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How China Will Shake Up the Oil Futures Market

China, the world’s biggest oil buyer, is on the verge of opening a domestic market to trade futures contracts. It’s been planning one for years, only to encounter delays. The Shanghai International Energy Exchange, a unit of Shanghai Futures Exchange, will be known by the acronym INE and will allow Chinese buyers to lock in oil prices and pay in local currency. Also, foreign traders will be allowed to invest — a first for China’s commodities markets — because the exchange is registered in Shanghai’s free trade zone. There are…

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No Idea What MiFID Stands For? Here’s What You Need to Know

Everyone in European finance has been abuzz over an obscure acronym — MiFID II — that’s about to radically change how assets from stocks to commodities are traded and investors’ money is managed. Banks and asset managers across the European Union have spent more than $2 billion preparing for it. Regulators say it will protect investors, boost transparency and rebuild trust that was tarnished by the 2008 global crash. The industry has even spent months finding ways to sidestep parts of it. But you’d be forgiven for not paying attention:…

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Goldman Sees Crypto, Credit Shadowing Robust 2018 U.S. Economy

Financial imbalances including those in credit markets and cryptocurrencies will shadow an otherwise robust 2018 U.S. economy, said Goldman Sachs Group Inc. economist Jan Hatzius. Hatzius has already made some predictions for the new year: four Federal Reserve quickening to an average of 2.6 percent, the jobless rate not inverting. In a new report, Hatzius reiterated his expectation for overall economic strength, while flagging some concerns. “Asset valuations in some areas — especially credit — have risen to high levels by historical standards,” Hatzius said in the “10 Questions for…

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From Bitcoin to Belize, Here Are Best and Worst Assets of 2017

It was a great year to hold bitcoin, but a bad time to have been invested in the Uzbek soum. As 2017 winds to a close, a look at the winners and losers around the globe shows that, broadly speaking, the riskiest assets performed well, with bullish sentiment on display in stocks, emerging-market sovereigns and corporate debt. Securities generally seen as the safest and least volatile bets — think Japanese government bonds — trailed behind. There was perhaps no investing idea that attracted more attention in 2017 than cryptocurrencies, from Jamie…

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China to Overtake U.S. Economy by 2032 as Asian Might Builds

The growing leapfrogging the U.K. and France next year to become the world’s fifth-biggest economy in dollar terms. It will advance to third place by 2027, moving ahead of Germany. In 2032, three of the four largest economies will be Asian — China, India and Japan — and, by that time, China will also have overtaken the U.S. to hold the No. 1 spot. India’s advance won’t stop there, according to the CEBR, which sees it taking the top place in the second half of the century. Also by 2032,…

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Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000

Michael Novogratz, the former macro manager who’s turned into one of the biggest champions of bitcoin, shelved plans to start a cryptocurrency hedge fund and predicted that the digital money may extend its plunge to $8,000. “We didn’t like market conditions and we wanted to re-evaluate what we’re doing,” Novogratz said Friday in a phone interview. “I look pretty smart pressing the pause button right now.” Novogratz, 53, said he told potential investors last week that he changed his mind, two days before his Galaxy Digital Assets Fund was due to…

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FBI investigates Russian-linked Cyprus bank accused of money laundering

Request for financial information may be connected to inquiries into possible conspiracy between Trump and Kremlin The FBI has asked officials in Cyprus for financial information about a defunct bank that was used by wealthy Russians with political connections and has been accused by the US government of money laundering, two sources have told the Guardian. The request for information about FBME Bank comes as Cyprus has emerged as a key area of interest for Robert Mueller, the US special counsel who is investigating a possible conspiracy between Donald Trumps…

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US regulator scraps net neutrality rules that protect open internet

Decision, which critics warn will hand control of the web to big cable companies, a major victory for FCC chair and Trump appointee Ajit Pai The USs top media regulator voted to end rules protecting an open internet on Thursday, a move critics warn will hand control of the future of the web to cable and telecoms companies. At a packed meeting of the Federal Communications Commission (FCC) in Washington, the watchdogs commissioners voted three to two to dismantle the net neutrality rules that prevent internet service providers (ISPs) from…

