News 

Economy seen busting out with 4% GDP, but it won’t mean squat without an encore

“And it would put the economy on track to achieve 3% GDP for the full year” writes Jeffry Bartash for marketwatch.com. Gross domestic product — the official yardstick for the economy — likely grew 4% in the second quarter, economists polled by MarketWatch say.The big number in the report is a category that tracks U.S. business investment excluding the Pentagon and commercial aviation. Source: marketwatch.com Share This:

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AUD News 

Australia sees losses due to investment scams jump 299% in one week

“A type of investment fraud that has been gaining momentum in Australia involves cryptocurrencies” reports financefeeds.com. The numbers, published earlier today, show that Australians reported massive $954,308 being lost to investment scams in just one week – the one to July 15, 2018.Earlier in 2018, Consumer Affairs Victoria, a business unit of the Department of Justice & Regulation, within the Victorian government, warned about Bitcoin scams.The most recent data adds to gloom from reports about scam activities in the first half of 2018, when Australians lost $26,378,380 due to investment…

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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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News 

Investment returns vary a lot across state and local pension plans

“The Center for Retirement Research at Boston College just released a study that explores whether the source of variation in returns for state and local pension funds is due to asset allocation or returns by asset class” writes Alicia H for marketwatch.com. The short answer is returns by asset class, primarily because public plans tend to have fairly similar asset allocations.To get a sense of the relative roles of asset allocation and asset class returns, it is helpful to look at how each varied across the plan groups.For plans in…

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News 

Pension advisers face overhaul but big firms escape break-up

“Pension investment consultants will be forced to work harder to win contracts following an investigation by the competition watchdog, but will escape a break-up over concerns their conflicts of interest mean savers are getting a raw deal” writes Lucy Burton for telegraph.co.uk. A 10-month probe by the Competition and Markets Authority found that around half of pension schemes choose the same provider for fiduciary management and investment consultancy. It has also urged fiduciary management firms to provide clearer information on fees and how they have performed so that pension trustees can make more informed…

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Crypto Markets News 

Bitcoin may be down 45% this year, but money is pouring into one crypto fund manager at the fastest clip in its history

“But for one crypto investor, this bearish backdrop has been coupled with a spike in investor interest” writes Frank Chaparro for businessinsider.com. Grayscale, which manages $2 billion in assets, runs a number of crypto funds including its Bitcoin Investment Trust as well as one for XRP, bitcoin cash, and ethereum.At the same time, over 300 crypto funds have launched to invest in digital assets, according to a report by Autonomous NEXT released this week.Bitcoin is trading down more than 45% since the beginning of the year, and the market for…

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New multimillion fund created to invest in minority entrepreneurs

“Black women are covering a lot of ground as entrepreneurs, according to Blackenterprise.com” writes Sun-times Staff for suntimes.com. Despite great entrepreneurial progress – black women have founded businesses at higher rates than others in recent years – investment lags dismally behind.Richelieu Dennis, founder of SheaMoisture products and current owner of Essence Magazine, recently announced the launch of a $100 million investment fund aimed to pump capital into businesses owned by minorities. In 2018, investment into black women’s businesses represented a mere .02 percent of all venture capitalist dollars. Source: suntimes.com Share…

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Alphabet’s GV leads $16 million investment in site rental firm Peerspace

“SAN FRANCISCO (Reuters) – Alphabet Inc’s venture capital unit GV led a $16 million investment this month in Peerspace Inc, a self-serve online booking tool for event spaces, the firms told Reuters on Tuesday” writes Midwest Communications Inc for 95kqds.com. Foundation Capital and Red Bridge Partners also participated in the latest financing, which nearly doubles Peerspace’s total capital raised to $34 million. Source: 95kqds.com Share This:

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JPMorgan Chase invests in artificial intelligence startup Volley

“NEW YORK (Reuters) – JPMorgan Chase & Co has made a strategic investment in Volley.com, a San Francisco-based startup that uses artificial intelligence to help large enterprises automatically generate training content for employees, the companies said on Tuesday” writes Midwest Communications Inc for 95kqds.com. New York-based JPMorgan takes equity stakes in young technology companies that can help the bank enhance customer experience, become more efficient and protect its assets.Volley had initially focused on developing an app for students that used its machine learning engine, but later pivoted to developing technology…

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News Oil 

IEA warns of ‘worrying trend’ as global investment in renewables falls

“Investment in coal power dropped sharply but was offset by an uptick in oil and gas spending, the World Energy Investment report found” writes Adam Vaughan for theguardian.com. While coal investment fell to its lowest level in 10 years, spending on gas-fired power stations rose 40%.Globally, energy investment fell 2% to $1.8tn in 2017, with electricity taking a bigger share than oil and gas for the second year in a row.The world’s energy watchdog has sounded the alarm over a “worrying” pause in the shift to clean energy after global…

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