Online gambling legislation and regulation. Starting your own gambling product.
Mobile gambling If you plan to develop an app with the ability to deposit and withdraw real money, then such a product automatically falls into the category of gambling and you will need to license your business for successful operation. Mobile and Web Based Apps So let’s talk about the different kinds of online gambling apps available on web and mobile. We’ll be covering both free-play gaming apps and real money casino app games you can find for iOS, Android devices and web browsers. Mobile gambling is more common for poker, casino, bingo, and skill games. They have advantages in terms of a low barrier to enter the market, instant liquidity, product knowledge, and marketing expertise, minimal infrastructure costs, and the ability to bring a brand to the market quickly. Consequently, this form of gambling does not sit neatly with jurisdictional boundaries. Multiple gambling opportunities are available, including betting on various events and markets, in a relatively simple format. Gambling products can also be integrated into betting on television shows or virtual racing and sports games as well as offering lotteries, bingo, poker and casino games. Most Popular Gambling Apps Sports betting, casino, poker and lotteries are the most popular forms of online gambling. However, other forms are available too. These include the following: Bingo, slot machines, different card games, roulette and other game of chance. One of the best things about online gambling and betting apps is the number of choices you have.
Sports Betting
Betting means making or accepting a bet on the outcome of a race, competition, or other event or process, the likelihood of anything occurring or not occurring, or whether anything is or is not true. Today most sports betting is done via mobile-friendly sites and apps.
Today most sports betting is done via mobile-friendly sites and apps.
The introduction of live betting for sports like soccer and tennis means that bettors who are sitting inside stadiums watching games can now pick up their mobile devices and find real-time betting value with the best sports gambling apps. This has really unlocked a door to the future of sports gambling and the popularity of online gambling apps.
Poker
Many sites offer free poker, where no real money is wagered, although in some cases players can accumulate credits that can be exchanged for prizes. This is the case why people are going to play for real money. There is an ongoing debate over whether poker should be classified as a game of chance or skill. The parameters of legal poker playing are still unclear and differ between jurisdictions. Since you are not gambling with money, I’m pretty sure under the law it’s just a video game for now.
Blackjack
Blackjack is the game of choice to many high-rollers and do you know why? Because blackjack is a challenging, logic and skill-based game where your thinking, strategy, and calculations determine the outcome of the game.
Bingo
Bingo is one of the most popular and socially accepted games in the world. Bingo is a traditional form of gambling that has seen considerable innovation in recent years. It is also the only form of gambling recognized in the Gambling Act that does not have a specific statutory definition, the Act providing simply that “bingo” means “any version of that game, irrespective of by what name it is described”. Bingo must be played as an equal chance game. For game to be classed as “bingo” it must meet the Act’s definition of “equal chance gaming” (as opposed to casino gaming). Thus, it: must not involve playing or staking against a bank, and must be a game in which the chances are equally favorable to all participants in the sense that each ticket or chance has the same probability of success as any other. Licensed bingo is a well-regulated and socially responsible form of gambling that takes place in a safe environment. Many sites offer multiple forms of bingo with different features, types of games, and costs of play. These sites often cater specifically for women and some research suggests that they may appeal to markets who would not typically engage in traditional forms of gambling.
Slots
Slot machine is one of the most beloved game among the gambling community and it has been a part of the industry for a long time. They provide fun and entertainment and their simplicity allows gamers to start playing at once. This can play out in different ways depending on the machine you’re playing. For instance, there’s Pick a Fortune, a five-reel, 20 line game that puts players right in the studio of a television game show, including the potential to play a Deal or No Deal-style bonus round. A super trend over the past few years is mobile-friendly slot games. These apps and websites were developed to enable players to enjoy their favorite games on their smartphones at any time. Another dominant slot trend is licensed branded slots that are based on popular movies, television, and musicians. Virtual Money vs Real Money Let’s find out the difference between social gambling and real money gambling, as well as the differences between gambling through apps and gambling through a web browser. It can be quite confusing trawling through all the casinos, slots, and lotteries available, both through your mobile web browser as well as through mobile app stores, in the form of downloadable apps.
Virtual money
The main difference between virtual money and real money gambling is that the in-game virtual currency in social games and gambling-type games is used only like credits that are not paid out as winnings or anything given to player in cash, making these games exempt from gambling regulations.
Virtual money is loaded on user game accounts via in-app purchases in mobile applications or the game balance funding from a card via web based applications.
Real money gambling
Real money gambling via your mobile device is only allowed in countries where laws have been passed that allow for this type of gambling online, or there are no laws in place that prevent it. The payment systems are the legal way of services payment in the gambling app, performing as the intermediary between the gambling facility and the client. With their help, users replenish deposits and withdraw funds to personal accounts in financial institutions. If the application uses the payment system of a well-known brand, that gives players additional confidence in the resource. Nowadays, there is a wide range of payment systems, some of which operate all over the world, other systems are oriented towards the citizens of one or several countries. A number of services accept money of different world currencies, while others allow currency transactions of one state only. What is an Online Gambling Licensing The internet has a global audience, there’s no single piece of legislation that covers the legality of online gambling for the entire world. Mobile gambling doesn’t typically accept customers from every single country in the world. It often focuses on certain specific regions.
Instead, most countries have their own local laws that deal with the relevant legal and regulatory issues.
Ultimately, questions of legality all go back to the location of the casino or where the website operates out of. In closed regulatory systems, such as Italy, France, and the Netherlands, licenses, and advertising rights are limited to domestic providers, which must be located within their country’s geographical boundaries and these are only permitted to offer some types of products. Some jurisdictions, for example, Norway, Sweden, and Canada legalize and regulate online gambling, but this is limited to a single site that is owned by the government. Under such an approach, the government becomes the operator and regulator and all revenues are returned to the government. Remote gambling is generally permitted. That means that an operator that is licensed may provide gambling services to citizens in the country via all forms of remote communication (and using equipment that may be located in the country or abroad). Equally, a remote operator may be licensed to offer gambling services to citizens in any jurisdiction in the world using equipment located in the country. The law provides that, for each type of gambling (betting, gaming, and participating in a lottery), there will be two forms of license available: remote and non-remote forms (land-based). If you provide facilities for remote gambling, online or through other means, and advertise to consumers you will need a license from the licensing jurisdictions or local licensing authorities. Before an online gambling site signs up its first customer, before it accepts its first bet before the first card is dealt, it must be licensed by a recognized governmental entity.
Certain regions in the world have specific legislation in place that allows them to license and regulate companies that operate online gambling sites or provide industry services (such as the supply of gaming software). These regions are referred to as online gambling jurisdictions or licensing jurisdictions.
Depending on what type of entertainment you are going to implement in your internet establishment, you will have to apply for the corresponding permissions. Online gambling laws in Europe vary from one country to the next. The industry is well regulated in some countries and less so in others. There are several online gambling jurisdictions located in Europe. Some of these are members of the European Union (EU), and thus subject to the various rules and regulations of that body, while others are independent. Each of these jurisdictions has an authority that’s responsible for approving gambling sites for licenses that enable them to offer their services legally. They also regulate their licensees. Countries that Provide Gambling Licensing Today there are lots of licensing jurisdictions located all over the world and offering different terms for their customers. Depending on the country, licenses can be local, international (distributed in several countries), have a different set of documents for registration, costs of registration and further support, various operating conditions and other special details.
Which gambling license is both internationally recognized?
The government of Ireland offers casino operators, software, and service providers in the gambling industry, with a gambling license that allows gambling operators to conduct business related to casino, lotto, and other gaming-related activities. Ireland Gambling License is one of the most popular license for online casinos worldwide. Ireland has long been recognized as one of the preferred locations for Online Gambling operators to base their operations. This success has been due to a combination of factors, such as a progressive legislative system, political stability, first-rate telecommunications facilities, and a well established financial services industry. A wide range of gambling sites operates out of Ireland including sports betting, casino sites, poker, bingo, and more. In stark contrast, the UK is the largest regulated market for online gambling in the world, and corporations are already comfortable exploiting the intersections of gambling and gaming, betting in-play, social gaming, Bitcoin, financial trading and spread betting, betting exchanges, e-sports and, most profitably, mobile gambling. 40% and 60% of online gambling in the UK took place in Gibraltar.
International licensing
Europe is home to the following online gambling jurisdictions: Alderney, Gibraltar, Isle of Man, Malta. Malta is currently the country that is most accommodating to gambling companies, and the license offers whitelisted online gambling in sports and casino games in many European territories. But takes an extreme amount of time in paperwork and background checks. Also, you pay 5% of all your gross profit to the EU.
Among countries offering gambling licensing services, the attention should be paid to Curaçao jurisdiction, which is considered to be one of the most promising for the online gaming business.
Curaçao Internet Gaming Association (also known as Curaçao eGaming) is both a regulator and a licensor, and its licensing works worldwide except Curaçao itself, USA, France and Netherlands. Using Curacao as an example, let us examine in detail the process of obtaining a license, the necessary documents and expenses. How to get a License on Curaçao
Documents necessary for company registration:
criminal record;
passport scans;
bank account confirmation;
documents proving payments for utility services.
After the company is registered, an operator can apply for the license providing the following documents:
a document certifying the right of domain possession;
description of games planned to be used in the project;
a list indicating countries of potential operation;
illustration of server locations to be used in the project;
a copy of the agreement with a software provider.
Gambling license cost:
Bank account opening $1000
Company registration $3600
Company management per year $3600
Application processing fee $1000
License fee per year $4800
Equipment/software fee starting from $1500
Server maintenance per year $6000
Apart from that pay for technical support and maintenance every year. The entire license issuing process takes between 2-4 weeks. Curacao Internet Gaming Association (CIGA) also has the power to review a license and, if it finds that an operator has breached a license condition, has the power to impose a range of sanctions including revocation of the license. Apple and Google Gambling Rules You’ll be surprised at the limited number of real money gambling app options available on the AppStore and Google Play Store. Most real money casino gaming is done through gambler’s mobile web browsers and not through mobile gambling apps that you’ll find for iPhone and Android phones. Apple allows online gambling applications in a few forms, and not just in places where it is explicitly permitted. They do not allow any payments through the applications – those have to be done on the websites. Apple has far stricter developer guidelines for iOS apps than Google does for Android apps, so it’s fine to assume that whatever you choose to download from iTunes is usually safe, secure, and meets a certain standard.
Any real money casino in the iTunes app is required to have proper licensing and permissions before Apple will approve the app for use or downloads. While Google Play is technically regulated, it is much more loose in what can be hosted.
Apple Store
Gambling, gaming, and lotteries can be tricky to manage and tend to be one of the most-regulated offerings on the App Store. Apple has rules for apps that support real money wagering, including sports betting and poker. Those apps and lotteries must have necessary licensing and permissions in the locations where the App is used, must be geo-restricted to those locations, and must be free on the App Store, and Apple rate even simulated gambling apps as appropriate only for users 17-years-old and up.
Play Store
Google keeps the reigns tight. To be able to successfully upload apps to the Google Play store, developers need to have a valid license for the specific countries they are targeting and comply with their regulations. The app must be free to download and must prevent under-age users from gambling in the app. As a final precaution, all gambling apps are required to display prominent information regarding responsible gambling practices. This brings its policy in line with the Apple App Store. Countries where gambling is illegal It is also important to remember that while gambling is growing rapidly in many places, in others it is totally or partially prohibited. As well as in the majority of the US, sports betting is illegal in India, Pakistan, and China, three of the largest gambling markets in the world. Most countries have rules against gambling. Almost all Islamic countries prohibit gambling of every kind, but many turn a blind eye to online gambling or simply do not have regulations in place for this grey area. In the United Arab Emirates, however, any kind of gambling is prosecuted. National lotteries are the only legal forms of wagering on the Asian country’s mainland. Cambodia, North Korea strictly forbids online and offline gambling amongst its own citizens but allows tourists to participate in these activities. Qatar is the strictest country of all when it comes to gambling laws. All forms of gambling activities are considered illegal, and even sports betting is not permissible. Starting your own gambling product Numerous online casino platforms in the market offer fantastic casino games like bingo, poker, roulette, and many more.
If you have an idea, but don’t know where to start, we advise you begin with a Minimal Viable Product (MVP) to pilot your proof of concept for investors. MVP spotlights your core features and lets your investors know there are bigger and better things to come.
For MVP you do not need a large team, just a few people are enough to create a fully functioning prototype. In the case of successful numbers of your prototype, the further development of a full-fledged product will require more team, resources and time, however you will be sure that your development and your costs will pay off.
