Wall Street & White House Divided on Pace of Rate Cuts

Most of Wall Street is expecting the Fed to cut interest rates in coming days, but the question is by how much? For the most part, economists fall in one of two camps – a 25 basis-point cut or a 50 basis-point cut. But according to one White House official, half-a-point is just not going […]

The post Wall Street & White House Divided on Pace of Rate Cuts appeared first on CCN Markets

Johannesburg Power Company Crippled by Devastating Ransomware

South Africa’s state-owned power company, Eskom Holdings, has become the latest victim of the crippling ransomware attacks that have roiled governments around the world. Eskom Holdings Confirms Ransomware Attack According to the Johannesburg city government’s official Twitter account, the division supplying electricity to the country’s economic capital has had its systems encrypted and held hostage, […]

The post Johannesburg Power Company Crippled by Devastating Ransomware appeared first on CCN Markets

Robinhood App Encroaches on Banking Turf with High-Yield Money Tool

Libra isn't the only payment system that stands to threaten the banks. Popular stock market and crypto trading app Robinhood is going after legacy banks with the relaunch of a cash management feature. Robinhood COO Gretchen Howard is cited in Fortune as saying: "We’re going to come out with a cash management account soon." The […]

The post Robinhood App Encroaches on Banking Turf with High-Yield Money Tool appeared first on CCN Markets

FBI Dismantles Deep Dot Web in Seismic Dark Market Platform Bust

By CCN: The Federal Bureau of Investigation (FBI) has busted several people accused of running the Deep Dot Web, a website that provides access to illegal dark web marketplaces and websites. According to several reports, the feds worked in partnership with Europol and law enforcement authorities in Germany and the Netherlands over a period of two years, before making a number of arrests in Israel, Germany, France, Netherlands and Brazil. The case has a significant resemblance to that of the famous Silk Road dark web platform, which provided a marketplace for everything from illegal substances and contraband to stolen credit

The post FBI Dismantles Deep Dot Web in Seismic Dark Market Platform Bust appeared first on CCN

Bitcoin Miners Unphased by Iceland’s Cold Shoulder as Energy Demand Mounts

By CCN: Iceland has been a hotbed for bitcoin mining for years, fueled by its cheap geothermal power. However, the Nordic island nation is pumping the brakes on more crypto mining as it seeks to thwart accelerating energy demand. Last year, Icelandic authorities targeted crypto miners for higher taxes amid the industry’s huge electricity consumption. Now, it seems that a growing organic movement within the country sees mining expansion as a potential environmental hazard, too. Bitcoin miners are increasingly viewed as an existential threat to Iceland’s unrivaled and largely untouched countryside, according to an Al-Jazeera special report. A coalition of environmentalists,

The post Bitcoin Miners Unphased by Iceland’s Cold Shoulder as Energy Demand Mounts appeared first on CCN

Tiger Woods’ Stunning Masters Victory Sparks Nike Stock Rally

By CCN: Tiger Woods is officially back! Aside from the good news for the emabattled superstar himself, Tiger’s fifth triumph at the Masters represents a huge corporate success story for the sponsors who have stood by him, particularly Nike. According to research from analytics firm Apex Marketing Group, the sports gear and apparel maker stands to reap a $22 million windfall off the back of yesterday’s result, following 10 of the most tumultuous years in the golfer’s career. What is more, that is just part of the economic impact of Tiger’s first major win since 2009. Tiger Woods: Masters Victory

The post Tiger Woods’ Stunning Masters Victory Sparks Nike Stock Rally appeared first on CCN

Fox News Addict Donald Trump Hilariously Touts FALSE Approval Rating

U.S. President Donald Trump once again made a false claim on Twitter, this time reposting an erroneous Fox News graphic boasting that his approval rating had jumped to 55 percent. Trump Thinks Approval Rating is Actually 55% In fact, the Battleground Poll, conducted by the Georgetown University Politics and Public Service Institute, put Trump’s overall approval rating at just 43 percent, with 55 percent of respondents expressing disapproval. Perhaps fooled by the color of the disapproval bar, however, Trump-fawning cable network Fox News wrongly switched the two categories around. Tweeting on Thursday, Trump took full advantage of the Fox News

