Allstate to return $600 million in auto premiums to customers as pandemic cuts driving By Reuters


© Reuters. Outbreak of the coronavirus disease (COVID-19) in Seattle

By Suzanne Barlyn

(Reuters) – U.S. insurer Allstate Corp (N:) said on Monday that it would return more than $600 million in auto insurance premiums to customers as many Americans stay home and drive less due to “shelter-in-place” orders to curb the coronavirus outbreak.

Most customers will receive a “payback” of 15% of their monthly premium in April and May, the company said.

A smaller U.S. auto insurer, American Family Insurance in Madison, Wisconsin, also said on Monday that it would return a total of $200 million to auto insurance customers beginning in mid-April. Customers will receive $50 per vehicle covered by their policies, the company said.

“There are very few silver linings out there, but auto insurance companies are definitely one of them,” said Piper Sandler analyst Paul Newsome about coronavirus.

Fewer accidents generally lead to a lower claim frequency and Newsome expects insurance companies with large auto portfolios, such as Progressive Corp (N:), Travelers Companies Inc (N:) and Allstate, to post good first quarter results.

The payments show how coronavirus could provide a silver lining for at least one industry – auto insurance companies – as more drivers stay off the roads.

Allstate’s payback, which will apply to 18 million policies issued by Allstate and its Esurance and Encompass units, follows a data analysis by the insurer of 23 million cars that showed driving mileage being down between 35% and 50% in most states, Allstate Chief Executive Officer Tom Wilson said during a call with reporters on Monday.

The analysis, based partly on data that Allstate collects from tracking products that some customers agree to use in exchange for discounts, and other sources,

Allstate’s data showed no difference between states that had “shelter in place” orders in effect and those that did not, Wilson said.

Still, some people who are still on the roads are driving faster on what are now less densely traveled roads, which could lead to more serious accidents, Wilson said.

Next Insurance, a commercial insurer in Palo Alto, California that covers small businesses also on Monday said that it would discount April commercial auto premiums by 25% because “stay at home” orders have reduced the insurers’ risks.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Africa could lose 20 million jobs due to pandemic: AU study By Reuters


© Reuters. Women walk past job seekers outside a construction site in Sandton, an affluent area situated within the metro of Johannesburg

By Joe Bavier and Giulia Paravicini

JOHANNESBURG/ADDIS ABABA (Reuters) – About 20 million jobs are at risk in Africa as the continent’s economies are projected to shrink this year due to the impact of the coronavirus pandemic, according an African Union (AU) study.

So far, Africa accounts for just a fraction of total cases of the disease which has infected more than one million people worldwide, according to a Reuters tally.

But African economies are already facing an impending global economic downturn, plummeting oil and commodity prices and an imploding tourism sector.

Before the onset of the pandemic, continent-wide gross domestic product (GDP) growth had been projected by the African Development Bank to reach 3.4% this year.

However, in both scenarios modeled by the AU study – seen by Reuters and entitled “Impact of the coronavirus on the Africa economy” – GDP will now shrink.

Under what the AU researchers deemed their realistic scenario, Africa’s economy will shrink 0.8%, while the pessimistic scenario said there would be a 1.1% dip.

Up to 15% for foreign direct investment could disappear.

The impact on employment will be dramatic.

“Nearly 20 million jobs, both in the formal and informal sectors, are threatened with destruction on the continent if the situation continues,” the analysis said.

African governments could lose up to 20 to 30% of their fiscal revenue, estimated at 500 billion in 2019, it found.

Exports and imports are meanwhile projected to drop at least 35% from 2019 levels, incurring a loss in the value of trade of around $270 billion. This at a time when the fight against the virus’ spread will lead to an increase in public spending of at least $130 billion.

Africa’s oil producers, which have seen the value of their crude exports plunge in past weeks, will be among the worst hit.

