SOFTBANK–GROUP-VISION-FUND SoftBank plans to lend up to $20 billion to employees to invest in new fund: WSJ. Japan’s SoftBank Group Corp is …
Here are the top stories and upcoming coverage plans for Reuters text service as of 10 p.m. GMT/6 a.m. SGT. For a full schedule of news and events, go to our editorial calendar on Reuters Connect https://www.reutersconnect.com/planning or on Media Express http://mediaexpress.reuters.com/planning-tools/calendar. TOP STORIES
PEOPLE-JEFFREY-EPSTEIN-AUTOPSY Official autopsy concludes Epstein’s death was suicide by hanging
NEW YORK – New York City’s chief medical examiner determined on Friday that suicide by hanging was the cause of death for financier Jeffrey Epstein, whose body was found six days ago in a Manhattanjail cell while awaiting trial on sex trafficking charges. USA-TRUMP-LEWANDOWSK
Ex-Trump campaign chief Lewandowski says ‘happy’ to testify before CongressWASHINGTON – President Donald Trump’s former campaign manager, Corey Lewandowski, said on Friday that he was “happy” to testify before the Democratic-led U.S. House Judiciary Committee as part of a congressional investigation of the Trump presidency.
Exclusive: U.S. set to give Huawei another 90 days to buy from American suppliers – sources SINGAPORE/WASHINGTON – The U.S. Commerce Department is expected to extend a reprieve given to Huawei Technologies that permits the Chinesefirm to buy supplies from U.S. companies so that it can service existing customers, two sources familiar with the situation said.
SOFTBANK-GROUP-VISION-FUND SoftBank plans to lend up to $20 billion to employees to invest in new fund: WSJ
Japan’s SoftBank Group Corp is planning to lend up to $20 billion to its employees, including Chief Executive Masayoshi Son, to buy stakes in its second Vision Fund, the Wall Street Journal reported https://on.wsj.com/307Ljih on Saturday, citing people familiar with the matter. ENTERTAINMENT
MUSIC-WOODSTOCK-REUNION ‘You can still sense the love’: Baby boomers revel at Woodstock 50 years on
BETHEL, N.Y. – Baby boomers dressed in tie-dye, rolling wheelchairs and chasing a memory of peace and love flocked to Bethel, New York, for the weekend to mark the 50th anniversary of Woodstock, the music festival that defined 1960s counterculture. PEOPLE-PETER-FONDA
‘Easy Rider’ actor Peter Fonda dead at age 79 LOS ANGELES – Oscar nominated actor Peter Fonda, who played a cool and introspective motorcyclist in the 1969 film “Easy Rider” that captured the spirit of the era’s counterculture movement, died on Friday at age 79, his family said in a statement.
18 Aug 06:20 ET / 06:20 GMT FRANCE-RUSSIA/PREVIEW-FILE (PIX) (TV)
Macron to host Putin in southern France Emmanuel Macron will hold talks with Russian PresidentVladimir Putin at Bregancon fort, where the the French leader is spending his summer holidays. Macron will seek to persuade Putin to resume peace talks with Ukraine after its new president offered an olive branch, a French official said, and the two are also expected to discuss the Iran nuclear accord and the Syria conflict.
18 Aug 13:00 ET / 13:00 GMT ARTS / CULTURE / ENTERTAINMENT
MUSIC-WOODSTOCK/ (PIX) 50th Woodstock anniversary music and culture festival
Three- day festival of music and culture celebrating the 50th anniversary of the 1969 Woodstock festival takes place on the original site, now owned by the Bethel Woods Center for the Arts 18 Aug
IRAQ-CULTURE/RIOT GEAR (PIX) (TV) Baghdad hosts car show, electronic music at former Saddam parade ground
Baghdad hosts a car show and electronic music concert at Baghdad’s famous Victory Arch, where ex-dictator Saddam Hussein used to hold military parades. 18 Aug
At the same time Dogecoin DOGE/BTC on Bittrex exchange is 0.00. The trading volume on Bittrex is 91409.00. Dogecoin DOGE/BTC on …
As at 2019-08-12 average Dogecoin price is 0.00289401 USD, 0.00000025 BTC, 0.00001364 ETH.
It’s noteworthy that is issued into circulation Dogecoin.
In this regard, 24 hour trading volume is 35327227.40617300 USD or 3051.75408915 BTC. At the same time Dogecoin market capitalization is 349439498 USD or $30186 BTC.
Dogecoin DOGE/IDR on Indodax exchange is 0.00. The trading volume on Indodax is 72403.00.