The post Fox News Addict Donald Trump Hilariously Touts FALSE Approval Rating appeared first on CCN

Japan’s Biggest Bank Confirms Launch of Digital Currency ‘Coin’ in 2019

Following months of speculation about its proposed release date, Japan’s largest bank, Mitsubishi UFJ Financial Group Inc. has finally announced plans to launch its long-awaited in-house digital currency. Japan Times reports that Group President, Mike Kanetsugu revealed this week that the firm intends to rollout Coin before the end of 2019. According to Kanetsugu, MUFJ will lean on businesses including retail outlets and restaurants to adopt Coin, with the intention of achieving wider adoption, resulting in “connected economic blocs.” He also revealed that Coin will enable the various participating business to find out previously unavailable information about their customer bases,

The post Japan’s Biggest Bank Confirms Launch of Digital Currency ‘Coin’ in 2019 appeared first on CCN

Tesla Stock Plunges After EV Titan Abandons $4.5 Billion Gigafactory Expansion

Tesla stock just can’t seem to catch a break. The latest shock? The Elon Musk-led firm and Panasonic abruptly shelved plans to expand the $4.5 billion Gigafactory 1 in Nevada. Tesla Stock Suffers Another Major Setback Already the largest EV battery plant in the world, Tesla and Panasonic had planned to expand Gigafactory 1 by a staggering 50% to 54GWh by 2020. The proposed increase stemmed from expected demand following the launch of the Model Y SUV. Tesla stock fell more than 4% in pre-market trading, dipping as low as $265.60 following the bell. By press time, TSLA shares had

The post Tesla Stock Plunges After EV Titan Abandons $4.5 Billion Gigafactory Expansion appeared first on CCN

Chris Davis Has Whiffed His Way to $2.1 Million Since His Last Hit

Baltimore Orioles first baseman Chris Davis has become the most expensive MLB field ornament of all time, costing the club over $2 million since he last recorded a hit – much less banged one of his signature home runs. Davis Rakes in $142k Every Game Just this week, the slugger (swinger?) earned the dubious distinction of having the longest-ever streak of hitless at-bats in the history of Major League Baseball. Davis whiffed his way past the previous record of 46 hitless at-bats set by Los Angeles Dodgers infielder Eugenio Vélez in 2011. Davis’ current streak is 49 – and counting.

The post Chris Davis Has Whiffed His Way to $2.1 Million Since His Last Hit appeared first on CCN

Artificial Intelligence Helps Korean Police Bust $19 Million Bitcoin Ponzi

A special South Korean investigative agency in Seoul has successfully used Artificial Intelligence (AI) to unravel a cryptocurrency Ponzi scheme that defrauded 56,000 people of more than $18.7 million. The fraudsters targeted people who had little to no idea of how cryptocurrency worked and lured them in with juicy bonuses and free cryptocurrency, the Korea Joongang Daily reports. Following the arrest of 12 people behind the scam, the Seoul Special Judicial Police Bureau for Public Safety revealed that the vast majority of the fraudulent scheme’s victims were elderly people between the ages of 60 and 70 years. The CEOs of the

The post Artificial Intelligence Helps Korean Police Bust $19 Million Bitcoin Ponzi appeared first on CCN

The Reimann Family Thinks Donating 0.01% of Their Net Worth Makes Up For The Use of Nazi Slave Labor

More than 70 years since the fall of the Third Reich, Hitler’s legacy in Germany is all but vanquished, alive only in obscure internet forums and in the offices of investigators trying to catch the last few surviving Nazi war criminals. There is, however, an entire swathe of industrial household names including Krupp AG, BMW and Daimler AG that have an acknowledged history of collaborating with Hitler’s regime, albeit with the understanding that there was really no other option available at the time. For one powerful and secretive family, there is no such excuse. The Reimann family, which owns controlling

The post The Reimann Family Thinks Donating 0.01% of Their Net Worth Makes Up For The Use of Nazi Slave Labor appeared first on CCN

