Coin News

This article originally appeared on Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

Earlier today, news spread that Goldman Sachs was sidelining plans of opening its cryptocurrency trading desk, a report coinciding with a market that took a sharp downward turn. The other day, market analysts saw someone take a 10,000 BTC short position while overall market sentiment has been positive. Top analysts have been questioning why someone

The post This AI Tracked Unusual Market Behavior Before Today’s Big Crypto Drop appeared first on CCN

Despite previously telling the SEC it would not accept cryptocurrencies, High Times is accepting both bitcoin and ethereum for its IPO.

This article originally appeared on Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

Alleged bitcoin money launderer Alexander Vinnik has reportedly told the judges of the Supreme Court of Greece that he wanted to be extradited to Russia. The Russian national who was arrested in Greece last year, accused of laundering billions of dollars in bitcoin through BTC-e, has rejected the charges imposed on him by US and France. According … Continued

The post Greece Approves BTC-e Admin Alexander Vinnik’s Extradition to Russia appeared first on CCN

Stocks were mostly lower Wednesday, with the Nasdaq Composite dropping more than 1%, as Congress questioned executives from Twitter and Facebook. The dollar fell, and Treasury yields remained largely unchanged.

Here's the scoreboard:

Dow Jones industrial average: 25,975.67 +23.19 (+0.089%)

S&P 500: 2,886.87 −9.85 (-0.34%)

Nasdaq Composite: 7,995.17 −96.07 (-1.19%)

1. Executives from Twitter and Facebook testified before Congress. In back-to-back House and Senate hearings, lawmakers questioned Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey about political content and how the companies are preparing to combat foreign-meddling threats ahead of midterms. The hearings sent tech stocks lower. 
2. The US trade deficit jumped to a five-month high. The gap with China hit a record peak, just before the Trump administration is expected to announce it will enact additional tariffs on $200 billion worth of Chinese products. The trade deficit has been a main source of frustration for President Donald Trump, who sees it as a sign of economic weakness. 
3. NAFTA negotiations between the US and Canada drag on. As part of last-ditch efforts to modernize the 1994 agreement, high-level trade officials met in Washington to discuss ongoing issues such as tariffs on metal and dairy products. Last week, Trump threatened to hit Canada with duties on auto imports and to exclude the country from a trade agreement with Mexico.

And a look at the upcoming economic calendar:

• Employment and wage numbers are out in the US and Canada.
• China releases trade balance data.

SEE ALSO: Tesla sinks to its lowest level since June (TSLA)

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• Tesla CEO Elon Musk has hired two lawyers, Roel Campos and Steven Farina, as the Securities and Exchange Commission reportedly investigates statements Musk made about converting Tesla into a private company, Fox Business Network reports.
• Campos was an SEC commissioner from 2002 until 2007.
• Farina and Campos list securities enforcement and securities litigation among their areas of focus.
• Tesla, Campos, and Farina did not immediately respond to Business Insider's requests for comment.

Tesla CEO Elon Musk has hired two lawyers as the Securities and Exchange Commission reportedly investigates statements Musk made about converting Tesla into a private company, Fox Business Network reports.

One of the lawyers Musk reportedly retained, Roel Campos, was an SEC commissioner from 2002 until 2007. Campos is a partner at the firm Hughes Hubbard & Reed and lists securities enforcement, securities litigation, and regulatory cases among his areas of focus on the firm's website. Musk has also reportedly retained Steven Farina, a partner at Williams & Connolly who focuses on securities enforcement and securities litigation, among other practice areas, according to the firm's website.

The Fox Business reporter Charles Gasparino said on Twitter that Tesla's board of directors has retained Daniel Kramer, a partner at Paul Weiss. Kramer lists securities litigation and regulatory cases among his specialties on the firm's website.

Tesla, Campos, Farina, and Kramer did not immediately respond to Business Insider's requests for comment.

Musk attracted controversy in August over his statements about wanting to take Tesla private, which raised questions about the certainty of funding Musk referenced in a tweet and where exactly that funding would come from. Fox Business and The New York Times reported that the SEC had sent subpoenas to Tesla concerning Tesla's plans to explore going private and Musk's statements about the process.

The Wall Street Journal reported that the agency had been investigating how the company communicated production issues it faced with its Model 3 sedan before Musk's tweets about going private.

Two weeks after saying he was considering taking Tesla private, Musk said it will remain a public company. Though he said in a post on Tesla's website that he believed there was "more than enough funding" to complete a go-private deal, he said the process of going private could create distractions for the company and problems for its current investors, some of whom had told Musk they would prefer Tesla remain public, he said.

Have a Tesla news tip? Contact this reporter at [email protected].

SEE ALSO: Tesla employees describe what it's like to work in the gigantic Gigafactory

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• Dalian Wanda is considering cutting its stake in AMC Entertainment, according to Reuters.
• Wang Jianlin, founder of Wanda, was listed as the fourth-richest person in China and 26th-richest person in the world.
• AMC shares are down 1.3% following the news.
• Watch AMC trading in real-time here.

Dalian Wanda Group, the real estate-to-media conglomerate company founded by Chinese billionaire Wang Jianlin, is exploring a deal to cut its stake in AMC Entertainment, the largest movie chain in the world, according to Reuters. AMC shares are down 1.3% following the news. 

In the deal, AMC would issue a convertible bond to borrow hundreds of millions of dollars and then use the money to buy back some of Wanda's 60% stake, Reuters said, citing sources familiar with the matter. Wanda still wants to retain control, according to Reuters.

Wanda purchased a majority stake in AMC in 2012 for $2.6 billion. The original purchase, with $1.9 billion of net debt, was the largest overseas acquisition by a privately held Chinese company and Wanda’s first investment outside of China.

Now, the potential deal to reduce Wanda's stake in AMC comes under pressure from Chinese regulators who discourage companies to expand overseas holdings through global mergers and acquisitions amid concerns over financial overstretching, Reuters added.

Wang, with a net worth of $30 billion, was listed as the fourth-richest person in China and the 26th-richest person in the world, according to Forbes.

AMC has 1,000 movie theaters globally. Its movie-ticket subscription service, AMC Stubs A-List, has more than 260,000 members in the seven weeks since its launch, making up 4% of the chain's US attendance, AMC said. The service has been responsible for more than 1 million in attendance at its movie theaters since launch.

As part of its second-quarter earnings report on August 1, AMC posted an earnings per share of $0.17 out of $1.44 billion sales. 

AMC shares are up 23% this year.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

This article originally appeared on Bitcoin Magazine.

Against every bullish expectation, bitcoin price finally lost its latest upside today to growing bearish pressure. The BTC/USD on Wednesday plunged as much as 7 percent. The pair seemed to have overstayed its welcome near the resistance of our Rising Wedge channel. There was absolutely no buying sentiment visible around the area in the past

The post Bitcoin Price Intraday Analysis: BTC/USD Breaks Rising Wedge Support appeared first on CCN

This article originally appeared on Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

• Amazon is poised to make a splash in the healthcare arena, following its recent acquisitions of PillPack and Whole Foods as well as its joint venture with Berkshire Hathaway and JPMorgan. 
• A new report says that Amazon could offer new healthcare services that are based off of its current businesses. 
• For example, Amazon could use Alexa to monitor patient health and condition at-home. It could also use its meal delivery service to deliver meal kits and food to patients with disease-related diet requirements and in areas with less access to fresh produce. 
• Amazon could also set up physical clinics and pharmacies in Whole Foods stores in order to access more patients. 