Sub-Saharan Africa’s biggest oil producers Nigeria and Angola alone could lose $65 billion in income. African oil exporters are expected to see their budget deficits double this year while their economies shrink 3% on average.

African tourist destinations will also suffer.

Africa has in recent years been among the fastest growing regions in the world for tourism. But with borders now closed to prevent the disease’s spread and entire airlines grounded, the sector has been almost entirely shut down.

Countries where tourism constitutes a large part of GDP will see their economies contract by an average of 3.3% this year. However, Africa’s major tourism spots Seychelles, Cape Verde, Mauritius and Gambia will shrink at least 7%.

“Under the average scenario, the tourism and travel sector in Africa could lose at least $50 billion due to the covid-19 pandemic and at least 2 million direct and indirect jobs,” the AU study said.

Remittances from Africans living abroad – the continent’s largest financial inflow over the past decade – are unlikely to cushion the blow.

“With economic activity in the doldrums in many advanced and emerging market countries, remittances to Africa could experience significant declines,” the analysis found.



Cisco’s Webex draws record 324 million users in March By Reuters


2/2
© Reuters. A visitor uses a mobile phone in front of the Cisco booth at the Mobile World Congress in Barcelona

2/2

By Supantha Mukherjee

(Reuters) – Cisco Systems Inc (NASDAQ:)’s video-conferencing app Webex registered a record 324 million attendees in March, with usage more than doubling in the Americas, as the coronavirus-led lockdowns forced businesses to have employees work from home.

Webex and rival meeting platforms from Zoom and Microsoft Corp (NASDAQ:)’s Teams are being used worldwide to host everything from virtual classrooms and business meetings to church services, as people stay at home to restrict the spread of the pandemic.

Zoom’s daily users ballooned to more than 200 million in March from a previous maximum total of 10 million, the company said https://blog.zoom.us/wordpress/2020/04/01/a-message-to-our-users on Wednesday. It was, however, not clear if the number was comparable with Cisco’s due to the different ways the companies calculate meeting attendees.

“Webex grew 2.5 times in Americas, four times in Europe and 3.5 times in Asia Pacific. Our growth is sourced from enterprise expansion, education and telehealth,” said Sri Srinivasan, senior vice president and general manager, Cisco Collaboration.

About 73 million meetings took place in March and well over 22 million meetings per week in the last two weeks, Sri Srinivasan added.

Cisco said the latest user numbers have more than doubled since January.

The explosion in demand has spurred a huge boom for what were often relatively small businesses while raising issues of privacy and abuse.

Zoom’s share price has surged five-fold in value since going public in April last year, but the company has faced a backlash in the past week from users worried about the lack of full encryption of sessions and zoombombing, where uninvited guests crash meetings.

Cisco said its Webex system, which includes teleconferencing and is older, was fully encrypted.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



U.S. weekly jobless claims blow past six million as coronavirus lockdowns spread By Reuters


2/2
© Reuters. FILE PHOTO: An empty restaurant is seen in Manhattan borough following the outbreak of coronavirus disease (COVID-19) in New York City

2/2

By Lucia Mutikani

WASHINGTON (Reuters) – The number of Americans filing claims for unemployment benefits shot to a record high of more than 6 million last week as more jurisdictions enforced stay-at-home measures to curb the coronavirus pandemic, which economists say has pushed the economy into recession.

Thursday’s weekly jobless claims report from the Labor Department, the most timely data on the economy’s health, reinforced economists’ views that the longest employment boom in U.S. history probably ended in March. With a majority of Americans now under some form of lockdown, claims are expected to rise further.

Economists said worsening job losses underscored the need for additional fiscal and monetary stimulus. President Donald Trump last week signed a historic $2.3 trillion package, with provisions for companies and unemployed workers. The Federal Reserve has also undertaken extraordinary measures to help companies weather the highly contagious virus, which has brought the country to a halt.

“These data underscore the magnitude of the stop-work order that has been imposed on the economy,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York. “The scale of the increase should also focus policymakers on getting the cash into the economy with possibly a fourth fiscal package and additional Fed lending programs.”