At the same time Dogecoin DOGE/BTC on Bittrex exchange is 0.00. The trading volume on Bittrex is 91409.00.
Dogecoin DOGE/BTC on CoinExchange.io exchange is 0.00. The trading volume on CoinExchange.io is 5115.63.
Dogecoin DOGE/BTC on HitBTC exchange is 0.00. The trading volume on HitBTC is 1460540.00.
Dogecoin DOGE/USD on Livecoin exchange is 0.00. The trading volume on Livecoin is 20008.00.
Dogecoin average change within 24 hour is 0.47 against USD, 0 against BTC, 2.19 against ETH. Weekly report: -14.78 against USD, -13.79 against BTC, -6.76 against ETH. Monthly report: -15.41 against USD, -19.35 against BTC, 6.52 against ETH.
To pay tribute to Nakamoto，Realizing the true decentralization of the blockchain world, the Darknet team took a year to build the latest resonance …
To pay tribute to Nakamoto，Realizing the true decentralization of the blockchain world, the Darknet team took a year to build the latest resonance mode.PTS (Protogonos Program) Fire Planning of Zodiac will be launched on August 17th, 2019. PTS is a new consensus tool to create a completely decentralization. The founder of PTS ecology hopes to create a token ecology with real meaning and universal value, just like Satoshi Nakamoto.
PTS focuses on the design of ecological model, puts forward the rules that really accord with the development of the block chain, and chooses the zodiac suitable for the development of the ecosystem. The PTS ecological dividend and PTS ecological start-up team do not participate in any form of dividend distribution. After the selection of the zodiac, we will completely transfer the right of ecological construction to the zodiac for management.
If you have 800ETH, you can become one owner of zodiac and you will have the earliest PTS tokens which are lower than the resonant price in the later period. You can participate in various promotion, contribution value evaluation and welfare, divide up all the resonant tokens. You can become the opinion leader of PTS community, participate in and lead the future development of PTS ecology. You can also get additional rewards for PTS nodes in the important links of development later. Through the promotion and preaching of zodiac and members of the network of zodiac, PTS will have a large number of users who held digital currency.
Twelve rights and interests of the owners of zodiac:
1. Voting on ecological development and autonomy
2. Initiate activities through the APP client.
3. Develop and distribute PTS-based apps and games for profit.
4. Purchase advertising resource in APP by using PTS.
5. Initiate new sub-projects and use PTS for resonance.
6. Docking media and exchanges to expand contacts and resources.
7. Promotion of airdrop activities and incentives within the community.
8. Manage and maintain online and offline communities and make rules.
9. The exchange held by the owner of the zodiac has the right to trade currencies.
10. The news, media and first-hand PTS information owned by the owner of the zodiac.
11. The benefit of currencies held by the owner of zodiac is the highest in ecology. The client-side zodiac developed and installed by zodiac ecology will obtain 10% of the benefit.
12. Supervisors of zodiac who meet the requirements will have the privileges of project funds and receive dividends from investment returns.
Looking forward to the future, PTS will have more landing apply scenarios, so that consensus can produce value to make PTS fully circulate in the market and improve its own value.
Nike is making a big data move to help the company understand what its consumers really want. The athletic giant, in its latest tech-driven acquisition, …
Nike is making a big data move to help the company understand what its consumers really want.
The athletic giant, in its latest tech-driven acquisition, today snapped up Celect, a Boston-based company engaged in retail predictive analytics and demand sensing.
“With the acquisition of Celect, Nike greatly accelerates our digital advantage by adding a platform developed by world-class data scientists.” Nike COO Eric Sprunk said in a statement. “As demand for our product grows, we must be insight-driven, data-optimized and hyper-focused on consumer behavior. This is how we serve consumers more personally at scale.”
Celect, which was founded in 2013, said on its website that it transforms retail inventory decision-making through AI-powered optimization.
Nike confirmed the Celect team will be integrated into its global operations team and that its co-founders will continue as tenured professors at the Massachusetts Institute of Technology, while serving as consultants.
“We’re thrilled to be joining the Nike team, adding our unique and innovative capabilities to the data and analytics foundation they’ve been building over the years,” Celect CEO John Andrews said in a statement.
“The acquisition of Invertex will deepen our bench of digital talent and further our capabilities in computer vision and artificial intelligence as we create the most compelling Nike consumer experience at every touch point,” Nike chief digital officer Adam Sussman said in a statement.
The acquisition led to the development of Nike Fit, which the Swoosh revealed in May. Nike Fit is a scanning technology created to help consumers find their fit across the brand’s shoe catalog. In short, the app scans the user’s feet and then recommends the best size in several Nike styles.
