The Business Bitmain Dominates
Thom Thompson – John Lothian News
Bitmain, maybe the world’s largest cryptocurrency company, told us a lot about the risks and rewards inherent in being a dominant actor in the fast moving cryptocurrency industry when it published its draft IPO prospectus. Whether that IPO will ever launch is questionable today since bitcoin prices have slid lower, but the industry insights Bitmain offered are valuable.
Let’s first quickly review what Bitmain does: it designs and sells cryptocurrency mining equipment that uses application specific integrated circuits (ASICs). The application that they specifically are used for is hashing the proof-of-work that is central to bitcoin creation. Before ASICs came to dominate, mining was successfully carried out on agnostic computer servers, whose CPUs (central processing units, as are found in a basic computer to run software) and GPUs (graphical processing units, which are faster than CPUs and intended for gaming and similar applications) were programmed for hashing.
To read the rest of this story, go here.
Hits & Takes
Eris USD Interest Rate Swap Futures will migrate to the CME this weekend. Via Eris: “Friday, November 30th: Eris Exchange will officially close and shut down the Eris SwapBook matching engine on Nov 30 at 4pm Central Time (CT). Sunday, December 2nd: USD Eris Swap Futures will be listed on CME Group’s CBOT exchange and will trade for the first time on CME Globex, starting at 5pm CT for trade date December 3rd.” Details can be found here.~SD
Location, location, location. No, that’s not a reference to real estate, but rather nat gas. It’s made a ton of headlines for its surge past $4/MMBtu, but the NYMEX price isn’t reflective of the reality in Texas’ Permian basin. The Permian is a crude oil focused region, with nat gas just a byproduct. But there’s so much being produced, that drillers, who frequently just burn off the excess nat gas in a process called flaring, actually resorted to paying 25 cents/MMBtu on Tuesday for it to be taken off their hands.~SD
CME Group won Clearing House of the Year, Exchange of the Year and Exchange Innovation of the Year at Risk Awards 2019.~JJL
Cboe Global Markets is looking for a Director, Corporate Communications, to be based in their New York office.~JJL
Eurex will extend its trading hours to cover the Asian time zone in December.~JK
You will want to join options industry leaders from exchanges, clearing firms, brokerages and market makers at the Options Industry Conference in Miami. Register HERE.~JJL
Striker Securities, Inc. is celebrating 20 years in business as a commodity futures brokerage firm that services both individual and professional clients.~JJL
SEC charges Floyd Mayweather, DJ Khaled for promoting ICOs without disclosing payments
Liz Moyer – CNBC
Pro boxer Floyd Mayweather and music producer DJ Khaled pumped up initial coin offerings without telling investors they were getting paid a promotional fee, according to a settlement announced Thursday.
****SD: You mean to tell me that a guy literally nicknamed “Money,” who was in a more than $20 million hole with the IRS, received a payment and didn’t disclose it?! Unbelievable. Mayweather’s caption for the tweeted promo in 2017? “Spending bitcoins ethereum and other types of cryptocurrency in Beverly Hill” [sic]. Super legit.
SGX Bull Charge raises more than $3.3 million for charity in 2018, highest amount in over a decade
SGX’s flagship charity initiative rallies financial community to raise funds for six beneficiaries; Number of corporate sponsors for year-long programme rises to 162
Singapore Exchange’s (SGX) flagship charity initiative Bull Charge held its annual Charity Run today, rallying the financial community to another successful year of fundraising with more than $3.3 million in proceeds, the highest amount in over a decade.
***** Nice work, SGX and friends~JJL
Thursday’s Top Three
Our top three items yesterday were led by the Women In Listed Derivatives’ new 2019 North American Board. The new members include: Cathey Curley, Simta Gupta, Denise Knabjian, Mary Mapes, Erin Preston and Diane Saucier. The second most clicked item was DRW’s real estate website for Convexity Properties. Third was the Bloomberg story Deutsche Bank Searched in Panama Papers Money Laundering Probe. The question is, who is going to turn up there
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CME loses vote to cut directors
CEO Duffy says he knew the “hurdles were extremely high” to shrinking the 21-member board. Some shareholders questioned whether the $10 million payment was enough.
