An Asian industry group that includes Google, Facebook and Twitter has warned that tech companies could stop offering their services in Hong Kong if the Chinese territory proceeds with plans to change privacy laws. The warning came in a letter sent by the Asia Internet Coalition, of which all three companies, in addition to Apple Inc, LinkedIn and others, are members. Proposed amendments to privacy laws in Hong Kong could see individuals hit with “severe sanctions”, said the 25 June letter… Source link

(Bloomberg) — Chinese billionaire Zhang Jindong secured a $1.36 billion state-backed bailout for the troubled retail arm of his Suning empire, marking another step in Beijing’s efforts to clean up its heavily indebted conglomerates. A group of investors, led by the Nanjing state asset management committee and the Jiangsu provincial government, will take a 16.96% stake in Suning.com Co., according to a statement Monday. The deal was struck at 5.59 yuan a share, the near eight-year low the… Source link

Shortly after being entwined in a legal decision in the U.K., the Bitcoin.org website has faced another battle, this time on the technical front. According to the site’s pseudonymous operator, Cobra, Bitcoin.org was hit with an “absolutely massive” distributed denial of service (DDoS) attack. CoinDesk was able to access the site without issue. Decrypt reported on Monday that attackers had demanded 0.5 bitcoin ($17,012) to have the site’s services and operations restored to… Source link

(Bloomberg) — When will China overtake the U.S. to become the world’s biggest economy? Few questions are more consequential, whether it’s for executives wondering where long-term profits will come from, investors weighing the dollar’s status as global reserve currency, or generals strategizing over geopolitical flashpoints. In Beijing, where they’ve just been celebrating the 100th anniversary of the Chinese Communist Party, leaders are doing their best to present the baton-change as… Source link

(Reuters) – China’s cybersecurity watchdog suggested Didi Global Inc delay its initial public offering and urged it to review its network security, weeks before the Chinese ride-hailing giant went public, the Wall Street Journal reported on Monday, citing people familiar with the matter. It isn’t known whether Didi carried out its own review, according to the WSJ report. [https://on.wsj.com/3jKuGWx] But a person close to the company told the newspaper the company ultimately decided to go… Source link

kate_sept2004 / Getty Images Teenagers are suddenly a hot commodity in the U.S. labor market this summer, as employers scramble to fill jobs in a market where numerous industries face severe worker shortages. See: Teens Can Expect Plenty of Job Opportunities This Summer, and Wages Are UpFind: Should Teens Save for College or Retirement? Take Our Poll Nearly six million Americans between the ages of 16 and 19 are leveraging a shortage of adult workers to find jobs this summer, the Financial… Source link

Bill Oxford / Getty Images/iStockphoto So you think you know all you need to know about Social Security? If so, congratulations – you are in the minority when it comes to knowledge of the nation’s biggest retirement benefits program. See: Social Security Cost-of-Living Adjustments Aren’t Enough to Pay Higher Costs for SeniorsFind: Next Year’s Social Security Checks Could Get Biggest COLA Bump in 13 Years A new study released by the Nationwide Retirement Institute found that most… Source link

In this article, we discuss the 10 biggest hedge fund casualties of Reddit WallStreetBets’ short squeezes. If you want to skip our detailed analysis of these hedge funds, go directly to the 5 Biggest Hedge Fund Casualties of Reddit WallStreetBets’ Short Squeezes. Hedge funds have suffered billions in losses this year in a fierce stock market showdown with retail investors on internet platforms like Reddit and Twitter over the past six months. These battles have usually centered around stocks… Source link

A reverse mortgage loan is a potential way for an American senior at or over the age of 65 to tap into their home’s equity to help with their goals in funding retirement, and can provide a viable option for those seeking to bolster their cash flow while living on a fixed income. However, there are potential drawbacks that need to be considered prior to entering into such a loan. This is according to a column published by GOBankingRates and appearing in Yahoo Finance. One thing that… Source link

One of the most widely used charts for predicting massive future bitcoin price gains is showing the largest divergence since January 2019.  The bitcoin stock-to-flow model currently suggests that the price of bitcoin should be around $77,900. But as of Monday, the cryptocurrency was trading at $33,668, well off the all-time high price of $64,829 reached in April.  Crypto analyst ‘PlanB’, who has been documenting his stock-to-flow model since March 2019, tweeted that BTC/USD is now the… Source link