Financial News
Bitcoin s volatility makes it impractical as a store of wealth or payments mechanism
Bitcoin’s exceptional volatility makes it “impractical as a store of wealth or payments mechanism,” the bank s analysts said Getty Images By Wednesday March 17, 2021 2:11 pm
Analysts at Bank of America have attacked bitcoin as “exceptionally volatile” and “impractical” in a 17 March research note.
In the note, the analysts said there was “no good reason to own bitcoin unless you see prices going up”.
The analysts said the supply of the cryptocurrency was by design artificially constrained so demand swings are.
Hong Kong won’t appeal ex-JPMorgan banker bribery acquittal
Leung Kar-cheung was acquitted of two counts of bribery on 1 February By Thursday March 4, 2021 8:16 am
The Hong Kong government won’t appeal the acquittal of an ex-JPMorgan banker accused of bribery after offering a job to the son of a client.
Ex-banker Catherine Leung Kar-cheung was charged in 2019 with bribing the chair of Kerry Logistics by offering a job to his son, The Wall Street Journal reported.
Leung was acquitted of two counts of.
They were involved with white-collar crimes but Donald Trump has pardoned them
Trump has pardoned a string of business people convicted of crimes including racketeering, wire fraud, money laundering, and insider trading
Former Google and Uber engineer Anthony Levandowski was sentenced to 18 months in prison in August for stealing trade secrets from Googles self-driving car programme but has now been pardoned by Donald Trump Getty Images By Wednesday January 20, 2021 2:19 pm
Trump has pardoned 73 people and commuted the sentences of an additional 70 people as his time in office draws to a close.
These are the people from the worlds of business and finance who received pardons or commutations from Trump.
Siemens Energy stock tumbled on Friday, after
General Electric sued the German company over the alleged theft of trade secrets it claims were used to win contracts worth billions of dollars.
Shares in the company, a spinoff of
Siemens that listed in September last year, were 6.3% lower in early trading. Despite the fall, the stock has still risen 44% since its listing.
The lawsuit, filed with a U.S. District Court in Virginia on Thursday, alleges that Siemens Energy obtained the U.S. giant’s trade secrets when both companies were competing over a gas turbine contract for Virginia-based power utility