Despite Constant Controversy, Wall Street Backs Trump for 2020

Corporate America is backing Donald Trump to win the 2020 presidential elections despite the overhang of controversy that follows him around. Wall Street finds it impossible to look beyond Trump’s results in terms of GDP growth and record levels of low unemployment. Though the president has spent much of his first term struggling with the worst approval ratings for any U.S. president since Richard Nixon, it seems the broader U.S. population is starting to get on the Trump bandwagon driven by impressive economic performance. Trump Enjoys Heightened Approval Trump appears to bluster his way from one crisis to another, but

The post Despite Constant Controversy, Wall Street Backs Trump for 2020 appeared first on CCN

Russia Postpones Parliamentary Reading of Crypto Regulation Bill

The Russian Duma has pushed back its planned consideration of a bill to recognize and regulate digital financial assets. Initially scheduled for March 22, the reading will now hold at an unspecified date in April, following the outcome of a vote on the agenda for a plenary session last week. The draft bill is not without its controversies, as it has been specifically edited to remove the terms “cryptocurrency,” “smart contract,” and “token.” This is in line with Russia’s surprisingly cautious position on cryptocurrencies,which has seen authorities repeatedly drag their feet on the possibility of creating a regulatory framework for

The post Russia Postpones Parliamentary Reading of Crypto Regulation Bill appeared first on CCN

Trump Takes Unsustainable Path as US Lurches Toward Recession

As President Donald Trump continues sounding a triumphalist tone on the subject of the economy, there are developing signs that point to a brewing recession. Fear of a slowdown is the primary reason why the Federal Reserve declined to raise interest rates at the start of the year, and now it seems that these fears are well-founded. GDP growth during the four quarters of 2018 was the fastest since 2005. This Administration is the first on record to have experienced economic growth that meets or exceeds its own forecasts in each of its first two years in office. GROWTH is

The post Trump Takes Unsustainable Path as US Lurches Toward Recession appeared first on CCN

Most of Bitcoin’s Trading Volume is FAKE: Time to Wake the F*** Up?

Hands up, anyone who is surprised that a little-known crypto exchange that apparently had the largest bitcoin trading volume on CoinMarketCap has been exposed as a wash trading scam platform. In the world of crypto where apparently everyone made it to Lamboland during the 2017 bull run, and absolutely everybody knew when to sell, no one will admit that they have been played. Since Bitwise published its investigation two days ago showing that at least 95 percent of all bitcoin trading volume is faked on unregulated exchanges, the standard refrain has been “Everyone already knew that.” To admit otherwise would

The post Most of Bitcoin’s Trading Volume is FAKE: Time to Wake the F*** Up? appeared first on CCN

Kevin Tsujihara Scandal Exposes the Corruption That Festers in Post-Weinstein Hollywood

A wealthy and well-connected executive at the helm of one of America’s most powerful corporations strikes up an extra-marital affair with a 19-year-old industry rookie. Leaning on his contacts, he opens doors for her that she could never have done otherwise. Soon, opportunities start to come her way, and she quickly builds up a reputation and a work portfolio. In the space of just a few months, she metamorphoses from a ground-level wannabe into a bonafide industry veteran with a bright future ahead of her. In what environment did this happen? A Fortune 500 company where an executive gets his

The post Kevin Tsujihara Scandal Exposes the Corruption That Festers in Post-Weinstein Hollywood appeared first on CCN

Trump Wins Again: Mueller Report Just a Colossal ‘Nothing Burger’

Special Counsel Robert Mueller’s long-awaited report is finally out, and it is not good news for the Democrats who believed it would be their golden ticket to oust President Donald Trump in 2020 – if not sooner. Many senior Democrats had already started distancing themselves from the probe fearing that it would not amount to much. Those fears have been borne out with a Justice Department official confirming to Reuters that the sealed report does not recommend any further indictments. Mueller Report Looks to Strengthen Trump Heading into 2020 In other words, 23 months after the start of a probe

The post Trump Wins Again: Mueller Report Just a Colossal ‘Nothing Burger’ appeared first on CCN

