaceuticals, a company that got its start in 2008.
• The company makes drugs that essentially try to repair cancer cells so they can grow old.

The FDA just approved a new drug to treat a form of blood cancer.

The drug, Tibsovo, is used to treat acute myeloid leukemia and is made by Agios Pharmaceuticals. It's the second approval for the company, whose first drug, Idhifa is also used to treat AML with particular genetic mutations. 

The two drugs act on a simple idea: Starve out cancer cells. They target two different mutations related to AML, IDH1 and IDH2. The two mutations make up about 20% of patients with AML.

Getting two drugs from discovery to approval is no small feat, especially considering that development timelines for drugs often go beyond a decade.

Agios CEO David Schenkein, who's been with the company since 2009, explained in May that there were a few things that helped the company get into this spot.

The first was to focus in on a narrow area of biology, specifically cellular metabolism. For example, cancer cell metabolisms — the process of converting food into energy — work differently than normal cells.

Cancer cells tend to take in more glucose than normal cells, which opens up the opportunity to target just cancer cells, leaving healthy cells untouched. Normal cells go through a whole life cycle (gets born, ages, makes new babies, then dies). Cancer cells, on the other hand, get stuck at the baby stage. While there, they make more and more of themselves. The idea with Agios's drugs is to help those cancer cells get old and die off instead of sticking around.

The second was hiring people and creating a scientific environment to "challenge the norms" of drug development.

SEE ALSO: 'It's akin to us cancelling scheduled ice fishing trips during July and August:' Trump is claiming a win after drugmakers committed not to increase prices for the rest of the year but it could have little impact on patients

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• A star trader at Barclays has left the firm to join propriety trading shop Jane Street.
• Doug Schadewald, 28, managed a S&P 500 and VIX derivatives portfolio at Barclays.
• He's leaving to build a new index trading desk at Jane Street, according to people familiar with the matter.
• He's the latest in a slew of equity derivatives traders to get poached in 2018 as volatility has stormed back.

A rising star on Barclays equity derivatives desk, one of the most competitive corners of Wall Street in 2018, has left the company to join secretive proprietary trading juggernaut Jane Street.

Doug Schadewald, a 28-year-old director who managed an S&P 500 and VIX derivatives portfolio at Barclays, resigned from the bank this week to join Jane Street, according to people familiar with the matter. 

Spokesmen for Barclays and Jane Street declined to comment. Schadewald also declined to comment. 

Equity derivatives traders have been in high demand in 2018 as volatility stormed back after laying dormant for much of 2016 and all of 2017, garnering shout outs from top executives in quarterly analyst calls for boosting banks' earnings. 

As of early July there had been more than 40 moves at the level of vice president or higher in equity derivatives in the US this year — a figure that continues to grow. Multiple factors are driving the trend, but the catalyst that opened the floodgates was the blowup of the Cboe Volatility Index — known as the VIX — earlier this year, according to industry insiders.

The blowup became a feeding frenzy for savvy, well-positioned traders who had suspected time was running out on the uber-popular trade of shorting volatility, leading to eye-popping profits for individual traders and teams — some north of $100 million on a single day. Schadewald and the index volatility team at Barclays would've been at the epicenter of the action those days as well and are said to have pulled in significant profits for the bank. 

Traders that scored big during the volatility spike have become coveted, especially given that many anticipate volatility will remain elevated as central banks withdraw liquidity and continue to hike interest rates.

While most of the ensuing movement in equity derivatives has been bank-to-bank, Schadewald, who was named to the Forbes 30 Under 30 list this year, is leaving banking to join an options trading team at Jane Street and help develop its index trading desk. 

Jane Street, a technology-focused firm that does proprietary trading similar to a hedge fund but is also a market maker as well, has over 700 employees and facilitates more than $13 billion in equity trading volumes a day, according to its website.

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NOW WATCH: An early investor in Airbnb and Uber explains why he started buying bitcoin in 2009

This article originally appeared on Bitcoin Magazine.

Among the many potential roles that bitcoin could play in society, it is hard to imagine plugging holes in police budgets being one of them. Until now. Surrey Police have become the first law enforcement agency in the United Kingdom to convert bitcoins that were seized from a drug dealer into British pounds, a portion

The post In a First, UK Police Seize Cannabis Grower’s Bitcoins Worth $1.6 Million appeared first on CCN

The operator of defunct bitcoin investment platform BitFunder is negotiating a plea deal over criminal charges laid against him by the SEC.

The Chinese government has released its third round of public blockchain rankings, and EOS — the fifth-largest cryptocurrency by total market cap — once again reigned supreme. EOS Tops China’s Blockchain Rankings for Second-Straight Month Those rankings, published by the state-backed China Electronic Information Industry Development (CCID) and released this week, evaluated public blockchain networks

The post EOS Leads China’s Blockchain Rankings Again, Bitcoin Still Out of Top 15 appeared first on CCN

A project called Bitcoin OpTech is launching to ensure companies like Coinbase and Square know the best technologies out there to reduce user fees.

A British county police force has become the first in the country to have successfully seized and sold bitcoins obtained in a criminal case.