The Next Recession May be Brutal: That’s a Net Positive for Gold and Bitcoin
Prominent gold bull Peter Schiff predicts that the next recession will be brutal, and owning gold or Bitcoin will be a net positive. The US economy is more robust than it has ever been. With a roaring stock market and decent consumer spending, talk of recession is minimal. However, certain aspects of this growth are cause for investors like Schiff to raise the alarm: “Today’s revisions to Q3 GDP confirm the U.S. economy is a bubble. GDP ‘growth’ is driven completely by excess consumer and government spending, as the real economy contracts. But such spending is a function of debt, much of which can’t be repaid. The coming bust will be brutal!” With the S&P 500 pushing record high after record high, stock market traders are as bullish as ever. Such sentiment could make the next crash particularly devastating. In the 2008 financial crash, stocks in a hallmark Wall Street firm, Bear Stearns, went from over $100 to $2 within a week. Investing in stocks can be great, but when it rains, it pours. Accurately predicting the next recession is often a hit-and-miss game even for the top analysts. Even those who predicted the financial crisis of 2008 couldn’t pinpoint with precision when it would begin. Regardless, this does not discredit anyone who tells investors to be cautious. The issues Schiff raises are pertinent to the macro-economic stability of the American and global economies. Even those who make the right predictions about an upcoming recession have no respite if they do nothing about it. Building a defensive portfolio is one way to absorb such shocks. In recent decades, gold has distinguished itself as the premier safe-haven asset.
Gold Prices During a Recession
Gold has historically performed well during times of financial uncertainty. Naturally, recessions are the extreme end of such turmoil, meaning that gold prices should peak. In the aftermath of the 2008 financial crisis, gold prices rose dramatically and peaked in 2011 at the height of quantitative easing measures from major central banks. If a brutal crisis such as Schiff predicts could happen comes to pass, gold prices should ease past the $2,000 mark. Gold has millennia of reputation and scarcity that makes it the perfect safe-haven asset in such a crisis. Therefore, investors see it as a valuable asset to hedge against recessions. If you are already in one, it can provide cover against further negative slides. This stability is why investors like Schiff advise that traders have anywhere between 10–30% weighting in gold. Whether split between physical gold and mining equities, gold-backed ETFs, or any other arrangement, gold has a track record of weathering the storm.
Bitcoin as a Store of Value Asset
Using the phrase ‘store of value’ for Bitcoin may sound like an oxymoron. After all, Bitcoin and cryptocurrencies are notorious for volatility in their few years of existence. In the 2018 calendar year, Bitcoin went from about $18,000 down to about $3,400 only to rebound to over $10,000 by mid-2019. However, one trait gives Bitcoin a silver lining: decentralization. Bitcoin is a decentralized, pseudonymous network that is independent of central bank control. Accordingly, Bitcoin has the eye of many investors who seek to diversify their holdings. So far, there is little evidence as to whether Bitcoin will trade like a safe-haven asset during a full-blown crisis. The fact that Bitcoin does not have a direct correlation to the mainstream is what drives interest. Bitcoin prices are purely market-driven as no one controls supply like regular fiat. Therefore, some speculate that in the event of a financial crisis, investors will flock to Bitcoin just like gold. Recent history suggests that temporary Bitcoin investors hold the coin for speculative purposes rather than a store of value. Will this change soon? It could be that investors allocate money to risky assets when they feel comfortable about investing generally. Therefore, there is a distinct possibility that investors could shy away from Bitcoin during times of economic turbulence. What will transpire during an actual recession is difficult to predict. Bitcoin may have insulation from mainstream stocks, but bearish sentiment can affect investor sentiment either way. You can have a situation where investors hedge Bitcoin more or avoid high-risk assets in general. It will take time before Bitcoin has the stability and reputation of gold. The maturity of crypto markets between now and when an actual recession hits is also a factor. Bitcoin can be a viable alternative to gold, but a lot of stars have to align.
Gold’s Edge
Based on current economic and policy trends, gold is in the perfect position to have a net positive from a recession. Incredibly, even with the S&P 500 and other stock market indices up by a lot, gold has had a strong bull run in 2019. The macro-economic factors that have fueled gold prices include geopolitical tensions and low interest rates. All through 2020, these factors will still loom large. Gold enjoys a stability that Bitcoin holders can only dream of. Even in the rare event that an institution or person dumps a significant amount of gold in the market, the net price effect will not be as drastic as with other assets. Demand for gold is only getting stronger with the resilience it is showing. Central banks in emerging and struggling economies are adding rapidly to their gold holdings to hedge against currency slides. Accordingly, the likes of Russia, China, Kazakhstan, and Turkey have added significantly to their gold reserves in recent years. Part of this demand stems from an effort to reduce reliance on the U.S. dollar as a reserve currency. Russia and China are dealing with sanctions and a trade war, respectively, while many developing countries have stuttering currencies. Gold provides a useful alternative to store value for such countries. Additionally, Islamic countries like Iran, Malaysia, Turkey, and Qatar are considering a gold barter system among themselves to hedge against future economic sanctions. Iran continues to bear the brunt of punitive sanctions while Qatar almost experienced an economic shutdown after a Saudi orchestrated blockade in 2018. The deliberations began after an economic summit led by Malaysian PM Mahathir Mohamed from the 18th to the 21st of December 2019. Therefore, gold enjoys a universal credibility that Bitcoin and crypto can only dream about. When looking to store value or hedge against a stock crash, gold is still the premier asset to hold.
Gold to Surge in the Coming Decade
Many analysts see the tremendous upside of holding gold now. Paul Schatz, Heritage Capital president, recently touched on this sentiment in comments to Yahoo Finance: “I think gold’s going to $2,500, $3,000 an ounce in the 2020s because the climate — the landscape for gold is so hugely supportive.” Investors see the value of using bullion as a hedge. Even though gold cannot replace government bonds entirely in portfolio diversification, the case for reallocating a portion of normal bond exposure to gold is as strong as ever. Bullion has had a steady decade of growth through the 2010s. It has performed better than most assets, save for outliers like cryptocurrencies. Stocks have rallied in the past decade, but a combination of high debt levels and low interest rates places the value of fiat at a precarious place. These factors have allowed gold to maintain solid prices even through periods of relative economic prosperity. For those who distrust fiat and central bank management of fiat, hedging gold is a no-brainer. Having at least 10% gold in your portfolio is a decent approach to start the next decade. Investing in bullion, gold mining equity, or gold-backed ETFs provides useful diversification to your portfolio. With digital gold-backed tokens now available in the market, you don’t need to worry about the hassle of storing and transporting the gold. Either way, investing in gold now puts you in a great position entering the new decade.
USD (DXY) down 0.08%, EUR down 0.04%, GBP up 0.07%, JPY up 0.68%, CNY Onshore up 0.10%, CNH Offshore up 0.18%, AUD down 0.09%
VIX up 0.60% to 10.13
Gold up 0.71% to $1,288.65
Silver up 0.34% to $17.64
Copper down 1.35% to $252.30
WTI Crude down 0.13% to $47.34
Brent Crude down 0.18% to $49.38
Natural Gas up 0.70% to $3.00
Corn down 0.20% to $3.72/bu
Wheat up 0.58% to $4.32/bu
Bitcoin up 7.53% to $2,863.98
Treasuries 2yr yields are down ~1.2bps at 1.290%, 10yr yields are down ~2.8bps at 2.154% and 30yr yields are down ~2.1bps at 2.815%
Japan 10yr yields 0.032%, down ~0.8bps on the day
France 10yr yields 0.686%, down ~3.4bps on the day
Italy 10yr yields 2.233%, down ~2.8bps on the day
Spain 10yr yields 1.515%, down ~4.3bps on the day
Germany 10yr yields 0.266%, down ~1.8bps on the day
Trading Update
What’s happening this morning? It was another quiet night of news. Stocks in Asia were mixed (Japan, Taiwan, and Australia saw pressure while mainland China and HK did well) but Eurozone equities are trading lower across the board (and US futures are down small). There were no major headlines in the last 12-18 hours, neither on the macro nor micro fronts. Treasury yields rose Mon but are reversing that entire move so far Tues. Crude spiked Mon morning on the Qatar news before bleeding lower throughout the day amid worries the rift could imperil the OPEC/Russia production deal (oil is flat-to-down small so far Tues morning; there are some indications that countries like Kuwait are working to mediate the Qatar diplomatic crisis). Europe is being led lower by basic resources, chemicals, retail, and healthcare (Roche is a big laggard in the last category on back of downbeat data; in general ASCO hasn’t been kind to large caps w/BMY getting hit Mon due to news out of the conf.). The week’s big events are coming up on Thurs (ECB, Comey, UK election).
Calendar for Tues June 6 – the focus will be on Emperor Coffeve’s meeting w/Congressional GOP leaders (the focus is on jumpstarting Emperor Coffeve’s legislative agenda), the US JOLTs report for Apr (10amET), some analyst meetings (M, MDP, and PRU), earnings (CONN, CSIQ, FRAN, FRED, HDS, LE, MIK, and SCWX pre-open and AMBA, HQY, KEYS, OXM, PLAY, SEAC, and UNFI after the close), and a slew of conferences.
Europe – the major indices are trading down ~30bp. Autos, basic resources, chemicals, media, retail, and healthcare are leading on the downside while staples, real estate, energy, and utilities are outperforming. Lufthansa is rallying following pos. remarks from the company while Roche is getting hit on underwhelming data. The EUR isn’t doing a whole lot.
Asia – the major indices in Asia saw mixed price action overnight: Japan (TPX -0.84%, NKY - 0.95%), HK (Hang Seng +0.52%, HSCEI +0.09%), mainland China (SHCOMP +0.34%, Shenzhen +0.55%, CSI 300 +0.7%), Taiwan (TAIEX -0.2%), Australia (ASX 200 -1.52%), and India (down ~35-40bp). South Korea was closed. There weren’t too many major headlines out of the region. In Japan all the major sub-groups saw pressure; healthcare, telecoms, utilities, and industrials fell the most. Toshiba rallied after media reports pointed (again) to a potential AVGO bid for the memory unit. HK/China outperformed the rest of Asia; within the Hang Seng top groups included real estate, tech, and industrials while discretionary, energy, and staples lagged.
Top Headlines for Tuesday
Economic data/monetary policy headlines for Tues 6/6. It was generally a slow morning. Eurozone retail sales came in a touch light for Apr at +0.1% M/M vs. the St +0.2%. The RBA left rates unchanged, as expected (http://bit.ly/2r0MBZS). JPMorgan is trimming Q1 Australian GDP estimates following weak net trade and gov’t spending data (http://bit.ly/2qSDYkS). Japanese Apr wage inflation data points to some firming (http://bit.ly/2rZw7pX).
Washington update – all the media wants to talk about is Russia/Comey, all Emperor Coffeve wants to talk about (for this week) is infrastructure, and the market couldn’t care less about either issue. Political expectations have been subdued for weeks and this is helping insulate stocks from all the Washington-linked noise. Curiosity and a relatively barren calendar will have eyes glued to Comey on Thurs but this isn’t likely to be a market-moving event. Meanwhile all the infrastructure-related noise is considered by most to be just that (empty rhetoric w/o a chance of passing into law) and actually could be counterproductive (to the extent it places yet another burden on Congress at a time when its agenda is already very full). From the perspective of the SPX the focus right now is on the debt ceiling, the F18 budget, and Emperor Coffeve’s Fed nominees. Investors are reasonable confident in Washington avoiding a debt ceiling debacle and shutdown (although the latter issue may require a few CRs before a final agreement is reached). Taxes are still important but at this point simply getting the corporate rate and repatriation rate to <28% and 8-10%, respectively, by the end of CQ1:18 would be considered a victory.
