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Stock indexes in the U.S. are rising to their highest levels in a month Tuesday. Netflix is leading a rally in internet and technology companies after raising subscription prices, and China’s government said it plans to cut taxes — a step that could generate more business for tech firms.
PG&E Corp. said Monday that it will file for bankruptcy in California after the cost of wildfires left it with potential liabilities of $ 30 billion or more, gutting its share price and prompting the departure of its chief executive.
The San Francisco company said it will file under Chapter 11 of…
Stocks closed higher on Wall Street, giving the market its first four-day winning streak since September, the AP reports. Technology companies and banks posted big gains Wednesday. Those stocks tend to benefit the most from economic growth. Apple added 1.7% and Citigroup also rose 1.7%. Energy companies benefited…
Stocks rose again following a strong report on the economy and the resumption of trade talks between the US and China, the AP reports. The gains Monday built on a massive rally on Friday, the latest big swing over the past three months. Companies that rely on consumer spending did…
When you predict the same thing will happen to the stock market year after year, eventually you’re going to be wrong.
That’s what happened to Wall Street strategists in 2018, whose perennial optimism about U.S. equities got bushwhacked by the worst fourth quarter in a decade. In January, the group…
Dell Technologies made its re-entry to the public markets, five years after its eponymous founder and a big private-equity firm took it private in the biggest-ever technology leveraged buyout.
WSJ.com: US Business
Major US stock indexes finished mostly lower Friday after another day of volatile trading, the AP reports. Losses in technology, energy and industrial stocks outweighed gains in retailers and other consumer-focused companies. Smaller company stocks outgained the rest of the market. The benchmark S&P 500 index ended the week with…
50% of Chinese Stock Exchange Companies Investigated Fail to Demonstrate Real Applications for BlockchainDecember 27, 2018 | dailybusinessnews
According to Chinese state media, the Shanghai and Shenzhen stock exchanges have carried out investigations into 30 percent of companies listed on their exchanges that are performing operations pertaining to distributed ledger technology (DLT). Of the companies investigated, less than half were able to demonstrate applications for blockchain technology.
Listed Blockchain Companies Undergo Questioning From Shanghai and Shenzhen Stock Exchanges
The recent speculative frenzy surrounding cryptocurrencies has led to a number of businesses seeking to associate their operations with virtual currencies and DLT. In many cases, the purported foray into blockchain has appeared dubious at best, despite many companies seeing dramatic volatility in the price of their shares, buoyed by news of blockchain adoption.
Chinese state-operated media outlet Securities Daily estimates that 80 public companies listed on the exchanges purport to have included DLT in their business model. Of the 80 companies, 56 have seen a rise in price, placing blockchain among the few sectors to be performing well in the two cities.
Data produced by Hithink Flush Information Network has indicated that 70 of the 80 blockchain-related stocks have seen price moves meeting the daily limit 10 percent price volatility during 2018, seven of which exceeded the limit more than 10 times this year.
More than 50 Percent of Investigated Blockchain Companies Fail to Demonstrate DLT Applications
23 of the 80 DLT companies have been directly investigated by the Shenzhen and Shanghai stock exchanges. Two thirds of the examinations took place during the first quarter of 2018.
According to Sina, the exchanges’ investigations predominantly sought to ascertain “the specific model of the blockchain business, including application scenarios and profit models,” and potential “operational risks” that may arise as a consequence of adopting DLT.
When asked to demonstrate the results of their blockchain operations, the companies are reported to have most frequently used the words “exploration” and “research,” with 13 of the 23 companies suspected of having sought to associate themselves with blockchain solely to drive speculation while failing to evidence applications for DLT.
What is your response to the exchanges’ findings that the majority of companies seeking to ride the blockchain bandwagon have no intention of delivering products and applications built on the technology? Share your thoughts in the comments section below!
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Stocks surged on Wall Street on Wednesday, with the Dow Jones Industrial Average vaulting more than 1,000 points, the AP reports, its biggest one-day point-gain ever. Investors recouped all their losses from Wall Street’s Christmas Eve plunge as stocks rallied across all sectors, giving markets their best single-day percentage…