Lynne Marek – Crain’s Chicago Business
CME Group, which operates the biggest futures trading market in the world, failed to win support for a proposal to eliminate six directors on its board who represent the Chicago company’s legacy traders. At a special shareholders’ meeting in Chicago today, CEO Terry Duffy presided over a question-and-answer session with about 50 shareholders who, mainly, politely opposed CME’s effort to buy their director election rights for $10 million. After a brief pause to collect any votes not already cast, Duffy announced the company had failed to win a majority of B shareholder votes in any one of three categories.
Deutsche Bank hit by second day of money laundering raids; Investigation focuses on 2 executives in compliance and wealth management units
Olaf Storbeck in Frankfurt – FT
Criminal prosecutors have continued to raid Deutsche Bank’s offices in Frankfurt on Friday morning as they seek evidence on suspected money laundering at Germany’s largest bank, people familiar with the situation told the Financial Times.
How the Fed might change the way it sets rates: an explainer; Officials debate changes to the benchmark fed funds rate
Joe Rennison and Robin Wigglesworth in New York – FT
The Federal Reserve is preparing the ground for another interest rate increase next month, but the latest meeting minutes released by the US central bank hint that more fundamental changes to its monetary policy could be brewing in the background.
Jerome Powell Shows His Cards on the Stock Market; Investors should heed the data, not the Fed chairman’s statements of the obvious
James Mackintosh – WSJ
Investors sometimes get the strangest notions, and the obsession that comments by Federal Reserve Chairman Jerome Powell caused last month’s stock-market meltdown is definitely an odd one.
Falling Crude Prices Test Big Oil’s New Financial Discipline; Can western oil majors continue to thrive if prices continue to fall?
Sarah Kent – WSJ
Big oil companies maintain they are better positioned for price declines than they were years ago—a claim that will be tested if crude’s recent slump continues
Facebook’s Sheryl Sandberg asked if George Soros was shorting stock; Revelation will renew questions about executive’s role in effort against billionaire
Hannah Kuchler in San Francisco – FT
Sheryl Sandberg, Facebook’s chief operating officer, asked if George Soros was shorting the company’s stock, a revelation that will lead to new questions about her role in a misinformation effort by the social network.
Exchanges, OTC and Clearing
Inside the IceHouse: Episode 67: Johnson & Johnson Innovation’s JLABs is seeding the tech revolution of healthcare
Melinda Richter, Global Head of Johnson & Johnson Innovation’s JLABs, enters the ICE House to explain how JNJ is empowering entrepreneurs to bring healthcare ideas from concept to consumer.
Nasdaq’s Friedman elected to sit on New York Federal Reserve board of directors; Chief executive of Nasdaq Adena Friedman has been elected to sit on the board of directors at the Federal Reserve Bank of New York.
Hayley McDowell – The Trade
Nasdaq’s president and chief executive officer has been chosen to sit on the board of directors at the Federal Reserve Bank of New York.
Bloomberg market data feed goes live on AWS; Bloomberg’s B-PIPE real-time data feed is now accessible through Amazon Web Services.
Hayley McDowell – The Trade
Bloomberg’s real-time market data feed B-PIPE has been made available on the cloud via Amazon Web Services (AWS).
Finding the right strategy for the Asian markets.
Thomas Book – Eurex
Absorb what is useful, reject what is useless, add what is specifically your own. Coming back from a short trip to Singapore, attending FIA Asia, I was thinking about the variety of impressions I once again got from this amazing, not easy to grasp part of the world. It already starts with the fact that what we, simply out of convenience, call Asia does not really exist. Instead, we have many individual markets with different challenges and opportunities.
Consultation on amendments to the Clearing Conditions and related documents; further amendments to other documents of Eurex Clearing AG
This circular contains information on proposed amendments and on amendments to the legal framework of Eurex Clearing AG (“Eurex Clearing”). Eurex Clearing proposes a revision of its rulebook and related documents to further reduce the complexity of the legal framework and to serve Clearing Members and their clients with an increased flexibility in functional set-ups accompanied with a facilitated on-boarding process.
Exchange Expands its Biotech Advisory Panel
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) announced that it has expanded its Biotech Advisory Panel (the Panel) with the appointment of Dr Clinton Lai, Medical Director at Novartis Oncology Asia-Pacific, which is part of Novartis, a global pharmaceutical company.
Refinitiv and Tradeweb Markets Announce Extension and Expansion of Exclusive Redistribution Agreement
Refinitiv and Tradeweb Markets (Tradeweb) have renewed an agreement to make certain Tradeweb market data – including new data sets – available for exclusive redistribution through Refinitiv, providing financial professionals with a robust and powerful suite of content to inform trading and investment decisions.
