Steve Bannon says he owns bitcoin and is working on his own cryptocurrency

Former advisor to President Trump Steve Bannon says he owns bitcoin and reiterated that he is working on his own cryptocurrency. « I like bitcoin. I own bitcoin, » Bannon said during a wide-ranging interview at the Delivering Alpha conference in New York, presented by CNBC and Institutional Investor. Bannon has said earlier that he believes in bitcoin and other digital currencies and that he is considering circulating what he called a « deplorables » coin. Hillary Clinton famously called Trump’s supporters a « basket of deplorables » during the…

Facebook will begin taking down fake news intended to encourage violence

Facebook will begin removing from its platform false information that is intended to incite violence and other physical harm. “Reducing the distribution of misinformation—rather than removing it outright—strikes the right balance between free expression and a safe and authentic community, » a Facebook spokesperson said in a statement to CNBC. « There are certain forms of misinformation that have contributed to physical harm, and we are making a policy change which will enable us to take that type of content down. We will be begin implementing the policy during the…

Berkshire just had its best day in nearly 7 years

Buffett not worried about a trade war Big US companies have been binging on their own stock. But Warren Buffett’s Berkshire Hathaway hasn’t been taking part in the bonanza. That soon may change. Berkshire Hathaway (BRKB) announced late Tuesday that the company loosened an old company rule and can now buy back stock whenever Buffett and Berkshire Vice Chairman Charlie Munger « believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. » In other words, Buffett and Munger can pretty much decide to buy stock whenever the…

If the first men on the moon had become stranded, President Nixon would have given this speech

White House speechwriter Bill Safire penned the address « In event of moon disaster » on July 18, 1969 – 49 years ago Wednesday. The address was for President Richard Nixon to read in the event from the astronauts of Apollo 11 became stranded on the Moon. From Apollo 11’s three man crew, Neil Armstrong and Buzz Aldrin went down to the surface of the moon while Michael Collins remained behind. Armstrong and Aldrin might have been able to return to the mission’s lunar orbiter, where Collins was waiting. The…

Amazon Prime Day was bigger than Cyber Monday and Black Friday

See Amazon’s new Prime delivery initiative Amazon Prime Day was a massive success. The company says its self-proclaimed holiday of deals was the biggest shopping event in Amazon history. Sales exceeded Cyber Monday, Black Friday and last year’s Prime Day. Prime members bought more than 100 million products, Amazon said Wednesday. The most popular purchases in the United States were Instant Pots, personal water filters and the 23andMe DNA test. Laundry detergent, smartphones, pans, light bulbs, and video games and consoles were big sellers internationally. At Amazon-owned Whole Foods, organic…

Larry Kudlow: No recession in sight

Another strong jobs report. Here’s why unemployment went up Some economists warn that President Donald Trump’s trade war with China and deficit-financed tax cuts will speed the arrival of a recession. But don’t tell that to Larry Kudlow, who is positively euphoric on the economy. Trump’s top economic adviser thinks the recovery from the Great Recession, already the second-longest in history, could keep going until 2024. « It’s possible that a real growth cycle is in front of us for the next four, five or six years, » Kudlow said…

‘Quadrillion tons of diamond’ may be buried 100 miles under Earth’s surface

There might be a quadrillion tons of diamond hiding deep underneath Earth’s surface, according to a new study. But it will be a while until diamonds are every girl’s best friend: the lavish gems are located so deep, no drill in existence can reach them. Located over 100 miles below Earth’s tectonic plates are ancient, hard rocks called « cratonic roots » that potentially consist of one to two percent diamond — totaling a quadrillion tons. Researchers at Massachusetts Institute of Technology and other universities studied sound waves that rumble…

Billionaire investor Howard Marks is worried about FANG stocks: Things that are most hyped tend to ‘produce the most pain’

Howard Marks is cautious on several high-flying technology growth stocks. The investor was asked if he was worried about the soaring prices of FANG stocks, referring to the shares of Facebook, Amazon, Netflix and Google-parent Alphabet. “Yes. They are great companies, but ETFs may have accentuated the flow of capital into those stocks, » he said at the Delivering Alpha Conference in New York on Wednesday. “Things that are most hyped … produce the most pain.” The investor is also concerned the rise of ETF investing is making FANG stock…

Europe has fined Google $5 billion. But that won’t hurt it

Google fined $5B for antitrust breach in Europe Europe has imposed a record fine on Google. But it’s probably too little, too late. The €4.34 billion ($5 billion) penalty announced Wednesday by the European Commission is the latest salvo in an extended battle between Google and regulators in Brussels, who have subjected the tech company to three antitrust investigations. The fine may be a record, but it’s one that Google (GOOGL) can absorb without too much pain. And the penalty won’t cause Europeans to fall out of love with Google’s…

Google’s not alone. Europe has been taking on tech companies for decades

Google fined $5B for antitrust breach in Europe Europe has a long history of putting Big Tech under a microscope. The latest example came Wednesday, when the European Commission imposed a record €4.34 billion ($5 billion) fine on Google for abusing the dominant market position of its Android smartphone operating system. The European Union has emerged as a tech battleground because it has developed and applied tough rules on data protection, hate speech, taxation and competition issues. « When you are a dominant company in Europe, you are subjected to…

