vice finance minister By Reuters



SEOUL (Reuters) – South Korea is ready to boost policy support to aid the economy hammered by the coronavirus should the rate of infection worsen significantly, its vice finance minister said on Tuesday.

“(Some) downturns are inevitable in the real economy due to the tightened preventive measures,” Kim Yong-beam said at a policy meeting, adding policies will be reinforced as needed.

Kim also said authorities stand ready to act to stabilize financial markets if needed, as a number of factors outside the COVID-19 outbreak including leadership changes in Japan and uncertainty in the United States could also increase market volatilities.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Here’s why the Head of the Chechen Republic has such a strong disdain for cryptocurrencies By Cointelegraph


Here’s why the Head of the Chechen Republic has such a strong disdain for cryptocurrencies

The Chechen leader Ramzan Kadyrov shared some harsh comments about cryptocurrencies amid growing interest in the technology amongst Chechnya’s citizens.

According to Pravda, Kadyrov claimed that the media is presenting crypto “as the new gold,” provoking what he calls a kind of (BTC) “fever”:

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Trump urges keeping tax returns away from Manhattan’s top prosecutor By Reuters


© Reuters. U.S. President Donald Trump visits areas damaged by Hurricane Laura in Lake Charles, Louisiana and Orange, Texas

NEW YORK (Reuters) – U.S. President Donald Trump on Monday urged a federal appeals court on Monday not to let Manhattan’s top prosecutor get eight years of his tax returns, saying the handover would cause him irreparable harm.

The argument was made in a filing with the 2nd U.S. Circuit Court of Appeals in Manhattan, which on Tuesday will hear oral arguments on Trump’s bid to delay Manhattan District Attorney Cyrus Vance’s subpoena for the returns during Trump’s appeal.

If the appeals court were to reject a delay, Trump requested an administrative stay to give the U.S. Supreme Court sufficient time to consider his request, the filing said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Secret contracts may soon bring privacy features to public Blockchains By Cointelegraph


Secret contracts may soon bring privacy features to public Blockchains

Open-source Blockchain protocol Secret Network announced its intention to add privacy-based secret contracts to its mainnet. The upgrade will take place on September 15 once the proposal is passed by the community.

According to the foundation’s announcement, developers will have the opportunity to build and deploy so-called “secret” smart contracts that use encrypted inputs, outputs, and states. Secret contracts could enable many different blockchains to utilize private data in decentralized apps without compromising their user’s personal security.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Mysterious Bitcoin mining pattern potentially solved after seven years By Cointelegraph


Mysterious Bitcoin mining pattern potentially solved after seven years

We reported last week about the latest findings of Sergio Dermain Lerner, who is known for his discovery of the so-called “Patoshi pattern”. His latest research suggested that Satoshi Nakamoto likely used a single pc to mine approximately 1.1 million (BTC). However, it appears that there was something of even greater importance lost in the excitement about this discovery. If Lerner’s latest findings are accurate, it would put an end to seven years worth of speculation concerning the meaning behind the mysterious pattern.

Patoshi pattern. Source: Sergio Darmain Lerner’s blog.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Treasury Says Most Stimulus Payments to the Dead Recouped By Bloomberg


© Bloomberg. A pedestrian walks near the U.S. Treasury building in Washington, D.C., U.S., on Wednesday, May 20, 2020. Treasury Secretary Steven Mnuchin said he plans to use all of the $500 billion that Congress provided to help the economy through direct lending from his agency and by backstopping Federal Reserve lending programs.

(Bloomberg) — The Trump administration said it’s recovered almost 70% of $1.6 billion in relief payments mistakenly sent to dead people as the government rushed out stimulus money to blunt the economic impact of the coronavirus, according to a government watchdog.

The Government Accountability Office, in a brief update of its work to monitor the federal pandemic response, also said that as of the end of June the federal government still had about half of the $2.6 trillion that Congress approved in response to the coronavirus outbreak.

Monday’s filing following a June report that concluded the government’s quick action to issue stimulus payments led to more than a billion dollars of misdirected payments.