Below, take a look at music superstar J Balvin’s sneaker closet.
Bitcoin.com. “The South suffers with the euro and will never get better within the euro,” the economist emphasized. Friedrich thinks the recession is …
Germany, the locomotive of Europe’s huge economy, is entering a difficult period, various indicators suggest. And when the Federal Republic sneezes, the Old Continent usually catches a cold. This time, Germany may infect the rest of the world as well. Regulators in the country are busy drafting prohibitions, and now also seem to target cryptocurrencies. A German economic and financial crisis would be a seismic event of global proportions, affecting all markets. The main question now seems to be when it will happen, not if.
Biggest Drop In a Decade – German Industry Is Hurting
The industrial powerhouse of the Eurozone and the greater European Union is now seeing a significant decline in production – by 2.7% year-on-year in January and 1.9% in April compared to the previous month. Then in May, factory orders declined 2.2% from a month ago and registered an 8.6% annual drop, the biggest in a decade. In the first half of 2019, even beer sales were down 2.7%, according to Destatis, the Federal Statistical Office.
International trade wars and geopolitical uncertainty in the region and beyond are negatively affecting the German economy, which relies heavily on exports. They form almost half of the country’s annual economic output. Germany is Europe’s leading exporter of goods and it ranks third among the largest exporters in the world, after China and the United States.
Several factors have been hurting German exports which registered an annual decrease of 0.5% in April. Demand from China, which is a major market for German products, has been weakening due to slowing growth. U.S. tariffs on steel and aluminum are also a major concern and the Trump administration is now considering whether to impose tariffs on European cars.
Addressing the Bundestag last month, Chancellor Angela Merkel warned of a new global financial crisis as a potential result from a trade war with the U.S. She stressed that tariffs on cars would be much more serious than those on steel. The steepest slide in orders has been in the auto industry. Then there’s the upcoming Brexit divorce Germany has to deal with as well.
Short Working Weeks Are Back
Against this backdrop, a growing number of German companies are reintroducing short-time work schemes, the kind that were implemented during the last global financial crisis to mitigate its impact on industrial enterprises and their workforce. According to a survey conducted by the Munich-based Ifo Institute for Economic Research, 8.5% of the companies in Germany’s manufacturing sector expect to introduce short-time work programs over the next three months.
This is the highest percentage since 2013, Deutsche Welle reported, as last year only 2.6% of industrial entities were considering shorter working weeks for their employees. Germany still has one of the lowest unemployment rates among developed nations. In 2018, only 3.4% of its citizens between 15 and 74 years old had no job. Unemployment in the Euro area remains much higher at 7.9% at the end of December. Shorter working hours are definitely helping keep the indicator as low as possible.
The negative trends forced the nation’s central bank to revise its economic forecast, taking into account the outlook for the global commerce hit hard by the trade disputes between major players on the world scene. Bundesbank now thinks the German economy will grow only around 0.6% this year. The number represents a significant retreat from its previous prediction of 1.6% which was announced in December.
Financial Meltdown Brewing in Europe
The EU as a whole and the Eurozone in particular remain very diverse clubs of nations in terms of economic status. Some countries, particularly from the Southern flank, continue to register double-digit unemployment rates, 18% in Greece for example. While Spain’s economy is doing relatively well, Italy is practically in recession. Rome never managed to overcome its slow growth and a decade after the 2008 crash the Italian economy remains smaller than before the global financial crisis.
In May, a senior adviser to the German government shared with the BBC his fears that another European financial crisis could be brewing. Dr. Lars Feld, a member of the German Council of Economic Experts, singled out Italy. He noted that the country, which has the third largest economy in the single currency area, is struggling to stay out of recession as it has to deal with both a banking crisis that can affect the euro and a very high government debt, which reached a record high 132.2% of GDP in 2018.
A recession in Italy, which is also the world’s eighth largest economy by nominal GDP, sounds bad enough, but a slowdown in Germany would be even more damaging. A full-blown recession in the Federal Republic could definitely trigger a global crisis. Last year, Dr. Feld was one of the first to warn that the largest European economy is slowing down. It actually shrank in the second quarter of this year. But while the government adviser is worried, the executive power in Berlin seems to be in a state of denial.
‘We Are Not in Crisis’ Finance Minister Insists
In a recent interview with Bloomberg, German Finance Minister Olaf Scholz downplayed warnings about the negative outlook for the German economy and revealed that the federal government has no plans to stimulate economic growth. He believes that resolving man-made crises, such as the ongoing trade wars and Brexit, would increase growth rates in 2020, the year many now point to as the start of the next big crash. Insisting that more government spending now would rather lead to inflation than growth, Scholz stated:
We are not in a situation that makes it necessary or wise to act as if we were in a crisis, we are not.
