Business

Bitcoin price drops below $8,000 for first time since Nov. 24

Bitcoin’s value has dipped below $8,000 for the first time in 11 weeks in the midst of a broader cryptocurrency sell-off. The volatile digital asset fell as low as $7,923 on Friday at 6:48 a.m. ET, according to Coinbase data. It dropped below the $8,000 level for the first time since November 24, according to CoinDesk, which tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex. Multiple virtual currencies have dropped significantly as regulators voiced concerns about them and worries grew over suggestions that the price of bitcoin has been propped up by popular exchange Bitfinex. On Wednesday, Indian Finance Minister Arun Jaitley warned against criminal activity associated with cryptocurrencies, and said that India would “eliminate” the use...

How Tesla’s first truck charging stations will be built

Elon Musk, the chief executive of Tesla, has said little about how he plans to turn his prototype electric truck into reality. But Reuters has learned that Tesla is collaborating with Anheuser-Busch and United Parcel Service to build on-site charging terminals at their facilities as part of the automaker’s efforts to roll out the vehicle next year. Details of the partnerships, which have not been disclosed previously, are still being hammered out, but include design and engineering from Tesla, the companies said. They declined to disclose what portion of the building costs, if any, Tesla would pay, or whether Tesla would be compensated for its work. The firms are among nine major corporations that have placed pre-orders for Tesla’s truck, dubbed the Semi. With questions swirlin...

EconoFact: “Threats to U.S. Agriculture from U.S. Trade Policies”

Or, Does Mr. Trump feel lucky? From EconoFact: The agriculture sector in the United States depends upon exports for its vitality. Sales of U.S. agricultural products abroad are responsible for 20 percent of U.S. farm income, supporting more than one million American jobs on and off the farm, according to the U.S. Department of Agriculture. The three biggest buyers of American agricultural products are China, Canada, and Mexico. Yet trade with these three countries faces heightened uncertainty. The Trump Administration initiated a process of renegotiating the North American Free Trade Agreement (NAFTA) with Canada and Mexico, which includes the option of exiting the deal altogether. In addition, the United States has started a series of investigations of unfair practices leveled against Chi...

Sony CEO Kazuo Hirai will be replaced by company CFO

Sony said on Friday that CEO Kazuo Hirai will be replaced by the company’s chief financial officer, Kenichiro Yoshida, effective on April 1. Hirai, who stepped in as CEO in 2012, will become chairman of the electronics and entertainment company. During Hirai’s six-year tenure, Sony has exited or cut back in areas such as PCs and TVs, and capitalized on the spread of smartphones with its image sensors. Yoshida is widely credited for being behind many of the changes, which have won over investors. Sony is forecasting record profit for the year through March.

UK businesses seek opportunities in China after Brexit

As the terms of a Brexit remain uncertain, U.K. businesses are looking to tap into the Chinese market, more so than ever. British Prime Minister Theresa May embarked on a trip to China on Wednesday with a 50-strong business delegation, featuring sectors ranging from health care to clean energy, in her bid to cement Britain-China ties. The trip comes amid British negotiations about an exit from the European Union, and those are giving the country an even greater need to look east, some observers said. “Without detracting at all from the ongoing importance of EU trade to the U.K., there is an undoubted need to put much more effort into trade with the 93 percent of the world that does not live in Europe,” said Michael Sippitt, chairman of Clarkslegal, a commercial law firm in the ...

China plans to create new international courts, and that has a lot of people worried

China’s continent-spanning network of infrastructure investments — known as the Belt and Road Initiative — keeps expanding. So do the legal risks. Multi-jurisdictional dealings between Chinese entities and their emerging market counterparts can pose immense regulatory challenges, especially in the realms of financing and execution. To address trade and investment disputes along the Belt and Road, the world’s second-largest economy intends to establish international courts in Beijing, Xi’an and Shenzhen, local media reports announced last week. The new institutions will be based on Beijing’s existing judiciary, arbitration and mediation agencies, according to state-run media outlet Xinhua. There are concerns, however, that the China-led legal system will favor local ...

