Day: September 27, 2020

Pelosi believes coronavirus stimulus deal still possible as Democrats prepare new package
Business news

Pelosi believes coronavirus stimulus deal still possible as Democrats prepare new package

House Speaker Nancy Pelosi speaks during a press conference on Capitol Hill on Sept. 10, 2020. Ting Shen/Xinhua via Getty Images House Speaker Nancy Pelosi on Sunday said another coronavirus stimulus plan is possible as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion, roughly $1 trillion less than their initial proposal but more than what the Trump administration has signaled it will accept. Stimulus negotiations between House Democrats and the Trump administration fell apartment in early August, though Treasury Secretary Steven Mnuchin said he and Pelosi have agreed to restart talks. The chamber could vote on the bill as soon as next week. The legislation will include unemployment benefits, direct payments to Americans, Paycheck Protecti...
Freeze, pause, reboot: Projects react differently to $200M KuCoin hack
Crypto News

Freeze, pause, reboot: Projects react differently to $200M KuCoin hack

Following news of a security breach resulting in the loss of more than $200 million worth of tokens on KuCoin, many projects quickly reacted to prevent users’ holdings from being moved off to other exchanges.  Speaking to Cointelegraph, KuCoin Global CEO Johnny Lyu said at least $129 million of the tokens affected in the breach and the Bitcoin (BTC), Ether (ETH), and ERC20 hot wallets impacted were “safe” or in a position to be recovered. Though reports initially stated hackers got away with $150 million in tokens, new estimates put the total closer to $200 million. Hackers stole a number of ERC20 tokens as part of the theft, but many projects were quick to react to the breach.  Members of the Ocean Protocol team have reportedly frozen more than 21 million OCEAN utility toke...
Coronavirus update: France reports 14,412 new cases, J&J’s vaccine shows strong immune response
Forex

Coronavirus update: France reports 14,412 new cases, J&J’s vaccine shows strong immune response

According to the latest data published by the French Health Ministry on Saturday, the number of new coronavirus cases in the country spiked by a whopping 14,412, bringing up the tally to 527,446. Note that a daily record of 16,096 new infections was set earlier this week. France reported 39 new deaths as the total fatalities rose to 31,700. Meanwhile, the UK recorded 6,042 new coronavirus cases and 34 deaths a day before, despite the latest activity restrictions. The official data showed the rolling seven-day average of daily cases has surged by 54% in a week. The death toll now stands at 41,971. Infectious disease modeling expert Professor Graham Medley, who sits on the Scientific Advisory Group for Emergencies (SAGE), said: 'At a level of 10,000 (cases) we are seeing now, means tha...
NTPC seeks bids for biomass pellets to fuel thermal power plants
Stock News

NTPC seeks bids for biomass pellets to fuel thermal power plants

NEW DELHI: India’s top power utility NTPC Ltd has sought bids for procuring biomass pellets to fuel its thermal power plants, the government statement said on Sunday, in an effort to cut down air pollution from burning of crop residue. The state-owned power producer aims to use 5 million tonnes of pellets, made from crop waste, to fuel 17 of its power plants in the current year, the statement said. Farmers across the northern Indian states of Punjab and Haryana burn off vast swathes of paddy stalk and straw between mid- to late-October and early November, to prepare ground for winter planting. “The power producer will give preference to bids from suppliers from Punjab and Haryana,” the statement said. Every winter, a thick blanket of smog settles over northern India as a combination o...
Centralized finance is necessary, especially for DeFi crypto investors
Crypto News

Centralized finance is necessary, especially for DeFi crypto investors

If you’re paying attention to developments in the cryptocurrency space, you’ve likely heard of decentralized finance and of the yield farming trend that helped it get over $9 billion worth of crypto assets locked in it. In short, yield farming — also known as liquidity mining — sees users generate rewards with their cryptocurrency holdings by interacting with DeFi protocols that either let them lend or borrow tokens. These interactions grant them the protocols’ governance tokens, which both give them a “stake” in the protocol and more revenue. The trend started when lending protocol Compound started distributing its COMP governance token. Shortly after, various other protocols launched their own governance tokens and distributed them in the same way. Now protocols such as Yearn.finance...
Democrats seek to turn Supreme Court fight into referendum on Obamacare
Business news