Amazon's big push into the healthcare space has stirred up waves. It seems the e-commerce giant is looking to both expand its own business and transform the space. 

In CB Insight's Healthcare 2025 research briefing released on Wednesday, Amazon came in second place behind Google as the tech giant most likely to have the biggest impact on healthcare. 

In June, Amazon announced a joint healthcare venture with JPMorgan and Berkshire Hathaway, one they tapped Dr. Atul Gawande to run. A week later, Amazon acquired digital pharmacy startup PillPack for a reported $1 billion. 

CB Insights highlighted several areas in which Amazon could have an advantage. 

For one, Amazon has an unprecedented reach and an established customer base. The company has direct distribution to over 300 million active customers and 100 million Prime Members. But Amazon also offers some unique assets already in place that only require some modifications to take on the task of healthcare. 

Alexa can potentially help patients manage home care, especially for Medicaid and Medicare members. Amazon’s Echo, a voice-controlled speaker with video capabilities, can monitor activity at home. If it becomes HIPAA compliant, it can also handle medically relevant data about the patient that can be used to monitor adherence to treatment and medications. Additionally, Amazon could monitor blood flow and heart rate through the camera of the Echo, and could also add functions to detect falls in the home, assess gait, send help in emergencies, answer medical inquires, and connect patients with caregivers. 

The Echo could serve as the vessel to deliver telemedicine, digital therapeutics, therapy and lifestyle coaching straight to the patient in the home environment. Amazon is already looking to expand Alexa's healthcare applications, CNBC reported in May.

Amazon could also leverage its robust delivery service to deliver disease-specific meal plans to patients in locations where access to fresh produce may be limited. Currently, Amazon offers Medicaid beneficiaries a discounted Prime membership, which doesn’t yet extend to Amazon Fresh or Prime Pantry discounts.

Amazon could also potentially establish a physical healthcare presence through the recently acquired retail chain, Whole Foods. The retail chain could add on to its stores a pharmacy or even a clinic as a quick way for Amazon to increase healthcare accessibility to patients, especially in high density Medicare and Medicaid areas. 

SEE ALSO: Amazon is trying to tap into the $300 billion market for online pharmacies — here's how it could change the healthcare industry

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Had you bought a single Bitcoin in 2011 for $100, it would be worth $6,166 today. Sorry you didn't jump in

A widespread bearish correction across the cryptocurrency market led to losses worth more than $17 billion. Almost all the top coins, including Bitcoin, Ethereum, Ripple, and EOS, contributed to the crash. While Bitcoin dropped as much as 5 percent against the USD, altcoins including EOS, Bitcoin Cash, Litecoin, Monero, Ethereum, and Ripple each experienced double-digit losses.

The post Cryptocurrency Market Cap Drops $17 Billion in Bearish Correction appeared first on CCN

A widespread bearish correction across the cryptocurrency market led to losses worth more than $17 billion. Almost all the top coins, including Bitcoin, Ethereum, Ripple, and EOS, contributed to the crash. While Bitcoin dropped as much as 5 percent against the USD, altcoins including EOS, Bitcoin Cash, Litecoin, Monero, Ethereum, and Ripple each experienced double-digit losses.

The post Cryptocurrency Market Cap Drops $17 Billion in Bearish Correction appeared first on CCN

A widespread bearish correction across the cryptocurrency market led to losses worth more than $17 billion. Almost all the top coins, including Bitcoin, Ethereum, Ripple, and EOS, contributed to the crash. While Bitcoin dropped as much as 5 percent against the USD, altcoins including EOS, Bitcoin Cash, Litecoin, Monero, Ethereum, and Ripple each experienced double-digit losses.

The post Cryptocurrency Market Cap Drops $17 Billion in Bearish Correction appeared first on CCN

• AMD shares surged to a record high on Wednesday after Bank of America Merrill Lynch lifted its price target to a Street high $35.
•  Jefferies raised its price target on Tuesday.
• Watch AMD trade in real time here.

AMD shares climbed as much as 4%, to a record high of $29.93 apiece, on Wednesday despite much of the tech sector coming under pressure as Twitter and Facebook executives testified before Congress. 

Wednesday's gains were fueled by Bank of America Merrill Lynch analyst Vivek Arya raised his price target from $25 to $35, the highest on Wall Street, citing an improving mix towards higher-value computing and graphics versus low-margin consoles.

Arya sees "potential for less restrictive wafer supply agreement from main fab GlobalFoundries’ recent exit from high-end manufacturing, enabling AMD to further leverage fab leader TSMC," according to Bloomberg.

Arya's new price target comes one day after Jefferies raised its price target to $30 from $22.

"We have higher conviction that in 2H19, AMD will ship a server MPU with higher transistor density than INTC for the first time in recent history, if not ever," Jefferies analyst Mark Lipacis said in a notes sent to clients on Tuesday.

"We see this as a foundational shift in competitive dynamics. Meanwhile, our checks also suggest that AMD continues to take share in high-end notebooks."

Following Jefferies note, AMD rose more than 8% on Tuesday. AMD now has 14 buys, 13 holds and 4 sells, with average price target of $19, according to Bloomberg data.

AMD shares have gained 163% this year.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

The crypto market is down significantly today, practically across the board of all coins, following a report that claims Goldman Sachs has backed down on plans to start a dedicated cryptocurrency trading desk. Bitcoin is down over five percent in the last 24 hours, but ‘altcoins’ have been hit harder. Ethereum (down 14 percent), XRP […]

The crypto market is down significantly today, practically across the board of all coins, following a report that claims Goldman Sachs has backed down on plans to start a dedicated cryptocurrency trading desk. Bitcoin is down over five percent in the last 24 hours, but ‘altcoins’ have been hit harder. Ethereum (down 14 percent), XRP […]

The crypto market is down significantly today, practically across the board of all coins, following a report that claims Goldman Sachs has backed down on plans to start a dedicated cryptocurrency trading desk. Bitcoin is down over five percent in the last 24 hours, but ‘altcoins’ have been hit harder. Ethereum (down 14 percent), XRP […]

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned … Continued

The post A Detailed Analysis of BitcoinReal (BTCr) appeared first on CCN

Welcome 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.

Goldman Sachs is ditching near-term plans to open a bitcoin trading desk

Even Goldman Sachs, the Wall Street behemoth that trades in markets' most esoteric assets, can't find a way to trade bitcoin.

The bank is ditching plans to open a desk for trading cryptocurrencies in the foreseeable future, according to people familiar with the matter, as the regulatory framework for crypto remains unclear.

As part of that decision, Goldman has moved plans to open a desk for trading cryptocurrencies further down a list of priorities for how it can participate in cryptocurrency markets, the people said. It may revive these plans later, they added.

Theranos is about to shut down for good

Theranos is shutting down, The Wall Street Journal said on Tuesday night, citing a shareholder email.

According to the email, Theranos said it plans to spend the next few months repaying creditors with its remaining resources.

The news comes as Theranos founder Elizabeth Holmes and her second-in-command face criminal charges on accusations that they defrauded investors, doctors, and patients.

Once a Silicon Valley darling, the startup blood-testing company became mired in scandal over the last few years.

John Studzinski, one of the most prominent figures in global finance, has been appointed as the managing director of Pimco, the fixed-income-focused investment giant founded by the legendary investor Bill Gross.