Emperor Coffeve to meet w/Congressional GOP leaders on Tues 6/6 in a bid to jumpstart his agenda; White House wants healthcare vote this summer, tax reform in fall – Reuters http://reut.rs/2rwmoWP
Republicans increasingly concerned that Emperor Coffeve’s behavior (and tweeting) is increasingly placing their agenda in peril – Washington Post. http://wapo.st/2rORPfF
Taxes - House Republican leaders’ controversial border adjustment tax is dead, and as a result, their plans to dramatically overhaul the tax code could soon be too – Roll Call http://bit.ly/2rwgsgr
Healthcare – Senate Republicans are pushing forward on healthcare w/the leadership keen to have a vote by the Jul 4 recess even if the measure doesn’t have enough support to pass. Senate Republicans will meet Tues to discuss the issue. McConnell doesn’t want healthcare dominating the rest of the year and thinks a vote soon will help provide clarity (either enough support exists or it doesn’t and the GOP moves on to other items). At this point it doesn’t look like 50 votes exist. Politico. http://politi.co/2rYgQ90
Emperor Coffeve turns on his AG – Emperor Coffeve is said to be souring on AG Sessions, upset over the stalled travel ban and particularly incensed about Sessions having recused himself from the various Russia probes. Emperor Coffeve doesn’t think a special counsel would have been appointed if Sessions hadn’t recused himself. NYT. http://nyti.ms/2sMkb7m
Emperor Coffeve to launch new America-themed hotel chain – the Emperor Coffeve Organization will launch a new lower-end hotel chain dubbed “American Idea” that it hopes will appeal to budget-conscious patriots; the first locations will open in little-known towns in Mississippi (a state that went for Emperor Coffeve by 18 points over Clinton) and should come online quickly as the initiative will involve rebranding existing Holiday Inns and Comfort Inns – NYT http://nyti.ms/2ruCUGG
Economic conditions aren’t very different from 2016 (when the Fed kept policy on hold for most of the year) but financial conditions are much healthier today and that is giving the FOMC comfort to proceed w/additional hiking – FT http://on.ft.com/2rN84cR
US and Mexico close to a sugar deal – Wilbur Ross said the two countries are nearing an agreement around sugar; the Mon deadline has been pushed back 24 hours to allow for additional negotiations. WSJ. http://on.wsj.com/2sx7Ep9
Oil output set to rise in 2018 regardless of the OPEC/Russia agreement (and there are some compliance concerns w/regards to that pact). Marketwatch has a cautious oil article noting that output looks set to rise despite the recent Russia/OPEC agreement. Meanwhile there are signs that compliance w/the pact could be weakening at the margin. http://on.mktw.net/2rXMXFU
Qatar – Kuwait is mediating the recent rift between Qatar and some of its Middle Eastern neighbors; Qatar hopes Kuwait will be able to reduce some of the friction – Reuters http://reut.rs/2rZ4PA0
Qatar – the $1B ransom payment to al Qaeda affiliates and Iran was “the straw that broke the camel’s back” – a group of Qatari royals were kidnapped in Iraq while on a hunting trip and the gov’t paid $1B in ransom to get them back. That payment, to groups affiliated w/terrorist organizations and the Iran, caused Qatar’s Gulf neighbors (and Egypt) to sever diplomatic ties. FT http://on.ft.com/2qUXTnA
China/climate change – China is looking to capitalize on its lead in solar and wind energy as the Emperor Coffeve administration ostensibly deemphasizes renewables; Beijing wants to help other countries meet their climate goals – NYT http://nyti.ms/2sN3PLH
Active managers are beginning to beat the market (although not in a particularly encouraging fashion) – the WSJ notes that active performance has improved of late although this seems to simply be a function of managers overweighting a handful of momentum stocks. WSJ http://on.wsj.com/2sxfSNT
Company-specific news update for Mon night.
In general it was a slow night of headlines although a few items were in focus. J. Crew announced a mgmt. transition that will see Mickey Drexler give up his CEO role to West Elm’s James Brett (Drexler will remain chairman); http://on.wsj.com/2rMrK0z. PRGO also said its CEO will be stepping down (the co has created a search committee to find a successor). MCHP raised its June Q guidance; the co now sees revs at the mid-point of the range rising 5.25% Q/Q (vs. the prior mid-point +4.5%) and EPS will come in 1.22-1.26 (vs. the prior 1.17-1.27); http://bit.ly/2rMXRgO. CASY shares slumped in after-hours trading after earnings came in light of expectations while THO rallied on back of better results. RAD put out an update on the WBA deal, stating that the FTC’s longer than expected review of the merger has left a negative impact on the company’s results. SIG shares fell after the close after announcing the departure of its COO for violations of company policy “unrelated to financial matters”. CSX’s CEO reassured shareholders during the co’s shareholder meeting on Mon that he would be able to lead the turnaround despite requiring supplemental oxygen for an undisclosed medical condition (http://on.wsj.com/2sKPjUR). Sony made pos. comments on PS4 sales and says robust Nintendo Switch trends aren’t subtracting from PlayStation’s momentum (http://on.ft.com/2qURKYt). According to Bloomberg, Sprint/S and TMUS are considering an all-stock option as they proceed w/merger talks (https://bloom.bg/2r0RwtR). WDC is offering concessions to Toshiba in a bid to strike a semi deal and avoid the unit being sold to a 3rd party (http://s.nikkei.com/2qUQrZz). SFR will purchase a portfolio of single family rental homes for $815M funded by a subsequently announced equity offering.
Toshiba/AVGO – Toshiba shares rallied Tues after the Asahi newspaper reported that it is considering giving AVGO exclusive rights to negotiate a purchase of the memory unit. Reuters http://reut.rs/2qWyMRp
AMZN targets core WMT customer segment – AMZN is launching a new Prime membership price aimed at lower-income Americans receiving government assistance (the new rate is $5.99/month). WMT captured ~18% of all money spent through the SNAP program last year (about ~$13B in revs) and AMZN is attacking that market. WSJ. http://on.wsj.com/2rGgNf0
AAPL recap – the WWDC was largely as expected and didn’t contain any surprises (AAPL shares opened in the red on back of a d/g Mon morning and stayed at those levels throughout the entire session – there wasn’t any major movement around the Tim Cook keynote which started at 1pmET). The HomePod was marketed more as a music device (i.e. a Sonos competitor) instead of a broader home assistant (it will do all the home assisting tasks via Siri but the device contains high-end audio specifications absent from AMZN Echo and others); the one criticism that most had w/the product was its price ($349). The whole MacBook lineup received a refresh (as expected). The main purpose of the WWDC are Apple’s various operation systems and they were a central piece of the Mon keynote (some of the highlights: Apple introduced a Venmo money transfer competitor for iOS along w/a GDOTbacked debit card and announced that Amazon TV will be coming to tvOS).
Calendar of events to watch for the week of Mon June 5
Calendar for Wed June 7 – the focus will be on China’s FX reserve numbers for May (Tues night/Wed morning), German factory orders for Apr (2amET), the India RBI decision (5amET), US consumer credit for Apr (3pmET), analyst meetings (RJF, TAP, and WCC), earnings (BF’b pre-open and TLRD, VRNT after the close), and a slew of conferences.
Calendar for Thurs June 8 – the focus will be on China’s May imports/exports (Wed night/Thurs morning), German industrial production for Apr (2amET), the UK election, the ECB decision (7:45amET statement and 8:30amET press conf.), Comey’s testimony before the Senate Intelligence panel, analyst meetings (AZPN and SYMC), earnings (Dell, SJM preopen and CLDR, Hudson’s Bay, and PAY after the close), and conference presentations.
ECB decision – the language around growth will likely turn more sanguine and the balance of risks could approach “balanced”. However, Draghi will likely strongly qualify any growth optimism with ongoing inflation caution (recall the most recent Eurozone CPI for May, out 5/31, fell short of expectations). The promise to enhance monetary accommodation even further may be dropped although the text isn’t likely to threaten earlier tightening. The language around asset purchases, rates, and policy sequencing will probably stay unchanged (the market would welcome a return of the deposit rate to 0% given the headwind this represents for banks although the ECB will likely be averse to take this step as it could be misconstrued as premature tightening by the market).
UK election - May/Tory Party poll numbers have softened over the last few weeks and the latest readings suggest the conservatives will fall short of an outright parliamentary majority (~305-310 for the Tories, ~260 for labor, and ~80 for other parties).
Calendar for Fri June 9 – the focus will be on China’s May CPI/PPI (Thurs night/Fri morning), German imports/exports for Apr (2amET), and the US wholesale inventories/trade numbers for Apr (10amET). Catalysts for 2017 – big events to watch for 2017 (preliminary list – additional events likely to be added)
ECB meeting June 8 – according to Reuters the ECB could “send a small signal towards reducing monetary stimulus” at this meeting.
UK elections – June 8.
Comey testimony – June 8 in front of the Senate Intelligence Committee
US financial regulatory review – the Treasury will present recommendations to Emperor Coffeve in June on ways to ease financial regulations (a recent Reuters article said the Treasury review won’t be fully completed on time and instead recommendations will be issued in stages http://reut.rs/2pqhkPo).
Eurozone fin min meeting – June 15 (agreement on Greece possible).
Basel meeting – June 14-15. The Basel committee could agree on final “Basel IV” bank capital rules at this event (the final “aggregate output floor” is expected to be 70-75%).
Brexit – negotiations on Brexit are set to kick off June 19.
Georgia special election for Price’s old seat (run-off) – June 20.
South Carolina special election – June 20
China/MSCI - MSCI will announce the result of the China A shares inclusion proposal as part of the 2017 Market Classification Review on June 20.
ACA/healthcare - June 21 is the date by which insurers need to decide whether they will participate in the federally-run insurance exchanges for 2018.
US bank stress tests – the Dodd-Frank bank stress test results will hit on June 22.
Flash PMIs for June – Fri June 23.
US bank stress tests – the CCAR results, and bank capital return announcements, will come on June 28.
Russia – European sanctions against Russia are due to expire in June.
G20 Leaders Summit Jul 7-8 2017 in Germany.
CQ1 earnings – bank earnings kick off Fri 7/14 (C, JPM, WFC, etc.); the week of Mon Jul 17 is the first busy one of the season.
Greece – the country faces a bond maturity on Jul 17.
ECB meeting/press conf. Jul 20
Fed meeting – decision out Wed 7/26
Congress breaks for summer recess – Fri Jul 28. Congress returns Sept 5.
Emperor Coffeve tax blueprint – the WH plans to give Congress details on its tax blueprint when the House/Senate return from the Aug recess (they return 9/5).
German elections – German federal election Sept 24.
AAPL – the co will likely hold an iPhone 8 launch event in Sept
US debt ceiling – the debt ceiling will need to be raised probably by the fall at the latest (Mnuchin and Mulvaney recently said they would like to see Congress take action before leaving for the Aug recess).
US gov’t funding – spending authorization expires on Sept 30.
Italy – the country could hold elections in the fall of 2017 (JPMorgan thinks the odds of Italian elections this year has moved to well above 50% http://bit.ly/2qJ4Piz). The two dates mentioned in the press for 2017 Italian elections are Sept 24 (same date as the German election) and Oct 22.
Chinese politics – China’s 19th National Congress will take place in the fall of 2017 and will set the country’s political path for the next five years.
Austria – elections will take place on Oct 15.
