Markets


Crypto Exchange Bithumb Hacked, Loses $31.5M Crypto Exchange Bithumb Hacked, Loses $31.5M
- June 21, 2018

The second largest Korean exchange Bithumb has just got hacked and lost $30,000,000 in cryptocurrency value have been stolen. This decision was due to some unusual activity regarding unauthorized access to its online wallets. This time, it was Coinrail , a relatively smaller exchange service. But it underscored the potential vulnerabilities for web-based trading and sent ripples across many cryptocurrency networks. (more...)
All Flights Coming Into Charlotte Douglas Airport Delayed All Flights Coming Into Charlotte Douglas Airport Delayed
- June 20, 2018

American Airlines blames the delays on problems with a computer program that deals with flight operations and crew bookings. American Airlines canceled almost 70 PSA Airlines flights due to what the airline is calling " technical issues " related to transferring data and updating systems. (more...)
Starbucks closing 150 stores Starbucks closing 150 stores
- June 20, 2018

The company will triple its traditional annual average of closing about 50 stores as part of a streamlining effort including rapidly optimizing its US store portfolio. "Our recent performance does not reflect the potential of our exceptional brand and is not acceptable", CEO Johnson said in the statement . Through 2020, Starbucks expects to return about $25 billion in cash to shareholders through buybacks and dividends, a $10 billion increase from its previously announced target. (more...)
Trump threatens new round of $200bn tariffs on Chinese goods
- June 20, 2018

President TrumpDonald John Trump20 weeks out from midterms, Dems and GOP brace for surprises Sessions responds to Nazi comparisons: "They were keeping the Jews from leaving" Kim Jong Un to visit Beijing this week MORE's trade adviser Peter Navarro says that he doesn't have any knowledge about conversations between Trump and Apple CEO Tim Cook on allegedly exempting the iPhone from future US tariffs . (more...)
Microsoft, Once Proud to Support ICE, Is Now ‘Dismayed’ by Child Separation Microsoft, Once Proud to Support ICE, Is Now ‘Dismayed’ by Child Separation
- June 20, 2018

Smith wrote about Microsoft's stance on immigration, noting that the company "is something akin to 'the United Nations of Software.'" He said one House bill, the Securing America's Future Act (H.R. However, Microsoft bosses are now saying that Microsoft's work with the ICE has nothing to do with separating the immigrant families. We urge the administration to change its policy and Congress to pass legislation ensuring children are no longer separated from their families. (more...)
Wall Street slides, Dow erases 2018 gains as trade spat intensifies Wall Street slides, Dow erases 2018 gains as trade spat intensifies
- June 20, 2018

The White House said that if China goes through with its promise to retaliate against the USA tariffs announced last week, the United States will impose tariffs on an additional $200 billion worth of Chinese goods. In a separate statement, Lighthizer said that he supported Trump's action and that his agency "is preparing the proposed tariffs to offset China's action". (more...)
Donald Trump Defends Tariffs: ‘We Can No Longer Be the Stupid Country’
- June 20, 2018

They scuff 'em up, they made 'em sound old or look old". Mr. Trump cited an unidentified "major newspaper" as the source of this information. Trump said that Canada produced energy and timber but that it was time for them to stop taking advantage of the United States on trade. (more...)
McDonald’s will test plastic straw alternatives in the U.S. McDonald’s will test plastic straw alternatives in the U.S.
- June 20, 2018

McDonald's said Friday it will switch to paper straws at all its locations in the United Kingdom and Ireland, and test an alternative to plastic ones in some of its US restaurants later this year. As a result, millions of plastic straws end up in the ocean, where they pollute the ecosystem. In response to the initiative by McDonald's , Michael Gove, secretary of state for environment, food and rural affairs in the U.K in a statement said "It is a significant contribution to help our ... (more...)
The Trump administration promised Apple it would not place tariffs on iPhones
- June 19, 2018

The declines came after a series of moves escalating the brewing trade war between the United States and China, the world's two largest economies. Trump said. But Beijing's mention of "comprehensive measures" suggests that it would go beyond tariffs, said Jake Parker of the U.S. China responded with a 178.6 percent tariff on all imports of sorghum to the United States. (more...)
Elon Musk: Rogue Employee Carried Out 'Extensive Sabotage' Elon Musk: Rogue Employee Carried Out 'Extensive Sabotage'
- June 19, 2018

His stated motivation is that he wanted a promotion that he did not receive. CNBC obtained an email sent by Musk to every Tesla worker on Sunday. Musk said the reorganisation did not affect hourly-paid assembly-line employees and was not expected to delay manufacturing targets. Tesla is now ramping up production on the new Model 3, aiming to hit a manufacturing rate of 5,000 per week, which Musk described as the time that " outside forces have the strongest motivation to stop [them ... (more...)
Markets Begin to Take Threat of Trade War Seriously Markets Begin to Take Threat of Trade War Seriously
- June 19, 2018

