Crypto News 

Zimbabwe Doesn’t Have Its Own Currency and Bitcoin Is Surging

“Demand for bitcoin in Zimbabwe has surged amid a shortage of hard currency” writes unknown author for bloomberg.com. Zimbabwe doesn’t have its own currency, with the government adopting the U.S. dollar and South African rand, among others, as legal tender in 2009 after hyperinflation rendered the local dollar worthless.Bitcoin climbed as much as 10 percent on Zimbabwe’s Golix exchange on Wednesday after the country’s armed forces seized power.Prices for bitcoin are set by supply and demand, according to Taurai Chinyamakobvu, co-owner of the exchange.While most major currencies are legal tender…

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News 

Tiffany is selling impractical ‘everyday objects’ like coffee cans and balls of yarn for thousands of dollars

“Perhaps this is why the company now has an “Everyday Objects” section on its website, where it sells silver and gold versions of “household” items, like balls of yarn and porcelain eggs, for thousands of dollars” writes Mark Matousek for businessinsider.com. It might also be an attempt to build buzz among millennials and compensate for declining traffic in its stores, according to CNN. The company said the collection was “born out of the notion that beautiful things should not be limited to special occasions,” adding that the “covetable accessories possess…

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News Oil 

Economist Jim O’Neill explains how the dollar will lose its ‘kingpin’ status

“Renowned economist Jim O’Neill said Tuesday that investors “have to believe” the dollar is not going to be the kingpin currency forever” writes Simon Dawson for cnbc.com. The greenback’s status as the world’s most powerful currency has been questioned for decades, but contracts based on the U.S. dollar continue to dominate global markets.Firstly, it’s never going to happen because the dollar is the dollar.But beyond that, moving away from the dollar is a strategic priority for countries like China and Russia.However, in recent months, speculation has intensified that China could…

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Investors thirsty for deals pump most money into quirky ‘blank check’ companies in a decade

“Blank check companies, also called special purpose acquisition companies, raise money from investors first and use it to buy companies later, usually within a specified time range” writes Liz Moyer for cnbc.com. The two are putting $40 million of their own money into the blank check company and raising the rest from outside investors.Blank check companies are a place for them to put money and hope to reap any gains if the companies are successful, but recover their money if the companies fail to find suitable investments.Exchanges have been fighting…

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Hudreds of Millions of Dollars in Ether Stuck, Where Ethereum Goes From Now

“Earlier this week, as CCN reported, a bug in the Parity software of Ethereum was discovered, effectively freezing hundreds of millions of dollars in Ether as a consequence” writes unknown author for cryptocoinsnews.com. While the estimates of the amount of funds frozen in multi-sig Parity wallets remain uncertain, cryptocurrency analysts has speculated the amount to be in the range of $150 to 280 million dollars. Source: cryptocoinsnews.com Share This:

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News Oil 

Justice Department will prosecute activists who damage pipelines

“The Justice Department on Friday pledged to prosecute environmental activists who target oil pipelines and other energy infrastructure” writes John Siciliano for washingtonexaminer.com. An industry coalition that supports pipeline development applauded the Justice Department decision, saying “ecoterrorists” jeopardize billions of dollars in infrastructure investment.The Justice Department, however, did not say specifically how it would investigate or prosecute the activists with the group Climate Direct Action that attempted, but failed, to disrupt the flow of oil across four states.Activities who seek to “damage or shut down” pipelines put lives at risk,…

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Markets News 

Apple market cap closes above $900 billion for the first time

“Apple’s market cap has touched $900 billion during trading, but the valuation did not hold until the close” writes unknown author for cnbc.com. Apple shares hit an all-time intraday high on Wednesday, according to FactSet, and closed with a market capitalization above $900 billion for the first time. Apple announced a reduction in its outstanding shares this month, putting $900 billion just out of reach. Source: cnbc.com Share This:

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Crypto News 

Glitch Freezes Hundreds Of Millions Of Dollars Of Ethereum

“Ethereum, the competing digital currency to bitcoin, was dealt a blow on Tuesday (Nov. 7) when a vulnerability in a cryptocurrency wallet froze as much as hundreds of millions of dollars” reports pymnts.com. The market got a boost last week when CME, the world’s largest futures exchange, said it would launch futures for digital currency.Back in July, the first Parity issue led to the theft of around $30 million of Ethereum.The issue with an Ethereum wallet provider comes at a time when digital currency is gaining legitimacy, which has been…

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Report: Lending disparities cost Fresno small businesses millions of dollars

“Those are just two findings in a study examining disparities in small business lending conducted by the Woodstock Institute, a nonprofit research organization that focuses on fair lending and financial systems reform” reports thebusinessjournal.com. Access Plus Capital is a community development financial institution (CDFI), which was created to provide financing options to disadvantaged populations.Baldev Birk, a technical assistance analyst with Access Plus Capital, said that refinancing onerous non-bank lending is a common part of their portfolio.The $79 million represents just fewer than 5,700 additional loans that businesses would have received…

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News Stocks 

Trump’s tax plan could lead to billions of dollars flooding back to the US — here’s what you need to know

“That preview included an outline of changes to the repatriation tax” writes Finanzen Net Gmbh for businessinsider.com. The bill is expected to include a one-time repatriation tax, which is designed to incentivize US-based companies that do business overseas to bring those profits back stateside.Bank of America Merrill Lynch estimates that 50% of the $1.2 trillion in repatriated cash will be used on repurchases, compared to roughly 80% back in 2004.It said that all overseas assets from US-owned companies would be considered repatriated and taxed at a one-time lower rate.The Trump…

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