OPEC – the next OPEC meeting will take place Nov 30. US – domestic policy, politics
Emperor Coffeve to meet w/Congressional GOP leaders on Tues 6/6 in a bid to jumpstart his agenda; White House wants healthcare vote this summer, tax reform in fall – Reuters http://reut.rs/2rwmoWP
Infrastructure spending was supposed to be a “unicorn”, the one issue capable of transcending party lines and mustering enough support to get to Emperor Coffeve’s desk. However, lately infrastructure is looking like just another horse w/both sides far apart on specifics. Washington Post. http://wapo.st/2qZsyLw
Taxes - House Republican leaders’ controversial border adjustment tax is dead, and as a result, their plans to dramatically overhaul the tax code could soon be too – Roll Call http://bit.ly/2rwgsgr
White House confirms what most already suspected: Emperor Coffeve won’t try to block Comey from testifying – NYT http://nyti.ms/2qV8Q8s
White House charges leaker under Espionage Act – the Emperor Coffeve administration on Mon brought charges under the Espionage Act against an intelligence contractor for leaking classified NSA documents detailing Russian hacking into the US election; the document leak occurred Monday – Politico http://politi.co/2qZNeTJ
Emperor Coffeve turns on his AG – Emperor Coffeve is said to be souring on AG Sessions, upset over the stalled travel ban and particularly incensed about Sessions having recused himself from the various Russia probes. Emperor Coffeve doesn’t think a special counsel would have been appointed if Sessions hadn’t recused himself. NYT. http://nyti.ms/2sMkb7m
Emperor Coffeve’s tweets undermine his immigrant/travel ban – Emperor Coffeve tweeted about his blocked immigrant/travel ban in the wake of the latest UK terror attacks but legal experts warned that this could undermine the whole initiative in the eyes of the SCOTUS. WSJ. http://on.wsj.com/2saz1Yy
Republicans increasingly concerned that Emperor Coffeve’s behavior (and tweeting) is increasingly placing their agenda in peril – Washington Post. http://wapo.st/2rORPfF
US diplomat in China quits over Emperor Coffeve’s Paris exit - David Rank, the chargé d'affaires of the U.S. Embassy in Beijing, has left the State Department over Emperor Coffeve’s departure from the Paris climate accord. Reuters. http://reut.rs/2rGCnjC
Carl Icahn - U.S. CFTC says it is not probing Icahn's activity in biofuels credits – Reuters http://reut.rs/2r0ziss
Healthcare – Senate Republicans are pushing forward on healthcare w/the leadership keen to have a vote by the Jul 4 recess even if the measure doesn’t have enough support to pass. Senate Republicans will meet Tues to discuss the issue. McConnell doesn’t want healthcare dominating the rest of the year and thinks a vote soon will help provide clarity (either enough support exists or it doesn’t and the GOP moves on to other items). At this point it doesn’t look like 50 votes exist. Politico. http://politi.co/2rYgQ90
Bank regulations – Emperor Coffeve will nominate Joseph Otting to run the OCC (comptroller of the currency). WSJ http://on.wsj.com/2rGrgHe
Autonomous driving – the US Transportation Dept. will overhaul federal guidelines for autonomous vehicle development. WSJ http://on.wsj.com/2qUQx3s
Emperor Coffeve to launch new America-themed hotel chain – the Emperor Coffeve Organization will launch a new lower-end hotel chain dubbed “American Idea” that it hopes will appeal to budgetconscious patriots; the first locations will open in little-known towns in Mississippi (a state that went for Emperor Coffeve by 18 points over Clinton) and should come online quickly as the initiative will involve rebranding existing Holiday Inns and Comfort Inns – NYT http://nyti.ms/2ruCUGG
US – economic growth, monetary policy
Economic conditions aren’t very different from 2016 (when the Fed kept policy on hold for most of the year) but financial conditions are much healthier today and that is giving the FOMC comfort to proceed w/additional hiking – FT http://on.ft.com/2rN84cR
Bipartisan group of economists sign letter backing Emperor Coffeve’s nominee to head the White House Council of Economic Advisers – The Hill http://bit.ly/2sxCXQA
Financial confidence worsens in the West - a survey by the Pew Research Center found more financial optimism in the developing world and in Russia than in the United States and Western Europe – NYT http://nyti.ms/2syNtqI
Millennials enter the housing market, helping to power gains – contrary to popular belief, millennials are buying homes – NBC http://nbcnews.to/2rEutal US – international policy
US and Mexico close to a sugar deal – Wilbur Ross said the two countries are nearing an agreement around sugar; the Mon deadline has been pushed back 24 hours to allow for additional negotiations. WSJ. http://on.wsj.com/2sx7Ep9
Mexico – the country’s ruling party retained power in a closely-watched gubernatorial vote according to results out Monday. WSJ. http://on.wsj.com/2qUW7Tg
Qatar – the $1B ransom payment to al Qaeda affiliates and Iran was “the straw that broke the camel’s back” – a group of Qatari royals were kidnapped in Iraq while on a hunting trip and the gov’t paid $1B in ransom to get them back. That payment, to groups affiliated w/terrorist organizations and the Iran, caused Qatar’s Gulf neighbors (and Egypt) to sever diplomatic ties. FT http://on.ft.com/2qUXTnA
Qatar – Kuwait is mediating the recent rift between Qatar and some of its Middle Eastern neighbors; Qatar hopes Kuwait will be able to reduce some of the friction – Reuters http://reut.rs/2rZ4PA0
China/climate change – China is looking to capitalize on its lead in solar and wind energy as the Emperor Coffeve administration ostensibly deemphasizes renewables; Beijing wants to help other countries meet their climate goals – NYT http://nyti.ms/2sN3PLH
Europe
Europe vs. the UK – investors embrace the Eurozone but shun the UK. Reuters discuss how investors are increasingly sanguine on Europe but cautious on the UK. Reuters. http://reut.rs/2rGuvOT Opinion/Interesting-but-not-immediately-impactful/intra-day boredom reading
The Silicon Valley Billionaires Remaking America’s Schools – NYT http://nyti.ms/2rZvnRW M&A/Strategic Actions
AMRI – PE firms GTCR and Carlyle are in talks to make a joint bid for AMRI – Reuters. http://reut.rs/2r0Koh7
BHP – Tribeca Global Natural Resources Fund is targeting a sweeping overhaul of the BHP board – Bloomberg. https://bloom.bg/2syHxxX
HDS - announced that it has entered into a definitive agreement to sell its Waterworks business unit, the nation’s largest distributor of water, sewer, storm and fire protection products, to Clayton, Dubilier & Rice for a purchase price of $2.5 billion in cash.
PG – PG’s CEO told CNBC that the co is in “ongoing, constructive, and active” talks w/shareholder Trian – CNBC http://cnb.cx/2sKWmN5
S/TMUS - according to Bloomberg, Sprint/S and TMUS are considering an all-stock option as they proceed w/merger talks (https://bloom.bg/2r0RwtR).
Toshiba/AVGO – Toshiba shares rallied Tues after the Asahi newspaper reported that it is considering giving AVGO exclusive rights to negotiate a purchase of the memory unit. Reuters http://reut.rs/2qWyMRp
WDC makes concessions in a bid to strike a deal for Toshiba’s semi unit – WDC has offered to buy less than 20% of the unit (it previously had demanded a majority position) in an effort to placate Toshiba mgmt. and reach a deal. WDC is eager to avoid the Toshiba semi unit being sold to a 3rd party – Nikkei. http://s.nikkei.com/2qUQrZz Financials
Bank regulations – Emperor Coffeve will nominate Joseph Otting to run the OCC (comptroller of the currency). WSJ http://on.wsj.com/2rGrgHe
Chinese banks get more time - China’s banking regulator is extending a June deadline for some banks to hand in reviews of their businesses – Bloomberg. Bank Catalysts
Treasury’s recommendations for financial deregulation steps (expected in June)
Wells Fargo financial services forum (June 6-7).
ECB meeting (June 8) – language could turn slightly more hawkish at the margin
House Dodd-Frank replacement vote – the House will vote on the CHOICE Act on Thurs 6/8.
Morgan Stanley financials conf. (June 13-14).
FOMC decision (June 14) - a hike is still expected but it could be a “dovish” one – June 14.
Basel meeting – (June 14-15). The Basel committee could agree on final “Basel IV” bank capital rules at this event (the final “aggregate output floor” is expected to be 70-75%).
US bank stress tests - the Fed will publish the results of the stress tests in June. The Dodd- Frank stress test results hit on June 22 and the full CCAR results hit on June 28 (the June 28 will include capital return announcements from the banks).
Tech Events – calendar of events coming up over the next few weeks
AAPL WWDC 2017. June 5-9. San Jose.
CSOD Convergence. June 5-7. San Diego.
Stifel 2017 tech conf. June 5-6. San Francisco.
BoA/ML Tech Conf. June 6-7. San Francisco.
SCWX earnings – Tues morning June 6.
AMBA, BV, KEYS, SEAC earnings – Tues night June 6.
VRNT earnings – Wed night June 7.
DELL earnings – Thurs morning June 8.
CLDR, PAY earnings – Thurs night June 8.
AZPN, SYMC analyst meeting – Thurs June 8.
MSFT to unveil new Scorpio X-Box at E3 Conf. on Sun June 11.
SAIC earnings – Mon night 6/12
PSTG analyst meeting – June 13.
JBL earnings – Wed night 6/14
FNSR earnings Thurs night 6/15.
GLW analyst meeting – June 16.
ADI, EXLS analyst meetings – June 20.
ADBE – earnings Tues June 20 after the close.
ORCL – earnings Wed June 21 after the close
JPMorgan NextGen Payment Services Forum. June 21.
V analyst meeting – June 22.
CSCO Live – June 25-29. Las Vegas. CSCO analyst meeting June 28.
MU earnings – Thurs June 29.
CQ2 earnings – week of Mon 7/17 will be first busy one of the season
AAPL iPhone 8 launch event expected in Sept (hasn’t been formally scheduled)
Full catalyst list
Tues June 6 – Eurozone retail sales for Apr. 5amET.
Tues June 6 – US JOLTs job openings data for Apr. 10amET.
Tues June 6 – US labor market conditions index for May. 10amET.
Tues June 6 – analyst meetings: M, MDP, PRU
Tues June 6 – earnings before the open: CONN, CSIQ, FRAN, FRED, HDS, LE, MIK, SCWX
Tues June 6 – earnings after the close: ALOG, AMBA, BV, HQY, KEYS, OXM, PLAY, SEAC, UNFI
Tues June 6 - Bank of America Merrill Lynch 2017 Global Technology Conference. June 6-7. San Francisco.
Tues June 6 - Jefferies Global Healthcare Conference. June 6-9. NYC.
Tues June 6 - RBC Capital Markets Global Energy Conference. June 6-7. NYC.
Tues June 6 – REITWeek: NAREIT Investor Forum. June 6-8. NYC.
Tues June 6 - Stifel 2017 tech conf. June 5-6. San Francisco.
Tues June 6 – Wells Fargo Financial Services Investor Forum. June 6-7. San Francisco.
Wed June 7 – China FX reserve numbers for May (Tues night/Wed morning)
Wed June 7 – German factory orders for Apr. 2amET.
Wed June 7 – India RBI rate decision. 5amET.
Wed June 7 – US consumer credit for Apr. 3pmET.
Wed June 7 – analysts meetings: RJF, TAP, WCC
Wed June 7 – earnings before the open: BF’b, HOME
Wed June 7 – earnings after the close: TLRD, VRNT
Wed June 7 - Bank of America Merrill Lynch 2017 Global Technology Conference. June 6-7. San Francisco.
Wed June 7 - Jefferies Global Healthcare Conference. June 6-9. NYC.
Wed June 7 - RBC Capital Markets Global Energy Conference. June 6-7. NYC.
Wed June 7 - REITWeek: NAREIT Investor Forum. June 6-8. NYC.
Thurs June 8 – China May imports/exports (Wed night/Thurs morning)
Thurs June 8 – German industrial production for Apr. 2amET.