The first round of penalties announced by both nations is set to take effect July 6. US President Donald Trump (R) and North Korea's leader Kim Jong Un shake hands following a signing ceremony during their historic US-North Korea summit, at the Capella Hotel on Sentosa island in Singapore on June 12, 2018. (more...)
Bakhshi is ICICI Bank COO; Kochhar stays, goes on leave Bakhshi is ICICI Bank COO; Kochhar stays, goes on leave
- June 19, 2018

Bakhshi joined the bank in 1986 Bakhshi is an ICICI Group veteran and joined the bank in 1986. ICICI Bank has also recommended to the board of directors of ICICI Prudential Life Insurance Company that it appoint N.S. Bakhshi now CEO-designate will take over as COO on June 19 after receiving regulatory and other approvals from the Bank authorities. The inquiry would also cover all connected matters in the course of the investigation to bring the matter to a final close. (more...)
Trump Moves to Retaliate Against China's Retaliation for New Tariffs Trump Moves to Retaliate Against China's Retaliation for New Tariffs
- June 19, 2018

China imported $129.89 billion of USA goods past year, while the US purchased $505.47 billion of Chinese products, according to US data. The move defied the White House's decision to replace the ban with a $1.4 billion fine, providing a lifeline to the firm threatened with collapse as it relies on the crucial United States hardware. (more...)
China slams U.S. trade threats as 'blackmail', warns of countermeasures China slams U.S. trade threats as 'blackmail', warns of countermeasures
- June 19, 2018

Donald Trump has threatened to slap tariffs on another $200 billion in Chinese imports as trade tensions between the world's two largest economies reached new heights on Tuesday. USA light crude oil CLc1 hit a two-month low of $63.59 a barrel but they recovered to trade at $65.00, down 6 cents, by 1140 GMT. China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology . (more...)
Google announces strategic partnership with Chinese online retailer JD.com Google announces strategic partnership with Chinese online retailer JD.com
- June 19, 2018

JD.com is a Fortune Global 500 company and China's biggest e-commerce site by revenue, making it a flawless match for such a partnership. JD.com's US -listed shares rose 0.4 percent to close at $43.76 on Nasdaq. Google will put $550 million in cash into JD.com and in return, the California-based company will receive 27.1 million newly issued JD.com Class A ordinary shares. (more...)
China to impose additional tariffs on USA imports China to impose additional tariffs on USA imports
- June 19, 2018

But Trump also rails against the U.S.'s large trade deficit with China and China's high tariffs on certain goods. Trump's tariffs were imposed in response to complaints that Beijing steals or pressures foreign companies to hand over technology. (more...)
VW emission scandal: Audi CEO Rupert Stadler arrested VW emission scandal: Audi CEO Rupert Stadler arrested
- June 18, 2018

This news comes from Automotive News Europe , which reported that the executive is being held in custody because investigators feared he might be seeking to suppress evidence in relation to the probe. emissions tests on diesel engines. The United States filed criminal charges against former VW CEO Martin Winterkorn in May, but he is unlikely to face US authorities because Germany does not extradite its nationals to countries outside the European Union. (more...)
German authorities arrest Audi CEO Rupert Stadler in ‘dieselgate’ investigation German authorities arrest Audi CEO Rupert Stadler in ‘dieselgate’ investigation
- June 18, 2018

This news comes from Automotive News Europe , which reported that the executive is being held in custody because investigators feared he might be seeking to suppress evidence in relation to the probe. Audi, who has been caught up in the emissions scandal that afflicted Volkswagen, had no immediate comment. Audi's supervisory board has yet to sign off on the nomination, Sueddeutsche said. (more...)
Audi chief arrested in Germany over diesel scandal
- June 18, 2018

Stadler targeted: Munich prosecutors announced on June 13 that the Audi CEO was now a part of their investigation and carried out a search of his home. The United States filed criminal charges against former VW CEO Martin Winterkorn in May, but he is unlikely to face US authorities because Germany does not extradite its nationals to countries outside the European Union. (more...)
China retaliates immediately after USA announces tariffs China retaliates immediately after USA announces tariffs
- June 17, 2018

A lot, but not a lot. Companies also are watching the fate of ZTE Corp., a Chinese maker of telecoms gear that ran afoul of US regulators after it violated restrictions on exports of American technology to Iran and North Korea. The tariffs are also meant to punish China for cyberespionage, theft of USA companies' trade secrets and theft of intellectual property , like patents. (more...)

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