Initial claims for state unemployment benefits surged 3.341 million to a seasonally adjusted 6.648 million for the week ended March 28, the government said. That was double the previous all-time high of 3.307 million set in the prior week.

Economists polled by Reuters had forecast claims would jump to 3.50 million in the latest week, though estimates were as high as 5.25 million. The number of people on unemployment rolls shot up 1.245 million to 3.029 million in the week ended March 21, the highest since July 6, 2013.

The United States has the highest number of confirmed cases of COVID-19, the respiratory illness caused by the virus, with more than 214,000 people infected. Nearly 5,000 people in the country have died from the illness, according to a Reuters tally.

The Labor Department said states continued to identify layoffs related to COVID-19 across a broad array of industries, including accommodation and food services, health care and social assistance, manufacturing industries, retail, wholesale trade and construction industries.

“Similar to last week’s unemployment claims numbers, today’s report reflects the sacrifices American workers are making for their families, neighbors, and country in order to slow the spread,” U.S. Labor Secretary Eugene Scalia said in a statement.

The dollar () was trading higher against a basket of currencies, while U.S Treasury prices rose. Stocks on Wall Street gained as a recovery in oil prices outweighed the shock of the jobless claims data.

(GRAPHIC: Unemployment benefits claims hit all-time high – https://fingfx.thomsonreuters.com/gfx/mkt/jbyprrzrpeo/Pasted%20image%201585835392808.png)

VIRUS DEPRESSES IMPORTS

The coronavirus pandemic’s disruptive impact was highlighted by a separate report from the U.S. Commerce Department on Thursday showing a collapse in Chinese imports, resulting in the U.S. trade deficit narrowing 12.2% to $39.9 billion in February, the lowest level since September 2016.

While the shrinking trade gap is a positive in the calculation of gross domestic product, declining imports mean less inventory accumulation, which could offset the contribution to GDP. The shortages stemming from meager imports are weighing on consumer spending and production at factories, which could lead to further job losses.

Economists believe the economy slipped into recession in March. The National Bureau of Economic Research, the private research institute regarded as the arbiter of U.S. recessions, does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries. Instead, it looks for a drop in activity, spread across the economy and lasting more than a few months.

“The U.S. economy is now in recession,” said Gus Faucher, chief economist at PNC Financial (NYSE:) in Pittsburgh. “Enormous job losses could do tremendous long-lasting damage to the economy that would weaken any eventual recovery.”

Applications for unemployment benefits peaked at 665,000 during the 2007-2009 recession, when 8.7 million jobs were lost. Unadjusted claims in California soared 692,394 last week. New York, another COVID-19 hot spot, reported an increase of 286,404.

Economists say the country should brace for jobless claims to continue escalating, partly citing generous provisions of the fiscal package and the federal government’s easing of requirements for workers to seek benefits.

As a result, self-employed and gig workers who previously were unable to claim unemployment benefits are now eligible. In addition, the unemployed will get an additional $600 per week for up to four months. This is on top of existing jobless benefits, which averaged $385 per person per month in January, and is equivalent to $15 per hour for a 40-hour workweek.

By comparison, the government-mandated minimum wage is about $7.25 per hour. Last week’s claims data has no bearing on the closely watched employment report for March, which is scheduled for release on Friday. The government surveyed businesses and households in the middle of the month for the employment report, when just a handful of states were enforcing “stay-at-home” or “shelter-in-place” orders.

It is, however, a preview of the carnage that awaits. Retailers, including Macy’s (N:), Kohl’s Corp (N:) and Gap Inc (N:), said on Monday they would furlough tens of thousands of employees, as they prepare to keep stores shut for longer.

According to a Reuters survey of economists, the government report on Friday is likely to show nonfarm payrolls dropped by 100,000 jobs last month after a robust increase of 273,000 in February. The unemployment rate is forecast to rise three-tenths of a percentage point to 3.8% in March.