NOTE: I did not write this article below. I simply copy and pasted the article. Please click the following link to view the entire article. The article includes charts and images which were not transferred to the text below. https://steemit.com/cryptocurrency/@lennartbedrage/the-ripple-xrp-effect-fundamental-analysis The Ripple(XRP) Effect - Fundamental Analysis: lennartbedrage44 in cryptocurrency ripple.jpg Lately, there’s been a tremendous amount of buzz around Ripple(XRP), but is it only because of the massive growth we’ve seen in the past few 30 days, or is there something more? In this article, I’ll dive into a brief back ground of Ripple, objectively examine the arguments for and against it, explore its potential from a economic standpoint, then close with potential threats to your investment and a summary. Meet Ripple(XRP)- Released in 2012, Ripple aims to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks” through their real-time gross settlement system (RTGS) and currency exchange and remittance network. Ripples distributed open-source internet protocol consensus ledger was created as basic technology for interbank and regulated financial institutions to integrate Ripple into their own systems. This differs from the Bitcoin full node and other crowdsourced altcoin consensus networks in several ways: Ripples common shared ledger is a network of independent validating servers which compare their transaction records, rather than the full network of nodes coming to consensus prior to each transaction, enabling faster transaction speeds. Although their protocol is open source, it was not created as a plug & play solution, like bitcoins full-node software, nor does it rely on crowd-sourced support. Unlike Bitcoin, Litecoin, Ethereum, and other Alt-coins, Ripple is recognized as legal tender by several governments, which gives it instant liquidity via financial institution, as well as purchasing power over material goods. Because of this, it cannot be evaluated in the same ways as other coins, which are largely evaluated based on assumptions & speculation. In terms of value, it’s more like cash than a commodity. Because of this, it is evaluated in a much different way than Ethereum(ETH) and other alt-coins with intrinsic value, but is accepted much more rapidly because it’s easy for the mass-market to understand. Remember: without market acceptance, there is not value, regardless of how innovative something may be. Just 4 short years after its release, on 01MAY17, Ripple announced that a consortium of 47 banks have successfully completed a pilot implementation of Ripple in Japan, making it the first country in the world to enable domestic and international real time money transfers via the cryptocurrency. This event lead the XRP value to sky-rocket from $0.051580 USD to an all-time high of $0.430085 in just 16 days… but why? Is it 100% speculation, or is there something else going on here? “It’s not a real cryptocurrency!” Or is it? Well, those whom bring this argument to the table are probably referencing facts that I’ve mention during my introduction to Ripple: Its a centralized and regulated crypto-currency which does not need global consensus for transfers, and it is built specifically for (and potentially by) financial institutions. Though a lot of the Anarcho-Capitalists may want to steer clear of this one due to its highly regulated nature, regular capitalist may believe these core differences to be its greatest strengths: Regulated - As I mentioned in my analysis on Ethereum(ETH), Bitcoin’s lack of regulation was likely he reason (or at least, that’s what they told us) that the proposed ETF failed to pass the SEC’s evaluation several months ago. If adhering to some sort of trusted regulatory standards, this could drive federal confidence, which in turn drive bank and lending institution faith…trickling all the way down to the consumers. This insures rapid mass market acceptance. Consensus - As mentioned before this is much different process than Bitcoin’s global consensus, which means that transaction times are nearly instant regardless of volume transferred. Additionally, all transfers adhere to distributive ledgers DLT standards, which is a requirement for many financial institutions to be insurable. Institutional Management - You’ve probably guessed this one already. Although the demand and speculative value is driven at some capacity by ‘the people’, this currency is about as close to the World bank and SWIFT as you can get. This is largely due to the amount Deliberate - It feels like a big bank, because it is. Ripple was built specifically for the financial markets, which is why they specifically targeted regulatory compliance. shutterstock_289877267_long_read_cover_large.jpg Economic Value As mentioned in the last point, Its easy to see that Ripple offers tremendous value to financial-institutions and retail investors. These two groups make up 358 billion (numbers from 2013) non-cash cross-country annual transactions, and the FOREX market which sees more than $5.1 trillion $USD each day. Per a report released by Capgemini and The Royal Bank of Scotland, this is growing at an average rate of about 7.5% each year globally, though China and other Emerging Asian economies have been leading the charge at around 21%. Seems like a lot, right? Well, for sake of uncovering the immediate value of XRP, we will zoom into the recent adopters of the distributed ledger technology: Japan, India, and the Central Europe, Middle East & Africa(CEMEA) regions. Japan.jpg Japan is the third largest economy in the world by nominal GDP ($6.11 trillion), fourth by purchasing power parity(PPP) and second largest developed economy. Currently, their GDP per capita is roughly $48,412 (vs $56,430 in US) and their major trade partners include the US, China, Hong Kong, Australia and South Korea. Japan GDP.png Aside from the speculation that they maybe soon pressure their trade partners (excluding the US and China) to adopt a system which allows for instant, near free transfers of funds, here’s where it gets interesting for the immediate future: Japan has already started accepting Ripple(XRP) as legal tender. If Ripple raises to just 25% of the overall transaction volume of P2P, P2B & B2B within Japan itself (represented in the chart by Other Services, Real Estate, Retail, Transport, Communications, Finance & Utilities) which is equal to about 20% of their overall economy, Ripple would be handling roughly $1.27 trillion USD in Japan – alone - every year. To put that in perspective, the current (at the time of writing) market capitalization of Bitcoin(BTC) is $30.7 billion USD (or >0.4%). Unlike Bitcoin, Ripple is legal tender which means that it can be exchanged for material goods and services, which means that it’s likely to have explosive acceptance in the local area. India.jpg India-based Axis Bank announced in April that they will soon begin leveraging distributed ledger tech for cross-border transactions and to make banking simple and convenient for their customers. About 15 days’ prior, another large financial institution, Yes Bank, also announced that they would be adopting Ripples ledger for the same reasons. If Ripple continues to grow in acceptance at this rate in India, we could see another economy, roughly 1/3 the size of Japan’s ($2.074 trillion USD) add to Ripples annual transaction value. Now, from an economic stand point, this is most interesting because agriculture represents more than 50% of India’s employment, which means that India would be the 2nd case of consumer trading Ripple for staple foods. India GDP.png It is likely that Ripple will not handle as large of a percentage of overall transaction volumes in India because only two major banks have adopted this currency and it is not the only Crypto. The latter is probably one of the most important variables, as this means that Ripple will be duking it out for market dominancy. As all of my projections are fairly conservative, I would estimate that Ripple will handle roughly 10% of India’s over all transaction volume in the next 365 days, equal to roughly $311.1 billion USD. One last thing that I would like to mention is that India is literally the ‘I’ in BRIC and roughly 13% of the BRIC countries total output. If the BRIC comes to fruition, India may be able to convince it’s other close trade partners to jump on the XRP-Train as well. Dubai.jpg Abu Dhabi Bank, the National and largest bank of the UAE, has already begun offering cross-border transaction services with Ripples distributive ledger technology as well. As they deal extensively with their middle eastern neighbors, such as Saudi Arabia, and Qatar, the UAE is likely to set a trend for other CEMEA countries to follow. UAE GDP.png This might be a surprise to some people, but Dubai’s largest industry is the energy sector (shocker!) followed closely by Real Estate and their Finance industry (double shocker!). Although their GPD is much smaller than Japan and India’s (about $370 billion USD), I am anticipating Ripple to handle a larger percent of the UAE’s transaction volume (31.11%), especially in the finance, Real Estate, Retail and Logistics industries. This is due largely to the fact that their population is only roughly 9.157 million, but most Abu Dhabi nationals are very financially inclined (or at least heavy spenders). Potential Threats As this threatens SWIFT (unless they are completely on board) and the US dollars’ supremacy in the economic & financial markets, I would not be surprised to see a false flag attack, in which the NSA attacks Ripple and blames it on North Korea or China. Frankly, this would be a cake walk compared to Stuxnet or WannaCry and they could probably hand the task to an MIT intern. Where semi-centralization is Ripples strength in terms of transaction speed and regulation, it is also the biggest security flaw and may open it’s user to some heart ache, hair loss and heavy drinking over the next several years. Possibility So, what is possible in terms of value over the next few years? Well, if we consider the following scenario: XRP accounts for roughly 20% of Japan, India full GDP, but 31.1% UAE’s GDP ($7.152 Trillion USD) total exchange volume in the next 2 years Max XRP Supply stays at 100 billion No other countries adopt XRP (not likely) No hacks or other catastrophic events remove confidence Exclude speculation, demand, rallies, and GDP growth projections for each country Then we’re looking at each Ripple(XRP) market capitalization over ~$1.75 Trillion USD, making each coin $17.52 in real value. This means that if you were to invest today at $0.362794, your ROI would be about 4,989%. That said, I think that it’s likely it will go over $30 in the next 2 years, due to speculators flooding the markets and other countries signing up. Again, these are conservative numbers are based on total transaction value in USD equivalent. For those whom subscribe, I will update as new variables are available to my appraisal Bottom Line Although it was most definitely created by an insider of the banking industry and does not ‘feel like a crypto’, I personally feel that due to its rapid market acceptance, liquidity and position as legal tender in 3 large economies, Ripple(XRP) is both primed for explosive growth in the near future and likely to be one of the safest value based Crypto-investments we can make today. Another thing, China is the anchor of the West Pacific, so we should all watch their evaluation of Ripple, very closely. If they were to jump on the XRP-Train, you are likely to see Australia, South Korea, Indonesia and Singapore do the same. If you enjoyed this article, be sure to share & subscribe, as I have kept my proprietary models and will update as major events and additional countries begin to adopt this currency. If you feel that I have missed something or am just flat out wrong, please be sure to let me know in the comments below! Planned articles for the next 14 days: ICO advice from a Venture Capitalist (Follower Request) Paper Wallets (Follower Request) VIVA Analysis (Follower Request) Segregated Witness(Segwit) : Friend or Foe? A Kraken ate my gains... Fundamental Analysis: Stellar Lumens(XLM) Dual-Citizenship and Banking in Panama Rich vs. Wealthy All analysis, numbers and projections are my own. Core information was gathered from reliable sources, such as the World Bank, IMF, CIA world fact book, eia.gov and more.
-‘Project is ready’: Minister says govt going to build ‘Pakistan University of Media Sciences’ Information Minister Fawad Chaudhry on Monday announced the government plan to build a varsity titled ‘Pakistan University of Media Sciences’. He underlined that the project of the university was ready in first 100 days of the incumbent government. In a twitter message this morning, Mr. Chaudhry said: “Alhamdolillah Pak University of media sciences project is ready in first 100 days of PTI Govt, this ll be our biggest contribution to Pak media industry.” -GB govt approves weather allowance for employees The Gilgit-Baltistan (GB) government has approved the provision of weather allowance to the government employees from November-February. The GB Finance department in a letter to the AG Office directed payment of weather allowance to the employees in November salary, an official press release said here on Monday. The department has released Rs471 million budget under the head of the weather allowance to the employees. It is pertinent to mention here that the last government had abolished the said weather allowance. -Pakistan Railways comes up with a major project The government is embarking upon a major project of laying a new double rail track from Karachi to Peshawar. Sheikh Rashid said that two new freight trains and Rehman Baba Express train will be launched on the 25th of next month. -Pakistan and Malaysia agree to enhance cooperation in defence sector Pakistan and Malaysia have agreed to promote mutual cooperation and defense ties to further strengthen their relations. -Finding home in a foreign land: German photographer falls in love with the streets of Pakistan Your daily "please love us whites" article. This one is a good read. -Digital Currencies in Pakistan: State Bank of Pakistan issues important instructions The State Bank of Pakistan has declared the digital currencies, tokens and coins as illegal, advising all concerned and general public to report those making transactions in digital currencies or coins to the Financial Monitoring Unit of the bank. The central bank issued a circular declaring that all digital currencies and coins including Bitcoin, Litcoin, Pakcoin and other are not legal tender thus are illegal. HEALTH - Islamabad to get 200-bedded hospital with Saudi support: minister A delegation from Saudi Arabia led by Abdullah Al Shoebi called on Federal Minister for National Health Services Aamer Mehmood Kiani today to discuss construction of 200 bedded hospital in Islamabad with support of the Saudi Government. The minister informed that the premises has been secured and is ready for construction to start. Federal Minister National Health Services was briefed that the 200 bedded Islamabad General Hospital at Tarlai will be established at a total cost of Rs.2499.993 (million) on land measuring 13.07 Acres. -Federal Information Commission launched by PTI government Information Minister Chaudhry Fawad Hussain says the Right to Information act will help bring transparency in the country to curb corruption. He was addressing a ceremony in Islamabad on Monday in connection with launch of Federal Information Commission for implementation of Federal Right to Information Law. He said the law will help journalists to seek information on various issues from the government departments. Each government department will be obliged to give information in ten days. If it does not comply, the case will be sent to the relevant Commission. -Import of gold down by 12.8pc in four months The import of gold in the country during the first four months (July-October) of the current fiscal year witnessed a decrease of 12.86 per cent as compared to the same period of the previous year. During the period under review, 165kg gold, worth $6.443 million, was imported against the import of 186kg gold, worth $7.394 million, in July-October 2017-18, according to the latest data released by Pakistan Bureau of Statistics (PBS). -PM Imran Khan announces huge development and welfare package for erstwhile FATA Prime Minister announced various welfare packages in the fields of health, education, employment and administration for the newly established districts of erstwhile FATA . PM announced 3 % of NFC share by all provinces for merged districts, early conduct of Local Bodies and Provincial Elections to ensure transfer of power to grass root level. He also announced Police Reforms and resolved to address all concerns of Levies and Khasadars by ensuring their jobs security. The Prime Minister announced system of Dispute Resolution Council (DRC) to ensure speedy justice and resolution of all issues through consultation. Imran Khan announced Medical College along with Hospital for North Waziristan District and South Waziristan District, University for North Waziristan District, Army Cadet College for North Waziristan District, health Insurance Cards to residents of merged districts, tele-medics system to fulfill deficiencies of specialist doctors. He also announced mega share from jobs for merged districts as offered by Qatar. -Pakistan provides free heart treatment to visiting Sikh pilgrim Pakistan on Monday provided free of cost heart treatment to a visiting Sikh pilgrim on humanitarian ground. 