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The Finance 202: Trump’s Fed comments could backfire

“In 1990, he became undersecretary for finance at the Treasury Department, serving under then-Treasury Secretary Nicholas Brady” writes Tory Newmyer for washingtonpost.com. Thus far in the burgeoning trade war, the U.S. has slapped tariffs on just $34 billion of Chinese products, which China met with retaliatory duties.As he said he considers [Powell] a very good man and that he is not interfering with Fed policy decisions.” That marked the third time this week the administration tried to revise remarks Trump made off the cuff. Source: washingtonpost.com Share This:

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Crypto News 

Vietnam’s Central Bank Backs Plan to Suspend Import of Crypto Mining Equipment

“The prevalence of crypto mining equipment also reportedly makes it easier for people to use cryptocurrencies as methods of payment, which is illegal in Vietnam” reports financemagnates.com. The State Bank of Vietnam has announced that it is backing a plan proposed by the Vietnamese Ministry of Finance to place a suspension on the import of cryptocurrency mining equipment, according to a report by the Vietnam News on July 19. In May, the Hanoi Department of Industry and Trade prohibited retailers from using Bitcoin or any other cryptocurrencies in online transactions.Indeed,…

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Crypto News 

Wells Fargo Files Patent for Blockchain System to Tokenize Sensitive Data

“Despite its friendliness toward blockchain, Wells Fargo has a history of distancing itself from cryptocurrency” reports financemagnates.com. The idea is that the secure nature of blockchain technology could be used to keep tokenized data and media secure.Therefore, the system could be used to manage and protect sensitive data. Source: financemagnates.com Share This:

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Crypto News 

Bank of Israel Deputy Governor: Cryptocurrency Can Assist the Monetary System

“Bit2c is an Israeli cryptocurrency exchange which offers trading with Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ethereum Classic, and Bitcoin Gold and has daily volumes of $118,636, according to coinmarketcap.com” reports financemagnates.com. She said that the government is working on cryptocurrency regulation.Heavy regulation is required for initial coin offerings and token generation events, sustainable regulation is required for cryptocurrency exchanges, while for pure blockchain technology no regulation is necessary. Source: financemagnates.com Share This:

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MovieCoin Delivers Fintech Solutions for Film and Entertainment Companies

“The Company and its affiliates are also developing multiple entertainment finance techniques to leverage the combined power of the MovieCoin platform with Moviecoin Tokens” reports financemagnates.com. Ultimately, the unique combination of the MovieCoin platform, Moviecoin Tokens and tokenization of MovieCoin Smart Assets created on the Company’s platform will be used to create a global yet local film finance platform to be used by major studios, production companies, investors and lenders.These tokens will finance 8 to 10 widely-released theatrical films on an annual basis during the term of the Fund. Source: financemagnates.com…

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Crypto News 

SAE ICO Offers Eco-Friendly Solution for Cryptocurrency Mining

“The systems are easily assembled on-site from prefabricated dust-protected modules, which allows deploying advanced mining facilities with cutting-edge automation and flexibility” reports financemagnates.com. Cryptocurrency mining has proved an energy-intensive process, with power consumption growing steadily in the past couple of years, according to Digiconomist statistics.Hydropower is a cost-effective and reliable source of renewable energy that can be successfully used for cryptocurrency mining purposes.SAE’s mining structures (Swiss Alps Mining cubes, or SAM) are available for purchase or rent with a projected investment return of over 360% in three years of operation.SAE aims…

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SBI Holdings Posts Strong Quarter Revenue and Income Results

“For the quarter, operating income was $127.7 million (14.4 billion yen), up from $94 million (10.6 billion yen) in 2017” reports financemagnates.com. During April, May, and June this year, the company saw an increase in operating revenue of 20.5 percent to $270 million (30.5 billion yen).This is in comparison to 2017, which saw an operating revenue of $224.5 million (25.4 billion yen).Net revenue for the quarter jumped by 23.9 percent to $255.9 million (28.9 billion yen) year-on-year.Ordinary income also saw an impressive year-on-year gain of 34.9 percent, coming in at $127.4…

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SGX Seeks to Change Clearing Rules for Derivatives and Securities

“Part of the proposed changes concerns the Central Depository (CDP) Clearing Rules for securities trading” reports financemagnates.com. Another change includes introducing an auction protocol for liquidating a defaulted Singapore Exchange Derivatives Clearing (SGX-DC) Member’s positions in exchange-traded derivatives contracts and over-the-counter commodities contracts.Singapore Exchange (SGX) proposed amendments to the clearing rules for derivatives and securities on Thursday. Source: financemagnates.com Share This:

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Crypto News 

These Swiss brothers went from selling waffles to blockchain finance

“I then started to Google alternative payment methods, and that is when I first read about Bitcoin and blockchain technology” writes Stewart Rogers for venturebeat.com. Moritz and Celerina, the Stöhrs have created Crypto Finance Conference AG, an events business that focuses on blockchain-technology finance.As investors are the ones who will be crucial for the crypto and blockchain space, there has to be an investor-focused conference.We had one player at the table who was mining Bitcoins and talked about blockchain and crypto.Gallen and have always been interested in new technologies and solutions,”…

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Wells Fargo automates high-net-worth investments

“In October 2016, around a month after the fake accounts scandal broke and Wells Fargo loudly discontinued sales goals in its retail bank, Wells Fargo introduced a new compensation plan in its wealth management division” writes Ethan Wolff-mann for aol.com. In 2014, Wells Fargo began to reduce the amount of truly customized portfolio management that advisors could offer their clients.This is one reason clients choose Wells Fargo.” The “optimized portfolios” refers to the more formulaic shift in management.The requirements differed, but one class of advisors had to bring in new…

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