Pimco announced on Wednesday that Studzinski, often known by friends as Studs, would take up the role as managing director and also become the firm's vice chairman.

Previously, Studzinski was one of the most senior figures at the private-equity behemoth Blackstone, where he was vice chairman focusing on investor relations and business development. Prior to 2015, he was focused on Blackstone's business restructuring and mergers advisory businesses.

Tesla sinks to its lowest level since June 

After falling 4.2% in trading Tuesday, shares of Tesla opened down another 2% Wednesday at $281.76,  the stock's lowest price since June 1. 

With CEO Elon Musk’s 16-day go-private saga now more than a week behind it, the company is facing increased pressure on its fundamentals from investors and analysts. Goldman Sachs on Tuesday reiterated its skepticism, saying that a double-whammy of increased competition and ending tax credits could be a problem for Tesla. 

In markets news

• 'Reducing US stocks to +0%': Here's why Morgan Stanley just made a major tweak to its portfolio and what it's buying instead
• DEUTSCHE BANK: These 5 radical ideas could give the $150 billion auditing industry a much-needed shake-up

Join the conversation about this story »

NOW WATCH: Chase Cards CEO on the coveted Sapphire Reserve card and working with Jamie Dimon

Payment provider TransferGo has announced it is launching a remittance corridor to India that uses Ripple technology for near real-time transactions.

• Snap touched a record low Wednesday.
• The company introduced two new style of its Spectacles camera glasses.
• Social media execs are testify before Congress about their response to Russian interference during the 2016 election.
• Watch Snap share in real-time here.

Snap shares slid 4% Wednesday, down for a sixth straight session, to a record low of $10.07 apiece as the tech sector came under pressure while social-media execs testified before Congress. 

The selling came despite Snap introducing two new styles of itd Spectacles camera glasses on Wednesday. The new styles look more like standard sunglasses, less obvious that they have built-in cameras — and will sell at $200, $70 more than its original Spectacles.

Snap's stock has been under pressure since last month, when the company reported earnings that beat on the top and bottom lines but said its number of daily active users fell 2% compared to the first quarter to 188 million. Wall Street analysts were expecting that number to increase to 193 million.

That headwind followed similar calamity from its social-media peers Facebook and Twitter, which also saw their user bases drop as debate escalates over censorship and the spread of misinformation.

Social-media names are in the crosshairs on Wednesday as Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey testifying Wednesday before the Senate Intelligence Committee  about their company's response to Russian interference during the 2016 election. 

Shares of Twitter sank more than 5% and Facebook dropped 2%. 

Dorsey is scheduled to appear before the House Energy and Commerce Committee on Thursday.

Snap shares are down 30% this year.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Major Wall Street investment bank, Goldman Sachs has finally made known its stance on opening a cryptocurrency trading desk. The bank clarifies that such plans are not a priority for the foreseeable future, but rather it will be focusing its energy on a custody product for crypto that would better service large institutional clients. Strong

The post Goldman Sachs is Abandoning Plans for a Bitcoin Trading Desk, For Now appeared first on CCN

• Twitter CEO Jack Dorsey and Facebook COO Sheryl Sandberg appeared before the Senate Intelligence Committee on Wednesday.
• Shares of both tech companies fell during their remarks on Capitol Hill, dragging the broader sector down with them. 

Shares of some of the world's largest tech companies were taking a beating Wednesday as executives from Twitter and Facebook testified before Congress.

Here's the scoreboard as of Wednesday midday:

• Twitter: -5.65%
• Netflix: -6.19%
• Amazon: -2.04%
• Facebook -1.43%

Twitter CEO Jack Dorsey and Facebook COO Sheryl Sandberg testified before the Senate Intelligence Committee to answer questions about their platform's roles in the 2016 US presidential election and any Russian interference in the democratic process via the social networks.

"We were too slow to spot this and too slow to act," Sandberg told the committee in her opening statement. "That's on us. This interference was completely unacceptable. It violated the values of our company and of the country we love."

Twitter's Dorsey, who has come under fire in recent weeks for remaining more "hands-off," said the social network was unprepared for what the election brought to its platform.

"We found ourselves unprepared and ill-equipped for the immensity of the problems we've acknowledged," he testified. "Abuse, harassment, troll armies, propaganda through bots and human coordination, disinformation campaigns and divisive filter bubbles -- that's not a healthy public square."

Members of cCongress running the hearing said the legislative body would have to act in order to avoid further disruptions in the future — like during the swiftly approaching 2018 midterm election this November.

"Each of you have come a long way with respect to recognizing the threat,” Senator Mark Warner, the committee's top-ranking Democrat, said.

"The bad news, I’m afraid, is that there is a lot of work still to do. And I’m skeptical that, ultimately, you’ll be able to truly address this challenge on your own. Congress is going to have to take action here."

The committee also took a shot at Alphabet CEO Larry Page, who declined an invitation to appear, by leaving out an empty chair.

"The committee takes this issue very seriously, and we appreciate that Facebook and Twitter are represented here this morning with an equivalent and appropriate measure of seriousness," Senator Burr of North Carolina said.

The tech-heavy Nasdaq 100 index was down about 1.7% Wednesday morning thanks to the mega-cap stocks' major declines. 

This story is developing…

SEE ALSO: Twitter CEO Jack Dorsey reportedly overruled staff on decision to ban Alex Jones

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• Restoration Hardware reported earnings that beat on profits but missed on sales.
• The high-end furniture retailer said it will prioritize earnings over revenues.
• Shares are down more than 10%. 
• Watch Restoration Hardware trade in real-time here.

Restoration Hardware shares are down more than 10% Wednesday after the high-end furniture retailer delivered earnings that beat on profits but missed on sales. The company also raised full-year guidance for earnings per share but trimmed its estimate for revenues.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• The Bank of Canada kept its benchmark rate unchanged at 1.5% on Wednesday.
• The central bank has emphasized taking a gradual approach to raising rates.
• The decision comes just as the trade officials restart talks on NAFTA, which President Donald Trump has threatened to exclude Canada from.
• Watch the Canadian dollar trade in real time here.

The Bank of Canada held its key rate steady at 1.5% in a widely anticipated move Wednesday as trade tensions with the US continue. 

In a statement, the central bank said it is "closely monitoring the course of NAFTA negotiations and other trade policy developments, and their impact on the inflation outlook." Consumer price inflation rose by more than expected at 3% in July, according to the statement, but the increase was largely driven by airfares.

All but one of 31 economists polled by Reuters expect the central bank, which has emphasized a gradual approach to monetary policy, to leave its target for the overnight rate unchanged. The BOC last raised its benchmark interest rate in July by a quarter percentage point, marking the fourth hike since last summer. 

Stephen Brown, a senior economist at Capital Economics, noted a humming economy could embolden policymakers in October. Canada's economic growth accelerated in the second quarter at the fastest pace in a year, the national statistics agency said last week, driven by a sharp increase in exports and consumer spending.

"With the data surprising to the upside in recent months, Governor Stephen Poloz seems ready to act soon," Brown said. 

The BOC had also expressed concern about trade tensions with the US at its last policy announcement. Since then, President Donald Trump has threatened to exclude Canada from a final NAFTA agreement and to impose tariffs on Canadian car imports to the US.

Negotiations are expected to restart in Washington on Wednesday, just after a US Commerce Department report showed the trade deficit with Canada jumped in July by about 58% to $3.1 billion. The trade deficit, which measures the difference between what the US buys and sells abroad, has been a source of frustration for Trump. 