KRM22 unveils two new customer contracts for two recently acquired businesses, Irisium and ProOpticus
The technology and software investment company said Irisium will provide its market monitoring and analytics application to Bitstamp, the largest cryptocurrency exchange by trading volume in Europe
Options Extends Data Centre Services Choice For Financial Firms Through Equinix
Antony Savvas – Data-Economy.com
The US financial markets specialist is offering its connectivity and data services at the recently expanded LD4 London Slough campus as part of its global expansion.
Nvidia share price reflects ups and downs of artificial intelligence; Machine learning is useful but does not replace the human mind
John Dizard – FT
Nvidia’s share price over the past five years is a good representation of the frenzy about artificial intelligence that has occurred over the same period. From the start of 2014 until September, Nvidia’s price rose by more than 1,500 per cent. Since then, its shares have roughly halved in value.
Chinese Finance Head: FinTech Boom Brings Risk
President of Chinese financial investment platform Phoenix Finance believes the nation’s FinTech companies pose “a very big risk.” Vince Zhang spoke at CNBC’s East Tech West conference in China, saying that many of the country’s tens of thousands of FinTech firms don’t have the controls needed to make them safe investments for both consumers and the nation’s economy.
Are fintech sandboxes a consumer protection desert?
Lauren Saunders – TheHill
“Fintech sandboxes” are all the rage. The Consumer Financial Protection Bureau (CFPB) recently proposed a disclosure sandbox, the Arizona attorney general has adopted a fintech sandbox, and both legislators and regulators in Washington are discussing ways to use sandboxes to promote financial innovation.
Hong Kong to license 1st online-only insurer in fintech push
Sumeet Chatterjee and Alun John – Reuters
Hong Kong is set to license its first online-only insurer under a “fast-track” system next month, the regulatory head said, as it fights off criticism for being slower to make use of new technology than other parts of the financial services world.
Ohio ‘rolls out the red carpet’ for blockchain businesses by accepting bitcoin this tax season
Kate Rooney – CNBC
Ohio has a message for blockchain enthusiasts: The Buckeye State wants your business. That memo was a key driver of the state’s decision to accept bitcoin for taxes, Ohio’s state treasurer Josh Mandel told CNBC this week. As of Monday, Ohio became the first state where business can pay their taxes in cryptocurrency. Mandel, 41, said the decision was twofold: It increases “options and ease” for taxpayers, and it opens the door to software engineers and tech start-ups.
Intel Wins Patent for Energy-Efficient Bitcoin Mining
Nikhilesh De – Coindesk
Global tech giant Intel, known for its widely-used computer processors, has won a patent connected to its work in the area of cryptocurrency mining.
Vimba, Cryptocurrency Exchange and Savings Platform, Announces U.K. Expansion
Irish Tech News
Vimba, New Zealand’s largest and longest running crypto platform, has announced the expansion of its crypto savings service to the United Kingdom, bringing a disciplined approach to digital asset investment to one of the most important crypto markets. The UK launch will provide everyday investors with the opportunity to engage with crypto assets in regular intervals and in smaller increments, as part of an overall strategy to weather the bear market and encourage the long-term growth of the industry.
‘I come to bury Bitcoin, not to praise it’: UBS
Tyler Clifford – CNBC
Cryptocurrencies are nearing the end of the road, and it’s time to do away with the digital coins, UBS Global Wealth Management’s chief economist said. UBS Paul Donovan, who has never been a fan of cryptocurrency, wrote earlier this week: “I come to bury Bitcoin, not to praise it.” “These things were never going to be currencies. They’re not going to be currencies at any point in the future,” he said Thursday on CNBC’s “Fast Money.” “They’re fatally flawed.”
Billionaires, Blockchain and Art Set to Collide in Miami Beach
Katya Kazakina – Bloomberg
Several blockchain events are planned during Art Basel fair; Hedge fund manager Dan Loeb will be among those attending
Adam Lindemann tends to have pretty good timing. He sold a group of radio stations for about $200 million just before the 2008 financial crisis, more than tripling his investment. A painting by Jean-Michel Basquiat, which he bought for $4.5 million in 2004, sold for $57.3 million two years ago.
