Tag Archives: Regime Uncertainty

The Stocks China’s Rescue Fund Is Buying

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“CSF’s silence on its strategy means the full picture is unclear. The agency is, however, leaving behind a few clues. Thanks to Chinese disclosure rules for large shareholders, exchange filings reveal the stocks in which CSF has built a major stake.  The disclosures show a preference for large-cap companies, and a particular affinity for railway shares. Outside that industry, CSF has positions in health care, food and technology stocks. The agency may also be investing through intermediaries, with the state-run China Securities Journal reporting last week that it plowed the equivalent of $32 billion into mutual funds.”

http://www.bloomberg.com/news/articles/2015-08-09/here-s-what-china-s-rescue-fund-is-buying-to-end-the-stocks-rout

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Japan Returns to Atomic Club With Restart Amid Public Opposition

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“Japan is rejoining the group of nations using atomic power as it sweeps aside public opposition and fires up one of the reactors shuttered for safety upgrades after the Fukushima nuclear disaster more than four years ago.  The initial reaction of Japan’s government after Fukushima was the same as Germany’s — phase out nuclear power. When elections then put Prime Minister Shinzo Abe in charge, this policy was changed. The economics show one of the reasons.  The loss of nuclear forced Japan to switch on power plants running on fossil fuels. As a result, import costs for liquefied natural gas, coal and oil ballooned causing four years of trade deficits that hit a record $103 billion last year.”

http://www.bloomberg.com/news/articles/2015-08-10/japan-returns-to-atomic-club-with-restart-amid-public-opposition

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European Court of Justice Official Proposes Bitcoin VAT Exemption

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“Citing existing exemptions for currency and money transactions in Europe’s VAT Directive, Advocate General Juliane Kokott urged the court to opt against applying a tax to bitcoin purchases and sales. She further argued that bitcoin, while not legal tender, is still a form of money.  Swedish tax officials asked the ECJ to look into the matter last June. At the time, the Skatterverket – Sweden’s tax office – challenged a court decision that ruled bitcoin transactions in the country should be exempt from VAT.  The publication of the European Court of Justice’s opinion follows the release of bitcoin VAT exemptions by various EU member states.”

http://www.coindesk.com/european-court-of-justice-official-proposes-bitcoin-vat-exemption/

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Tokyo Court: Bitcoin Not Subject to Ownership

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“Tokyo’s District Court has ruled that bitcoin is ‘not subject to ownership’, with a judge informing a plaintiff he could not claim for bitcoins lost in the Mt Gox collapse.  Judge Masumi Kurachi stated that, due to their intangible nature and reliance on third parties, bitcoins cannot be covered under existing law.  Kurachi’s comments, reported by The Japan Times, came during a lawsuit bought against bankrupt bitcoin exchange Mt Gox by an unnamed Kyoto resident.  Representing himself in court, the plaintiff had demanded repayment of 458 bitcoins, today worth $128,144, that were held in his account when the exchange shuttered last year.”

http://www.coindesk.com/tokyo-court-bitcoin-not-subject-to-ownership-2/

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State Regulators Force Vermont’s Only Bitcoin ATM Offline

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“Vermont’s first digital currency ATM has been ordered closed by state regulators who say the company operating the cash machine is violating state law.   The move by the Department of Financial Regulation has disappointed the tech enthusiasts who used the new currency service.  PYC CEO Emilio Pagan-Yourno admits the company doesn’t have any Vermont-specific licenses. But he says his company is licensed federally through the Financial Crimes Enforcement Network (FinCEN).  The letters from the department warn Blu-Bin and PYC that they may be in violation of the law. But they also seem to show a lack of clarity about what, exactly, the two companies are even doing.”

http://digital.vpr.net/post/state-regulators-force-vermonts-only-bitcoin-atm-offline

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Court Rules Warrantless Cell Phone Tracking Violates Fourth Amendment

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“A divided appellate court panel in Richmond, Virginia, ruled on Wednesday that citizens do not give up their privacy rights just because their mobile-phone providers know where to reach them.  The decision is the strongest assertion of the Fourth Amendment rights of mobile phone users out of three appellate court decisions on the matter, setting up a likely Supreme Court hearing. The Fourth Circuit Court of Appeals ruling rejected the ‘third party doctrine,’ a legal theory that private information held by a company is not protected by the Fourth Amendment’s prohibitions against unreasonable search and seizure.”

https://firstlook.org/theintercept/2015/08/05/court-rules-warrantless-cell-phone-tracking-violates-fourth-amendment/

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What Uber Can Teach Us About American Government

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“Uber’s clash with government is uniquely popular among apolitical folks but its struggles are all too common. I applaud readers for following these developments and supporting Uber. But I encourage them to also pay attention when this happens to firms without huge national followings; to support the rights of all businesspeople to freely conduct their affairs and engage in mutually-agreeable transactions with other consenting adults.  It’s easy to stand up to abuses when a company is widely known and loved. But the universal applicability of the rights we want Uber to have is crucial for two reasons.”

https://brianruddock.wordpress.com/2015/07/18/what-uber-can-teach-us-about-american-government/

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UberPOP halts service in France after clampdown, protests

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“After fierce protests last week by licensed French taxi drivers who argue it threatens their livelihood with unfair competition, France took two executives from California-based Uber into custody and said they will face trial in September.  France’s legal clampdown was the latest setback for Uber in Europe. An Italian court in May banned unlicensed car-sharing services, two months after a German court issued a similar ban and imposed stiff fines for violations of local transport laws. Prime Minister Manuel Valls welcomed the decision but said France’s licensed taxis needed to improve the quality of their service, often criticized by locals and foreign visitors.”

http://www.reuters.com/article/2015/07/03/us-france-uber-idUSKCN0PD0Y320150703

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Uber executives detained by police in Paris

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“Two executives working for Uber in Paris have been arrested following months of fraught legal battles over the app-based ride hailing service.  The two unnamed executives were detained on Monday, city prosecutor Agnes Thibault-Lecuivre confirmed to the Associated Press. Details of any possible charges were not released immediately by authorities, with the prosecutor saying merely that they were in custody for questioning over ‘illicit activities’.  Uber has naturally argued, as it has in London and other cities, that it should not be punished for its technical innovation and convenience advantage over older cab systems that are unable or unwilling to innovate.”

http://www.wired.co.uk/news/archive/2015-06/29/uber-paris-arrests

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French Police Ordered to Crack Down on Uber After Strike Turns Violent

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“Yesterday’s protest made big news when it turned violent and ensnared Courtney Love, who tweeted the incident, saying her car had been ambushed and her Uber driver attacked. Like the shutting down of highways and other transportation links, violence too is a common tactic of the striking French taxi driver. For several years taxi drivers have targeted and attacked Uber drivers and their passengers. Earlier this week France 24 reported about a French man who was attacked by a cabbie after pointing out he couldn’t tell if the taxi was on-duty and noting that that was why Uber outcompeting the taxi drivers.”

http://www.cnn.com/2015/06/26/europe/france-paris-uberpop-protests/

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