The Canadian dollar edged lower against the US dollar following the rate announcement.

SEE ALSO: The world economy could grow $26 trillion in a decade if governments and businesses focus on climate change

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• Near the end of July, I spent a weekend driving a $44,000 Chevrolet Bolt EV Premier.
• I enjoyed the Bolt and didn't find any major problems, though I did notice two small but annoying features.
• The Bolt's gearshift wasn't as intuitive as I would have liked.
•  And the seat-side compartment behind the gearshift was also difficult to use.

Near the end of July, I spent a weekend driving a $44,000 Chevrolet Bolt EV Premier. It was my first experience driving an electric vehicle in real-world conditions for more than an hour, and by the end of the weekend, I understood the hype around the Bolt.

Released in late 2016, the Bolt was the first non-luxury electric vehicle with a range of over 200 miles per charge, beating Tesla's Model 3 to market by seven months (though Tesla has yet to deliver the $35,000 base version of the vehicle). Car reviewers praised the Bolt, with Business Insider's Matthew DeBord calling it a "masterpiece" and Motor Trend naming it the best car of 2017.

The Bolt didn't have any major problems, though I did notice two small but annoying features.

The first is the Bolt's gearshift. While I adjusted to many of the Bolt's features within a few hours, the gearshift never felt natural. While it's simple in theory — you press down on a button on the side of the gearshift and move it in the appropriate direction — it wasn't as intuitive as I would have liked. To park the car, you press down on a button on the top of the gearshift, which can feel strange if you're used to a more traditional gearshift. And between my two experiences with the Bolt, it took me nearly 10 hours to figure out how to shift from "low" mode to "drive" mode without putting the car in neutral.

The seat-side compartment behind the gearshift was also difficult to use. Opening it requires you to push down and back simultaneously, a process that wasn't always immediately responsive. I got the sense that the compartment could cause distractions even for longtime owners.

SEE ALSO: The 17 most expensive cars sold at Pebble Beach

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Emirates Airline Flight 203 is in quarantine at New York's JFK International Airport after up to 100 passengers reportedly fell ill on board, ABC News reported.

The flight from Dubai in the United Arab Emirates landed in New York at 9:18 am on Wednesday. According to Reuters, there are about 500 passengers on board. 

Officials from the Port Authority of New York and New Jersey as well as the Centers for Disease Control and Prevention are on the scene, the publication reported.

Emirates Airline and the Port Authority were not immediately available for comment. 

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• JD.com CEO Liu Qiangdong could face a first-degree felony over a sexual-misconduct allegation, according to the Associated Press and South China Morning Post.
• Liu returned to China and appeared at an event in Beijing on Tuesday after being detained in Minneapolis, Minnesota on sexual-misconduct allegations over the weekend.
• JD.com shares trade at their lowest level since February 2017.
• Watch JD.com trade in real time here.

JD.com shares are down more than 6% on Wednesday after it was reported that police records show CEO Liu Qiangdong was arrested over a rape allegation this past weekend. They're trading at their lowest level since February 2017.

Liu, CEO of the second-largest Chinese e-commerce company after Alibaba, was detained in Minneapolis, Minnesota, where he spent last week as a Ph.D. student in a business administration program at the University of Minnesota’s Carlson School of Management.

Hennepin County Sheriff jail records show that he was arrested at 11:32 pm CT on Friday and released at 4:05 p.m. CT on Saturday, without requiring bail.

Liu faces a first-degree felony if he is charged with the crime, according to the Associated Press and the South China Morning Post, citing police records that are not public at the moment. The Minneapolis police department declined to give further details of the case and circumstances of the arrest "because this is an active criminal investigation."

First-degree rape is the most-severe charge of sexual assault under Minnesota law. If charged and convicted, Liu could be sentenced to 30 years in prison.

JD.com told Business Insider on Sunday that Liu has been falsely accused, and that it "will take the necessary legal action against false reporting or rumors." On Monday evening local time, the company said in a statement on the Chinese micro-blogging site Weibo that Liu has "returned to China to continue work as normal." 

Liu appeared at an event in Beijing on Tuesday for JD.com, and his attorney, Earl Gray, an attorney for Liu, doesn't expect Liu to face charges.

"There is no believable or credible evidence that he has done anything wrong and he denies any wrongdoing," Gray said, according to the The Wall Street Journal.

The 45-year-old, also known as Richard Liu, has a net worth of $10.8 billion and was listed as the 16th-richest person in China and the 140th-richest person in the world, according to Forbes.

Liu is married to Zhang Zetian, who at 24 is China's youngest female billionaire. Zhang has a sobriquet "Sister Milk Tea" as she shot to fame after a photo of her holding a cup of milk tea went viral on Chinese social media. The couple married in 2015 and have one daughter together.

Shares of JD.com are down 36% since this year.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• The British pound jumped versus the US dollar after a report said Germany is prepared to make a major Brexit compromise.
• German officials are prepared to "accept a less detailed agreement on the UK’s future economic and trade ties with the EU in a bid to get a Brexit deal done," Bloomberg reported.
• The pound spiked higher, climbing around 0.9% on the day to close to $1.30.
• Watch the British pound trade in real time here.

LONDON — The British pound has jumped higher against the US dollar on Wednesday after a report suggested Germany has agreed to a significant compromise with the UK during Brexit talks.

Bloomberg reported, citing unnamed sources, that German officials are prepared to "accept a less detailed agreement on the UK’s future economic and trade ties with the EU in a bid to get a Brexit deal done."

While Germany does not represent the entirety of the EU, as the bloc's largest economy, and its de facto leader, its stance is hugely influential.

The news buoyed investors in the pound, as it is likely to be seen as a major concession from Germany, which had previously been highly focused on details.

As such, the pound spiked higher, climbing almost 1% against the dollar on the day, although it remained below the psychologically significant $1.30 level, and remained highly subdued in historical terms. By 2.40 p.m. BST (9.40 a.m. ET), the pound dollar exchange rate was at $1.2968, a gain of 0.88% on the day.

"$GBP showing how it is much more sensitive to good news vs. bad news," Viraj Patel, an FX strategist at Dutch bank ING said in a tweet shortly after the move. "May not last (like post Barnier) but dips make $GBP attractive,"

He added: "The more positive Brexit headlines we get, the harder it'll be for $GBP bears to ignore."

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• Tesla is down about 1.3% in early trading Wednesday, pointing to the stock's lowest open since June 1. 
• Two negative analyst reports Tuesday pushed the stock below $300.
• Separately, CEO Elon Musk doubled-down on criticism of a British rescue diver he has accused of being a pedophile.
• Follow Tesla's stock price in real-time here. 

After falling 4.2% in trading Tuesday, shares of Tesla opened down another 2% Wednesday at $281.76,  the stock's lowest price since June 1. 

With CEO Elon Musk’s 16-day go-private saga now more than a week behind it, the company is facing increased pressure on its fundamentals from investors and analysts. Goldman Sachs on Tuesday reiterated its skepticism, saying that a double-whammy of increased competition and ending tax credits could be a problem for Tesla. 

"Tesla is losing the US tax credit ahead of competition, posing further challenges to affordability at a time when competition is intensifying," Tamberrino said in a note to clients Tuesday, re-instating his sell-rating after briefly suspending coverage.