Coinbase, Digital Currency Group invest in Flipside Crypto — aim to value cryptos for more than hype
Aaron Hankin – MarketWatch
Flipside Crypto has added Coinbase and Digital Currency Group — two of the biggest names in the U.S. digital-asset industry — as investors. The Boston-based blockchain data-tracking firm argues that it offers a fresh approach to valuing individual cryptocurrencies that, to date, mostly trade on public sentiment and industry-specific news.
Storing and Securing Cryptocurrencies
For many of us, certain concepts about how cryptocurrencies work and serve as a means for exchange or investment can be difficult to grasp. One of these concepts is how digital assets are stored and managed. As you might expect, it is quite different from the way you currently manage traditional cash or investments. Here are a few things to keep in mind when it comes to crypto storage and security.
Consensus Invest 2018: More Pros Fewer Lambos
Ash Bennington – Forbes
The mood at CoinDesk’s Consensus Invest conference on Tuesday was not one of panic or despair, which may come as something of a shock if you’ve been following the apocalyptic warnings of a massive sell-off across the cryptocurrency complex.
A Clear Link Between Trump and Russia Is Now Out in the Open; A new Mueller court filing describes how Michael Cohen negotiated with the Kremlin about a Moscow business deal during the 2016 campaign.
Noah Feldman – Bloomberg
The key revelation of Michael Cohen’s new guilty plea is this: Justice Department Special Counsel Robert Mueller is one step closer to showing links between Donald Trump’s business interests in Russia and his conduct as a candidate for president.
A Farmer’s Tough Year on a Trade War’s Kansas Front; From planning to harvest, the grain belt’s rhythms and prospects have been disrupted by the government’s tariff battle with China.
Patricia Cohen – NY Times
Justin Knopf finished harvesting soybeans as November’s first snowflakes started falling on his fields in Gypsum, Kan. Then he did what thousands of farmers throughout the grain belt are doing: He got an application for some of the $12 billion in federal emergency relief intended to blunt the economic fallout from President Trump’s trade policy brinkmanship.
EU plans early warning system for fake news; Brussels responds to fears of false information ahead of European elections
Michael Peel and Mehreen Khan in Brussels – FT
EU states are looking at ways to scotch the spread of false news ahead of European Parliament elections — part of a wider campaign against disinformation fomented by Russia or other hostile powers.
Why Donald Trump wants Theresa May to fail on Brexit; There are deep reasons for US president’s hostility to UK’s exit deal from EU
Edward Luce – FT
There is a first time for everything, including a US president trying to unseat a British prime minister. Three times now — twice this week, and once on his visit to the UK in July — Donald Trump has dismissed Theresa May’s Brexit plan.
Falling Oil Prices May Make Trump Happy but They Pose Risks for U.S.
Clifford Krauss – NY TIMES
Oil prices have plunged by about 25 percent in the last month while the cost of gasoline has tumbled to as little as $2 a gallon in several states. President Trump is pushing for even lower prices, calling it “a big Tax Cut for America and the World.”
Deutsche Bank’s Troubles Are Donald Trump’s Troubles; The president has a long-standing business relationship and conflict of interest with a German banking giant often mired in scandal.
Timothy L. O’Brien – Bloomberg
Deutsche Bank AG, the sprawling German financial giant, is in trouble again. And, to a certain extent, Deutsche’s troubles are going to be President Donald Trump’s troubles.
NRA-Linked Russia Central Banker Retires
Jake Rudnitsky and Evgenia Pismennaya – Bloomberg
Bank of Russia says Deputy Governor Alexander Torshin retired; Accused Russian spy linked to Torshin close to deal with U.S.
Alexander Torshin, whose assistant is closing in on a plea deal with U.S. prosecutors after being charged with acting as a Kremlin agent in Washington, is leaving his position as deputy governor of Russia’s central bank.
Two Celebrities Charged With Unlawfully Touting Coin Offerings
The Securities and Exchange Commission today announced settled charges against professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled, known as DJ Khaled, for failing to disclose payments they received for promoting investments in Initial Coin Offerings (ICOs). These are the SEC’s first cases to charge touting violations involving ICOs.
German cartel office launches investigation into Amazon marketplace; Bundeskartellamt president says ecommerce group acts as a ‘gatekeeper for customers’
Rochelle Toplensky in Brussels – FT
The German antitrust watchdog has launched a probe into Amazon’s “double role” as a retailer and marketplace for sellers, investigating whether the company abused its market power to set illegal contract terms.
