With internet scams on the rise during the pandemic, here are solid ways you can protect yourself and your information while buying online.
The stock of Boston Scientific (NYSE:BSX, 30-year Financials) gives every indication of being fairly valued, according to GuruFocus Value calculation.
The US vows to be a world leader on COVID-19 vaccinations. 211,000 lbs. of ground turkey could have Salmonella. It's the weekend's biggest news.
The stock of PTC (NAS:PTC, 30-year Financials) shows every sign of being significantly overvalued, according to GuruFocus Value calculation.
(Bloomberg) -- Federal Reserve Chair Jerome Powell said the U.S. economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, but that Covid-19 remains a threat.“We feel like we’re at a place where the economy is about to start growing much more quickly and job creation coming in much more quickly,” Powell told CBS’s “60 Minutes” in an interview conducted Wednesday, according to a transcript of the interview that airs Sunday.“The outlook has brightened substantially. And that’s the base case. I would say again though, there really are risks out there.”“The principal risk to our economy right now really is that the disease would spread again. It’s going to be smart if people could continue to socially distance and wear masks,” Powell said.Fed officials have repeatedly stressed that the U.S. economy continues to need aggressive monetary policy support as it recovers from the pandemic, even as the outlook brightens amid widening vaccinations. That dovish view has helped power U.S. stocks to fresh record highs as investors shrug off inflation concerns amid powerful aid from Washington.“What we’re seeing now is really an economy that seems to be at an inflection point. And that’s because of widespread vaccination and strong fiscal support, strong monetary policy support,” Powell said.Minutes of the central bank’s March meeting released April 7 said policy makers expect it will likely be “some time until substantial further progress” was made on employment and inflation. That refers to the tests they’ve set for scaling back bond purchases of $120 billion a month.Their latest forecasts show officials don’t expect to raise interest rates from near zero before the end of 2023, even as they sharply upgraded projections for growth and employment this year.Powell was put on the Fed board by President Barack Obama, a Democrat, and elevated to the central bank’s helm by his successor Donald Trump, a Republican. His four-year term as chair expires in February and he’s given no indication that he wouldn’t serve a second stint if asked by Democratic President Joe Biden.Powell, 68, has repeatedly deflected questions over whether he’d like to stay in the job.Biden, whose team could start considering the choice of Fed chair in the coming months, said last week that he’d not spoken with Powell since becoming president out of respect for the Fed’s independence.Trump repeatedly applied public pressure on Powell and the Fed via Twitter and in speeches, drawing rebukes from around the world for interfering with the world’s most powerful monetary authority.(Updates with additional Powell quote in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The U.S. economy is poised for an extended period of strong growth and hiring, the chair of the Federal Reserve said in an interview broadcast Sunday, though the coronavirus still poses some risk. Chair Jerome Powell, speaking to CBS' “60 Minutes," also said that he doesn't expect to raise the Fed's benchmark interest rate, currently pegged at nearly zero, this year. “We feel like we’re at a place where the economy’s about to start growing much more quickly and job creation coming in much more quickly,” Powell said.
More than ever before, homeowners and businesses are eager to ensure that their forced air HVAC systems are removing viruses and other small particles from the air where they live and work.Boulder, CO, April 11, 2021 (GLOBE NEWSWIRE) -- More than ever before, homeowners and businesses are eager to ensure that their forced air HVAC systems are removing viruses and other small particles from the air where they live and work. The COVID-19 pandemic has created greater awareness of the importance of good air quality, but it’s not the only reason that people are taking action to improve the effectiveness of their systems. There’s increased recognition today that too high of a concentration of any type of tiny particles, including mold and bacteria, can adversely affect air quality and the health of occupants. This includes triggering respiratory conditions like allergies and asthma. People with these conditions know that the specks floating in a sunbeam coming through a window may be fun to watch, but they aren’t good to inhale. Plus, health issues aside, people who breathe air that’s been effectively treated and filtered simply find it to be more pleasant and odor-free. Standing by the ocean as waves crash on the shore, or outside after a rainstorm, you’ve probably noticed that the air has a different scent. That’s due, in part, to the moisture in the air and other factors. But a major contributor to the unmistakable “freshness” is what’s called ionization and the effect it has on airborne particles. This natural process can be reproduced inside your home or business to clean the air—extremely effectively and surprisingly affordably. Two Ways Ionization Improves Indoor Air Quality—Including Over 99% Virus Eradication There are plenty of resources for learning about the science of ionization and air treatment. But to summarize, an ion is an atom or molecule that has a positive or negative charge based on the number of electrons and protons it contains. Ions exist naturally in the environment, but can also be produced artificially. When positive and negative ions are intentionally introduced to the air in a home or place of business, they cause the particles they come into contact with to become positively or negatively charged. And because opposites attract, these now-charged airborne particles (viruses, mold spores, etc.) clump together in a process called “agglomeration,” creating what are