"This comes as we still believe the higher up-front costs of EVs require an equalizer to match internal combustion engine (ICE) as the current price differentials (approximately $8k on a like-for-like basis comparing just propulsion costs) to ICE vehicles still put EVs out of the mainstream."

Morgan Stanley also warned in a separate note Tuesday that Tesla's autonomous ride sharing program could be worth a tiny fraction of Waymo's — a major blow to the program that is widely seen as Tesla's long-term goal. 

Together, the two sell-ratings helped bring down Wall Street’s average target price for shares of Tesla to $328 — 15% above where shares were set to open Wednesday.

Away from Wall Street, Musk re-instated his attacks against a British cave diver who helped rescue a boys soccer team from a Thailand cave. In an email to a Buzzfeed reporter, the billionaire told the journalist that he hopes the diver, Vernon Unsworth, sues him.

"I suggest that you call people you know in Thailand, find out what's actually going on and stop defending child rapists, you fucking asshole," Musk wrote in the email, according to BuzzFeed News. "He's an old, single white guy from England who's been traveling to or living in Thailand for 30 to 40 years, mostly Pattaya Beach, until moving to Chiang Rai for a child bride who was about 12 years old at the time," the email continued.

Shares of Tesla have fallen 11% since the beginning of 2018 and are now 47% below Musk's targeted go-private price of $420.

Now read:

• 70-hour weeks and 'WTF' emails: 42 employees reveal the frenzy of working at Tesla under the 'cult' of Elon Musk

SEE ALSO: Weed stocks are going nuts after one of the largest marijuana companies strikes a deal for lab-made THC

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• John Studzinski, one of the most prominent figures in global finance, is taking up a senior role at Pimco.
• Pimco, founded by investing legend Bill Gross, is one of the world's biggest fixed-income-focused investment companies.
• Studzinski was previously a senior figure at private-equity giant Blackstone, and was crucial in the restructuring of insurer AIG during the financial crisis.

John Studzinski, one of the most prominent figures in global finance, has been appointed as the managing director of PIMCO, the fixed-income-focused investment giant founded by legendary investor Bill Gross.

PIMCO announced on Wednesday that Studzinski, often known by friends as Studs, will take up the role as MD and also become the firm's vice chairman.

Previously, Studzinski was one of the most senior figures at private-equity behemoth Blackstone, where he was vice chairman focusing on investor relations and business development. Prior to 2015, he was focused on Blackstone's  business restructuring and mergers advisory businesses.

His departure from Blackstone, after 12 years with the firm, was announced in early August. Before working at Blackstone he spent 23 years as an investment banker at Morgan Stanley, before joining HSBC in 2003.

He is perhaps most famous for his role in restructuring AIG during the financial crisis — after it had received a $180 billion bailout from the US government.

"I have long had enormous respect and admiration for PIMCO’s investment acumen, steady client focus and the vital role it plays in the world’s economy," Studzinski said in a statement issue by Pimco.

Studzinski is well known for his list of illustrious friends and clients. He has worked with PepsiCo CEO Indra Nooyi, and famed activist investor Bill Ackman. He reportedly counts Bank of England Governor Mark Carney as a close friend.

He is also known for his involvement with the Vatican, acting as an adviser to the Catholic Church on matters of transparency. For his work, he was awarded the Catholic Herald's 'Catholic of the Year' award in 2017.

Pimco was founded by bond legend Bill Gross in 1971, and now manages assets of close to $1.8 trillion, although without Gross, who departed from the firm in 2014.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Within the past 30 minutes, the Bitcoin price has dropped by more than 2 percent from $7,400 to $6,950, pushing tokens and other major cryptocurrencies to record large losses. Ethereum, Ripple, Bitcoin Cash, and EOS recorded 6 to 7 percent losses as Bitcoin failed to maintain momentum in the $7,400 range. If Bitcoin manages to … Continued

The post $7,400 to $6,950: Bitcoin Price Drops 2% Within 30 Minutes in Crypto Market Bleed appeared first on CCN

Within the past 30 minutes, the Bitcoin price has dropped by more than 2 percent from $7,400 to $6,950, pushing tokens and other major cryptocurrencies to record large losses. Ethereum, Ripple, Bitcoin Cash, and EOS recorded 6 to 7 percent losses as Bitcoin failed to maintain momentum in the $7,400 range. If Bitcoin manages to … Continued

The post $7,400 to $6,950: Bitcoin Price Drops 2% Within 30 Minutes in Crypto Market Bleed appeared first on CCN

• Bitcoin dropped sharply, falling $500, or about 5%, in just over an hour.
• Other cryptocurrencies fell even more sharply, with ether and Ripple's XRP both losing about 12%.
• There does not appear to be a clear catalyst for the sell-off.
• You can track the price of bitcoin and all the other cryptocurrencies here.

The price of cryptocurrencies plunged across the board suddenly and sharply Wednesday morning, seemingly with no clear reason to do so.

Having been steady at around $7,350 per coin during most of trading during both Asian and European morning hours, around 5:50 a.m. ET (10:50 a.m. BST) bitcoin lost more than $200 in mere minutes. It took another leg down an hour later, falling below the psychologically significant $7,000 mark.

By midday in London (7:00 a.m. ET) the largest crypto by market value was trading at $6,984 per coin, a fall of 5.1% on the day.

Bitcoin was the most obvious casualty of the sudden sharp fall, but other major cryptocurrencies including ether, Ripple's XRP and bitcoin cash fell even more steeply. Here's the scoreboard:

• Ether -12.2% at $257.45
• Ripple's XRP -11.8% at $0.3018
• Bitcoin cash -12.6% at $562.02
• Litecoin -10.9% at $62.06

Although the drop seems unexplained, Tanya Abrosimova of FX Street speculates that the introduction of a registration process for popular instant bitcoin exchange ShapeShift may have spooked some users and triggered at least part of the drop seen on Wednesday.

Wednesday's selling comes after several days of strong gains for cryptocurrencies, despite the recent rejection by the US Securities and Exchanges Commission of several bitcoin-based ETFs.

Join the conversation about this story »

NOW WATCH: How LeBron James makes and spends his millions

• Bitcoin dropped sharply, falling $500, or about 5%, in just over an hour.
• Other cryptocurrencies fell even more sharply, with ether and Ripple's XRP both losing about 12%.
• There does not appear to be a clear catalyst for the sell-off.
• You can track the price of bitcoin and all the other cryptocurrencies here.

The price of cryptocurrencies plunged across the board suddenly and sharply Wednesday morning, seemingly with no clear reason to do so.

Having been steady at around $7,350 per coin during most of trading during both Asian and European morning hours, around 5:50 a.m. ET (10:50 a.m. BST) bitcoin lost more than $200 in mere minutes. It took another leg down an hour later, falling below the psychologically significant $7,000 mark.

By midday in London (7:00 a.m. ET) the largest crypto by market value was trading at $6,984 per coin, a fall of 5.1% on the day.

Bitcoin was the most obvious casualty of the sudden sharp fall, but other major cryptocurrencies including ether, Ripple's XRP and bitcoin cash fell even more steeply. Here's the scoreboard:

• Ether -12.2% at $257.45
• Ripple's XRP -11.8% at $0.3018
• Bitcoin cash -12.6% at $562.02
• Litecoin -10.9% at $62.06

Although the drop seems unexplained, Tanya Abrosimova of FX Street speculates that the introduction of a registration process for popular instant bitcoin exchange ShapeShift may have spooked some users and triggered at least part of the drop seen on Wednesday.

