Market Movers: Yahoo Finance breaks down early market action [Video]

LIVE: #Bitcoin action this morning

  • Yahoo Finance’s Myles Udland, Justine Underhill, Jared Blikre, Seana Smith and Rick Newman discuss the big stories of the day.
  • TWITTER POLL: – – Which story do you want to see on our Midday Movers show at 11:45am EDT?

Yahoo Finance’s LIVE market coverage and analysis of what you need to watch in the stock market begins each day at 9:25 a.m. ET.
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UBS CEO ‘not necessarily’ a believer in cryptocurrencies, but he likes blockchain

UBS CEO ‘not necessarily’ a believer in cryptocurrencies, but he likes blockchain

  • Sergio Ermotti told CNBC that while the bank has seen success in its trade finance blockchain platform, he was “not necessarily” a believer in cryptocurrencies.
  • When asked whether he liked virtual currencies, he said: “Not necessarily cryptocurrencies, I think that needs to be defined, but I believe there is a future for blockchain technology, and technology will play a big role in changing and reshaping our industry.”
  • UBS has been involved in a blockchain project — called Batavia — with IBM and other banks, including Commerzbank and Bank of Montreal.
  • We try to initiate and get as many other financial institutions and clients into teams like trade finance with other banks and IBM was a successful venture,” Ermotti said.
  • Ermotti added that the technology would form an ecosystem that enables financial institutions to “operate and transact at a cheaper, more efficient level.”

Sergio Ermotti told CNBC that while UBS has seen success in its trade finance blockchain platform, he was “not necessarily” a believer in cryptocurrencies.
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WhatsApp and Facebook to face EU data taskforce

  • Image copyright – Getty Images – – – – WhatsApp and Facebook will be scrutinised by a data protection taskforce, after they were accused of “non-compliance” with EU laws.The regulators took issue with the messaging app’s plan to share user data with parent company Facebook.A group of watchdogs and regulators…
  • At the time, the move was criticised by the UK’s Information Commissioner Elizabeth Denham, who said she did not believe the firm had obtained valid consent from its users.In its newest letter to WhatsApp chief executive Jan Koum, the Working Party said “the information presented to users was seriously deficient…
  • It said: – the pop-up notice on WhatsApp did not make it clear that users’ personal data would be shared with Facebook – WhatApp gave a “misleading impression” to users by saying the privacy policy had been updated to “reflect new features” – that using a pre-ticked check box to…

The messaging app has been accused of “non-compliance” with EU laws.
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Facebook translates ‘good morning’ into ‘attack them’, leading to arrest

  • Facebook has apologised after an error in its machine-translation service saw Israeli police arrest a Palestinian man for posting “good morning” on his social media profile.
  • Facebook said it is looking into the issue, and in a statement to Gizmodo, added: “Unfortunately, our translation systems made an error last week that misinterpreted what this individual posted.
  • “Even though our translations are getting better each day, mistakes like these might happen from time to time and we’ve taken steps to address this particular issue.
  • Machine translation mistakes are a regular occurrence for anyone using AI to translate languages, particularly ones with little relationship.
  • Earlier this month, Chinese social network WeChat apologised after its own machine translation system translated a neutral phrase meaning “black foreigner” as the n-word.

Palestinian man questioned by Israeli police after embarrassing mistranslation of caption under photo of him leaning against bulldozer
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The world’s most powerful manXi Jinping has more clout than Donald Trump. The world should be wary

  • And whereas Mao’s China was chaotic and miserably poor, Mr Xi’s is a dominant engine of global growth.
  • On his numerous foreign tours, Mr Xi presents himself as an apostle of peace and friendship, a voice of reason in a confused and troubled world.
  • Mr Xi is also projecting what for China is unprecedented military power abroad.
  • Human-rights abuses have grown worse under Mr Xi, with barely a murmur of complaint from other world leaders.
  • Mr Xi may think that concentrating more or less unchecked power over 1.4bn Chinese in the hands of one man is, to borrow one of his favourite terms, the “new normal” of Chinese politics.

