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US Bank CEOs Are “Very Afraid” Of Bitcoin, Says Wealth Manager

Published on 21 September 2017

Rainer Michael Preiss, executive director at Taurus Wealth Advisors, thinks that the CEOs of US banks are likely “very afraid” of bitcoin, as the cryptocurrency could be a valuable “systemic hedge” against risks in the often opaque global banking industry, according to CNBC.

“Of course, if you run a very large US bank, most probably you are afraid of blockchain and bitcoin,” Preiss said.

“The concerns are about the fractional reserve banking system, and the balance sheet of the Federal Reserve at US$4.5 trillion, where the Fed officially refuses an audit. On the other hand, on the bitcoin blockchain, you have an audit everyday because it’s open-sourced,” he added

Preiss’ comments came in the wake of critical remarks made by JPMorgan CEO Jamie Dimon, who called bitcoin a “fraud” last week.

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Google Buys A Part Of HTC For US$1.1 Billion To Bolster Smartphone Business

Published on 21 September 2017

Google announced that it has agreed to purchase a part of Taiwanese smartphone maker HTC for US$1.1 billion to spur innovation in its smartphone and hardware business, according to CNBC.

Under the terms of the agreement, Google will acquire a team of HTC employees who previously worked on the development of Google’s Pixel smartphone, and will also get a non-exclusive license for HTC intellectual property.

HTC chairwoman and CEO Cher Wang said in a statement: “This agreement is a brilliant next step in our longstanding partnership, enabling Google to supercharge their hardware business while ensuring continued innovation within our HTC smartphone and VIVE virtual reality businesses.”

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Warren Buffet Predicts Dow Will Hit 1-Million Mark In 100 Years

Published on 21 September 2017

Legendary American investor Warren Buffet is bullish on the prospects of the US economy and predicts that the Dow Jones Industrial Average, which currently stands at a record high of around 22,400, will surge by 4,500% over the next 100 years to reach the one million mark, according to CNN.

“That is not a ridiculous forecast at all, if you do the math on it. It’s an amazing country we live in,” Buffett explained.

The 87-year-old chairman of conglomerate Berkshire Hathaway, who has a net worth of around US$78 billion, said that any investors who are betting against the US market are “out of their mind”.

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Jack Ma: “Manufacturing Is No Longer The Main Engine Of Creating Jobs”

Published on 21 September 2017

Alibaba founder and chairman Jack Ma is advising the world’s business and political leaders to stop looking at the manufacturing sector as the key driver of job growth, and calling on them to embrace new industries such as artificial intelligence and robotics, according to CNN.

“In the last 200 years, manufacturing has brought jobs. But today – because of the artificial intelligence, because of the robots – manufacturing is no longer the main engine of creating jobs,” Ma remarked during a speech at the Bloomberg Global Business Forum in New York City.

“The new technology will destroy a lot of jobs. But it will also create a lot of jobs. The question is whether we are ready and whether we are qualified for these new jobs,” he added, “We have to teach our kids to be very, very innovative, very creative. In this way, we can create jobs for our own kids.”

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Apple Stock Plummets 3.1% After Analyst Forecasts Weak iPhone 8 Demand

Published on 21 September 2017

Shares of Apple fell by as much as 3.1% yesterday after an analyst report indicated that demand for the recently launched iPhone 8 was “substantially lower” than previous models of the smartphone, according to Bloomberg.

In a note to clients, Rosenblatt Securities analyst Jun Zhang said that pre-order volumes in the US and China for the iPhone 8 had fallen below those for iPhone 7 and iPhone 6.

“We understand this does not reflect the iPhone 8 cycle as a whole since the iPhone X has not yet officially launched, but we are concerned,” Zhang said.

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Tesla, AMD Team Up To Develop AI Chip For Self-Driving Cars, Source Claims

Published on 21 September 2017

Tesla is reportedly close to unveiling its own artificial intelligence (AI) chip that is capable of handling autonomous driving, and is building the chip on top of AMD’s (Advanced Micro Devices) intellectual property, according to CNBC.

A source said that the electric automaker has received some samples of the new AI chip, and is currently running tests on them.

AMD shares spiked 4.73% after news of the company’s Tesla tie-up broke.

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India’s First US$1-Billion IPO In Seven Years Set To Begin

Published on 21 September 2017

Indian insurance company SBI Life has launched its initial public offering (IPO), which is aiming to raise US$1.3 billion – making it the first US$1-billion IPO in the country in over seven years, according to CNN.

India has seen only nine other US$1-billion market debuts. The latest was the US$3.4 billion IPO of Coal India in 2010, which has was the biggest in the country’s history.

Commenting on the SBI Life IPO, Ken Fong, head of equity capital market research for Asia at Dealogic, said: “It is signaling that the market is doing well in India. You will see more and bigger IPOs.”

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BlackRock Sells Singapore Office Building To CapitaLand Commercial For US$1.5 Billion

Published on 21 September 2017

BlackRock Inc has agreed to sell the 46-storey, 778,719-square-foot Asia Square Tower 2 to CapitaLand Commercial Trust for US$1.5 billion, marking the second biggest ever sale of an office building in the city-state, according to Bloomberg.

“The deal provides another pricing benchmark which reconfirms that the recovery in office rents and prices is well underway in Singapore,” Jeremy Lake, executive director of capital markets at CBRE in Singapore, commented.

Singapore has seen a surge in blockbuster commercial property deals over the past year. The Qatar Investment authority acquired the adjacent Asia Square Tower 1 for US$2.5 billion in 2016.

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iPhone X’s US$999 Cost Is A “Value Price” Says Apple CEO Tim Cook

Published on 21 September 2017

Apple CEO Tim Cook thinks that soon-to-be-released iPhone X’s hefty US$999 price tag is “a value price, actually, for the technology you’re getting,” according to MarketWatch.

Cook went on to add that Apple – the most valuable company in the world with a market capitalisation of US$820 billion – “has never been about selling the most of anything. Our objective is not big revenues, our objective is to make the best product that enriches people’s lives. We want to help people.”

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Norway’s Sovereign Wealth Fund Tops US$1 Trillion For The First Time

Published on 20 September 2017

The value of Norway’s sovereign wealth fund has crossed the US$1-trillion mark for the first time ever due to currency shifts and gains from equity investments, according to CNN.

“The growth in the fund’s market value has been stunning. I don’t think anyone expected the fund to ever reach US$1 trillion when the first transfer of oil revenue was made in May 1996,” said the fund’s chief Yngve Slyngstad.

One of the world’s biggest stock market investors, the fund holds shares of 9,000 companies globally, amounting to US$667 billion.

Read the original story here.

Ethereum Will Have “Visa-Scale” Transaction Capacity In A Few Years, Founder Says

Published on 20 September 2017

Vitalik Buterin, the co-founder of the ethereum, is predicting that the cryptocurrency’s blockchain network will achieve “Visa-scale” transaction capacity in a matter of years, according to TechCrunch.

Commenting on the speed of the blockchain network, Buterin said: “Bitcoin is processing a bit less than three transactions per second. Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa.”

Read the original story here.

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