Economy

The SEC says Ethereum's cryptocurrency isn't a security

The SEC says Ethereum's cryptocurrency isn't a security Crypto enthusiasts have long anxious that the SEC would crack down on Ether, which was originally offered in 2014 by the Ethereum Foundation, a Swiss nonprofit. On Thursday, Reuters reported, the U.S. Commodity Futures Trading Commission asked a federal judge to rule that the virtual currency My Big Coin is a commodity subject to the regulator's oversight. [Full Article...]

Oil slips on signs Russian Federation boosted crude output before OPEC meet

Oil slips on signs Russian Federation boosted crude output before OPEC meet China's sales of new automobiles in May were 2.29 million, up 9.6 percent from the same month past year, according to the China Association of Automobile Manufacturers. Top exporter Saudi Arabia told OPEC that it raised oil output to slightly more than 10 million barrels per day (bpd) in May, a source familiar with the matter said, but still within its agreed target. [Full Article...]

Cheryshev stars as Russian Federation rout Saudi Arabia in opener

Cheryshev stars as Russian Federation rout Saudi Arabia in opener After controversial Federation Internationale de Football Association votes gave the tournament to Russia and Qatar in 2018 and 2022 respectively, the governing body promised to have a more open, transparent process this time. After the show, the tournament's trophy will be revealed by Brazil's two-time World Cup champion Ronaldo just before the official kick off of the opening match. [Full Article...]

Minimum wage doesn't cover the rent anywhere in the U.S.

Minimum wage doesn't cover the rent anywhere in the U.S. The most expensive county in the state is Honolulu, where the "housing wage" is $39.06 per hour. For example, in Arkansas, you only need to earn a little over $13 for a typical 2-bedroom apartment. And downsizing to a one-bedroom pad barely helps. In a preface to the report, Senator Bernie Sanders writes that "wages have been stagnant for decades, while the cost of housing keeps going up". [Full Article...]

Boring Company to build Chicago high-speed airport link

Boring Company to build Chicago high-speed airport link That said, with his other companies, Musk has "been able to pursue and fulfill visions that others say are too hard", Mahmassani added. The service from downtown to the airport on electric vehicles in underground tunnels will take 12 minutes, mayoral spokesman Adam Collins and the company said on Twitter on Wednesday night. [Full Article...]

Tesla Autopilot update to include first 'full self-driving features'

Tesla Autopilot update to include first 'full self-driving features' Musk has aspirations to place these boosters all around the auto, not just on the rear of the vehicle for thrust. Tesla unveiled the new Roadster in November. The rocket engines will obviously help the auto accelerate faster and reach higher top speed. The company wouldn't elaborate on exactly what the features are, by the way, but we'd suggest they'll take better advantage of the Enhanced... [Full Article...]

"Is Bitcoin [BTC] really Un-Tethered?" - John Griffin and Amin Shams

Griffin said, as quoted by The New York Times . Critics of tether have raised concerns over the past year about whether Tether Limited actually holds $1 in reserve for each tether issued, as it claims. Bitcoin reached its peak price of nearly $20,000 in December but is now trading at around $6,300 according to the Coin Market Cap. Once it is broken, Wednesday's low at $6,154 will come i... [Full Article...]

Retail inflation inches up to 4.87% in May on costlier food items

The manufacturing sector, which constitute more than 77 per cent of the index, recorded a growth of 5.2 per cent in April, up from 2.9 per cent in the year ago month. It increased 3.1 percent in May compared with a 2.8 percent rise in the previous month. On month-on-month basis, the report noted that the urban index rose to 1.1 per cent in May from 0.85 per cent in April, while the rural index a... [Full Article...]

Volkswagen says will pay 1 bn euro German fine over emissions cheating

Volkswagen says will pay 1 bn euro German fine over emissions cheating The fine is among the largest imposed on a company in Germany's history, according to the prosecutor in the case, and it shows that the German automaker is still dealing with the fallout from a persistent pattern of lying to regulators. Volkswagen's new Chief Executive Herbert Diess said further steps were needed by the company to overcome its diesel cheating scandal and to restore trust in the co... [Full Article...]

All eyes on OPEC as Trump gripes over prices

The U.S. move has put pressure on European and Asian clients to stop importing Iranian oil or doing business with the country. Longer term, the market could tighten as demand increases if OPEC fails to cover supply shortfalls, the International Energy Agency said on Wednesday. [Full Article...]