“The broader stimulus package contains many weaknesses that reduce its effectiveness, which is regrettable because the job loss we have seen so far is just the tip of the iceberg,” said Heidi Shierholz, a former chief economist at the Labor Department.

“Based on new GDP forecasts, we project that nearly 20 million workers will be laid off or furloughed by July, with losses in every state,” added Shierholz, now a policy director at the Economic Policy Institute in Washington.



U.S. Initial Jobless Claims Surge to Record 3.28 Million By Investing.com


© Reuters.

By Noreen Burke 

Investing.com – The number of Americans applying for initial unemployment benefits surged to a record last week, the U.S. Labor Department said on Thursday, as widespread measures to contain the coronavirus pandemic stalled the economy, unleashing a wave of layoffs.

The increase dwarfed the prior week’s figure of 282,000.

The report also showed the number of people already receiving benefits increased to .

The release has had a limited reaction on Wall Street, with many expecting a very large figure. At 8:35 AM ET (1235 GMT), futures for the traded 28 points, or 1.1%, lower, futures for the down 67 points, or 0.9%, while the futures contract fell 149 points, or 0.7%. 

The report offers the clearest picture yet of the coronavirus’ devastating impact on the economy, which has prompted the Federal Reserve to implement what is essentially unlimited quantitative easing and set the U.S. Congress in motion to approve an unprecedented $2 trillion coronavirus relief bill.

“Containment efforts in response to the coronavirus resulted in a very sudden and very dramatic change over just a few days,” said Stephen Gallagher, U.S. chief economist at Societe Generale in New York. “Layoffs were part of that change and applicants appear to have flooded state unemployment insurance offices within a very short time-span.”

Governors in at least 18 states, accounting for nearly half the country’s population, have ordered residents to stay mostly indoors. “Non-essential” businesses have also been ordered closed. According to economists, a fifth of the workforce is on some form of lockdown.

Last week’s claims data likely will have no impact on March’s employment report as it falls outside the period during which the government surveyed employers for nonfarm payrolls, which was the week to March 14. Economists, however, say the rush for benefits in that survey week suggests payrolls declined this month, which would end nearly nine-and-a-half years of job growth.

“Jobs will decline in March,” said Mark Zandi, chief economist at Moody’s Analytics in West Chester, Pennsylvania. “There are numerous reports of laid-off workers unable to file for unemployment insurance because so many people are trying to file at the same time. Millions of job losses are likely in coming weeks.”

–Reuters contributed to this report

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Hedge fund Fir Tree puts $410 million dislocation fund to work


FILE PHOTO: The floor of the New York Stock Exchange. New York, U.S., March 20, 2020. REUTERS/Lucas Jackson/File Photo

BOSTON (Reuters) – After years of waiting and watching from afar, hedge fund Fir Tree Partners is spending $410 million from its dislocation funds on stocks, pockets of the credit market and other securities, sure the historic market sell-off made new bargains.

The $3 billion hedge fund, known for winning bets on the overheated housing market and making money in credit crises, has put roughly 30% to work and is scouring all sectors for opportunities as markets seesaw, a person familiar with the firm’s trading told Reuters.

Fears about the corona virus sparked panic selling and fears about growth are weighing on them still even as a government stimulus packaged prompted buying.

Fir Tree, which has been managing money since 1994, began raising money for its Capital Opportunity Dislocation Fund and Value Dislocation Fund in 2013 and 2014, years before other investment firms created vehicles designed to eventually profit from an economic downturn or market drop.

Its pool is different. It has a broader investment mandate that permits buying in virtually all sectors, including capital structure arbitrage, special situations and real estate. There are also fixed investment triggers that strip out human emotion on calling when it is time to buy.