Germany’s finance minister made these comments right after the European Central Bank indicated its intentions to increase its monetary support for the Eurozone economy in the coming months. Speaking to media in Frankfurt, ECB President Mario Draghi stressed that manufacturing in Germany and elsewhere in Europe may need increased government spending.
In June, the European Central Bank indicated its ultra-low interest rates are likely to remain in place until at least mid-2020, six months longer than the previously stated goal. ECB’s management is also preparing for further cuts that will take interest rates into negative territory. In the Eurozone, they have been going down for seven years and have been at 0% since 2016. More quantitative easing is also on the horizon, which means printing more money.
Such policies would have a hard time winning support from the German coalition government lead by Angela Merkel. Olaf Scholz, who is also her deputy, believes the tax cuts that have been made so far and the infrastructure spending are working fine and additional stimulus would not be a wise idea. In essence, Frankfurt wants to bolster economic growth with QE and negative interest rates, while Berlin sees only rising prices as a result of these measures.
Too Big to Fail
If there’s one thing Germany fears, it’s inflation. Being a leading exporter of high value added, quality products, inflation of the euro would decrease its revenues. And that’s one of the biggest contradictions of the Eurozone as countries like Italy actually need higher inflation so that their exports remain at least price competitive in relation to the German exports.
Berlin has gotten itself, and the rest of Europe, into an almost hopeless situation. The Eurozone is tuned in a way that benefits its largest economy. That, however, leads to the concentration of money in Germany whose banks have been lending it back to the weaker partners in the Eurozone and the EU to sustain them and their markets. Sooner or later, the poor borrowers won’t be able to take any more debt. It’s already happened with Greece, for example.
Germany has become a lender, supplier and consumer that’s too big to fail. A German crisis would surely drag the rest of the Eurozone and hurt the global economy. So now Europe is basically financing Germany through low and subzero interest rates. Things are nearing a point where normal economic logic isn’t part of the equation anymore. Investors are literary paying more and more to lend money to Germany, as Welt business editor Holger Zschaepitz remarked in a tweet this week. Berlin recently sold €2.345 billion of 10-year debt at a record low yield of -0.41%.
Totally absurd: Investors are paying #Germany more and more to lend the country money. Berlin sold €2.345bn of 10y debt at fresh record low yield of -0.41% vs -0.26% at Jul auction. Bid-to-cover rose to 2 from 1.2 at July 10 auction. pic.twitter.com/PHF2tiU5f0
Whatever the German finance minister says and does, there’s a well-grounded feeling that the next big crisis is looming. The troubles of Deutsche Bank, Germany’s largest financial institution and top banking services provider, are proof that something is wrong with the traditional financial system. The fact that central banks bought a record $15.7 billion of gold in the first half of the year and German investors piled into gold-backed exchange traded funds, as Financial Times reported, is a strong indication of efforts to diversify away from fiat currencies.
“In Europe we have a dysfunctional monetary union,” German finance strategy consultant Marc Friedrich told news.Bitcoin.com. “The South suffers with the euro and will never get better within the euro,” the economist emphasized. Friedrich thinks the recession is already coming and believes that in its aftermath a new monetary system will be born, a digital one, in which societies will need decentralized currencies.
Unfortunately, German regulators are making it harder for crypto businesses to operate freely in the Bundesrepublik. Companies from the industry, such as exchanges, payment providers and custodians, will have to apply for a special license from Bafin, the Federal Financial Supervisory Authority. They have to do so by the end of the year with the introduction of new AML rules based on EU’s Fifth Anti-Money Laundering Directive which must be transposed into German law by January 2020.
According to information shared on crypto forums, the new regulations are already affecting platforms dealing with cryptocurrencies. For example, Germany is no longer on the list of countries supported by Bitpay, a leading payment processor that allows many businesses outside the industry to accept coins through conversion to fiat.
Of course, direct crypto payments remain a viable alternative. You can process bitcoin cash payments using the Bitcoin Cash Register app for iOS and Android. The simple Point of Sale software developed by Bitcoin.com allows merchants to accept BCH at any retail location. Payments are easy, safe and no account or registration is needed to install and use it.
Do you expect the next financial and economic crisis to begin in Germany? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Destatis.
Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.
The world’s major central banks are waging war to determine who can make their respective fiat currency weaker. With the… read more.
Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.