The June report made several recommendations, including that the Internal Revenue Service look at cost-effective options for notifying next-of-kin and others how to return almost 1.2 million in economic impact payments sent to deceased individuals.

The GAO said it wasn’t able to independently verify the Treasury Department’s statement about the amount recovered by the time it finished work on Monday’s report, but said that it’s working with Treasury to determine the number of payments.

“Treasury was considering sending letters to request the return of remaining outstanding payments but has not moved forward with this effort because, according to Treasury, Congress is considering legislation that would clarify or change payment eligibility requirements,” the report said.

The GAO also had recommended that Congress explicitly allow the Social Security Administration to share its full death data with the Treasury Department to prevent any future payments to ineligible individuals. The Senate passed a bill in June to do that, the report said.

Agencies are taking steps to respond to other recommendations, including that the Small Business Administration develop plans to identify and respond to risks and address potential fraud in the $669 billion Paycheck Protection Program, which offered forgivable loans to small firms, according to the report.

The SBA and Treasury have promised to review all loans of more than $2 million and potentially others as well. The SBA had approved more than 5.2 million loans totaling $525 billion when the program closed Aug. 8, and Congress is debating another round of PPP in next stimulus bill, though negotiations with the Trump administration are currently stalled.

Of the total $2.6 trillion in relief measures approved by Congress since the start of the pandemic, the GAO said that as of June 30, $1.5 trillion had been committed, with $1.3 trillion of that spent.

That includes money appropriated for supplemental unemployment insurance and public health and social services emergency spending.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Framework complete, Fed faces election year call on next steps By Reuters


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© Reuters. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington

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By Howard Schneider

(Reuters) – With a new policy framework in place, the Federal Reserve will turn to discussion of its next steps in the fight against the economic fallout of the coronavirus pandemic, and if and when to roll out additional support.

Fed Vice Chair Richard Clarida said on Monday that following release of the Fed’s new long-run strategy last week, policymakers “will be returning to a discussion of potentially refining guidance and our balance sheet communication,” the Fed’s now staple recession-fighting tools involving promises about future policy and the pace of monthly bond purchases.

Clarida, during an event organized by the Peterson Institute for International Economics in Washington, did not indicate how quickly that debate may be resolved, saying “I don’t want to prejudge where that would end up.”

However the debate presents the central bank with an immediate challenge: Whether to announce those widely anticipated next steps at its September policy meeting, its last before the November presidential election, or wait.

Some analysts have urged the Fed to act soon in order to show it is serious about the new strategy it laid out last week, trading the risk of higher inflation for stronger job growth, and argued that without such follow-up steps the new strategy seems hollow. But even they have noted the complications of acting in the midst of an election that may hinge on voter perceptions of the pandemic economy.

“It is awkward for the Fed to make a big decision either in September…or in November – immediately after the vote, with the (Federal Open Market Committee) potentially appearing political either way,” Evercore ISI vice president Krishna Guha wrote in an analysis, judging it a close call whether the Fed will announce new policy decisions in September or not.

The Fed in September of 2012 did announce its third and most open-ended program of bond purchases used to fight the last crisis, and was promptly pilloried by Republicans alleging the central bank was trying to fuel a sluggish recovery and help President Barack Obama’s re-election that November.

This time around, the Fed in March slashed interest rates to zero and announced a long list of credit programs meant to halt a meltdown in financial markets and provide loans to an array of businesses, earning praise from President Donald Trump who through the previous fall had sharply criticized Fed policymakers and called Fed Chair Jerome Powell an “enemy.”

DO MORE, BUT WHEN IT HELPS

The Fed is widely expected to do more at some point, but Fed officials in recent weeks have indicated they don’t want to commit to a course of action until the direction of the health crisis and recovery become clearer, and their policies may have more impact.

Actions like expanding bond purchases would aim to hold down the longer-term interest rates critical for home mortgage, auto and other markets – but those rates are already low. The Fed is currently buying $120 billion monthly in Treasury and mortgage-backed assets, and may at some point pledge to keep that amount in place until full employment is reached, or increase it.