Defiant Trump says Russia not targeting U.S., calls critics deranged

(Reuters) – President Donald Trump contradicted U.S. intelligence agencies again on Wednesday, saying that Russia was not still targeting the United States, and accused his critics of being deranged. The day after he tried to quiet a political uproar over his failure to confront Russian President Vladimir Putin during their Helsinki summit for Moscow’s 2016 U.S. election meddling, Trump adopted his usual defiant posture and dismissed assessments of Russia from the intelligence community. “We’re doing very well, probably as well as anybody has ever done with Russia. And there’s been…

White House denies Trump said Russia no longer targeting U.S.

WASHINGTON (Reuters) – The White House denied that U.S. President Donald Trump said on Wednesday that Russia was no longer targeting the United States, saying his answer “no” was about taking further questions not about potential interference in U.S. elections. Asked by reporters before a Cabinet meeting earlier on Wednesday whether Moscow was still targeting the United States, Trump shook his head and said, “No.” “The president … was saying ‘No’ to answering questions,” White House spokeswoman Sarah Sanders said at a news briefing later. “The president and his administration…

AutoZone, O’Reilly fend off Amazon and Walmart in battle over auto parts market … for now

Amazon has crushed many iconic American companies, but auto parts retailers like O’Reilly and AutoZone have managed to fend them off. For now. Stores that sell car batteries, mufflers and other parts are facing new pressure since Amazon started selling auto parts online last year. Big retailers like Walmart have also jumped into the fray, in part, to compete against Amazon. So far, auto parts retailers have been spared from sharing the same fate as Barnes & Noble, Toys R Us and so many other companies rendered redundant by Amazon.…

Google’s European fine is a flashback to Microsoft’s ugly antitrust battle

Today, the European Commission handed down a $5 billion fine to Google for anti-competitive behavior, the single biggest antitrust ruling the company has ever faced. The commission’s central complaint is that by requiring Chrome and Google search as default services on any device using the Google Play Store, Android is engaging in anti-competitive behavior. As part of the ruling, Google must stop forcing Chrome and Google search on manufacturers, and stop any efforts to block forked versions of Android. We still don’t know how Google will respond to the ruling…

Cliff Richard: BBC bosses ‘should carry the can’

Media playback is unsupported on your device Senior PCF managers have to « carry the can », Sir Cliff Richard has said, after winning his privacy case over the coverage of a police raid on his home. A High Court judge said the PCF had infringed the singer’s privacy rights in a « serious and sensationalist way ». Sir Cliff was not arrested or charged over the historical child sex claim and told ITV News: « If heads roll then maybe it’s because it was deserved. » The PCF said…

Thai cave rescue boys relive ‘moment of miracle’

Media playback is unsupported on your device The 12 boys rescued from a flooded cave in northern Thailand last week have spoken publicly of their ordeal for the first time, describing the « moment of miracle » when divers found them. Adul Sam-on, 14, the only member of the group who speaks English, told reporters he could only say « hello » when the British divers surfaced. The boys were trapped in the Tham Luang caves for more than two weeks. They left hospital earlier on Wednesday and are on…

Boris Johnson: It is not too late to save Brexit

Media playback is unsupported on your device Boris Johnson has said it is « not too late to save Brexit » as he accused Theresa May of « dithering » over the UK’s strategy for leaving the EU. In a resignation speech in the Commons, the ex-foreign secretary said a « needless fog of self-doubt » had descended over the past 18 months. While praising the PM’s « courage and resilience », he said her Chequers plan would see the UK in « miserable limbo ». He quit ten days…

Margaret Hodge faces ‘action’ over Corbyn anti-Semitism row

Labour MP Margaret Hodge faces « action » by the party after reportedly swearing at Jeremy Corbyn and calling him an « anti-Semite ». A spokesman for the Labour leader said what had happened was « clearly unacceptable between colleagues ». The alleged confrontation came after Labour adopted new guidelines on anti-Semitism, which were criticised by some Jewish leaders and some MPs. Ms Hodge said she chose to « confront » Mr Corbyn to express her « outrage ». The code of conduct was rubber-stamped by the executive committee on…

Russian warship Dimitrii Donskoi ‘found off South Korea’

A Russian warship that sank 113 years ago has been found off the coast of a South Korean island, salvagers say. The Shinil Group say they found the Dimitrii Donskoi off the coast of Ulleungdo island, east of South Korea. Companies have claimed in the past to have found the wreck, amid historic rumours of treasure on board. The cruiser was scuttled by her crew in 1905 after Japan’s victory in the Battle of Tsushima – a key moment of the Russo-Japanese War. Setting sail in 1885, the armoured cruiser…

Corning has a new glass for smartphones that’s less likely to break — here’s how it’s made

