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UK GOVERNMENT SEIZES $185 MILLION FROM DORMANT BANK ACCOUNTS
The UK government is seizing funds in dormant bank accounts worth approximately $185 million to fund its coronavirus relief efforts. So far, 30 banks have been voluntarily transferring money from dormant accounts to the government, including HSBC, Barclays, Clydesdale, Credit Agricole, Danske, Santander, Lloyds, and Bank of Scotland. The government has also proposed adding other types of assets that can be seized, such as insurance policies and share proceeds.
BEWARE OF BANKRUPT STOCKS
Bankruptcies are piling up as the pandemic marches on around the globe.Hertz and JCPenney are two of the most high profile publicly traded companies to file for Chapter 11 protection since the Covid-19 pandemic hit the United States. They have plenty of company.
CAR INDUSTRY IN TURBULANCE DUE TO COVID 19
Car Industry has suffered serious losses due to the pandemic of covid 19. As the virus spread and the car factories were forced to shut down the industry fell more and more into a spiral. Moreover depand has gone down leading to major losses.
CBDC IS NO THREAT TO BITCOIN
Central bank digital currencies (CBDCs) pose no threat to Bitcoin’s value proposition, instead, they will spur its growth toward mass adoption.
IMF PREDICTS BANKS WILL STRUGGLE AT LEAST 5 MORE YEARS
The International Monetary Fund (IMF) has predicted that banks will struggle to generate profits at least five years after the global economy recovers from the coronavirus-led economic crisis. The IMF explained that banks were struggling even before the covid-19 pandemic so their troubles “will extend to at least 2025, well beyond the immediate effects of the current situation.”
JOHN MCAFEE INTRODUCES GHOST
John McAfee has announced a new privacy coin called GHOST. However, the coin won’t be distributed through an initial coin offering, nor through an initial exchange offering. Given the poor performance of past token sales, as highlighted by the grim IEO stats, novel token distribution mechanisms are on the rise. Alternatives, like Dynamic Coin Offerings, designed by blockchain software developer and consultancy DAO Maker, are making waves for their proposal of a token sale where buyers are given downside protection.
HEALTH CARE STOCKS ARE SOLID
Health care, one of the largest and most complex sectors, is comprised of a broad range of companies that sell medical products and services. The health care sector includes companies that sell drugs, medical devices, and insurance, as well as hospitals and health care providers.
JPMORGAN CHASE STARTS ACCEPTING BITCOIN BUSINESSES
JPMorgan Chase has reportedly started providing banking services to bitcoin businesses, with the first two clients being Coinbase and Gemini exchanges. JPMorgan also recently recommended having cryptocurrency in investment portfolios as its CEO, Jamie Dimon, changed his mind about bitcoin.
VISA FILES PATENT FOR CRYPTOCURRENCY SYSTEM
Visa International has filed for a cryptocurrency system patent that is meant to replace physical currency. The system, which utilizes both central banks and commercial banks, leverages a private blockchain to improve the payment ecosystem.
NASDAQ TO TIGHTEN RULES
Nasdaq has proposed new rules to make it more difficult for some Chinese firms to list on its stock exchange.