Democrat and Republican Parties are Both ‘Full of Idiots’: Charlie Munger

Berkshire Hathaway Vice President Charlie Munger launched a scathing bipartisan attack on the American political establishment, citing both parties, Democrat and Republican, as having fringe wings that are “full of idiots.” Buffett Wingman Blames ‘Ideological Nuttiness’ for the State of D.C. In a recent interview, Munger blamed the economic crisis of the past decade on unfettered capitalism and market deregulation – a policy driven by Republicans – while also hinting that the new wave of radical Democrats led by Alexandria Ocasio-Cortez is no less crackpot. The 95-year-old Munger rarely shies away from offering his opinion on economic and political matters,

The post Democrat and Republican Parties are Both ‘Full of Idiots’: Charlie Munger appeared first on CCN

Airpods 2, Apple’s Third Hardware Release in 5 Days, Won’t Save the Tech Giant

Apple has a problem, that much is certain. It has pretty much maxed out its current market for iPhones, and the Chinese market is not budging. Despite its best efforts, it remains stubbornly in a distant second place behind Huawei in the Middle Kingdom. What’s more, it is not just iPhones sales that are suffering as the world’s most valuable publicly traded company struggles with growth figures. Sales have also plateaued for Macbooks, iPads, and every kind of Apple gear you can think of. There are only so many people in the world who are willing to shell out thousands

The post Airpods 2, Apple’s Third Hardware Release in 5 Days, Won’t Save the Tech Giant appeared first on CCN

New Zealand Will ‘Confront’ Turkish President over Christchurch Killings Video

New Zealand’s foreign minister Winston Peters will travel to Turkey urgently for a face-to-face with Turkish president Recep Tayyip Erdogan over the latter’s comments on the recent Christchurch terror attack which left 50 people dead. Revealing this on Wednesday, Prime Minister Jacinta Arden said in an unusually terse statement that Peters will “confront” Erdogan over his actions since the attacks, which have driven a wedge between the two generally friendly countries. The statement reads in part: Our deputy prime minister will be confronting those comments in Turkey. He is going there to set the record straight, face-to-face. It will be

The post New Zealand Will ‘Confront’ Turkish President over Christchurch Killings Video appeared first on CCN

Jamie Dimon: U.S. Economy Has Failed Minorities and the Poor

CEO of JPMorgan Chase Jamie Dimon believes the U.S. economy systemically rolls over ethnic minority groups and economically disadvantaged people, making it difficult or impossible for them to gain economic footholds and compete fairly. Speaking with CNN Money, Dimon refused to say whether this makes the U.S. institutionally racist, but he revealed that JPMorgan is developing a series of initiatives to tackle the problems raised by systemic inequality. Dimon says a problem facing such groups is that the economy is structured to be “fundamentally anti-poor,” making it hard for people to develop the skills they need to work. To this

The post Jamie Dimon: U.S. Economy Has Failed Minorities and the Poor appeared first on CCN

Volkswagen Faces SEC Lawsuit Over “Dieselgate” Scandal

German automaker Volkswagen is facing a lawsuit filed over its actions toward investors during the so-called “Dieselgate” scandal. Filed by the Securities and Exchange Commission (SEC), the lawsuit alleges that the automaker allowed investors to buy $13 billion worth of company bonds despite being aware of a growing scandal involving illegal software used to manipulate emissions’ testing results. The “Dieselgate” scandal of September 2015 revealed that Volkswagen cheated emissions tests on its diesel cars by installing illegal software to give them lower pollution readings. Since then, it has snowballed into an expensive global fiasco, costing the company more than $30

The post Volkswagen Faces SEC Lawsuit Over “Dieselgate” Scandal appeared first on CCN

CBOE Trashing Bitcoin Futures Signals Crypto Market Bottom: Brian Kelly

Cryptocurrency investor Brian Kelly believes that the decision to drop bitcoin futures by the Chicago Board Options Exchange (CBOE) represents a watershed in the history of bitcoin, signaling that the crypto market’s longest-ever decline has finally found a bottom. BKCM Founder: CBOE Exit Shows Bitcoin Bear Market is ‘Exhausted’ Speaking on Tuesday’s edition of CNBC Fast Money, the BKCM Digital Asset Fund founder and CEO stated that he sees improvement in bitcoin address growth and market sentiment since December 2018 as evidence that the retail end of the bear market is “exhausted.” CCN recently reported that CBOE ditched bitcoin futures,

