Finance

Soros prepares to trade cryptocurrencies as prices plunge

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George Soros called cryptocurrencies a bubble in January. Now his $26 billion ($33 billion) family office is planning to trade digital assets. Alastair Marsh, Saijel Kishan and Katherine Burton The Age – Bloomberg Adam Fisher, who oversees macro investing at New York-based Soros Fund Management, got internal approval to trade virtual coins in the last few months, though he has yet to make a wager, according to people familiar with the matter. A spokesman declined to comment. Soros, speaking at ... Read More »

Putting Trump’s Trade Bombast to the Test

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President Trump’s recent threat to escalate his trade skirmish with China into a full-scale trade war is a foolish gambit with little historical precedent. Editorial Board The New York Times It is also hard to take seriously, given how quickly Mr. Trump changes his mind and how rarely and clumsily he tends to follow through on tough talk. Mr. Trump said on Thursday that he wants to slap tariffs on an additional $100 billion in Chinese imports in response to Beijing’s plan ... Read More »

Cryptocurrencies have become terrorist tool, says Russian security chief

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International terrorist groups are skilled at using modern technology, recruit hackers into their ranks and actively finance their activities with cryptocurrencies, the head of Russia’s Federal Security Service (FSB) has… RT “We are not talking only about aggressive propaganda and recruitment on the internet, which currently has over 10,000 [terrorist-related] websites and hundreds of thousands of their accounts on social… I am talking about large-scale use of various means of encrypted communication, electronic banking and cryptocurrencies, schemes of remote management ... Read More »

How do you make poverty sound better? Rebrand it!

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Having to take several jobs and sending kids to work used to be a sign of living precariously – now it’s just a question of what your ‘side hustle’ is Arwa Mahdawi The Guardian Listen carefully. I am about to divulge the secret of financial success. I have deduced a failsafe way to amass a lot of money, even if you earn very little. It doesn’t involve cutting down on avocado toast, crocheting your own clothes or working eight jobs; it’s ... Read More »

White House criticises China for $3bn tariffs on US imports

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The White House has criticised China after it imposed retaliatory tariffs against the US on a range of goods including pork and wine. BBC Beijing has introduced duties of up to 25% on 128 American imports following President Donald Trump’s decision to slap tariffs on steel and aluminium. China said the move was intended to safeguard its interests and balance losses caused by the new tariffs. US stocks plunged and Asian shares opened lower as trade war fears mount. On Wall ... Read More »

China slaps US with up to 25% bigger import tariffs in trade war retaliation

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Beijing is hiking up tariffs on more than 128 US imports, including fruit and pork, as part of a tit-for-tat response to US President Donald Trump’s $60 billion package of tariffs imposed against China. RT The additional fares, which range from 15 to 25 percent, are taking effect on Monday, the Chinese Finance Ministry said on their website. It added that the measure, aimed at “safeguarding China’s interests,” was in response to Washington’s package of tariffs targeting more than 100 types of Chinese goods, ... Read More »

Bitcoin tumbles to cap off dismal quarter

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Bitcoin’s miserable quarter isn’t over yet. By Eddie van der Walt and Olga Kharif Brisbane Times The world’s biggest cryptocurrency by market value dropped by more than 10 per cent on Thursday, pushing it below the $US7,000 mark and the lowest level on a… The slide took the token’s losses in 2018 to a whopping 50 per cent, and other digital assets, including rivals Ripple and Litecoin, slumped more. In addition, regulatory pressure is mounting in the cryptocurrency space, while major ... Read More »

Scotland’s potential will only be realised after independence says Nicola Sturgeon

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First Minister Nicola Sturgeon has said that the SNP is using every power at its disposal to deliver for the people of Scotland and that the full potential of Scotland can only be seen when the nation is independent. Angus Howarth The Scotsman In a speech to the SNP National Council in Glasgow, the First Minister said that a clear contrast had opened up in competing visions for Scotland’s future – and said that the SNP had a ‘renewed mission’ ... Read More »