AMERICAN presidents have a habit of describing their Chinese counterparts in terms of awe. A fawning Richard Nixon said to Mao Zedong that the chairman’s writings had “changed the world”.
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Bitcoin Moves Higher; Bitcoin Cash, Ethereum Fluctuate

#bitcoin Moves Higher; Bitcoin Cash, #ethereum Fluctuate

  • Investing.com – The price of the digital currency bitcoin pushed higher on Wednesday while the prices of bitcoin offshoot Bitcoin Cash and Ethereum fluctuated.
  • Bitcoin started the year near $1,000 and at current prices has a total market capitalization of around $93 billion.
  • Meanwhile, Bitcoin Cash was last at $323.09, up 0.21% for the day.
  • Bitcoin cash has a total market cap of around $5.4 billion at current prices, making it the fourth most valuable cryptocurrency.
  • Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, slid 0.6% to $294.52.

Investing.com – The price of the digital currency bitcoin pushed higher on Wednesday while the prices of bitcoin offshoot Bitcoin Cash and Ethereum fluctuated.
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Is Blockchain the Future of Fin-Tech?

  • Here are a few reasons why the Blockchain technology could really be the future of Financial Technology (FinTech): – – Part of the reason why the Blockchain technology is considered innovative is its ability to completely diminish the need for a central management system or a central authority.
  • However, more and more companies and institutions are realizing the true potentials of the Blockchain technology, which goes beyond the application of currencies.
  • Many Blockchain projects are helping people around the world to easily utilize and integrate the Blockchain technology into their existing financial data-keeping and data-recording systems.
  • Financial applications such as Bitcoin on the Blockchain technology simply diminishes the need for a physical bank around to open a bank account and send or receive money.
  • Although it is true that the technology is still in its early beta stages with limited use cases within the Cryptocurrency industry, many projects are being introduced to help expand the use of this innovative technology.

The ever-increasing popularity of Cryptocurrencies has also helped shed light on what is known as the Blockchain technology. It is what helps decentraliz…
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Bitcoin Gold: Cyber attack mars launch of rival cryptocurrency

#Bitcoin Gold: Cyber #Attack mars launch of rival #Cryptocurrency

  • Many of the world’s most famous people are terrified about a new cyber attack – – Many of the world’s richest and most powerful people are bracing themselves for a huge leak of their information.
  • may be about to lead to a major examination of the financial, corporate and tax affairs of the most important people on the planet.
  • High net worth individuals and the world’s biggest companies are gearing up with legal firms and PR companies for the huge drop.


The latest rival to bitcoin has suffered a major cyber attack on its launch, crashing the new cryptocurrency’s website.

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Hong Kong and Singapore sign fintech deal, agree to work together on blockchain

Two Asian powerhouses sign fintech deal, agree to collaborate on blockchain

  • Hong Kong and Singapore have agreed to cooperate on a cross-border trade project based on blockchain technology as part of a broader joint strategy on financial technology.
  • The two Asian powerhouses’ central banks signed a fintech deal Wednesday to collaborate on a number of projects including business innovation, data sharing and exchange of expertise.
  • “Hong Kong and Singapore are the two leading international financial centers in the region and are actively deploying fintech,” Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA), said in an announcement Wednesday.
  • “Collaboration between the HKMA and MAS (Monetary Authority of Singapore) will create significant synergy for the development of fintech and more efficient fund flows between the two markets.”
  • The announcement was made at a fintech conference in Hong Kong.

Hong Kong and Singapore’s central banks signed a fintech deal Wednesday to collaborate on a number of projects.
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Bitcoin splits again, creating a new cryptocurrency called bitcoin gold that then plunged 66%

  • The price of bitcoin took a hit after the cryptocurrency underwent another split, with the newly-created bitcoin gold seeing its value plunge over 60 percent.
  • Bitcoin hit a low of $5,374.60 on Wednesday before recovering nearly $300.

Bitcoin underwent another “hard fork” that resulted in the creation of bitcoin gold.
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