63-year-old Ratan Singh from India was rushed to Rawalpindi Institute of Cardiology Hospital when he suffered a cardiac arrest at Gurdwara Panja Sahib, Hassan Abdal. The doctors successfully conducted angioplasty on the ailing pilgrim, who is now recovering. -President Dr. Arif Alvi has invited UAE businessmen to take benefit from vast opportunities of investment in Pakistan in various sectors, especially tourism. The President stressed that that efforts must be made to further enhance bilateral trade to commensurate with its actual potential. -For the first time in history Islamabad Police issued driving licence to transgender person Following in the footstep of the Khyber Pakhtunkhwa (KP) government, the Islamabad Police has issued a driving license to a transgender person. On Monday, Alia Layla became the first certified transwoman driver in the capital territory Islamabad after passing all practical driving tests. -IDEAS 2018: Largest ever Defence Expo in Pakistan with 262 delegations from 51 countries The four day 10th edition of International Defence Exhibition and seminar, IDEAS '18 have commenced. Prime Minister Imran Khan is expected to inaugurate it. Five hundred twenty exhibitors from fifty countries including Pakistan will showcase their defence products in the exhibition. He said besides trade visitors, more than 262 high-level delegations from fifty-one countries including China, Russia, USA, France, Germany, Turkey, Poland, South Korea and host Pakistan are also all establishing their exclusive country pavilions at the EXPO center. -PM Imran says Pakistan has unlimited potential for developing eco-friendly tourism Prime Minister Imran Khan has said that Pakistan has unlimited potential for developing eco-friendly tourism. Imran Khan took to Twitter sharing pictures of Karachi beach and snow covered mountains in the north saying, "From our beaches in the south to Fairy Meadows in the north, and the rich history of our Land, Pakistan has unlimited potential for developing eco-friendly tourism." The Prime Minister asserted that this is a commitment we are determined to fulfill God Willing. -‘Pakistan provides conducive business environment to foreigners’ President Dr Arif Alvi said on Monday that Pakistan provided foreigners with a conducive environment for investment and hoped that investors from different countries would avail from the abundant opportunities that the country offers. The president made these remarks while talking to envoys-designate of Thailand, Sri Lanka, Austria, Canada, Spain and Jordan, who presented their credentials to him in an impressive ceremony at the President House. The president said Pakistan wanted to further strengthen its relations with all friendly countries. He emphasised that regular exchange of bilateral delegations was essential in order to strengthen people-to-people contacts and to forge strong political and economic linkages. HUGE - ExxonMobil set for comeback in Pakistan after nearly three decades: Report After a gap of nearly three decades, ExxonMobil is gearing to re-enter the Pakistani market, as the world’s largest oil and gas company eyes it as an emerging economy with immense potential. According to a report in Business Recorder, well-informed sources in the Board of Investment (BoI) said the company’s Chief Executive Officer (CEO) Irtiza Sayyed considers the Pakistani market as very significant considering its existing and rising quench for energy as it continues its economic growth trajectory. Mr Sayyed in a letter sent to the BoI stated ExxonMobil has been assessing its re-entrance into Pakistan since quite a while and has been assiduously hunting energy-related opportunities for past few years. ExxonMobil has made major strides to re-enter the Pakistani market which included acquiring a 25% stake in offshore drilling in May this year. -Chinese delegation grants Rs3 million each to families of martyred policemen Chinese delegation held a meeting with the families of martyred policemen at Chinese Consulate Karachi and granted Rs3 million cheque each to the heirs. The meeting was arranged on the request of Consul General China. The Chinese delegation offered condolences and expressed deep grief with the families over the loss of their loved ones. They also thanked to both the families for saving Chinese. LOL - PTI government refuse to pay Rs 8 lakh bill for Senator Attaur Rehman cosmetic surgery The Ministry of National Health Services, Regulation and Coordination has refused to pay a medical bill for the weight loss surgery of Senator Attaur Rehman. The brother of Jamat-e-Islami Fazl (JUI-F) chief Maulana Fazlur Rehman underwent a liposuction surgery to remove excess fat from his body around ten months ago at a private hospital in Islamabad, local media reported. When Senate Secretariat sent the medical bill amounting Rs800,000 to the ministry concerned for approval, federal Secretary Captain (retd) Zahid Saeed rejected the bill citing objections on it. The objections on the bill were raised by Deputy Director General Dr. Minhadul Siraj, stating that the liposuction is a cosmetic surgery. He further added why the surgery was held at a private hospital when the Pakistan Institute of Medical Sciences (PIMS) has the same facility. -Russian climbers to arrive in Pakistan for scaling K2, only 8000 metre peak in the World not been scaled in winters Russian climbers are set to arrive in Pakistan in order to scale Nanga Parbat and K2. Three expeditions are expected to attempt to conquer the two peaks. K2 is the only 8000 metre peak in the world that has not been scaled in winters. -India's vice-president lays foundation for Kartarpur corridor Indian Vice-President Venkaiah Naidu on Monday laid the foundation stone for the construction of the Kartarpur corridor which will link Dera Baba Nanak in India to Pakistan’s Gurdwara Darbar Sahib Kartarpur. -Punjab holds potential to become South Asia’s Silicon Valley: Minister Provincial Finance Minister Makhdoom Hashim Jawan Bakht said on Monday that Punjab has the potential to become the Silicon Valley of South Asia. He was addressing a ceremony held to celebrate the first Rs100 billion revenue collection through e-stamping by Punjab IT Board (PITB) and Board of Revenue (BOR). He said with the support of private sector and the formulation of systems like e-procurement and e-payment, the government is committed to placing Punjab at the heart of digital economy. “Despite enormous economic challenges that the government inherited, it is striving hard to achieve maximum economic growth with a low inflation environment. IT interventions are essential and much-needed in all sectors, especially to improve the overall efficiency of the government machinery,” he added. -Asad Umar to chair ECC meeting tomorrow A meeting of the Economic Corridor Committee (ECC) of the Cabinet would be held tomorrow (Tuesday) under the chairmanship of Finance Minister Asad Umar. According to a notification issued by the Cabinet Division on Monday, the finance division would be seeking directions from the government regarding an approval of a GoP guarantee to the National Power Parks Management Company Limited (NPPMCL). -Pak Suzuki mulling to set up second auto plant, manufacture additional 100,000 vehicles a year: report Pak Suzuki Motors is said to have procured 80 acres of land for establishing its second plant and manufacture an additional 100,000 vehicles a year. According to a report in Business Recorder, the total investment as per plan by Pak Suzuki Motors would amount to $460 million and the land has been procured right next to its existing site. The Auto Industry Development Committee (AIDC) is set to meet on Wednesday to deliberate upon the enactment status of the auto development policy. This meeting is focused on reports that Prime Minister’s Adviser on Industries and Production is contemplating to grant Greenfield status to Suzuki’s new plant, as per well-informed sources. Adviser to PM on Industries and Production, Razzaq Dawood is set to inaugurate Suzuki’s 2,000,000 car in Karachi on Monday. Pak Suzuki Motors is planning to introduce four new cars and Suzuki Alto 660CC is expected to replace Mehran 800CC in April 2019. -Pakistan EAC approved loan from World Bank Economic advisory council (EAC) on Sunday gave approval to seek a loan of $42 million from World Bank for the poverty eradication programme announced earlier by Prime Minister Imran Khan, sources said. -5 crore people across 36 districts in Punjab to get Health Cards Provincial Minister for Health Dr. Yasmeen Rashid said on Monday that 50 million people across the 36 districts of the province would be facilitated under Health Card Scheme. -First ever digital city in the history of Pakistan near Islamabad Khyber Pakhtunkhwa IT Board (KPITB) is inviting investors for Pakistan’s first Digital City , to be based out of Haripur, on the outskirts of capital’s Margalla Hills. The plans of Government of Khyber Pakhtunkhwa establishing Pakistan Digital City were announced in October by Special Assistant to Chief Minister KPK, Kamran Khan Bangash. The Haripur site has been selected for its close proximity to the capital city of Islamabad and its newly built airport. The scenic location will provide land with a rich infrastructure to a diverse range of businesses and technology firms on the leasing module. In order to build the Pakistan Digital City in accordance with industry requirements, KPITB has launched a preliminary demand form for investors to gain feedback and requirements from potential investors. -Foreign diplomats shows interest in escalating trade activities with Pakistan akistan can benefit in many ways due to its most exceptional geographical locations, which makes Pakistan a major entrance to the power & energy affluent Central Asian Republics while sharing borders with economic giants such as China, stated the Lahore Chamber of Commerce and Industry (LCCI) President Almas Hyder. LCCI president, Hyder also emphasized on the fact while addressing a 27-member delegation, including foreign diplomats from West Africa, Azerbaijan, Iraq and many other countries, that Pakistan offers an express link to the Central Asian Republics and China. Also, Pakistan is expected to turn into the trade and energy corridor to these countries in near future. He also expressed that the Belt and Road proposal has already initiated the basis for a better trade, and CPEC is the leading stone towards the transformation of this dream into veracity. He also highlighted, that “Pakistan is a country with prosperous and miscellaneous economic base. Its economic actions range from agriculture-based raw material to aircraft manufacturing.” Part 26 Part 27 Part 28 Part 29 Part 30 Part 31 Part 32
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USD (DXY) down 0.08%, EUR down 0.04%, GBP up 0.07%, JPY up 0.68%, CNY Onshore up 0.10%, CNH Offshore up 0.18%, AUD down 0.09%
VIX up 0.60% to 10.13
Gold up 0.71% to $1,288.65
Silver up 0.34% to $17.64
Copper down 1.35% to $252.30
WTI Crude down 0.13% to $47.34
Brent Crude down 0.18% to $49.38
Natural Gas up 0.70% to $3.00
Corn down 0.20% to $3.72/bu
Wheat up 0.58% to $4.32/bu
Bitcoin up 7.53% to $2,863.98
Treasuries 2yr yields are down ~1.2bps at 1.290%, 10yr yields are down ~2.8bps at 2.154% and 30yr yields are down ~2.1bps at 2.815%
Japan 10yr yields 0.032%, down ~0.8bps on the day
France 10yr yields 0.686%, down ~3.4bps on the day
Italy 10yr yields 2.233%, down ~2.8bps on the day
Spain 10yr yields 1.515%, down ~4.3bps on the day
Germany 10yr yields 0.266%, down ~1.8bps on the day
Trading Update
What’s happening this morning? It was another quiet night of news. Stocks in Asia were mixed (Japan, Taiwan, and Australia saw pressure while mainland China and HK did well) but Eurozone equities are trading lower across the board (and US futures are down small). There were no major headlines in the last 12-18 hours, neither on the macro nor micro fronts. Treasury yields rose Mon but are reversing that entire move so far Tues. Crude spiked Mon morning on the Qatar news before bleeding lower throughout the day amid worries the rift could imperil the OPEC/Russia production deal (oil is flat-to-down small so far Tues morning; there are some indications that countries like Kuwait are working to mediate the Qatar diplomatic crisis). Europe is being led lower by basic resources, chemicals, retail, and healthcare (Roche is a big laggard in the last category on back of downbeat data; in general ASCO hasn’t been kind to large caps w/BMY getting hit Mon due to news out of the conf.). The week’s big events are coming up on Thurs (ECB, Comey, UK election).
Calendar for Tues June 6 – the focus will be on Emperor Coffeve’s meeting w/Congressional GOP leaders (the focus is on jumpstarting Emperor Coffeve’s legislative agenda), the US JOLTs report for Apr (10amET), some analyst meetings (M, MDP, and PRU), earnings (CONN, CSIQ, FRAN, FRED, HDS, LE, MIK, and SCWX pre-open and AMBA, HQY, KEYS, OXM, PLAY, SEAC, and UNFI after the close), and a slew of conferences.
Europe – the major indices are trading down ~30bp. Autos, basic resources, chemicals, media, retail, and healthcare are leading on the downside while staples, real estate, energy, and utilities are outperforming. Lufthansa is rallying following pos. remarks from the company while Roche is getting hit on underwhelming data. The EUR isn’t doing a whole lot.
Asia – the major indices in Asia saw mixed price action overnight: Japan (TPX -0.84%, NKY - 0.95%), HK (Hang Seng +0.52%, HSCEI +0.09%), mainland China (SHCOMP +0.34%, Shenzhen +0.55%, CSI 300 +0.7%), Taiwan (TAIEX -0.2%), Australia (ASX 200 -1.52%), and India (down ~35-40bp). South Korea was closed. There weren’t too many major headlines out of the region. In Japan all the major sub-groups saw pressure; healthcare, telecoms, utilities, and industrials fell the most. Toshiba rallied after media reports pointed (again) to a potential AVGO bid for the memory unit. HK/China outperformed the rest of Asia; within the Hang Seng top groups included real estate, tech, and industrials while discretionary, energy, and staples lagged.