ASIC cancels financial services and credit licences of Financial Circle
ASIC has cancelled the Australian financial services licence (AFSL) and the Australian credit licence (ACL) of Melbourne-based business, Financial Circle Pty Ltd.
ASIC cancels retail OTC derivative issuer Berndale Capital Securities licence and bans former director
ASIC has cancelled Melbourne based retail OTC derivative issuer, Berndale Capital Securities Pty Ltd’s (Berndale) Australian Financial Services (AFS) licence.
Remarks of CFTC Commissioner Brian Quintenz at FIA Asia 2018
Thank you for that very kind welcome. Before I begin, let me quickly say that the views contained in this speech are my own and do not represent the views of the Commodity Futures Trading Commission (Commission or CFTC).
CFTC’s Market Risk Advisory Committee Announces Agenda for December 4 Public Meeting
The Commodity Futures Trading Commission (CFTC) today announced the agenda for the upcoming Market Risk Advisory Committee (MRAC) public meeting that will be held on December 4, 2018 at CFTC’s headquarters in Washington, D.C. [See CFTC Press Release 7846-18 for attending, viewing and listening instructions.]
Remarks of Chairman J. Christopher Giancarlo before 2018 Financial Stability Conference, Federal Reserve Bank of Cleveland, Office of Financial Research, Washington, D.C.
The theme of this year’s conference – financial markets and their implications for financial stability – is a fascinating one.
Podcast: CFTC Talks EP074: World Bank Sharmista Appaya
This week on CFTC Talks, we speak with World Bank’s Sharmista Appaya, a Senior Financial Sector Expert – in the…
Investing and Trading
Taking the Pulse of Dr. Copper for 2019
Erik Norland – CME Group
Copper prices are often said to reflect the health of the global economy because of the metal’s use in every major facet of industry, hence the moniker “Dr. Copper.” Between January 2016 and the end of 2017, prices soared 72% as China’s pace of growth picked up and the rest of the world economy boomed. For 2018, however, copper prices had fallen 18% by late November amid concerns over trade wars, U.S. fiscal and monetary policy, Brexit, the Italian debt situation and a possible slowdown in China. Here’s a look at copper’s demand-and-supply conditions as we enter the last year of the decade.
Fed’s Jay Powell cheers risky assets as he buys some wiggle room; Markets seize on speech, but drawing definitive conclusions is risky
Robin Wigglesworth – FT
The natural reflex of investors is to treat significant speeches by the Federal Reserve’s top brass as a type of Rorschach test to be pored over for a pattern and meaning. Jay Powell’s address to the Economic Club of New York on Wednesday was no different.
U.S. Leveraged Loan Market Is Showing Signs of Sputtering
Kelsey Butler and Jeannine Amodeo – Bloomberg
Loan prices are dropping, some deals are getting pulled; Companies that can wait to tap the market are holding back
The best-performing U.S. corporate debt market is showing a few cracks.
Deutsche Bank Raid Pulls CEO Sewing Deeper Into Vicious Circle
Steven Arons and Nicholas Comfort – Bloomberg
The negative feedback loop that undid Cryan afflicts Sewing;Police raids of German bank’s offices continued into Friday
It was a day for optimism amid the exotic trees and plants in Frankfurt’s botanical garden. Deutsche Bank AG Chief Executive Officer Christian Sewing was there to give the annual pep talk to his top executives.
Steve Cohen’s Point72 Is Exploring Raising Venture Fund
Simone Foxman and Hema Parmar – Bloomberg
Steve Cohen’s Point72 Asset Management has discussed with clients the possibility of raising a venture fund at the same time he’s predicting lackluster returns for hedge funds.
BGC Partners Announces Completion Of Spin-off Of Newmark
BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners”, “BGC”, or the “Company”), a leading global brokerage and financial technology company, today announced that it had completed its previously announced distribution of all of the shares of Newmark Group, Inc. (NASDAQ: NMRK) (“Newmark”) held by the Company to stockholders of BGC.1 The Company distributed these Newmark shares through a special pro rata stock dividend (the “Spin-Off” or the “Distribution”).
Chinese Tech Stocks Will Always Become Victims of Their Success; Investors should assume any successful Chinese tech company will run into a political roadblock
Jacky Wong – WSJ
This may go down as the year of the global tech sector’s first major clash with governments. And while Facebook and other U.S. companies have faced big problems, the tensions have arguably been highest in China.