• Trump said he is willing to escalate the current tariffs on China from $34 billion to $500 billion.
• Markets around the world dropped after the comments.
• Traders are afraid we're heading for a full-blown global trade war.
• You can follow global market developments at Markets Insider.

LONDON — Global markets are falling late on Friday morning after US President Donald Trump threatened to levy new tariffs on more than $500 billion of goods from China.

Trump told CNBC in an interview that ran on Friday that he is "ready to go to 500" on tariffs on Chinese imports.

S&P 500 futures fell by 0.3% in response to the comments and Dow Jones Industrial Average futures fell 0.4% shortly after the news.

In Europe, the FTSE 100 dropped half a per cent in minutes after the comments and Germany's DAX suffered a similar fall.

Neil Wilson, the chief market analyst at Markets.com, said in an email: "First the dollar, now equities: Trump’s interview with CNBC is skewering bulls all over the place."

"Equities sank sharply in the wake of Trump saying is he ready to slap tariffs on all the goods the US imports from China, which total over $500bn. That is versus the current tariffs on $34bn of imports and therefore points to serious escalation."

"It’s proof, if it were needed, that the president is prepared to go all the way in the trade war to exact concessions from China, which simply cannot match the US firepower. In light of the EU and others saying they are ready to respond to tariffs on cars, the stakes are rising fast.

"Whether we get to the point where there is a full-blown trade war remains debatable, but the odds are shortening by the day."

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NOW WATCH: An early investor in Uber, Airbnb, and bitcoin explains why it's actually a good sign that no one is spending their crypto

Subsequent to demonstrating a mini-rally on July 18, the crypto market has declined by $12 billion, triggered by a large drop in the value of tokens. Ripple’s Downtrend Since Wednesday, bitcoin, the most dominant cryptocurrency in the market, has performed relatively well against the US dollar. Its volume, which remained below $3.5 billion last week, … Continued

The post Crypto Market Struggles After Mini Bull Run, Ripple Price Down 5% appeared first on CCN

Subsequent to demonstrating a mini-rally on July 18, the crypto market has declined by $12 billion, triggered by a large drop in the value of tokens. Ripple’s Downtrend Since Wednesday, bitcoin, the most dominant cryptocurrency in the market, has performed relatively well against the US dollar. Its volume, which remained below $3.5 billion last week, … Continued

The post Crypto Market Struggles After Mini Bull Run, Ripple Price Down 5% appeared first on CCN

• Amy Powell, head of Paramount Television since 2013, was fired after complaints about something she said in a meeting.
• Paramount CEO Jim Gianopulos announced her dismissal in a company-wide memo on Thursday.
• He said only that she had said things that were "inconsistent" with company values — but sources told the media that her words were "racially charged."
• The Hollywood Reporter cited sources saying Powell made generalisations about black women while discussing a TV series with a mostly black cast.
• Powell had flatly denied the allegation.

Amy Powell, the head of entertainment giant Paramount Pictures' TV division, has been fired over controversial comments she made in a meeting, which allegedly included "racially charged" language.

Powell, who has overseen Paramount TV since 2013, was dismissed after an internal investigation into her alleged comments, prompted by a series of complaints. She has denied the allegations.

Paramount CEO Jim Gianopulos announced her dismissal to staff on Thursday in a memo obtained and published by The Hollywood Reporter.

Gianopulos's memo said "multiple individuals" had complained about comments Powell made in a "professional setting". He said an investigation by the company's HR and legal departments concluded that what she said was "inconsistent with our company's values," and serious enough to warrant immediate termination.

Gianopulos's memo did not specify what Powell said, or the exact context.

However, sources told The Hollywood Reporter that the source of the complaints were racially charged comments she made in a conference call to discuss a comedy series in which most actors are black.

Per the Hollywood Reporter story:

"According to sources, the comments included racially charged language. Sources say the inciting incident occurred during a studio notes call for Paramount Network's "First Wives Club" reboot, which is being penned by Girls Trip co-writer Tracy Oliver and will feature a predominantly black cast.

"Powell, who is said to have been a favorite of Viacom CEO Bob Bakish, allegedly made generalizations about black women that struck some on the call as offensive."

Powell has refuted the claims. In a statement to The Hollywood Reporter, she said: "There is no truth to the allegation that I made insensitive comments in a professional setting — or in any setting."

"The facts will come out and I will be vindicated."

Business Insider has contacted Amy Powell and Viacom, Paramount's parent company, for further comment.

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Tutanota, a provider of an encrypted email service, has begun to accept donations in bitcoin, ether, bitcoin cash and monero in order to test payment processing using cryptocurrencies, the company announced in a blog post. The German firm noted that it wants to support decentralized payment systems that are independent of centralized processors such as … Continued

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Bitcoin mining firms looking to set up shop in Quebec will now have to pay more for electricity. This is after the energy regulator of the Canadian province, Régie de l’énergie, gave the region’s utility firm, Hydro-Quebec, the go-ahead to impose a deterrent tariff that will see cryptocurrency miners paying double the rate that is

The post Quebec Approves Energy Rate Hikes for Bitcoin Mining Firms appeared first on CCN

This article originally appeared on Bitcoin Magazine.