Wednesday's selling comes after several days of strong gains for cryptocurrencies, despite the recent rejection by the US Securities and Exchanges Commission of several bitcoin-based ETFs.

Join the conversation about this story »

NOW WATCH: How LeBron James makes and spends his millions

• Bitcoin dropped sharply, falling $500, or about 5%, in just over an hour.
• Other cryptocurrencies fell even more sharply, with ether and Ripple's XRP both losing about 12%.
• There does not appear to be a clear catalyst for the sell-off.
• You can track the price of bitcoin and all the other cryptocurrencies here.

The price of cryptocurrencies plunged across the board suddenly and sharply Wednesday morning, seemingly with no clear reason to do so.

Having been steady at around $7,350 per coin during most of trading during both Asian and European morning hours, around 5:50 a.m. ET (10:50 a.m. BST) bitcoin lost more than $200 in mere minutes. It took another leg down an hour later, falling below the psychologically significant $7,000 mark.

By midday in London (7:00 a.m. ET) the largest crypto by market value was trading at $6,984 per coin, a fall of 5.1% on the day.

Bitcoin was the most obvious casualty of the sudden sharp fall, but other major cryptocurrencies including ether, Ripple's XRP and bitcoin cash fell even more steeply. Here's the scoreboard:

• Ether -12.2% at $257.45
• Ripple's XRP -11.8% at $0.3018
• Bitcoin cash -12.6% at $562.02
• Litecoin -10.9% at $62.06

Although the drop seems unexplained, Tanya Abrosimova of FX Street speculates that the introduction of a registration process for popular instant bitcoin exchange ShapeShift may have spooked some users and triggered at least part of the drop seen on Wednesday.

Wednesday's selling comes after several days of strong gains for cryptocurrencies, despite the recent rejection by the US Securities and Exchanges Commission of several bitcoin-based ETFs.

Join the conversation about this story »

NOW WATCH: How LeBron James makes and spends his millions

Bitcoin is reporting losses a day after a bull breakout – a move that looks similar to a bull trap seen in July.

• Goldman Sachs is putting on hold earlier plans to open a desk to trade physical cryptocurrencies, including bitcoin, according to people familiar with the matter.
• The bank is downgrading the plans as the regulatory landscape for crypto remains uncertain. 
• Goldman is instead focusing its energy on a custody product for crypto that would better service large institutional clients. 

Even Goldman Sachs, the Wall Street behemoth that trades in the markets' most esoteric assets, can't find a way to trade bitcoin. 

The bank is ditching plans to open a desk for trading cryptocurrencies in the foreseeable future, according to people familiar with the matter, as the regulatory framework for crypto remains unclear.

As part of that decision, Goldman has moved earlier plans to open a desk for trading cryptocurrencies farther down a list of priorities for how it can participate in cryptocurrency markets, the people said. It may revive these plans at another point, they added. 

But for now, Goldman is focusing on other projects such as a custody product for crypto, which would mean that the bank holds cryptocurrency and, potentially, keeps track of price changes, on behalf of large fund clients. Many market observers have said that for large institutional firms to get comfortable trading bitcoin, there need to be reputable custody offerings to safeguard holdings.

Despite months of expectation that Goldman would begin trading bitcoin earlier this summer, the investment bank has publicly preached patience as it studied the burgeoning industry. In recent weeks, however, executives have come to the conclusion that many steps still need to be taken, most of them outside its control, before a regulated bank would be allowed to trade cryptocurrencies, one of the people said.

"In response to client interest in various digital products, we are exploring how best to serve them in the space," a company spokesman said. "At this point, we have not reached a conclusion on the scope of our digital asset offering.”

The firm already makes markets for clients in bitcoin futures, as well as contracts for difference, which allow an investor to bet on the price of bitcoin without owning the underlying asset. 

Goldman has publicly tried to downplay its ambitions for creating a desk that trades physical cryptocurrencies, offering statements that it was still exploring the industry and trying to assess how best to serve customers. Over the last year, the price of bitcoin has fluctuated widely, and it now trades at $7,300 a coin, down from a high of more than $20,000. 

Goldman's interest first surfaced in October 2017, when reports suggested the firm was beginning to study the industry with a group made up of employees in the currency-trading division as well as its principal strategic investments team. 

In December, Bloomberg reported that the bank hoped to have the desk up and running no later than June. It was to be housed in the securities division, where the firm trades everything from stocks to bonds to currencies. And in April, the bank hired Justin Schmidt as the bank's head of digital asset markets. 

In May, the NYTimes reported that a team at the bank was exploring a trading desk if it could get regulatory approval and come up with a suitable way of dealing with the added risk of holding cryptocurrencies. At the time, the paper said Schmidt was considering trading cash bitcoin if the bank could get regulatory approval from the Federal Reserve and New York state banking authorities.

The news coverage fed into the belief among industry participants that the bank would soon open its own trading desk.

And yet, it's run into a regulatory roadblock, one of the people said, without providing further details. The bank was looking for some regulatory changes that have yet to materialize and would have protected banks like Goldman from some of the risks unique to trading cryptocurrencies, the person said. 

Lael Brainard, a Fed governor who has spoken publicly about the opportunities and challenges for virtual currencies, has cited extreme volatility, lack of governance and legal frameworks for protecting consumers, and vulnerability to money laundering, as chief concerns. 

"This combination of a new asset, which is not a liability of any individual or institution, and a new record keeping and transfer technology, which is not maintained by any single individual or institution, illustrates the powerful capabilities of today's technologies," she said in a May 15 speech. "But there are also serious challenges."

As Goldman pivots, it will compete with a number of firms looking to become the provider of choice for clients looking for custody services. Coinbase, the bitcoin exchange, and BitGo are two crypto-first firms eyeing custody. Elsewhere, Fidelity, Nomura, and JPMorgan are exploring similar offerings.

Join the conversation about this story »

NOW WATCH: The Chase Cards CEO on working with Jamie Dimon and her own success

Here is what you need to know.

Social-media execs testify before Congress. Facebook's chief operating officer, Sheryl Sandburg, is set to testify before the Senate Intelligence Committee on Wednesday about her company's response to Russian interference during the 2016 election. Twitter CEO Jack Dorsey will also appear.

Amazon joins the $1 trillion club. Amazon on Tuesday became the second US company to reach a $1 trillion valuation. Apple hit the plateau less than one month ago.

Nike sinks after making Colin Kaepernick the new face of its 'Just Do It' ads. Nike shares fell 3.16% on Tuesday after the sneaker giant revealed Colin Kaepernick, the former San Francisco 49ers quarterback who started the polarizing NFL protests during the national anthem, was named the face of the company's 30th-anniversary "Just Do It" ad campaign.

Snap slides to an all-time low. Shares touched a low of $10.43 apiece on Tuesday, their lowest since the company went public in March 2017.

42 Tesla employees reveal the frenzy of working at Tesla under the 'cult' of Elon Musk. Business Insider's Julie Bort, Linette Lopez, and Mark Matousek spoke with 42 past and present Tesla employees to learn what it's like working for one of the world's most ambitious and controversial companies.

Theranos is about to shut down for good. The embattled blood-testing startup plans to spend its next few months repaying creditors with its remaining resources before shutting down for good, The Wall Street Journal says, citing a shareholder letter.