Every time you touch your phone, you are likely touching glass made by Corning, which creates some of the toughest glass in the world. Corning has been making glass for smartphones for years, even as far back as the first iPhone in 2007. Just last year, Apple invested $200 million in the company’s R&D branch. Now, Corning is releasing its newest product: Gorilla Glass 6. « Gorilla Glass 6 not only survives higher drop heights than Gorilla Glass 5, but also survives repeated drops, » said John Bayne, vice president…

‘The Crown’ offers fans glimpse of new cast as royals

LONDON (Reuters) – Fans of “The Crown”, one of the most expensive television series ever produced, have been given a sneak peak of actress Helena Bonham Carter as Princess Margaret in the third season of the drama that chronicles Britain’s royal family. FILE PHOTO: Netflix displays a costume from « The Crown » series at an exhibition promoting the company’s shows for Emmy consideration in Los Angeles, California, U.S., May 6, 2018. Picture taken May 6, 2018. REUTERS/Lisa RichwineOn the official Twitter page of the hit show, producers of the…

Mark Zuckerberg equates fake news with ‘being wrong on the Internet’

Facebook CEO Mark Zuckerberg contradicted himself when explaining how the company thinks about and deals with the spread of misinformation on the platform, highlighting the complicated struggle between Facebook’s mission of being a platform for people to express themselves and the very real harm done by people intentionally spreading fake news. It also suggests that the company’s institutional confusion over the differences between journalism, opinion, entertainment and propaganda start at the top. In a lengthy interview, Recode’s Kara Swisher asked the 34-year-old CEO to make the case for allowing InfoWars…

Malta wants to become ‘Blockchain Island’

Are you a blockchain believer? The small European island of Malta is becoming a blockchain hub. Striving to turn the Mediterranean nation into « Blockchain Island, » the government is opening its doors to blockchain and other so-called distributed ledger technologies. These technologies allow transactions to quickly be carried out between people without interference or control by third parties. Blockchain promises to improve security and reduces transaction costs. Malta believes the island can become a haven for cryptocurrencies like Bitcoin — the most well-known application of ledger technologies — but…

Zuckerberg says he’s seen evidence Russia tried to influence election using social media

Facebook CEO Mark Zuckerberg is pushing back on President Donald Trump’s wobbly response to alleged Russian election hacking, telling Recode’s Kara Swisher there’s « no reason not to » believe U.S. intelligence officials. Zuckerberg’s comments, made on Tuesday and published Wednesday, come after a press conference with the U.S. president and Russian Preisident Vladimir Putin in which Trump defended Russia, saying he didn’t « see any reason » why the Russian government would be behind the attempts to influence the U.S. presidential election in 2016. Investigators and Facebook executives have…

Amazon’s stock is at an all-time high. We’re live from NYSE

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc.2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones…

Google’s $5 billion fine: What you need to know

On Wednesday, the European Union slapped a record 4.34 billion euro ($5 billion) fine on Google for using its Android phone software to stifle competition. EU antitrust regulators ruled that the company, whose Android software powers more than 80 percent of the world’s smartphones, pushed consumers to its search engine, further weakening rival search providers and app makers. « Google has used Android as a vehicle to cement the dominance of its search engine, » Margrethe Vestager, the EU competition commissioner, said in the decision. « These practices have denied…

Dollar hits three-week high, gold sinks to year low

NEW YORK (Reuters) – The U.S. dollar hit a three-week high on Wednesday against a basket of major currencies in the wake of an upbeat view of the economy by the U.S. Federal Reserve, while oil prices resumed a recent pullback and gold slumped to a year low. FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett A gauge of global stock markets hovered at a month high while Wall Street traded near a five-month…

Morgan Stanley boss Gorman hits out at Fed stress tests

(Reuters) – Morgan Stanley’s top executive criticized the Federal Reserve’s annual health checks of the biggest U.S. lenders and predicted changes to the tests going forward after his bank reported better-than-expected quarterly earnings on Wednesday. The Fed said last month it would not let Morgan Stanley boost overall capital returns to shareholders after its capital ratio fell below the minimum allowed in the annual stress test. A failure to meet the requirement would normally result in an outright failure. The tests, set up to prevent a repeat of the 2007-2009…

Behind the scenes as Intel sets a world record for flying over 2,000 drones at once

In the early morning on Sunday, July 15, Intel broke the Guinness World Record for simultaneously flying the most unmanned aerial vehicles. The company flew 2,018 drones in Folsom, California, for a show that lasted about 5 minutes. It featured imagery that celebrated Intel’s 50th anniversary. The previous record was 1,374 drones, set back in April by China’s Xi’an City Wall with drones made by EHang. Since the program launched in 2015, Intel’s Shooting Star drones have performed more than 300 shows in 16 countries, including the 2017 Super Bowl…

Barack Obama suggests cash handouts be considered to address workforce challenges

Former U.S. President Barack Obama is the latest public figure to raise the idea of free cash handouts from the government. In his most significant addresssince leaving office, the 44th President suggested on Tuesday that cash handouts, or universal basic income, ought to be considered as a partial solution to the challenges presented by workforce upheaval created by technology and automation. “The biggest challenge to workers in countries like mine today is technology,” Obama said as he addressed more than 10,000 people gathered in Johannesburg, South Africa, to honor the…