Financial firms have quietly prepared for Brexit
SINCE BRITONS chose to leave the European Union in June 2016, the clichés have piled up almost as thickly as the votes: “no deal is better than a bad deal”; “Brexit means Brexit”. And you might count yourself rich—even by the City of London’s standards—if you had a fiver for every time you had heard a banker say his firm was “hoping for the best, but preparing for the worst”. Four months before Britain is due to quit the EU, financial firms have long ago given up hoping for the best (for most, that Britain would remain after all) and are still not sure they will avoid the worst—a sudden, no-deal Brexit on March 29th 2019. But they have been quietly bracing themselves for it.
Brexit: Labour gets behind bid to stop ‘no-deal’
Shadow Brexit secretary Sir Keir Starmer said the amendment to 11 December’s Commons vote on the PM’s Brexit deal had his “full support”. If MPs back the amendment it will not be binding but Theresa May would find it difficult to ignore. And it could put Parliament in the driving seat if, as expected, MPs vote down the PM’s Brexit deal. Mrs May has repeatedly warned MPs that the only alternative to her Brexit deal is quitting the EU without a deal on 29 March.
No deal or no Brexit if MPs vote down May plan, says Tusk
Jessica Elgot and Jennifer Rankin – The Guardian
Brussels spells out stark choice facing Britain in event MPs vote down Theresa May’s deal
Jessica Elgot in Buenos Aires and Jennifer Rankin in Brussels – The Guardian
The European council president, Donald Tusk, has said the UK is prepared to either cancel Brexit or to depart with no deal if MPs vote down the settlement secured by Theresa May with Brussels.
Speaking at the G20 summit in Argentina, Tusk said there was no other deal on offer and the only alternatives were remaining in the EU or leave with no deal.
Brexit Trade Aims `Fantasy,’ U.K.’s Former Trade Chief Says
Dara Doyle – Bloomberg
The U.K. will struggle to broker improved trade deals after it exits the European Union, according to the former head of its trade department.
As an EU member, the U.K. is unable to negotiate its own trade deals and Brexiteers in May’s Conservative Party see pursuing accords with countries like the U.S., India and Australia as a key prize for leaving the bloc.
Jeremy Corbyn wants to schedule the Brexit debate around a celebrity reality show
Amanda Erickson – The Washington Post
How far apart are Prime Minister Theresa May and Jeremy Corbyn on Brexit? So far that they can’t even agree on which television station should host their upcoming debate on the issue. After months of negotiation, May and her European counterparts recently unveiled a draft agreement on the terms of Britain’s divorce from the European Union.
Why A Quantitative Look At UK Policy Risk Reveals Hard Brexit Still Unlikely
Mark Rosenberg – Forbes
As Prime Minister Theresa May has stated – the options now are hard Brexit, no Brexit, or her Brexit. May’s plan offers some clarity to an inherently uncertain process, and is now unlikely to change as the EU has agreed to this plan and opposes re-opening negotiations. Given that, can May push her plan through parliament? Until now May’s Mass Support has propped up her government as Elite Support was falling. But since mid-October rising Mass Support Risk (green line below) has now aligned with a rising Elite Support Risk (blue line) forecast ahead. These trends spell electoral disaster for the Conservatives – signaling that political fear will be May’s strongest tool to keep her Tory party in line.
The Pound Doesn’t Show the Full Picture on Brexit
Lionel Laurent – Bloomberg
Markets hate uncertainty, and Brexit has it in spades. Leaving the European Union seems to present the U.K. with an unappealing choice of either a lot of economic harm via crashing out without a deal, or slightly less damage via Theresa May’s withdrawal agreement. But there are reasons why investors might start thinking about more blue-sky scenarios: Either a Brexit so benign that the British economy beats expectations, or a second referendum that keeps the country in the EU.
It is past time for Bloomberg to retract or unequivocally prove the iCloud spy chip story
William Gallagher – AppleInsider
Apple, Amazon, the government, national security advisors, and independent technology experts alike have all said Bloomberg Businessweek is wrong about Chinese-made spy chips in iCloud servers. They haven’t just said it, they’ve issued extensively detailed and documented evidence to say this didn’t happen and could not happen. Even so, we were willing to give Bloomberg time to prove its story —but that’s over.