Bitcoin dropped to as low as $14,095.62 Friday morning just after 6:30 a.m. ET, according to industry site CoinDesk. That was a nearly 18 percent decline from earlier high’s on the day of $17,153.94, according to the site which averages prices from major exchanges. In fact, bitcoin had actually rocketed above $19,000 on Thursday on
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The reforms do have their shortcomings, however. The ‘bailing in’ of private investors has not worked as intended so far, a reduction in banks’ heavy exposure to government debt has not been tackled and loosely regulated investment funds are turning into “shadow banks” by slowly taking business away from regular lenders. The Basel reforms have
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Hong Kong-based private equity and venture capital firm First Eastern Investment Group is betting big on China’s burgeoning financial technology sector, its chairman and chief executive told CNBC. “I’m putting my money on Chinese fintech, particularly the payments sector going global,” Victor Chu said Friday on the sidelines of the Fortune Global Forum in Guangzhou,
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United Continental announced a $3 billion buyback program after the market close Thursday. Shares of the airline operator gained more than 1 percent in after-hours trade. The company said in a statement that this amount represents about 17 percent of its market value as of its Wednesday closing price. CFO Andrew Levy said in a
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With October’s massive wine country wildfires and current monster blazes sweeping Southern California, this year will go down in the record books as one of the most devastating fire seasons ever for insurance losses. A spokesman for the state’s insurance regulator said Thursday that year-to-date losses from the state’s fires already top $10 billion. However,
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Mexico’s secretary of tourism disputed reports of tainted alcohol and described warnings about criminal activities from the U.S. State Department as “misleading” on Wednesday. “There is no evidence about tainted alcohol,” Enrique de la Madrid Cordero said on CNBC’s “Power Lunch.” Cordero said the case he reviewed concerned “excessive alcohol” — a problem associated with
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“If you make a transaction, the onus will be on you to report it,” said certified financial planner Samuel Boyd, senior vice president of Capital Asset Management Group in Washington, D.C. “Those transactions generate either short-term capital gains or losses or long-term capital gains or losses.” For many investments, individuals generally receive a Form 1099
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Billionaire investor Marc Lasry told CNBC on Thursday that he should’ve bought bitcoin when it was at $300 just a couple years ago. The cryptocurrency, which began 2017 below $1,000 per unit, blasted through $19,000 on Thursday, surging more than $7,000 in less than two days on Coinbase, a main trading platform. But Lasry said
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In fact, internet scammers disproportionately target older Americans because they tend to be wealthier, more trusting and less likely to report fraud, according to the FBI. Another 2015 report estimated that older Americans lose $36.5 billion each year to financial scams and abuse. Davis Park, director of technology outreach program Front Porch Center for Innovation
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