One event this week shows why digital currency markets still have a long way to go before they're safe enough for large-scale trading. The digital currency Ethereum experienced a "flash crash" on Wednesday, with the price falling from about $296 to a low of 10 cents in a matter of minutes. The most widely-used exchange, Coinbase-owned GDAX, operates like a traditional stock exchange, and lets traders buy stock on margin and place so-called "stop loss" orders—an automated instruction to sell if the price falls below a certain point. Adam White, the vice president of GDAX, wrote in a blog post on the company's site that an unusually large sell order caused the crash.
Alibaba Chairman Jack Ma, in an interview to CNBC, said the rising technological advancements in artificial intelligence could lead to World War III. Speaking to the news channel, the billionaire Chinese business magnate said there is a need for the world leaders to educate people about the pain that the rapid rise in automation and artificial intelligence will bring. “The first technology revolution caused World War I. The second technology revolution caused World War II. This is the third technology revolution,” he said. “People are already unhappy because lot of machinery, artificial intelligence is killing lot of jobs,” he added.
The Luxembourg Financial Sector Supervisory Commission (CSSF) have fined the local arm of Swiss private bank Edmond de Rothschild for its handling of funds linked to scandal-hit Malaysian investment fund 1MDB, a source familiar with the matter said on Thursday. The CSSF communicated the conclusion of the administrative procedure to Edmond de Rothschild (Europe) on 21 June," the private bank said on Thursday.
UK Prime Minister Theresa May promised EU citizens now living in Britain they could stay after Brexit but started a dispute with Brussels over the role of Europe's top court. At a summit in Brussels on Thursday, May gave "a clear commitment that no EU citizen currently in the UK lawfully will be asked to leave the country at the point that the UK leaves the EU", a British government source said.
Tesla has confirmed it’s in talks with the Chinese government to open a factory in the Shanghai region, as the company aims to fulfill a promise by its CEO Elon Musk to produce 500,000 cars a year by 2018. “Tesla is deeply committed to the Chinese market, and we continue to evaluate potential manufacturing sites around the globe to serve the local markets,” the company said in an emailed statement.
The gap between the salaries of managers and other staff members continues to grow, according to the Swiss employees’ association, Travail.Suisse published on Thursday. Between 2011 and 2016, the wages of managers increased by 17% on average, compared to 3.4% for employees showing that for swiss CEO salaries rose by 5%.
The European Central Bank (ECB) said it will set up an instant payment system across the eurozone allowing consumers and firms to send money "within a matter of seconds". The new service, TARGET instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real time and will be available around the clock, 365 days a year. It said the new network "will allow citizens and firms to make payments via their bank anywhere in the euro area within a matter of seconds", and is scheduled to come into operation in November 2018.
Nomura picked Frankfurt as the headquarters for its European Union operations after the UK leaves the bloc, Bloomberg reported. Japan’s biggest brokerage will start preparations this month to form a base in the German financial centre, one of the people said, asking not to be identified as the matter is confidential. The decision will necessitate regulatory approval along with securing the requisite office space before transferring fewer than 100 employees from London to the city, according to the person.
Mrs May will head to Brussels for her first European summit since losing her Commons majority in the general election. It comes the day after measures to enable Brexit dominated the Queen's Speech and with the Conservatives still trying to secure the Commons support needed to pass their programme.
Switzerland's foreign trade surplus increased in May, as exports grew faster than imports, figures from the Federal Customs Administration showed Thursday. The trade surplus climbed to CHF 3.4 billion in May from CHF 1.9 billion in April. In March, the surplus was EUR 3.0 billion.
Regulierung – seit der Finanzkrise prägt der Ruf nach mehr Kontrolle das Banking: Wegen regulator
Die Fonds-Konferenz der SKSF ist eine wichtige, branchenspezifische Plattform für Wissens- und Erfa
2 evenings to find out about the latest from the digital industry & 2 days to find ideas and to crea
ICDA will return this year to its alpine home for the 38th Bürgenstock Meeting.
The objective of the Conference is to bring together all the diverse stakeholdersinterested in a pol
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