The currency of the world's 7th-largest economy hits a record low. The Indonesian rupiah has slid 10% this year to a record low of 71.75 per dollar on Wednesday, and the ANZ strategists Khoon Goh and Rini Sen think it could get even worse from here.

Stock markets around the world are under pressure. Hong Kong's Hang Seng (-2.61%) was hit hard overnight, and Germany's DAX (-0.96%) trails in Europe. The S&P 500 is set to open down 0.32% near 2,887.

Earnings reporting is light. Cushman & Wakefield reports after markets close.

US economic data trickles out. The trade balance will be released at 8:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.89%.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Here is what you need to know.

Social-media execs testify before Congress. Facebook's chief operating officer, Sheryl Sandburg, is set to testify before the Senate Intelligence Committee on Wednesday about her company's response to Russian interference during the 2016 election. Twitter CEO Jack Dorsey will also appear.

Amazon joins the $1 trillion club. Amazon on Tuesday became the second US company to reach a $1 trillion valuation. Apple hit the plateau less than one month ago.

Nike sinks after making Colin Kaepernick the new face of its 'Just Do It' ads. Nike shares fell 3.16% on Tuesday after the sneaker giant revealed Colin Kaepernick, the former San Francisco 49ers quarterback who started the polarizing NFL protests during the national anthem, was named the face of the company's 30th-anniversary "Just Do It" ad campaign.

Snap slides to an all-time low. Shares touched a low of $10.43 apiece on Tuesday, their lowest since the company went public in March 2017.

42 Tesla employees reveal the frenzy of working at Tesla under the 'cult' of Elon Musk. Business Insider's Julie Bort, Linette Lopez, and Mark Matousek spoke with 42 past and present Tesla employees to learn what it's like working for one of the world's most ambitious and controversial companies.

Theranos is about to shut down for good. The embattled blood-testing startup plans to spend its next few months repaying creditors with its remaining resources before shutting down for good, The Wall Street Journal says, citing a shareholder letter.

The currency of the world's 7th-largest economy hits a record low. The Indian rupee has slid 10% this year to a record low of 71.75 per dollar on Wednesday, and the ANZ strategists Khoon Goh and Rini Sen think it could get even worse from here.

Stock markets around the world are under pressure. Hong Kong's Hang Seng (-2.61%) was hit hard overnight, and Germany's DAX (-0.96%) trails in Europe. The S&P 500 is set to open down 0.32% near 2,887.

Earnings reporting is light. Cushman & Wakefield reports after markets close.

US economic data trickles out. The trade balance will be released at 8:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.89%.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• The UK economy is in need of "fundamental reform" following a failure to raise living standards and address inequality since the 2008 financial crisis, a report has said.
• The IPPR commission on economic justice was put together by leaders in society and industry including Legal and General's $1.3 trillion fund manager, Helena Morrissey.
• The report called for a rebalancing of power towards workers and trade unions, with more government intervention and devolution of decision making from Whitehall.
• Morrissey said she agrees with the thrust of the report: "I don’t think you’ll find many in business, or the City for that matter, who think the economy is perfect… Like me, they think we need a more responsible and fairer form of capitalism," she said.

A "fundamental reform" of the UK economy as radical as Labour’s post-war Keynesian reforms and Thatcherism in the 1980s is needed to address inequality and failure to raise living standards in the UK since the 2008 financial crisis, a report from a major think tank has said.

The IPPR commission's report on economic justice,  put together by leaders in society and industry, including the Archbishop of Canterbury Justin Welby, and leading City fund manager Helena Morrissey, delivered a damning verdict on the state of Britain’s economy.

It criticised a model that relies on household debt and property prices, and where sectors of the economy are stuck in a "rut" with low wages and high levels of inequality, which see some households thrive while nearly a third of the UK’s children live below the poverty line after housing costs.

The report calls for a "rebalancing of power: from corporate management towards workers and trade unions, from short-term finance towards long-term investors, from Whitehall towards the nations and regions of the UK."

"Travel across the UK today and it is impossible to escape a palpable feeling that the economy is not working for most people," the report said, adding that we need to "achieve 'escape velocity' from an economy that delivers neither prosperity nor justice, to one that achieves both."

The commission proposed a number of reforms which included:

• An increase in the real Living Wage at £10.20 in London and £8.75 outside the the capital.
• A strategy to boost national investment to £15 billion a year more in line with the G7 average of 3.5% of GDP.
• More effective corporation tax and a rule that companies with over 250 employees should have at least two workers elected to their main board.

The IPPR is a think tank that provided agenda forming policy proposals for the Labour governments of Blair and Brown, but has since drifted away from the party.  This commission on economic justice was formed two years ago after Brexit, to propose a path forward for the UK.

The release of the report comes almost exactly 10 years after the onset of the 2008 financial crisis .

Helena Morrissey, manager of Legal and General's $1.3 trillion investment fund, told the Guardian: "We’ve had some very frank discussions on the commission about Britain’s economy," adding that she backs the thrust of the report.

"I don’t think you’ll find many in business, or the City for that matter, who think the economy is perfect… Like me, they think we need a more responsible and fairer form of capitalism," Morrissey said.

"The idea of sitting back and discussing radical proposals was appealing... It is clear the world has changed in the last 40 years and we need to be less command and control. We need to increase the levels of investment. We need to address the needs of people who have been left behind."

SEE ALSO: The world economy could grow $26 trillion in a decade if governments and businesses focus on climate change

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

• A new report argues that quicker action on climate change could add more than $2 trillion a year to the global economy over the next decade.
• The report, from the Global Commission on the Economy and Climate (GCEC), argues that increasing investments in sustainable technologies would increase economic output globally by $26 trillion by 2030.
• "There's still a perception that moving toward a low-carbon path would be costly," Helen Mountford, the lead author of the report said. "What we are trying to do with this report is once and for all put the nails in the coffin on that idea."
• The report's release comes just months after US President Donald Trump signalled his intention to pull out of the Paris Agreement on climate change.

Bold action on climate change could add more than $2 trillion a year to the global economy over the next decade, according to a major new report, which seeks to dispel the belief that tackling environmental issues will stifle economic growth.

The report from the Global Commission on the Economy and Climate (GCEC) on Wednesday argues that the world's politicians and decision-makers are "significantly underestimating the benefits of cleaner, climate-smart growth." It said the global economy could increase in size by $26 trillion by 2030, if more ambitious steps are taken.

Former heads of government, business leaders, and economists are all part of the GCEC's team, and have argued that the globe is at a crossroads, whereby it needs to fully commit to sustainable future growth, or see the earth suffer even more.

"There's still a perception that moving toward a low-carbon path would be costly," Helen Mountford, the lead author of the report said in an interview with Reuters. "What we are trying to do with this report is once and for all put the nails in the coffin on that idea."

Among the ideas presented in the review, which is backed by the World Bank's CEO Kristalina Georgieva, is the creation of around 65 million new jobs around the world by 2030, all focused around sustainable industries.

"The growth story of the 21st century will unlock unprecedented opportunities and deliver a strong, sustainable, inclusive global economy," the report said. "The benefits of climate action are greater than ever before, while the costs of inaction continue to mount. It is time for a decisive shift to a new climate economy."