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World’s richest 0.1% have boosted their wealth by as much as poorest half

Inequality report also shows UKs 50,000 richest people have seen their share of the countrys wealth double since 1984 The richest 0.1% of the worlds population have increased their combined wealth by as much as the poorest 50% or 3.8 billion people since 1980, according to a report detailing the widening gap between the very rich and poor. The Share of global wealth by income groups The report, which drew on the work of more than 100 researchers around the world, found that the richest 1% of the global population…

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Target to Buy Shipt for $550 Million in Challenge to Amazon

Target Corp. agreed to purchase grocery-delivery startup acquired software company Grand Junction, which also manages local and same-day deliveries. Target now offers same-day delivery in New York City and can send orders from 1,400 of its stores. Competition in this space is growing fiercer, though, as rivals Wal-Mart Stores Inc. and Best Buy Co. also apparel, have sent retailers scrambling to improve their online offerings. E-commerce sales are up about 17 percent this holiday season, according to Adobe Systems Inc., and online merchants racked up a record $6.59 billion on…

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The FCC Says Net Neutrality Cripples Investment. That’s Not True

Federal Communications Commission Chair Ajit Pai says the agency's net-neutrality rules are discouraging investment, leaving consumers with fewer, and less robust, choices for internet service, and potentially widening the digital divide. Broadband providers' own financial reports tell a different story. In its proposal to repeal the rules, which were enacted in 2015, the FCC cites industry-funded studies concluding that investment in internet infrastructure declined 3 percent in 2015 and another 2 percent in 2016. The proposal also claims that internet providers delayed new offerings, such as home-wireless plans or streaming…

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The Strange Case of the Look-Alike Credit Cards

First National Bank of Marin was a small Las Vegas lender with an image problem. Federal investigators accused it of issuing credit cards to strapped consumers, then piling on so many fees and obligations that some new clients couldn’t buy a sandwich without hitting their credit limit. But by 2006, it had settled the claims and was ready to expand. It changed its name to Source: Credit One Bank If that looks familiar, there’s a good reason. In 2008, credit-card titan Source: Capital One Financial Corp. And so began the improbable story of…

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Elon Musk Isnt Joking About Sending a Tesla to Mars

Elon Musk fully intends to put a red sports car made by a company that he runs into an enormous rocket ship made by another company that he runs and fire both into Mars orbit. The car, as it hurtles into space, will be playing a song by David Bowie on repeat. It goes without saying that the song will be “cryptic message on Twitter over the weekend. A person familiar with the launch plan at SpaceX Inc. confirmed that it is real. Payload will be my midnight cherry Tesla Roadster playing Space Oddity. Destination is Mars…

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Trump Says Investors Should Sue ABC for Market-Moving Report

President Donald Trump called on investors to sue ABC News after a false report about him caused the stock market to briefly plunge Friday. ABC News investigative reporter Brian Ross told viewers Friday morning that former national security adviser Michael Flynn was prepared to testify that Trump, then still a candidate, had told him to contact Russian officials. The implication that the president himself was connected to his campaign’s dealings with Russia sent the Dow Jones Industrial Average down more than 350 points before it recovered. “People who lost money…

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Alyssa Milano is the voice we need to keep the net neutrality fight going

Fight!Image: Getty Images/Mashable A quiet resignation has begun to set in among net neutrality proponents as Federal Communications Commission Chairman Ajit Pai marches forward with his plan. But Alyssa Milano is having none of it. The actress and advocate has emerged as one of the loudest and most aggressive voices in support of net neutrality. In this role as champion of net neutrality, Milano’s accomplished something few others have: She’s gotten Pai to engage, despite him mostly ignoring any and all criticism in the past eight months. SEE ALSO: The…

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