Firms including Sixth Street Partners and Centerbridge Partners LP are now unleashing capital in portfolios earmarked for a crisis. These funds are likely to profit in a year other investments are nursing heavy losses. The average stock-focused hedge fund has lost 16% this year through the middle of March, Goldman Sachs data show, and the S&P 500 Index has lost 21% since January.

Fir Tree’s mandate lets managers buy only after a 12% decline in the S&P 500 Total Return Index or a 250 basis point spread widening in the JPMorgan Global High Yield Index. In late 2018 when stocks dropped, the signals said it was time; the commitment period had ended and a two year clock to put the money to work started ticking.

Unwilling to chase returns as stocks quickly rebounded to new records in 2019, Fir Tree however held off. It told pension funds, endowments, and sovereign wealth funds that made commitments of between $10 million and $25 million to the fund that there was no pressure to participate yet, the person familiar with the trading said.

The team has until the end of 2020 to spend the full amount.

Reporting by Svea Herbst-Bayliss; Editing by David Gregorio



Source link

U.S. weekly jobless claims soar to record 3.28 million


WASHINGTON (Reuters) – The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic brought the country to a sudden halt, unleashing a wave of layoffs that likely ended the longest employment boom in U.S. history.

FILE PHOTO: Job seekers speak with potential employers at a City of Boston Neighborhood Career Fair on May Day in Boston, Massachusetts, U.S., May 1, 2017. REUTERS/Brian Snyder

The weekly jobless claims report from the Labor Department on Thursday offered the clearest evidence yet of the coronavirus’ devastating impact on the economy, which has forced the Federal Reserve to take extraordinary steps and the U.S. Congress to assemble a record $2 trillion stimulus package.

Economists say the economy is already in recession. Weekly claims are the most timely labor market indicator. With nearly half the country’s population under some form of a lockdown and reports of state employment websites overwhelmed, economists are bracing for further increases in jobless claims.

“With partial lockdowns across the country leading to a sudden stop in economic activity, the U.S. economy will experience the largest economic contraction on record with the most severe surge in unemployment ever,” said Gregory Daco, chief U.S. economist at Oxford Economics in New York.

“We expect jobless claims will continue to climb as more economic activity shuts down.”

Initial claims for unemployment benefits rose 3.00 million to a seasonally adjusted 3.28 million in the week ending March 21, eclipsing the previous record of 695,000 set in 1982, the Labor Department said. That also dwarfed the peak of 665,000 in applications during the 2007-2009 recession, during which 8.7 million jobs were lost.

Economists polled by Reuters had forecast claims would rise to 1 million, though estimates were as high as 4 million.

The Labor Department attributed the surge to COVID-19, the respiratory illness caused by the coronavirus. A running tally kept by Johns Hopkins University showed that at least 1,046 people in the country have died from COVID-19.

“This large increase in unemployment claims was not unexpected, and results from the recognition by Americans across the country that we have had to temporarily halt certain activities in order to defeat the coronavirus,” U.S. Labor Secretary Eugene Scalia said in a statement.

Layoffs were concentrated in the accommodation and food service, health care and social assistance, arts, entertainment and recreation, transportation and warehousing, and manufacturing industries.

Mounting job cuts and a sinking economy have prompted President Donald Trump, who is running for re-election in November, to push for businesses to reopen by Easter, which is April 12. With infections and the death toll rising, many health experts, economists and politicians have argued against such a move.

Fed Chair Jerome Powell said on Thursday in an interview on NBC’s “Today” show that the economy “may well be in recession” but progress in controlling the spread of the coronavirus will dictate when the economy can fully reopen.

Recessions in the United States are called by the National Bureau of Economic Research. The NBER does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries. Instead, it looks for a drop in economic activity, spread across the economy and lasting more than a few months.

The economy grew at a 2.1% annualized rate in the fourth quarter, the Commerce Department confirmed in another report on Thursday. The department also reported a 9.1% plunge in the goods trade deficit to $59.9 billion in February, as well as declines in wholesale and retail inventories, as the coronavirus helped to depressed imports.