Uber aims to identify drunk passengers

Uber aims to identify drunk passengers According to the patent, drafted 18 months ago and published last week, the system also monitors how they are holding their phone, their walking speed and how long it takes to request a ride. Though it appears if the system shows the likelihood of a customer being drunk is high, the company would use that information on what if any type of driver gets called. [Full Article...]

Fired Tesla Workers Still Love Elon Musk

Fired Tesla Workers Still Love Elon Musk Tesla will cut roughly 9 per cent of its workforce as part of a restructuring led by chief executive Elon Musk . He emphasised on the fact that Tesla has never made an annual profit. The report comes amidst other significant news becoming public, that the company is laying off almost 10% of its workforce. Also of note is that Musk has a somewhat unconventional pay package at Tesla in which... [Full Article...]

Fed Raises Interest Rates for Second Time this Year

Fed Raises Interest Rates for Second Time this Year The decision to raise rates comes as the USA unemployment rate hovers at 3.8% - the lowest rate in almost two decades - and inflation, which lagged the Fed's 2% target for years , shows signs of starting to pick up. In the longer run, it maintained the forecast for 1.8% growth. Unemployment, now at an 18-year low of 3.8 percent, would drop to 3.6 percent by year's end and to 3.5 percent in 2019... [Full Article...]

Trudeau’s criticism will cost Canada ‘a lot of money’

Trudeau’s criticism will cost Canada ‘a lot of money’ Trump himself attacked Trudeau on Twitter as " dishonest & weak " before backing out of a joint G7 statement , while top economic aide Larry Kudlow said Trudeau had "stabbed us in the back". The NAFTA talks have stalled since Trump last month imposed 25 per cent tariffs on steel from Canada, Mexico and the European Union, and 10 per cent tariffs on aluminum. [Full Article...]

Uber will be able to identify drunken passengers

Uber will be able to identify drunken passengers Sources told CNN that the AI will track unusual behavior on the passengers' smartphones, based on their location, inaccuracies in data input, typing speed, the angle at which the smartphone is being held, and users' walking speed. Uber says in the document the need for such a technology arises from the history of " safety incidents that can negatively impact the transport experience ". [Full Article...]

Fed raises interest rates again

Fed raises interest rates again Inflation is also snapping into line, with fresh projections from policymakers on Wednesday indicating it would run above the central bank's 2 percent target, hitting 2.1 percent this year and remaining there through 2020. The Fed offered an improved forecast for unemployment this year, lowering its forecast to 3.6%. The unemployment rate in May was 3.8%, the lowest since 2000 and 1969, while ... [Full Article...]

What are the US-South Korea war games?

What are the US-South Korea war games? Trump and Kim's summit produced a historic handshake and a joint statement that committed North Korea to "complete denuclearization" without providing any details about how that would happen. "I think this time what's different is we trust the two leaders, President Trump and Chairman Kim". Trump, seemingly unprompted, has long wanted to withdraw the US from South Korea, and now he may h... [Full Article...]

Canadian lawmakers condemn US attack on Trudeau

Canadian lawmakers condemn US attack on Trudeau Justin Trudeau and other leaders have attacked Trump for levying steep trade tariffs on Canada and European nations, despite being allies of the United States. "That's going to cost a lot of money for the people of Canada; he learned", Trump said wagging his finger. Trudeau later said he reiterated to Trump that tariffs will harm industries and workers on both sides of the U.S. [Full Article...]

Trump renews attack on OPEC ahead of group's production meeting

Brent crude, the global oil benchmark, was down 0.36% at $75.61 a barrel on London's Intercontinental Exchange. Rising oil output by the world's third biggest producer, the United States, is also affecting prices. "While some members appear to be against the idea, we believe that we will see a gradual lifting of cuts", said Warren Patterson, a commodities strategist at ING Bank NV in Amsterdam. [Full Article...]

Britain's Dixons Carphone discovers unauthorized data access

Britain's Dixons Carphone discovers unauthorized data access The group is contacting all those affected, but sought to assure it had no evidence that this had resulted in fraud at this stage. While attackers attempted to access 5.9 million card details, the company states that chip-and-pin protection should prevent 5.8 million of the cards being used for fraud. [Full Article...]


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