Top Headlines for Tuesday
Economic data/monetary policy headlines for Tues 6/6. It was generally a slow morning. Eurozone retail sales came in a touch light for Apr at +0.1% M/M vs. the St +0.2%. The RBA left rates unchanged, as expected (http://bit.ly/2r0MBZS). JPMorgan is trimming Q1 Australian GDP estimates following weak net trade and gov’t spending data (http://bit.ly/2qSDYkS). Japanese Apr wage inflation data points to some firming (http://bit.ly/2rZw7pX).
Washington update – all the media wants to talk about is Russia/Comey, all Emperor Coffeve wants to talk about (for this week) is infrastructure, and the market couldn’t care less about either issue. Political expectations have been subdued for weeks and this is helping insulate stocks from all the Washington-linked noise. Curiosity and a relatively barren calendar will have eyes glued to Comey on Thurs but this isn’t likely to be a market-moving event. Meanwhile all the infrastructure-related noise is considered by most to be just that (empty rhetoric w/o a chance of passing into law) and actually could be counterproductive (to the extent it places yet another burden on Congress at a time when its agenda is already very full). From the perspective of the SPX the focus right now is on the debt ceiling, the F18 budget, and Emperor Coffeve’s Fed nominees. Investors are reasonable confident in Washington avoiding a debt ceiling debacle and shutdown (although the latter issue may require a few CRs before a final agreement is reached). Taxes are still important but at this point simply getting the corporate rate and repatriation rate to <28% and 8-10%, respectively, by the end of CQ1:18 would be considered a victory.
Emperor Coffeve to meet w/Congressional GOP leaders on Tues 6/6 in a bid to jumpstart his agenda; White House wants healthcare vote this summer, tax reform in fall – Reuters http://reut.rs/2rwmoWP
Republicans increasingly concerned that Emperor Coffeve’s behavior (and tweeting) is increasingly placing their agenda in peril – Washington Post. http://wapo.st/2rORPfF
Taxes - House Republican leaders’ controversial border adjustment tax is dead, and as a result, their plans to dramatically overhaul the tax code could soon be too – Roll Call http://bit.ly/2rwgsgr
Healthcare – Senate Republicans are pushing forward on healthcare w/the leadership keen to have a vote by the Jul 4 recess even if the measure doesn’t have enough support to pass. Senate Republicans will meet Tues to discuss the issue. McConnell doesn’t want healthcare dominating the rest of the year and thinks a vote soon will help provide clarity (either enough support exists or it doesn’t and the GOP moves on to other items). At this point it doesn’t look like 50 votes exist. Politico. http://politi.co/2rYgQ90
Emperor Coffeve turns on his AG – Emperor Coffeve is said to be souring on AG Sessions, upset over the stalled travel ban and particularly incensed about Sessions having recused himself from the various Russia probes. Emperor Coffeve doesn’t think a special counsel would have been appointed if Sessions hadn’t recused himself. NYT. http://nyti.ms/2sMkb7m
Emperor Coffeve to launch new America-themed hotel chain – the Emperor Coffeve Organization will launch a new lower-end hotel chain dubbed “American Idea” that it hopes will appeal to budget-conscious patriots; the first locations will open in little-known towns in Mississippi (a state that went for Emperor Coffeve by 18 points over Clinton) and should come online quickly as the initiative will involve rebranding existing Holiday Inns and Comfort Inns – NYT http://nyti.ms/2ruCUGG
Economic conditions aren’t very different from 2016 (when the Fed kept policy on hold for most of the year) but financial conditions are much healthier today and that is giving the FOMC comfort to proceed w/additional hiking – FT http://on.ft.com/2rN84cR
US and Mexico close to a sugar deal – Wilbur Ross said the two countries are nearing an agreement around sugar; the Mon deadline has been pushed back 24 hours to allow for additional negotiations. WSJ. http://on.wsj.com/2sx7Ep9
Oil output set to rise in 2018 regardless of the OPEC/Russia agreement (and there are some compliance concerns w/regards to that pact). Marketwatch has a cautious oil article noting that output looks set to rise despite the recent Russia/OPEC agreement. Meanwhile there are signs that compliance w/the pact could be weakening at the margin. http://on.mktw.net/2rXMXFU
Qatar – Kuwait is mediating the recent rift between Qatar and some of its Middle Eastern neighbors; Qatar hopes Kuwait will be able to reduce some of the friction – Reuters http://reut.rs/2rZ4PA0
Qatar – the $1B ransom payment to al Qaeda affiliates and Iran was “the straw that broke the camel’s back” – a group of Qatari royals were kidnapped in Iraq while on a hunting trip and the gov’t paid $1B in ransom to get them back. That payment, to groups affiliated w/terrorist organizations and the Iran, caused Qatar’s Gulf neighbors (and Egypt) to sever diplomatic ties. FT http://on.ft.com/2qUXTnA
China/climate change – China is looking to capitalize on its lead in solar and wind energy as the Emperor Coffeve administration ostensibly deemphasizes renewables; Beijing wants to help other countries meet their climate goals – NYT http://nyti.ms/2sN3PLH
Active managers are beginning to beat the market (although not in a particularly encouraging fashion) – the WSJ notes that active performance has improved of late although this seems to simply be a function of managers overweighting a handful of momentum stocks. WSJ http://on.wsj.com/2sxfSNT
Company-specific news update for Mon night.
In general it was a slow night of headlines although a few items were in focus. J. Crew announced a mgmt. transition that will see Mickey Drexler give up his CEO role to West Elm’s James Brett (Drexler will remain chairman); http://on.wsj.com/2rMrK0z. PRGO also said its CEO will be stepping down (the co has created a search committee to find a successor). MCHP raised its June Q guidance; the co now sees revs at the mid-point of the range rising 5.25% Q/Q (vs. the prior mid-point +4.5%) and EPS will come in 1.22-1.26 (vs. the prior 1.17-1.27); http://bit.ly/2rMXRgO. CASY shares slumped in after-hours trading after earnings came in light of expectations while THO rallied on back of better results. RAD put out an update on the WBA deal, stating that the FTC’s longer than expected review of the merger has left a negative impact on the company’s results. SIG shares fell after the close after announcing the departure of its COO for violations of company policy “unrelated to financial matters”. CSX’s CEO reassured shareholders during the co’s shareholder meeting on Mon that he would be able to lead the turnaround despite requiring supplemental oxygen for an undisclosed medical condition (http://on.wsj.com/2sKPjUR). Sony made pos. comments on PS4 sales and says robust Nintendo Switch trends aren’t subtracting from PlayStation’s momentum (http://on.ft.com/2qURKYt). According to Bloomberg, Sprint/S and TMUS are considering an all-stock option as they proceed w/merger talks (https://bloom.bg/2r0RwtR). WDC is offering concessions to Toshiba in a bid to strike a semi deal and avoid the unit being sold to a 3rd party (http://s.nikkei.com/2qUQrZz). SFR will purchase a portfolio of single family rental homes for $815M funded by a subsequently announced equity offering.
Toshiba/AVGO – Toshiba shares rallied Tues after the Asahi newspaper reported that it is considering giving AVGO exclusive rights to negotiate a purchase of the memory unit. Reuters http://reut.rs/2qWyMRp
AMZN targets core WMT customer segment – AMZN is launching a new Prime membership price aimed at lower-income Americans receiving government assistance (the new rate is $5.99/month). WMT captured ~18% of all money spent through the SNAP program last year (about ~$13B in revs) and AMZN is attacking that market. WSJ. http://on.wsj.com/2rGgNf0
AAPL recap – the WWDC was largely as expected and didn’t contain any surprises (AAPL shares opened in the red on back of a d/g Mon morning and stayed at those levels throughout the entire session – there wasn’t any major movement around the Tim Cook keynote which started at 1pmET). The HomePod was marketed more as a music device (i.e. a Sonos competitor) instead of a broader home assistant (it will do all the home assisting tasks via Siri but the device contains high-end audio specifications absent from AMZN Echo and others); the one criticism that most had w/the product was its price ($349). The whole MacBook lineup received a refresh (as expected). The main purpose of the WWDC are Apple’s various operation systems and they were a central piece of the Mon keynote (some of the highlights: Apple introduced a Venmo money transfer competitor for iOS along w/a GDOTbacked debit card and announced that Amazon TV will be coming to tvOS).
Calendar of events to watch for the week of Mon June 5
Calendar for Wed June 7 – the focus will be on China’s FX reserve numbers for May (Tues night/Wed morning), German factory orders for Apr (2amET), the India RBI decision (5amET), US consumer credit for Apr (3pmET), analyst meetings (RJF, TAP, and WCC), earnings (BF’b pre-open and TLRD, VRNT after the close), and a slew of conferences.
Calendar for Thurs June 8 – the focus will be on China’s May imports/exports (Wed night/Thurs morning), German industrial production for Apr (2amET), the UK election, the ECB decision (7:45amET statement and 8:30amET press conf.), Comey’s testimony before the Senate Intelligence panel, analyst meetings (AZPN and SYMC), earnings (Dell, SJM preopen and CLDR, Hudson’s Bay, and PAY after the close), and conference presentations.
ECB decision – the language around growth will likely turn more sanguine and the balance of risks could approach “balanced”. However, Draghi will likely strongly qualify any growth optimism with ongoing inflation caution (recall the most recent Eurozone CPI for May, out 5/31, fell short of expectations). The promise to enhance monetary accommodation even further may be dropped although the text isn’t likely to threaten earlier tightening. The language around asset purchases, rates, and policy sequencing will probably stay unchanged (the market would welcome a return of the deposit rate to 0% given the headwind this represents for banks although the ECB will likely be averse to take this step as it could be misconstrued as premature tightening by the market).
UK election - May/Tory Party poll numbers have softened over the last few weeks and the latest readings suggest the conservatives will fall short of an outright parliamentary majority (~305-310 for the Tories, ~260 for labor, and ~80 for other parties).
Calendar for Fri June 9 – the focus will be on China’s May CPI/PPI (Thurs night/Fri morning), German imports/exports for Apr (2amET), and the US wholesale inventories/trade numbers for Apr (10amET). Catalysts for 2017 – big events to watch for 2017 (preliminary list – additional events likely to be added)
ECB meeting June 8 – according to Reuters the ECB could “send a small signal towards reducing monetary stimulus” at this meeting.
UK elections – June 8.
Comey testimony – June 8 in front of the Senate Intelligence Committee
US financial regulatory review – the Treasury will present recommendations to Emperor Coffeve in June on ways to ease financial regulations (a recent Reuters article said the Treasury review won’t be fully completed on time and instead recommendations will be issued in stages http://reut.rs/2pqhkPo).
Eurozone fin min meeting – June 15 (agreement on Greece possible).
Basel meeting – June 14-15. The Basel committee could agree on final “Basel IV” bank capital rules at this event (the final “aggregate output floor” is expected to be 70-75%).
Brexit – negotiations on Brexit are set to kick off June 19.
Georgia special election for Price’s old seat (run-off) – June 20.
South Carolina special election – June 20
China/MSCI - MSCI will announce the result of the China A shares inclusion proposal as part of the 2017 Market Classification Review on June 20.
ACA/healthcare - June 21 is the date by which insurers need to decide whether they will participate in the federally-run insurance exchanges for 2018.
US bank stress tests – the Dodd-Frank bank stress test results will hit on June 22.
Flash PMIs for June – Fri June 23.
US bank stress tests – the CCAR results, and bank capital return announcements, will come on June 28.
Russia – European sanctions against Russia are due to expire in June.
G20 Leaders Summit Jul 7-8 2017 in Germany.
CQ1 earnings – bank earnings kick off Fri 7/14 (C, JPM, WFC, etc.); the week of Mon Jul 17 is the first busy one of the season.
Greece – the country faces a bond maturity on Jul 17.
ECB meeting/press conf. Jul 20
Fed meeting – decision out Wed 7/26
Congress breaks for summer recess – Fri Jul 28. Congress returns Sept 5.
Emperor Coffeve tax blueprint – the WH plans to give Congress details on its tax blueprint when the House/Senate return from the Aug recess (they return 9/5).
German elections – German federal election Sept 24.
AAPL – the co will likely hold an iPhone 8 launch event in Sept
US debt ceiling – the debt ceiling will need to be raised probably by the fall at the latest (Mnuchin and Mulvaney recently said they would like to see Congress take action before leaving for the Aug recess).
US gov’t funding – spending authorization expires on Sept 30.