Health start-up Medopad raises $28 million after striking over $140 million in China deals

British health tech start-up Medopad has raised $28 million in its first round of financing, after having struck £100 million ($143 million) worth of deals in China with firms including Tencent. Medopad was one of a number of U.K. firms to join British Prime Minister Theresa May on her visit to China this week, as the U.K. leader discussed trade and security with Chinese President Xi Jinping. The London-based company sells an app that connects patients with health-care professionals. It uses machine learning to analyze a patient’s data and detect life-threatening medical conditions. “We will be opening a number of offices across the world and hiring the most talented people as we grow our regional partnerships,” Dan Vahdat, CEO of Medopad, said in an announcement Friday. ...

We’ve Reached The “Irony Is Dead” Phase Of The Crypto Crash

Well, Thursday is not shaping up to be a great day for the crypto crowd although there’s more than enough time for things to turn around because after all, these things trade 24-7, around the clock, around the globe, so it’s literally impossible to determine when one day ends and the next one begins. As of this writing, Bitcoin is languishing around $9,000 and the proximate cause for Thursday’s malaise appears to be comments from India’s finance minister Arun Jaitley, who said this about cryptocurrencies during a budget speech: The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system. That’s right. India is going to “eliminate” the use of the...

Attendees At Crypto Conference Held In Strip Club Use The Old “We Like Boobs” Defense

There’s something ineffably pure and almost accidentally charming about a person with a total lack of self-awareness. And perhaps this is the root cause of our ongoing fascination with cryptocurrencies and the people who have decided to become notionally rich by trading them. While recent events have caused some to rethink the notion of virtual currency as the financial foundation of a new world order designed to overthrow the rotten core of modern capitalism, it seems like real money might already be creeping into the behavior of  financial techies who were previously hell-bent on being Woker Wolves of Not Wall Street… The North American Bitcoin Conference wrapped up 10 hours of speeches by inviting 5,000 attendees to what it called a networking party. “It’s been a long day,” read the des...

If NFP Employment Growth Had Grown in 2017 Like It Did in 2016

we’d have had over 340,000 more jobs in December. Figure 1: Nonfarm payroll employment (blue), and 2016 linear deterministic exponential trend set to match 2017M01 value (red), in 000’s, seasonally adjusted, on log scale. Orange shading denotes 2017 data. Source: BLS December 2017 release, author’s calculations.

Guess shares crater as actress accuses co-founder of sexual harassment

Apparel retailer Guess shares nose-dived Thursday, a day after actress Kate Upton called out co-founder Paul Marciano for allegedly using “his power in the industry to sexually and emotionally harass women.” By midafternoon Thursday, share prices were down 14 percent. Upton took to her Twitter and Instagram accounts Wednesday evening to make the claims, citing the “metoo” movement. tweet Representatives from Guess and Upton didn’t immediately respond to CNBC’s requests for comment. Marciano told TMZ he was “shocked” by Upton’s accusations and said he wouldn’t apologize. Marciano and his brothers, born in Monaco, founded Guess Jeans in the 1980s. Paul Marciano eventually became CEO in the 1990s, but he retired from that role in 201...

The World Makes No Sense Anymore But David Einhorn Soldiers On

Last year was not a fun one for David Einhorn, who managed only a relatively miniscule return while both investors and his wife abandoned him. The former was primarily the result of a world turned upside down: For if Donald Trump can be president, why should Elon Musk be held to the established standards of what constitutes a good investment? Why shouldn’t brilliant financial innovations be laughed at and ridiculed? Einhorn has acknowledged that he feels like he’s “been running face first into the wind.” But he’s not giving up. “We don’t intend to capitulate and are sticking to our strategy.” Alas, the new normal isn’t capitulating, either, and has greeted Einhorn in 2018 with his worst monthly loss in almost a decade. David Einhorn’s Greenlight Capital hit a wall in January as its main he...