Stocks on Wall Street were trading higher, with expectations rising that the record jump in unemployment benefits would spur additional fiscal relief. The dollar .DXY fell against a basket of currencies, while prices of U.S. Treasuries rose.

(Graphic: Unemployment benefits claims hit all-time high, here)

PAYROLLS SEEN DECLINING

The pandemic has prompted governors in at least 18 states to order residents to stay mostly indoors. “Non-essential” businesses have also been ordered closed. According to economists, a fifth of the workforce is on some form of lockdown.

The historic fiscal stimulus package, which is now before the U.S. House of Representatives, would increase payments for the unemployed by up to $600 per week per worker, and laid-off workers would get those payments for up to four months. Regular benefits, which typically run out after six months in most states, would be extended for an additional 13 weeks.

Unadjusted claims for California and Washington state, Ohio, New Jersey, Illinois, Texas and Massachusetts increased by more than 100,000 last week. Pennsylvania reported unadjusted claims increased more than 300,000.

Last week’s claims data likely will have no impact on March’s employment report as it falls outside the period during which the government surveyed employers for nonfarm payrolls, which was the week ended March 14.

Still, the unprecedented surge in jobless claims likely signals a record streak of 113 months of U.S. employment growth, dating to October 2010, came to an end this month.

“Jobs will decline in March,” said Mark Zandi, chief economist at Moody’s Analytics in West Chester, Pennsylvania. “There are numerous reports of laid-off workers unable to file for unemployment insurance because so many people are trying to file at the same time. Millions of job losses are likely in coming weeks.”

(Graphic: End of a historic jobs boom, here)

Thursday’s claims report also showed the number of people receiving benefits after an initial week of aid increased 101,000 to 1.80 million for the week ended March 14, the highest since April 2018.

FILE PHOTO: A message about protecting yourself from the coronavirus disease (COVID-19) is seen on an electronic billboard in a nearly empty Times Square in Manhattan in New York City, New York, U.S., March 20, 2020. REUTERS/Mike Segar

The so-called continuing claims data covered the period during which the government surveyed households for March’s unemployment rate. Continuing claims increased 110,000 between the February and March survey week, suggesting the unemployment rate will probably rise this month from the current 3.5%.

“We would be amazed if it didn’t exceed 10% by May, if not April,” said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. “The unemployment rate could remain elevated for years.”

Reporting by Lucia Mutikani; Editing by Paul Simao



Source link

Coin Metrics Report Shows Stablecoin Transfer Value Hit $444 Million By Cointelegraph


Coin Metrics Report Shows Stablecoin Transfer Value Hit $444 Million

Blockchain analysis company Coin Metrics has found that while (BTC) was experiencing its biggest daily drop in the last seven years, stablecoins reaped the benefits.

Coin Metrics, which conducts analysis of various aspects of cryptocurrency tokens, released their State of the Network report on March 23. The report focused on how the rest of the crypto market fared during the BTC crash two weeks ago.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



How North Korea Laundered $100 Million of Stolen Crypto By Cointelegraph


Revealed: How North Korea Laundered $100 Million of Stolen Crypto

Blockchain forensics firm CipherTrace has published a detailed analysis of how two Chinese nationals. associated with North Korea. laundered tens of millions of dollars worth of stolen cryptocurrency.

The pair are believed to be associated with the shadowy Lazarus Group, which was behind the Sony breach in 2014, the WannaCry ransomware epidemic in 2017, and a $7 million attack on Bithumb (also in 2017).

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Daily Users of Brave’s Blockchain Web Browser Pass 4 Million By Cointelegraph



The cryptocurrency-powered internet browser Brave seems to be gaining in popularity, surpassing four million daily users.

Brendan Eich, the co-founder and chief executive of Brave and former CEO of Mozilla, recently tweeted that Brave also has 12.2 million monthly users. As such, roughly 30% of Brave’s monthly users utilize the browser daily.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.