Italy – the country could hold elections in the fall of 2017 (JPMorgan thinks the odds of Italian elections this year has moved to well above 50% http://bit.ly/2qJ4Piz). The two dates mentioned in the press for 2017 Italian elections are Sept 24 (same date as the German election) and Oct 22.
Chinese politics – China’s 19th National Congress will take place in the fall of 2017 and will set the country’s political path for the next five years.
Austria – elections will take place on Oct 15.
OPEC – the next OPEC meeting will take place Nov 30. US – domestic policy, politics
Emperor Coffeve to meet w/Congressional GOP leaders on Tues 6/6 in a bid to jumpstart his agenda; White House wants healthcare vote this summer, tax reform in fall – Reuters http://reut.rs/2rwmoWP
Infrastructure spending was supposed to be a “unicorn”, the one issue capable of transcending party lines and mustering enough support to get to Emperor Coffeve’s desk. However, lately infrastructure is looking like just another horse w/both sides far apart on specifics. Washington Post. http://wapo.st/2qZsyLw
Taxes - House Republican leaders’ controversial border adjustment tax is dead, and as a result, their plans to dramatically overhaul the tax code could soon be too – Roll Call http://bit.ly/2rwgsgr
White House confirms what most already suspected: Emperor Coffeve won’t try to block Comey from testifying – NYT http://nyti.ms/2qV8Q8s
White House charges leaker under Espionage Act – the Emperor Coffeve administration on Mon brought charges under the Espionage Act against an intelligence contractor for leaking classified NSA documents detailing Russian hacking into the US election; the document leak occurred Monday – Politico http://politi.co/2qZNeTJ
Emperor Coffeve turns on his AG – Emperor Coffeve is said to be souring on AG Sessions, upset over the stalled travel ban and particularly incensed about Sessions having recused himself from the various Russia probes. Emperor Coffeve doesn’t think a special counsel would have been appointed if Sessions hadn’t recused himself. NYT. http://nyti.ms/2sMkb7m
Emperor Coffeve’s tweets undermine his immigrant/travel ban – Emperor Coffeve tweeted about his blocked immigrant/travel ban in the wake of the latest UK terror attacks but legal experts warned that this could undermine the whole initiative in the eyes of the SCOTUS. WSJ. http://on.wsj.com/2saz1Yy
Republicans increasingly concerned that Emperor Coffeve’s behavior (and tweeting) is increasingly placing their agenda in peril – Washington Post. http://wapo.st/2rORPfF
US diplomat in China quits over Emperor Coffeve’s Paris exit - David Rank, the chargé d'affaires of the U.S. Embassy in Beijing, has left the State Department over Emperor Coffeve’s departure from the Paris climate accord. Reuters. http://reut.rs/2rGCnjC
Carl Icahn - U.S. CFTC says it is not probing Icahn's activity in biofuels credits – Reuters http://reut.rs/2r0ziss
Healthcare – Senate Republicans are pushing forward on healthcare w/the leadership keen to have a vote by the Jul 4 recess even if the measure doesn’t have enough support to pass. Senate Republicans will meet Tues to discuss the issue. McConnell doesn’t want healthcare dominating the rest of the year and thinks a vote soon will help provide clarity (either enough support exists or it doesn’t and the GOP moves on to other items). At this point it doesn’t look like 50 votes exist. Politico. http://politi.co/2rYgQ90
Bank regulations – Emperor Coffeve will nominate Joseph Otting to run the OCC (comptroller of the currency). WSJ http://on.wsj.com/2rGrgHe
Autonomous driving – the US Transportation Dept. will overhaul federal guidelines for autonomous vehicle development. WSJ http://on.wsj.com/2qUQx3s
Emperor Coffeve to launch new America-themed hotel chain – the Emperor Coffeve Organization will launch a new lower-end hotel chain dubbed “American Idea” that it hopes will appeal to budgetconscious patriots; the first locations will open in little-known towns in Mississippi (a state that went for Emperor Coffeve by 18 points over Clinton) and should come online quickly as the initiative will involve rebranding existing Holiday Inns and Comfort Inns – NYT http://nyti.ms/2ruCUGG
US – economic growth, monetary policy
Economic conditions aren’t very different from 2016 (when the Fed kept policy on hold for most of the year) but financial conditions are much healthier today and that is giving the FOMC comfort to proceed w/additional hiking – FT http://on.ft.com/2rN84cR
Bipartisan group of economists sign letter backing Emperor Coffeve’s nominee to head the White House Council of Economic Advisers – The Hill http://bit.ly/2sxCXQA
Financial confidence worsens in the West - a survey by the Pew Research Center found more financial optimism in the developing world and in Russia than in the United States and Western Europe – NYT http://nyti.ms/2syNtqI
Millennials enter the housing market, helping to power gains – contrary to popular belief, millennials are buying homes – NBC http://nbcnews.to/2rEutal US – international policy
US and Mexico close to a sugar deal – Wilbur Ross said the two countries are nearing an agreement around sugar; the Mon deadline has been pushed back 24 hours to allow for additional negotiations. WSJ. http://on.wsj.com/2sx7Ep9
Mexico – the country’s ruling party retained power in a closely-watched gubernatorial vote according to results out Monday. WSJ. http://on.wsj.com/2qUW7Tg
Qatar – the $1B ransom payment to al Qaeda affiliates and Iran was “the straw that broke the camel’s back” – a group of Qatari royals were kidnapped in Iraq while on a hunting trip and the gov’t paid $1B in ransom to get them back. That payment, to groups affiliated w/terrorist organizations and the Iran, caused Qatar’s Gulf neighbors (and Egypt) to sever diplomatic ties. FT http://on.ft.com/2qUXTnA
Qatar – Kuwait is mediating the recent rift between Qatar and some of its Middle Eastern neighbors; Qatar hopes Kuwait will be able to reduce some of the friction – Reuters http://reut.rs/2rZ4PA0
China/climate change – China is looking to capitalize on its lead in solar and wind energy as the Emperor Coffeve administration ostensibly deemphasizes renewables; Beijing wants to help other countries meet their climate goals – NYT http://nyti.ms/2sN3PLH
Europe
Europe vs. the UK – investors embrace the Eurozone but shun the UK. Reuters discuss how investors are increasingly sanguine on Europe but cautious on the UK. Reuters. http://reut.rs/2rGuvOT Opinion/Interesting-but-not-immediately-impactful/intra-day boredom reading
The Silicon Valley Billionaires Remaking America’s Schools – NYT http://nyti.ms/2rZvnRW M&A/Strategic Actions
AMRI – PE firms GTCR and Carlyle are in talks to make a joint bid for AMRI – Reuters. http://reut.rs/2r0Koh7
BHP – Tribeca Global Natural Resources Fund is targeting a sweeping overhaul of the BHP board – Bloomberg. https://bloom.bg/2syHxxX
HDS - announced that it has entered into a definitive agreement to sell its Waterworks business unit, the nation’s largest distributor of water, sewer, storm and fire protection products, to Clayton, Dubilier & Rice for a purchase price of $2.5 billion in cash.
PG – PG’s CEO told CNBC that the co is in “ongoing, constructive, and active” talks w/shareholder Trian – CNBC http://cnb.cx/2sKWmN5
S/TMUS - according to Bloomberg, Sprint/S and TMUS are considering an all-stock option as they proceed w/merger talks (https://bloom.bg/2r0RwtR).
Toshiba/AVGO – Toshiba shares rallied Tues after the Asahi newspaper reported that it is considering giving AVGO exclusive rights to negotiate a purchase of the memory unit. Reuters http://reut.rs/2qWyMRp
WDC makes concessions in a bid to strike a deal for Toshiba’s semi unit – WDC has offered to buy less than 20% of the unit (it previously had demanded a majority position) in an effort to placate Toshiba mgmt. and reach a deal. WDC is eager to avoid the Toshiba semi unit being sold to a 3rd party – Nikkei. http://s.nikkei.com/2qUQrZz Financials
Bank regulations – Emperor Coffeve will nominate Joseph Otting to run the OCC (comptroller of the currency). WSJ http://on.wsj.com/2rGrgHe
Chinese banks get more time - China’s banking regulator is extending a June deadline for some banks to hand in reviews of their businesses – Bloomberg. Bank Catalysts
Treasury’s recommendations for financial deregulation steps (expected in June)
Wells Fargo financial services forum (June 6-7).
ECB meeting (June 8) – language could turn slightly more hawkish at the margin
House Dodd-Frank replacement vote – the House will vote on the CHOICE Act on Thurs 6/8.
Morgan Stanley financials conf. (June 13-14).
FOMC decision (June 14) - a hike is still expected but it could be a “dovish” one – June 14.
Basel meeting – (June 14-15). The Basel committee could agree on final “Basel IV” bank capital rules at this event (the final “aggregate output floor” is expected to be 70-75%).
US bank stress tests - the Fed will publish the results of the stress tests in June. The Dodd- Frank stress test results hit on June 22 and the full CCAR results hit on June 28 (the June 28 will include capital return announcements from the banks).
Tech Events – calendar of events coming up over the next few weeks
AAPL WWDC 2017. June 5-9. San Jose.
CSOD Convergence. June 5-7. San Diego.
Stifel 2017 tech conf. June 5-6. San Francisco.
BoA/ML Tech Conf. June 6-7. San Francisco.
SCWX earnings – Tues morning June 6.
AMBA, BV, KEYS, SEAC earnings – Tues night June 6.
VRNT earnings – Wed night June 7.
DELL earnings – Thurs morning June 8.
CLDR, PAY earnings – Thurs night June 8.
AZPN, SYMC analyst meeting – Thurs June 8.
MSFT to unveil new Scorpio X-Box at E3 Conf. on Sun June 11.
SAIC earnings – Mon night 6/12
PSTG analyst meeting – June 13.
JBL earnings – Wed night 6/14
FNSR earnings Thurs night 6/15.
GLW analyst meeting – June 16.
ADI, EXLS analyst meetings – June 20.
ADBE – earnings Tues June 20 after the close.
ORCL – earnings Wed June 21 after the close
JPMorgan NextGen Payment Services Forum. June 21.
V analyst meeting – June 22.
CSCO Live – June 25-29. Las Vegas. CSCO analyst meeting June 28.
MU earnings – Thurs June 29.
CQ2 earnings – week of Mon 7/17 will be first busy one of the season
AAPL iPhone 8 launch event expected in Sept (hasn’t been formally scheduled)
Full catalyst list
Tues June 6 – Eurozone retail sales for Apr. 5amET.
Tues June 6 – US JOLTs job openings data for Apr. 10amET.
Tues June 6 – US labor market conditions index for May. 10amET.
Tues June 6 – analyst meetings: M, MDP, PRU
Tues June 6 – earnings before the open: CONN, CSIQ, FRAN, FRED, HDS, LE, MIK, SCWX
Tues June 6 – earnings after the close: ALOG, AMBA, BV, HQY, KEYS, OXM, PLAY, SEAC, UNFI
Tues June 6 - Bank of America Merrill Lynch 2017 Global Technology Conference. June 6-7. San Francisco.
Tues June 6 - Jefferies Global Healthcare Conference. June 6-9. NYC.
Tues June 6 - RBC Capital Markets Global Energy Conference. June 6-7. NYC.
Tues June 6 – REITWeek: NAREIT Investor Forum. June 6-8. NYC.
Tues June 6 - Stifel 2017 tech conf. June 5-6. San Francisco.
Tues June 6 – Wells Fargo Financial Services Investor Forum. June 6-7. San Francisco.
Wed June 7 – China FX reserve numbers for May (Tues night/Wed morning)
Wed June 7 – German factory orders for Apr. 2amET.
Wed June 7 – India RBI rate decision. 5amET.
Wed June 7 – US consumer credit for Apr. 3pmET.
Wed June 7 – analysts meetings: RJF, TAP, WCC
Wed June 7 – earnings before the open: BF’b, HOME
Wed June 7 – earnings after the close: TLRD, VRNT
Wed June 7 - Bank of America Merrill Lynch 2017 Global Technology Conference. June 6-7. San Francisco.
Wed June 7 - Jefferies Global Healthcare Conference. June 6-9. NYC.
Wed June 7 - RBC Capital Markets Global Energy Conference. June 6-7. NYC.
Wed June 7 - REITWeek: NAREIT Investor Forum. June 6-8. NYC.
Thurs June 8 – China May imports/exports (Wed night/Thurs morning)
Thurs June 8 – German industrial production for Apr. 2amET.
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