In addition, with investors already anticipating the Fed will hold its target policy rate near zero for years, there may be little value in making more explicit promises about rate hikes until years down the road, if and when investors think a rate increase is more possible.

Last week several Fed policymakers said they saw little reason to offer more detailed guidance when the Fed has been clear rate hikes are far off.

Atlanta Fed president Raphael Bostic said Monday that further steps now might be counterproductive, distracting from the health, fiscal and other policies that in this moment are more important than what the Fed does next.

“As long as we have uncertainty about the trajectory of the pandemic there is only so much our policies are going to be able to do,” he said.

Other Fed officials have made similar comments, arguing that the Fed’s ability to “stimulate” spending may be more important when people feel it safer to begin traveling, for example, and spending and investing with more confidence.

The Fed’s new strategy implicitly points toward lower interest rates for longer, with the central bank saying it would allow higher inflation to offset periods of weak price increases in hopes of letting job markets tighten, wages rise, and workers gain more of the benefits from economic expansions.

What that means in practice may unfold over time, Clarida said on Monday. “I would expect as the economy recovers and as we approach our dual mandate goals there will be further communication,” about the Fed’s plans.





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This price resistance stands in the way of ETH hitting $500 By Cointelegraph


Ethereum: This price resistance stands in the way of ETH hitting $500

As the price of Ethereum’s native digital currency, Ether (ETH), has been showing massive strength recently, the path seems to be continuing toward new highs. Ether price ran from $220 to $445 in the previous five weeks, and this is one of the biggest surges for the altcoin in the past 18 months.

However, as the rally didn’t provide many opportunities for laggards to hop on the train, is $500 the next target for Ether? Let’s examine the technical setup.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Amazon’s surveillance can boost output and possibly limits unions: study By Reuters


© Reuters. FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves

By Nandita Bose

WASHINGTON (Reuters) – Amazon.com (NASDAQ:) relies on extensive worker surveillance to boost employee output and potentially limit unionization efforts around the United States, says a research paper issued on Monday by the Open Markets Institute.

The Washington-based research and advocacy group, focused on antitrust and monopoly power of technology companies, said Amazon uses such tools as navigation software, item scanners, wristbands, thermal cameras, security cameras and recorded footage to surveil its workforce in warehouses and stores.

The paper says Amazon moves employees around in what could be an attempt to limit union organizing. For example, it creates heat maps and uses data such as team-member sentiment and a diversity index to figure out which of its stores may have a higher risk of unionizing, the report says.

This can have an impact on workers’ ability to advocate for better working conditions and push for collective action, the paper said.

Companies across industries use data on their workforce to boost output. Companies have increased surveillance during the coronavirus pandemic to track employees and maintain a healthy workforce, and also to track time they spend working as more people telecommute.

Amazon has faced scrutiny for how it treats its workers. It did not respond to multiple emails and calls seeking comment after Reuters shared the OMI study with the company.

Reuters reported in May that Amazon has long resisted unionization. Amazon spokeswoman Rachael Lighty said at the time that Amazon already offers what labor groups are requesting: $15 per hour or more to start, health benefits and opportunities for career growth. She said employee health and safety were the company’s top priority.

Sally Hubbard, director of enforcement strategy at the Open Markets Institute (OMI) and a former New York assistant attorney general, said: “Our aim is to show how the tremendous imbalance of power between employers and workers gets exacerbated by an alarming increase in surveillance.”

The paper says invasive forms of worker surveillance should be prohibited and employers such as Amazon should obtain approval from state and federal agencies for non-invasive tracking measures that do not harm workers.

The research paper also says the National Labor Relations Board should prohibit certain types of surveillance and its use to limit unionization efforts.

If companies still do it, the burden must be on them to obtain approval from the Occupational Safety and Health Administration (OSHA), an agency under the Department of Labor, the paper said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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U.S. dollar’s woes are only beginning, some bears say By Reuters



By Saqib Iqbal Ahmed

NEW YORK (Reuters) – There are dollar bears, and then there’s Ulf Lindahl.

