Monthly Archives: July 2015

Fake Bloomberg News created to pump and dump Twitter stock

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“A still-unknown fraudster published a fake news story today on a website designed to look identical to Bloomberg News. The site was convincing enough to send Twitter stock soaring up nearly 8 percent after it claimed the company was being acquired for $31 billion and suggested Google was the buyer. It was most likely part of a pump and dump scheme, where the actor behind the bad information quickly sold their Twitter stock as the price rose.  In the age of social media and high-frequency trading, huge amounts of money can trade hands in seconds, often allowing the perpetrator to cash out well before the information is proven false.”

http://www.theverge.com/2015/7/14/8962433/fake-bloomberg-news-twitter-stock-scam

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‘It’s time to hold physical cash,’ says British senior fund manager

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“Ian Spreadbury, who invests more than £4bn of investors’ money across a handful of bond funds for Fidelity, including the flagship Moneybuilder Income fund, is concerned that a ‘systemic event’ could rock markets, possibly similar in magnitude to the financial crisis of 2008, which began in Britain with a run on Northern Rock.  The best strategy to deal with this, he said, was for investors to spread their money widely into different assets, including gold and silver, as well as cash in savings accounts. But he went further, suggesting it was wise to hold some ‘physical cash’, an unusual suggestion from a mainstream fund manager.”

http://www.telegraph.co.uk/finance/personalfinance/investing/11686199/Its-time-to-hold-physical-cash-says-one-of-Britains-most-senior-fund-managers.html

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Hidden Time Bombs Behind Greece Bailout

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“Just these top four derivatives players — B of A, Goldman, Citi and JPMorgan — control nearly $203.5 trillion, or 92% of all derivatives held in the U.S. banking system.  And the largest 25 U.S. banks control 99.8%. All told, the thousands of other regional, mid-sized and small banks in this country control a meager one-fifth of one percent of the derivatives.  This is an oligopoly unlike any other in the financial world — one that ties the fate of the U.S. economy to these firms’ stability far beyond anything ever witnessed in prior centuries.  In contrast, Lehman Brothers was actually smaller by comparison — with ‘only’ $7.1 trillion in derivatives.”

http://www.moneyandmarkets.com/72234-72234

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Google Stock Surge Adds Record $52 Billion to its Market Value

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“Google shares surged at the opening of Friday trading a day after the company reported earnings, adding a total of $52 billion in market capitalization in the largest single-day gain ever, according to S&P Dow Jones Indices.  Google’s gain of about 15 percent in early trading was having an outsized effect on the S&P 500 as well, adding 7 points at the open, according to Howard Silverblatt, an index analyst for S&P Dow Jones Indices.  That beats Apple’s April 2012 gain of $46.4 billion, the prior record holder for biggest increase in market cap.”

http://www.nbcnews.com/business/markets/google-stock-surge-adds-record-52-billion-its-market-value-n393826

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China Introduces $483 Billion Stock Support Program

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“China has made 2.5 trillion yuan to 3 trillion yuan ($483 billion) of funding available for government agency China Securities Finance Corp. to support the stock market, people familiar with the matter said.  The funding is to offer liquidity support to brokers and to purchase stocks and mutual funds.  Chinese stocks rose the most in a week as the government gains ground in efforts to stabilize a stock market that plummeted in the past month after a debt-fueled boom.  The money was available from the central bank’s relending facility; credit lines with commercial banks; borrowing by CSF in the interbank market; and bonds and short-term notes sold by CSF, the people said.”

http://www.bloomberg.com/news/articles/2015-07-17/china-securities-finance-said-to-have-up-to-483-billion-on-tap

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Facebook US users can now send cash to friends in the messaging app

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“After months of teasing, Facebook has finally added payments to its Messenger app – in the US at least.  The service lets users pay friends within the private messaging app ‘in just a few taps’ and Facebook has described it as ‘easy and safe’.  Facebook formally announced in March that it would be competing with services such as PayPal and Snapchat, which already lets users beam money to friends and family using smartphones linked to bank accounts.  David Marcus, Facebook’s head of messaging products, announced the launch in a post on the social network. The service is free and is available on Apple and Android mobile devices and computers in the US.”

http://www.dailymail.co.uk/sciencetech/article-3145793/Facebook-Messenger-rolls-payment-service-Users-send-cash-friends-messaging-app.html

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Federal Reserve Spies on France

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“New documents from WikiLeaks show the National Security Agency spies on French companies as well as its government. That’s not especially surprising. What is surprising is seeing the Federal Reserve Board on the list of ‘supported elements’ for whom the NSA spied. We’ve always known the Fed had its nose in every economic nook and cranny. Now, thanks to WikiLeaks, we have proof. You can view the secret document online. What you will see is a standing topic list, dating back to 2002, on which the NSA collects information for further analysis. NSA’s ‘customer’ list includes not only the Fed but also the Commerce Department, Treasury Department and U.S. Trade Representative.”

http://www.thedailybell.com/news-analysis/36414/Federal-Reserve-Spies-on-France/

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The Bank Branch: An Endangered Species?

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“At Citigroup (C), we just learned that 15% have been eliminated in the past year. That leaves only 779 in North America.  At Bank of America (BAC), 234 have gone the way of the dodo in the past several months.  At JPMorgan Chase (JPM), 300 are being shuttered as we speak.  I’m talking about one of the 21st century’s biggest endangered species: the bank branch. And chances are, you’re helping eliminate them almost every single day.  When was the last time you deposited a check with an actual bank teller? Or even at an ATM? I can’t remember personally, and for a very simple reason. I bank with Chase, and the company’s smartphone app lets me do it right from my iPhone 6!”

http://www.moneyandmarkets.com/bank-branch-endangered-species-72212

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Greek Island Trials Digital Currency Solution to Boost Economy

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“Drachmae Connect, a tourism business network, is using NXT technology in attempt to help ease liquidity problems and business-to-business trade in the Island of Agistri. The initiative aims to attract tourists with major discount tokens that can be purchased at their website. The opportunity of a decentralized equity and crowdfunding platform to the local Greek businesses is also on the table, similar to the WIR franc baking system. Part of the idea is to use NXT-generated assets as digital coupons and business-independent ‘air miles’ of a sort, facilitate business from tourists among other obvious benefits, like easy, decentralized fintech security.”

http://cointelegraph.com/news/114814/greek-island-trials-digital-currency-solution-to-boost-economy

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Greek Island to Trial Gold-Backed Digital Currency Alternative to the Euro

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“The mayor of the Greek island of Angistri has agreed to a trial of the digital currency Nautiluscoin as a way to attract tourists.  Brian Kelly, the founder of Nautiluscoin, published an article on CNBC on July 8 announcing the news that mayor Ioannis Athanasiou had given his support to the plan.  Angistri is a 13.3 square kilometer island near the Greek port of Piraeus, and a population of 1,142 inhabitants.  To explain the difference between Nautiluscoin and other digital currencies such as Bitcoin, Kelly described how a central ‘Nautiluscoin Stability Fund’ plans to keep the majority of the coins itself, only selling them when demand has risen.”

http://cointelegraph.com/news/114787/greek-island-to-trial-gold-backed-digital-currency-alternative-to-the-euro

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