The post CBOE Trashing Bitcoin Futures Signals Crypto Market Bottom: Brian Kelly appeared first on CCN

Democrats Fear Mueller Report Will Net Trump a Major Victory

Since May 2017, America’s political class has waited in suspense as FBI Special Counsel Robert Mueller pieced together his comprehensive report on alleged Russian interference in the 2016 presidential election. As it draws to a close, it is becoming increasingly clear that it will take more than the results of a probe to unseat President Donald Trump or even weaken his reelection chances. Fearing the worst, a number of senior DNC figures, including House Speaker Nancy Pelosi, are distancing themselves. Democratic leadership is finally starting to consider the possibility that the much-awaited results of the probe are, in the words

The post Democrats Fear Mueller Report Will Net Trump a Major Victory appeared first on CCN

Trump Scores Major Immigration Win in Supreme Court for Legal Detention

The U.S. Supreme Court has delivered a ruling on immigration reform that comes as a major victory to President Donald Trump. In a 5 – 4 decision announced on Tuesday, the court ruled that federal immigration authorities like U.S. Immigration and Customs Enforcement (ICE) and U.S. Customs and Border Protection (CBP) can legally detain immigrants who are awaiting deportation after completing prison sentences for criminal offenses. Before the ruling, the politically charged question hit public consciousness following the arrest of green card holder Mony Preap in a controversial case that hit the headlines across the country. Preap, who has resided

The post Trump Scores Major Immigration Win in Supreme Court for Legal Detention appeared first on CCN

Tesla Faces Dozens Of Lawsuits Apart From SEC Action

These are not the best of times for Tesla CEO Elon Musk. Fresh from dealing with a stock price crisis caused by weak sales and presumed consumer apathy, he is again facing legal action from the SEC, in addition to dealing with Tesla’s weak financial situation and amssive layoffs. In addition to all of this however, it has further emerged that Musk and Tesla are facing dozens of other lawsuits and legal actions for an eye-popping variety of reasons varying from alleged drug trafficking at a Tesla facility to labor law violations, to institutional racism within the company. Legal research

The post Tesla Faces Dozens Of Lawsuits Apart From SEC Action appeared first on CCN

Japan Throttles Crypto Margin Trading From 25x Down to 2x-4x with New Regulation

Following similar action by Japanese financial authorities last year, the country’s cabinet has approved a new raft of regulation aimed at bringing cryptocurrency trading into the mainstream fold. The Nikkei Asian Review reports that on Friday, the cabinet approved a set of amendments for existing payment services and financial instrument laws. Under the new regulations, cryptocurrency exchanges that offer margin trading will only be able to offer between 2x and 4x leverage. The new regulations also make it compulsory for such exchanges to register with the government in what may be viewed in some quarters as a significant step on

The post Japan Throttles Crypto Margin Trading From 25x Down to 2x-4x with New Regulation appeared first on CCN

What is MMT and Why Is It Causing A Stir in America?

At a time when some market observers are increasingly of the opinion that America may be heading toward a recession, a fringe financial theory is starting to make its way around Washington DC. Pushed by bipartisan support from prominent politicians like Alexandria Ocasio-Cortez and – some would argue Donald Trump himself – Modern Monetary Theory (MMT), which has hitherto been regarded as a borderline lunatic idea is making a serious comeback into the political and economic conversation. CCN recently reported that Berkshire Hathaway chairman Warren Buffet issued a stinging dismissal of MMT, referring to it as a “danger zone,” following

The post What is MMT and Why Is It Causing A Stir in America? appeared first on CCN

Australian Government Pledges Measly $100K Towards Blockchain Development

Australia’s Karen Andrews of the Ministry for Industry, Science and Technology is pledging $100,000 towards furthering blockchain development. In a press release, Andrews says her department will put the money towards “regulation, skills and capacity building, and international competitiveness and collaboration.” It’s a solid step forward in the nation’s fight to become a global blockchain leader. Unfortunately, the funds are significantly lower than previous offers like one billion AUD towards IBM’s blockchain developments for Australia’s government. The move leads enthusiasts to question what impact such a tiny sum could really have. I want Australia to lead the world when it

The post Australian Government Pledges Measly $100K Towards Blockchain Development appeared first on CCN