Americans Will Pay the Price for Trump’s Toughened Approach with China

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American firms may not profit from a trade war with China, but both Airbus and Brazilian farmers have to be salivating at the prospect. Colin Grabow The National Interest It appears that President Trump is going to get his much-desired trade war with China. Citing the country’s harmful intellectual property and innovation policies, President Donald Trump on Thursday announced the pending imposition of tariffs on $60 billion worth of imports as well as restrictions on Chinese investment. Trump may have ... Read More »

Brexit: A managed surrender

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London talks tough but gives Brussels what it wants. Forget red lines, bellicose declarations and rhetoric about the United Kingdom taking back control — Brexit so far has been a process of managed surrender. Paul Taylor Politico British officials acknowledge that Prime Minister Theresa May has mostly had to accept the European Union’s terms for the divorce and a transition period to avoid a cliff-edge rupture in economic ties that could have crippled business. However, the Brits insist, the real negotiation starts now and ... Read More »

Australia’s worst nightmare: to be caught in cross fire of trade war

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Beijing: Australia’s great fear of a trade war breaking out between its largest trading partner and closest security ally is unfolding, as China and the United State exchange threats and release multi-billion dollar punitive tariff plans targeting each… Kirsty Needham & Darren Gray The Age After US President Donald Trump signed a document to trigger $US60 billion ($A78 billion) in tariffs on Chinese technology products, China responded within hours with a $US3 billion plan to hit 128 US products including ... Read More »

Bitcoin’s blockchain contains child abuse images, meaning the cryptocurrency’s possession could be ‘illegal’

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The multi-billion-dollar markets behind cryptocurrencies are in jeopardy after child abuse images were found in bitcoin’s blockchain. ABC German researchers have analysed more than 1,600 files in the technology required to access the cryptocurrency and found 99 per cent are texts and images, including some illicit pornography and other outlawed content. The blockchain is the underlying technology that makes cryptocurrencies possible. It is essentially a public ledger of all the transactions ever made in the currency and keeps a… Bitcoin’s ... Read More »

Developing countries at risk from US rate rise, debt charity warns

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Jubilee Debt Campaign says 126 nations spend more than 10% of revenues on interest Larry Elliott The Guardian The expected rise in US interest rates will increase financial pressures on developing countries already struggling with a 60% jump in their debt repayments since 2014, a leading charity has warned. The Jubilee Debt Campaign said a study of 126 developing nations showed that they were devoting more than 10% of their revenues on average to paying the interest on money borrowed – the ... Read More »

Goldman Sachs reveals 56% UK gender pay gap and bonus gap of 72%

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Women account for just 17 per cent of all the jobs in the highest pay quartile Josie Cox The Independent Goldman Sachs has become the latest bank to publish a yawning gender pay gap, underscoring just how male dominated the world of finance still is – especially at the most senior level. The company, which employs around 6,000 people in the UK, on Friday reported a mean gender pay gap in Britain for its international business of 55.5 per cent and a mean ... Read More »

The Fatal Flaw in China’s Plan for Dominating the World Economy

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Dependence is baked into China’s industrial plans—and will likely fail. Chinese premier Li Keqiang recently delivered a remarkably revealing speech. Milton Ezrati The National Interest Addressing the National People’s Congress for two full hours early in March, he stressed the county’s determination to rely on broad industrial policies as a means to development. The objective, to use Li’s words, is to “speed up work to build China into a leader in manufacturing.” Li doubtless wanted his audience and the world ... Read More »

The woman asking the hard questions at the banking royal commission

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Rowena Orr, QC, one of two silks assisting the landmark banking royal commission headed by former High Court judge Kenneth Hayne, offered a blunt assessment of the task confronting the inquiry on Monday. Michaela Whitbourn The Sydney Morning Herald “The terms of reference … are broad and the time to report is short,” Orr told Hayne in Melbourne. “We embrace the challenge involved in assisting you.” Orr and her fellow counsel assisting the commission – Brisbane-based silk Michael Hodge, QC, and junior ... Read More »