The GCEC's report asks governments to prioritise four key areas of sustainability over the coming years to ensure that the economic boost it believes is possible actually materialises. They are:

• "Ramp up efforts on carbon pricing and move to mandatory disclosure of climate-related financial risks;" 
• "Accelerate investment in sustainable infrastructure;"
• "Harness the power of the private sector and unleash innovation;"
• "Build a people-centred approach that shares the gains equitably and ensures that the transition is just." 

The report's release comes just months after US President Donald Trump announced his intention to withdraw the US from the Paris Agreement on climate change, an accord signed by virtually every single nation on earth.

At the time, Trump cited the "draconian financial and economic burdens" that remaining in the agreement would place on America. He believes, for instance, that moving away from fossil fuel usage will cripple the coal mining industry, and cost 2.7 million US jobs by 2025.

Join the conversation about this story »

NOW WATCH: Cigna's CEO says that the problem with healthcare in America has nothing to do with employers

Stellar, the open source, community-owned cross-asset payment framework has achieved the milestone of 1,000,000 accounts on its network. This was revealed in a tweet posted by OrbitLens posted on Monday, August 27. Stellar’s Growing Success Initially modelled and based and Ripple, Stellar has the goal of disrupting finance in three different ways simultaneously. It offers cross-asset transfer

The post A Million Accounts: Payments Blockchain Stellar Hits Milestone appeared first on CCN

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

1. Strong action to combat climate change could cumulatively add at least $26 trillion to the world economy by 2030, according to a study on Wednesday which seeks to dispel fears that a shift from fossil fuels will undermine growth. The Global Commission on the Economy and Climate, which includes former heads of government, business leaders and economists, said there was "unprecedented momentum" toward greener growth that would boost jobs and countries' economies.

2. Asian stocks tracked their global peers lower while the safe-haven dollar was broadly higher on Wednesday as worries over persistent trade conflicts curbed investor appetite for riskier assets. U.S. stocks had slipped on Tuesday as a drop in heavyweights Facebook and Nike added to worries over trade negotiations between the United States and other major economies.

3. Recent data prints out of China continue to point to a slowdown in growth for the world’s second-largest economy, despite efforts by policy makers to kick-start growth. Non-government data on composite PMIs prepared by Caixin fell to a five-month low of 52 in August, down from 52.3 in July.

4. Argentina's government said on Tuesday it hoped the International Monetary Fund would agree in the second half of September to a deal giving the country more financial support as it seeks to escape a deepening economic crisis. Economy Minister Nicolas Dujovne met IMF chief Christine Lagarde in Washington and both said they were working together to improve a $50 billion standby finance deal agreed with the IMF's executive board in June.

5. Embattled blood-testing company Theranos will soon formally dissolve, the Wall Street Journal reported. The Silicon Valley firm will attempt to pay unsecured creditors its remaining cash in the coming months, the report said, adding that big name investors had lost about $1 billion.

6. Tesla employees described the frenetic pace of working at the company, revealing that CEO Elon Musk is a visionary but unpredictable boss. They described an attitude of worship that some employees have toward Musk, likening it to a "cult."

7. Snap shares pushed lower for a fifth straight session on Tuesday, touching a record low of $10.49 apiece. They've plunged about 20% since the social-media company reported a drop in users just more than a month ago. On August 7, Snap beat on both the top and bottom lines, but said its number of daily active users fell 2% versus the first quarter to 188 million, missing the uptick to 193 million that was expected.

8. The newly formed healthcare venture of Amazon, Berkshire Hathaway and JPMorgan Chase on Tuesday hired Jack Stoddard as chief operating officer. Stoddard was previously general manager for digital health at Comcast Corp. His appointment was effective Tuesday.

9. Wealth manager Perpetual said it has divested Commonwealth Bank of Australia from its A$1.3 billion ($933.6 million) ethical fund due to revelations of corporate misconduct, the first big institutional investor to do so. The move by one of Australia's best-known share managers could encourage other socially minded stock pickers to divest from Australia's "Big Four" banks on ethical grounds.

10. Norway's $1 trillion sovereign wealth fund will demand that companies in which it invests follow stricter guidelines on global sustainability, including efforts to combat plastic pollution of the oceans, the fund's manager said on Wednesday. The fund's ambitions as an investor significantly overlap with the United Nation's Sustainable Development Goals, which aim to achieve sustainable economic, social and environmental development by 2030, it said in a statement.

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

The 22-year-old Finnish investor who was defrauded of 5,564 bitcoins in Thailand has agreed to withdraw his complaint against two key suspects. According to the deputy commander of Thailand’s Crime Suppression Division, Chakrit Sawasdee, a complaint against prominent Stock Exchange of Thailand trader, Prasit Srisuwan, and a majority shareholder of tech firm Expay Software Co,

The post $24 Million Thai Bitcoin Fraud: Defrauded Finn Withdraws Complaint Against 2 Suspects appeared first on CCN

A Russian citizen accused of running a cryptocurrency exchange that helped a billion dollar money laundering operation could be in possession of valuable information that could potentially expose how a group of Russians indicted recently by U.S. Special Counsel Robert Mueller managed to hide their money trail using bitcoin. Bloomberg reports that Alexander Vinnik, who is currently … Continued

The post A Former Bitcoin Exchange Admin Could Be Key to Mueller’s Russia Investigation appeared first on CCN

• Typhoon Jebi is the most powerful storm of its type to hit Japan in 25 years. The storm made landfall on Tuesday with winds of up to 130 mph.
• Nine people have reportedly died as a result of the storm, with another 300 injured. 
• The typhoon has forced the shutdown of Kansai International Airport in Osaka Bay.
• About 3,000 passengers are stranded at the facility as a result of severe flooding. 
• In addition, a runaway oil tanker drifted into and damaged the bridge connecting the airport to the mainland.

Typhoon Jebi is the most powerful storm of its type to hit Japan in a quarter-century. The storm made landfall in southwestern Japan with winds of up to 130 mph, The New York Times reported.

According to Japanese national broadcaster NHK, nine people have died as a result of the storm, with another 300 injured. 

The storm also did serious damage to Kansai International Airport, one of Asia's most important airports. Kansai, which is located on a manmade island in Osaka Bay, has been shut down as a result of severe flooding.

 Japan's transport ministry told NHK that several aircraft at the airport are submerged up to their engines. 

All flights are canceled, with the airport indicating that it has no plans to re-open its runways on Wednesday. As a result, Kansai International Airport has apologized to the roughly 3,000 travelers currently stranded at the facility.

In addition, an oil tanker that was anchored in the bay was swept by the storm into the main bridge connecting the airport with the mainland, the Japan Times reported. The ship did considerable damage to the bridge. Fortunately, the ship's crew of 11 were not injured in the incident. 

Kansai International Airport serves the Keihanshin Metropolitan Region, which includes major population hubs in Osaka, Kyoto, and Kobe. In 2017, the airport saw nearly 29 million passengers. 

SEE ALSO: Japan is being pounded by a typhoon so strong it has killed 6 people and smashed a huge tanker ship into a bridge

FOLLOW US: on Facebook for more car and transportation content!

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

The founder of Bitcoin payment startup Abra, Bill Barhydt has stated that he believes that a bitcoin ETF will be approved within a year, as long as the SEC feels sufficiently comfortable with the caliber of applicants trying to get permission. Speaking to CNBC, Barhydt stated that the SEC’s refusal to grant permission to a series

The post SEC Rejects Bitcoin ETFs Because Applicants ‘Don’t Look the Part’: Abra CEO appeared first on CCN

This article originally appeared on Bitcoin Magazine.