Monday, November 30

Day: October 10, 2020

SteelPath October MLP updates and news
Investing

SteelPath October MLP updates and news

September brought energy market volatility that carried over to midstream equity prices. During the month, midstream sector participants continued placing growth projects into place, while also finding creative ways to reduce capital expenditure requirements. Bond investors have taken notice, but equity valuations continued to lag likely due to lackluster fund flows.MLP market overviewMidstream MLPs, as measured by the Alerian MLP Index (AMZ), ended September down 13.6% on a price basis and once distributions are considered. The AMZ results underperformed the S&P 500 Index’s 3.8% total return loss for the month. The best performing midstream subsector for September was the Propane group, while the Gathering and Processing subsector underperformed, on average.For the year through ...
Payments firm Rocketfuel Blockchain sues co-founder over expired patents
Crypto News

Payments firm Rocketfuel Blockchain sues co-founder over expired patents

Blockchain payments company Rocketfuel Blockchain is suing its co-founder for allegedly misrepresenting patent applications and defrauding the firm.In a complaint filed with the Central District Court of California, Rocketfuel claimed its co-founder and former treasurer Joseph Page hid the fact that patents he transferred to the company had expired. The company is seeking damages of at least $5.1 million.According to Rocketfuel, Page transferred patent applications to the company in March 2018, thereby relinquishing his rights to the patents. These patents were for several payment processes for Rocketfuel’s blockchain platform, including cryptocurrency user interface systems.B4MC Gold Mines acquired Rocketfuel in June 2018. When B4MC took over the company, and started doing busines...
Vedanta delisting fails; company to return all the shares tendered
Stock News

Vedanta delisting fails; company to return all the shares tendered

Billionaire Anil Agarwal’s Vedanta Resources on Saturday said that they have failed to garner the required number of shares to delist Indian subsidiary Vedanta. The total number of shares validly tendered by the public shareholders in the delisting offer is 125.47 crore, which is less than the minimum number of shares required to be accepted by the acquirers in order for the delisting offer to be successful, the company said in an exchange filings.The promoters will not acquire any shares tendered by the public shareholders in the delisting offer and all the shares tendered will be returned to the respective public shareholders, it added.Bankers and promoters on Friday approached market regulator Sebi to grant an extension of one day but Sebi did not grant any extension, according to...
PBOC to lower FX risk reserve ratio to zero, effective from Monday
Forex

PBOC to lower FX risk reserve ratio to zero, effective from Monday

The People’s Bank of China (PBOC) will slash its reserve requirement ratio (RRR) to zero for some forex exchange forwards trading, effective from Monday, the central bank said on its website this Saturday.The PBOC said: “The People’s Bank of China (PBOC) will continue to maintain flexibility in the exchange rate, stabilize market expectations, and keep the yuan basically stable at reasonable and balanced levels.”“The move came after the onshore spot yuan rate ended at a 17-month high on Friday against the dollar, its biggest one-day percentage gain since 2005,” per Reuters.Market implicationsThe PBOC’s supportive measures could bode well for the Chinese proxy, the AUD, in the weekly opening trades.Despite the RBA’s dovishness, AUD/USD settled the week at two-week highs of 0.724...
Democrats and Republicans dismiss Trump’s coronavirus stimulus offer, dimming hopes for a deal
Business news

Democrats and Republicans dismiss Trump’s coronavirus stimulus offer, dimming hopes for a deal

US Speaker of the House, Nancy Pelosi, Democrat of California, leaves after her weekly press briefing on Capitol Hill in Washington, DC, on October 8, 2020.Andrew Caballero-Reynolds | AFP | Getty ImagesDemocrats in the House and Republicans in the Senate expressed opposition Saturday to President Donald Trump's $1.8 trillion coronavirus stimulus offer, further complicating a week of confusing negotiations and dimming hopes for a deal before Election Day.The White House's offer nearly doubles the original proposal from Republicans when talks began in late summer but is about $400 billion less than the $2.2 trillion bill Democrats previously passed, leaving party leaders in Congress on both sides unhappy."This proposal amounted to one step forward, two steps back," House Spea...
Better regulation needed to stop crypto tax evaders from running wild
Crypto News

Better regulation needed to stop crypto tax evaders from running wild

Antivirus software pioneer John McAfee, the founder of McAfee Associates — the company that released the first commercial antivirus software, McAfee VirusScan, in the late 1980s, contributing to the birth of multibillion-dollar industry — was indicted on five counts of tax evasion and five counts of willful failure to file a tax return, which could result in a maximum sentence of 30 years if convicted. He could also expect to pay U.S. taxes and penalties, according to the United States Department of Justice. The DOJ’s charges were announced shortly after the U.S. Securities Exchange Commission revealed it had brought civil charges against McAfee related to cryptocurrency offerings.McAfee has been a controversial figure in several countries, not only in the U.S. He went into "exile" aft...
United States CFTC Gold NC Net Positions increased to $248.6K from previous $243.7K
Forex

United States CFTC Gold NC Net Positions increased to $248.6K from previous $243.7K

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if ...
Traders across assets are bracing for possible Democratic sweep
Stock News

Traders across assets are bracing for possible Democratic sweep

Even with the White House pushing a new $1.8 trillion stimulus plan, it’s unclear if anything will get done before the presidential election. The Senate is opposed to an expansive program, and Majority Leader Mitch McConnell said his priority is the Supreme Court nomination, not fiscal aid. Despite the uncertain timing, investors are betting that more stimulus will come eventually. After all, keeping the economy growing is going to be a priority for whoever wins the election on Nov. 3. Moreover, with the Democrat Joe Biden widening his lead in polls over President Donald Trump, investors across asset classes are starting to prepare for a potential Democratic sweep, which could bring even bigger government spending in early 2021, a less contentious trade policy and a focus on infrastructure...
Trump to hold in-person event at the White House on Saturday, then head to Florida rally Monday
Business news

Trump to hold in-person event at the White House on Saturday, then head to Florida rally Monday

US President Donald Trump delivers remarks in front of the media in the Rose Garden of the White House in Washington, DC on June 1, 2020.Brendan Smialowski | AFP via Getty ImagesPresident Donald Trump plans to hold an in-person event at the White House on Saturday, less than a week after he was in the hospital with the coronavirus, a White House official told CNBC on Friday.Later Friday, the Trump campaign announced that the president would travel to Sanford, Florida, on Monday to deliver a speech at a Make America Great Again event.The White House gathering marks Trump's first public event since he revealed last week that he and first lady Melania Trump had tested positive for Covid-19. Since that announcement, numerous other people who work at and are connected to the Whi...
Crypto banks are going to swallow fiat banks in 3 years — or even less
Crypto News

Crypto banks are going to swallow fiat banks in 3 years — or even less

Within a few years, a younger generation of financial services customers are going to be able to walk into a bank and gain access to credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.You probably already know that Kraken, a cryptocurrency exchange based out of San Francisco, is now the first-ever cryptocurrency business in the United States to become a bank. For now, being an officially chartered bank means that Kraken will be able to offer more banking and funding options to existing customers. It also means Kraken Financial is going to be able to operate in multiple jurisdictions without having to deal with state-by-state compliance plans.Kraken is c...