Democrats seek to turn Supreme Court fight into referendum on Obamacare

Judge Amy Coney Barrett speaks after being nominated to the US Supreme Court by President Donald Trump in the Rose Garden of the White House in Washington, DC on September 26, 2020. OLIVIER DOULIERY | AFP | Getty Images Presidential contender Joe Biden and his Democratic allies are seeking to turn President Donald Trump's nomination of Judge Amy Coney Barrett to the Supreme Court into a referendum on the future of American health care.  Trump nominated the Indiana-based federal appeals court judge to the high court on Saturday night, praising her credentials and noting that future cases would decide the "survival of our Second Amendment, our religious liberty, our public safety." Left unsaid at Barrett's nomination was that the court will hear a case challenging the lega...
Forex Today: Risk-off, Brexit, and a pinch of hope
Forex

Forex Today: Risk-off, Brexit, and a pinch of hope

Here is what you need to know on Monday, September 28: Coronavirus concerns continued to weigh upon risk sentiment and backing a dollar’s rally. The American currency closed the week higher against all of its major rivals. EUR/USD traded as low as 1.1611,  settling not far above the level. The escalation in the number of coronavirus cases through all Europe and the announcement of restrictive measures in several countries will likely continue to pressure the shared currency. The GBP/USD pair held above 1.2700, amid renewed hopes for a Brexit trade deal. The EU and the UK will start their ninth round of talks this Tuesday, the final stage of Brexit trade talks ahead of the EU summit that will take place in Brussels in mid-October. CBI head,  Carolyn Fairbairn,  said during the weekend t...
Gold Price Analysis: XAU/USD holds onto 100-DMA support ahead of the NFP week
Forex

Gold Price Analysis: XAU/USD holds onto 100-DMA support ahead of the NFP week

Gold looks south, with the focus on the key 100-DMA support. $1932/42 zone is the level to beat for the bulls. Focus on US NFP release for the next direction in gold. Following the 4.5% weekly loss, Gold (XAU/USD) has locked itself in a $100 range stepping into the critical US Non-Farm Payrolls week, as depicted by the daily chart. The metal fell to the lowest in two months last week after it faced rejection at the two-month-long falling trendline resistance on several occasions. Adding credence to the breakdown, the 21-day Simple Moving Average (DMA) pierced the 50-DMA from above. The bright metal delivered a weekly closing at $1862, although remained well above the 100-day Simple Moving Average (DMA) at $1845. Note that the price bounced-off the latter for the sec...
Banks must establish infrastructure for digital assets before it’s too late
Crypto News

Banks must establish infrastructure for digital assets before it’s too late

The adoption of digital assets in traditional legacy systems is moving fast. In the middle of the year, the digital asset custody industry saw welcome developments when the Office of the Comptroller of the Currency officially announced that all nationally chartered banks in the United States can provide custody services for cryptocurrencies. The move, while positive for the ecosystem, is yet to be accompanied by a rigorous assessment of its technological infrastructure, like asking questions such as: Where are these newly acquired digital assets stored? One thing is clear: We have entered a new paradigm of finance that requires a different approach to securing assets. Digital assets offer great wealth potential, but asset custody providers have a responsibility to prevent their client...
Lakshmi Vilas Bank directors lacked accountability: Advisory firm
Stock News

Lakshmi Vilas Bank directors lacked accountability: Advisory firm

KOLKATA: Before shareholders of Lakshmi Vilas Bank threw out seven out of 10 directors, the Institutional Investor Advisory Services (IiAS) said these directors lacked accountability even as the bank's financial parameters deteriorated over the last couple of years. "Many of these directors have rotated on-and-off. We believe that a part of the accountability for the bank’s deteriorating performance over the last few years rests with its slate of non-independent directors," IiAS said in its voting advisory to shareholders. At the bank's annual general meeting held Friday, shareholders voted against the appointment of chief executive S Sundar and reappointment of other six directors including N Saiprasad and KR Pradeep who are promoters. "RBI needs to step in to help the bank to take st...