The chief investment officer of currency manager A.G. Bisset believes the U.S. currency will plunge 36% against the euro over the next year or so, taking it to levels it has not seen in more than a decade.

The greenback’s recent weakness “is the beginning of a very large move” that could hurt the droves of investors exposed to it through their holdings in U.S. stocks and bonds, Lindahl said.

Wall Street is swarming with bearish dollar forecasts, though few are as extreme as Lindahl’s. The U.S. currency is near its lowest level in 27 months and is down about 11% from its 2020 peak against a basket of its peers, with Goldman Sachs (NYSE:), UBS and Societe Generale (OTC:) among the banks forecasting more losses. ()

Hedge fund bets against the dollar in futures markets are at their highest level in about a decade, according to data from the Commodity Futures Trading Commission, while 36% of fund managers in a recent Bank of America (NYSE:) Global Research survey named shorting the dollar as their top currency trade for the second half of the year.

For a graU.S. Dollar Index & CFTC speculative currency positions

https://fingfx.thomsonreuters.com/gfx/mkt/nmovaqmqkva/Pasted%20image%201597804199719.png

Getting the dollar right is key for investors, as its trajectory sways everything from corporate earnings to the prices of raw materials such as oil and gold.

Lindahl’s research breaks down the dollar’s fluctuations over the decades into 15-year cycles that show the greenback weakening sharply against the euro before recovering most of the losses.

Though the dollar’s drop has slowed in recent weeks, that’s “really an opportunity to get out of the dollar,” he said.

Most bearish investors expect the dollar to depreciate on the back of stronger economic growth prospects outside the United States, rock-bottom U.S. interest rates, and concerns that programs to allay the coronavirus pandemic’s economic fallout are inflating fiscal deficits.

For a graphic on Gap between U.S. and German 10-year government bond yields:

https://fingfx.thomsonreuters.com/gfx/mkt/ygdpzmrkmvw/Pasted%20image%201597808601147.png

Goldman Sachs, for instance, believes a steadily improving global economy and negative real rates in the United States are a “sustained recipe for dollar weakness,” and forecasts the euro to trade at $1.30 by 2023, from the current $1.196.

Analysts at TD Securities said the Federal Reserve’s revamped policy approach to inflation will keep the dollar under pressure, as it suggests interest rates will stay lower for longer. The greenback is about 10% overvalued against other major currencies, they said.

Robeco, a $174 billion asset manager, believes the dollar will lose ground because of ongoing compression in interest rate and growth differentials, said Jeroen Blokland, a portfolio manager at the Netherlands-based company.

A declining dollar can have a benign impact on markets, as it loosens financial conditions, boosts profits for U.S. exporters and makes it easier for countries to service dollar-denominated debt.

U.S. investors holding foreign assets are also less apt to buy protection against dollar spikes when the currency is expected to remain weak, potentially increasing the profitability of their trades.

“My portfolio at this moment is unhedged,” said Lei Wang, portfolio manager at Thornburg Investment Management. “(I’m) completely riding this strong other currency-weaker U.S. dollar phenomenon.”

At the same time, a prolonged dollar decline could send a more ominous signal, reflecting doubts about U.S. finances and economic growth, as well as a potential weakening of the dollar’s position as the world’s dominant currency.

Nearly half the respondents in the BofA survey said they expect global U.S. dollar reserves to decrease during the next year.

“There’s a lot of speculation these days that the dollar will crash and lose its prominence as the global reserve currency,” said Michael Gayed, portfolio manager at Toroso Investments/ATAC Rotation Fund.

Others believe a reversal of risk appetite or better news on the U.S. economy could provide support for the dollar.

Rick Rieder, BlackRock (NYSE:)’s global chief investment officer of fixed income, expects the dollar to decline only modestly. The world’s dependence on the greenback for trade and commerce will likely prevent a crash for the U.S. currency, he said.





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