Japanese cryptocurrency exchange, Liquid, has been robbed by hackers who made away with $97 million worth of assets. Ryan Browne reports for CNBC: Japanese cryptocurrency exchange Liquid said Thursday it has been hit by a cyberattack that saw hackers make off with a reported $97 million worth of digital coins. Liquid said some of its digital currency wallets had been “compromised,” and that hackers were transferring the assets to four different wallets. “We are currently investigating and will provide regular updates,” Liquid tweeted. “In the meantime deposits and withdrawals will be … [Read more...]
Archives for August 2021
CASH HOARD: How Will Companies Deploy Their Cash?
Many investors are betting that companies with large hoards of cash on hand will use that money to buy back stock and to fund capital expenditures. Hardika Singh reports for The Wall Street Journal: Investors are betting that cash-rich companies will increase spending on everything from factories to share buybacks, a combination many believe can boost stocks in coming months. Businesses including Tyson Foods Inc., consumer-products firm Newell Brands Inc., Morgan Stanley and alcohol seller Constellation Brands Inc. have said in recent weeks they plan to build factories, expand research … [Read more...]
What’s Your Survival Guy Doing with His Cash?
You know what Your Survival Guy is buying right now: Beer, bullets, and Burgundy. Because each one is, among other things, a perfect sweetener to your cash. Yes, cash is king, and, with one of the three Bs above added to the mix, you’re immediately elevated to royal status. But for today, let’s talk about your cash. How much should you have on hand? I want you to think about your cash in three ways: You have your emergency stash on hand that you hope to never use. You have cash in your investment portfolio as part of your strategy. To buy stocks when others are selling, for … [Read more...]
China Prepares Wealth Redistribution and “Regulation of High Incomes”
In an attack on wealth and income that may sound familiar to Americans, China's Communist Party government has set out a plan to redistribute wealth and regulate "high incomes." Tom Mitchell and Sun Yu report fro the Financial Times: President Xi Jinping has called for stronger “regulation of high incomes” in the latest sign that a 10-month campaign targeting China’s largest technology companies is rapidly expanding to encompass broader social goals. State media reported that a meeting of the Chinese Communist party’s Central Financial and Economic Affairs Commission on Tuesday, chaired by … [Read more...]
BIDDING WAR: Austin Homes Selling WAY Above Asking
Austin, Texas is currently home to America's fiercest bidding wars. Many homes are selling for more than $100,000 over asking. Sami Sparber reports in The Wall Street Journal: A homebuying frenzy is gripping much of the U.S., but Austin takes the prize for the biggest increase in homes selling well above the asking price. Nearly 2,700 homes in the Texas capital have sold this year for $100,000 or more above their initial listing price, according to an analysis by Redfin Corp. that examined sales through Aug. 11. While a few other U.S. cities have had more properties sell at that premium to … [Read more...]
Is This State America’s Biggest Right to Work Success Story?
There is one state that comes up time and time again in the news for attracting new manufacturing business with its Right to Work rules and business-friendly atmosphere. That state is South Carolina. The National Right to Work Committee has put together a list of some of the most recent success stories from South Carolina: Right to Work South Carolina is seeing an increase in businesses coming to the state. The state provides Right to Work benefits that support company growth. So it’s no wonder why businesses are attracted to the area. Three businesses that will have new locations in the … [Read more...]
Will Inflation Fears Impact Biden’s Budget Plan?
There isn't much as dangerous for politicians as rising prices on constituents. With relentless inflation hitting Americans hard, some politicians are growing wary of record spending. Colby Smith and Lauren Fedor report for the Financial Times: The $3.5tn price tag on the Biden administration’s budget plan has ignited fresh debate in Washington about the potential inflationary effects of increased public spending at a time when US consumer prices are rising rapidly. The US Senate on Wednesday passed a budget resolution that will form the basis of a sweeping bill that would make big … [Read more...]
INFLATION FOREVER: Researchers Suggest the Cure-All Is More Inflation
Former Fed employees have performed research that suggests the answer to all America's economic woes is simply higher inflation. They suggest the Fed should raise its target rate by 50% from 2% to 3% for the next 15 years or so after COVID-19 has been handled. Other economists are even suggesting the rate should be raised forever. Howard Scheider reports at Reuters: The Federal Reserve may be wrestling with an inflation problem, but two former senior staffers at the U.S. central bank argue that continued higher prices in the future may be what is needed to shift the whole economy to a … [Read more...]
Chinese Shipping Crippled by One COVID Case?
Chinese authorities are saying that the troubles currently plaguing the Meidong container terminal in Ningbo have been caused by the detection of one coronavirus case. The shutdown has led to major congestion in nearby alternative shipping location, Shanghai, and has caused problems throughout the world logistical chain. Reuters reports: Ports and shipping companies are diverting vessels from a container terminal in China's busiest marine transportation hub which was forced to close after a coronavirus case emerged, as the pandemic strains global supply amid rising retail orders. Meidong … [Read more...]
Consumer Sentiment PLUNGES to Lowest Levels Since Obama Era
Consumer sentiment has fallen to the lowest level in almost a decade. Not since Barack Obama's first term have the American people been so pessimistic about their economy. Bloomberg's Jordan Yahoo reports: U.S. consumer sentiment fell in early August to the lowest level in nearly a decade as Americans grew more concerned about the economy’s prospects, inflation and the recent surge in coronavirus cases. The University of Michigan’s preliminary sentiment index fell by 11 points to 70.2, the lowest since December 2011, data released Friday showed. The figure fell well short of all estimates in … [Read more...]