essentially tiny particle snowballs. Why is this helpful? The very smallest of airborne particles are so small that they’re difficult to pull into an air filtration system. Agglomeration creates larger particles that can be moved into—and trapped by—an air filter much more easily. Agglomeration isn’t the only benefit of treating indoor air with ions, however. Ions also attack the protein shell of viruses, essentially stripping it away and inactivating their RNA—the “code” that enables them to duplicate themselves inside a human host. In other words, ions fight the battle against viruses using two different, but very effective, tactics simultaneously. An Air Filtration Solution That Makes Good Filters Work Even Better At Timberline Mechanical, we provide customers who are looking for cutting-edge air purification with an incredibly effective system from a company called Global Plasma Solutions (GPS). They hold the patent in what’s called needlepoint bipolar ionization (NPBI). Learn about NPBI in an informative video. This process uses specialized electrodes (or “needles”) made of carbon fiber, titanium, stainless steel or other conductive and corrosion-resistant materials to produce ions. The ions exist for just 60 seconds, but that’s ample time for them to do their work on virus, mold and bacteria particles as well as odors and volatile organic compounds (VOCs) that are common in indoor environments. These ions are extremely effective in clearing the air. Independent, third-party testing by respected firms has produced impressive results: Source: https://globalplasmasolutions.com/independent-testing One of the best things about ionization treatment of indoor air is that it can help existing systems and components work even better. Specifically, air filters have what’s called a Minimum Efficiency Reporting Value, or MERV. The higher the MERV rating, the more particles that are captured by the filter. For example, a filter with a MERV of 17 provides HEPA (high-efficiency particulate air) filtration, which is hospital-grade filtering. By creating particle clumps, ionization enables any filter to capture a higher percentage of particles—in effect, increasing its performance by 4-5 MERV levels, as shown below. Ionization solutions even outperform commonly used UVX systems. Source: https://globalplasmasolutions.com/uploads/customer-resources/Resource-Library/Marketing-Materials/Global-Plasma-Brochure.pdf So, companies that use NPBI from GPS can get a significant performance improvement from lower-MERV filters. Plus, experienced technicians like ours at Timberline can install, test and activate a system quickly. In addition, the mechanism is mounted in the lower section of your air-handling unit (out of sight) and is completely maintenance free (out of mind). An NPBI solution just does its job quietly, efficiently and reassuringly for anyone concerned about air quality. And, Timberline can install an iMeasure from GPS to actively count ions present in any space! Users are also glad to learn that NPBI is UL867 and UL2998 certified and doesn’t produce harmful ozone. Ionization Can Improve Air Quality in Virtually Any Setting Can NPBI dramatically improve the air quality in your home or place of business? The answer is, “Yes.” This revolutionary technology is being used successfully in wide range of industries and settings, including: AgricultureAirportsArenas & stadiumsBanksCasinosChildcare settingsColleges & universitiesConvention centersFood service businessesGyms and other fitness settingsHospitalityHospitalsManufacturing facilitiesOffice buildingsRetail storesSchoolsSenior care communitiesTransportationTheatersWorship facilities This includes many high-profile installs by organizations that have the resources to purchase any system they choose and decide to go with a GPS solution. Source: https://globalplasmasolutions.com/about-us View a short video testimonial from one satisfied NBPI solution user. At Timberline, we’ve installed over 150 of these GPS ionization systems in their various sizes for various applications ranging from residential furnace installs to large-scale school and manufacturing environment applications in and around Boulder County. We are eager to help answer any questions you may have regarding the GPS product line and help you choose the best ionization system for your specific needs. GPS installation quotes can be provided the same-day as the equipment survey and systems typically can be installed in the next day or two if needed. Enhanced Air Filtering That Doesn’t Tax Your System As noted above, there are other types of ionization systems, like ultraviolet, standalone HEPA systems. There are also ways around actively treating the air in your space that seem cost-effective up front but can end up easily outweighing the cost of a GPS install in the long run. One way is to flush your space with fresh air by increasing economizer settings, opening windows, etc. Another is to increase the filtration only and adjust fan speeds to accommodate higher MERV-rated filters. Please keep in mind that when these options are exercised, your HVAC system is taxed heavily, as it is now trying to heat/cool air that is outside of its design-spec range or overworking itself due to pressure drops faced by the increased filtration. Consequently, the lifespan of your specific unit can be compromised. GPS units typically cost less than compressor or heat exchanger replacements. And when it comes to destroying pathogens, removing VOCs and reducing odors, NPBI from GPS is truly the gold standard. Get your free quote today! Learn More About Timberline Mechanical and NPBI For more information on indoor air treatment in general, needlepoint bipolar ionization specifically or our services and expertise at Timberline Mechanical, please contact Chris Toman at (303) 258-3589 x 111 or firstname.lastname@example.org. We value your business and thank you for taking the time to educate yourself on the importance of indoor air quality. About Timberline Mechanical Timberline Mechanical is a Boulder HVAC Contractor located in Boulder, CO, and serving the Colorado Front Range, including Broomfield, Longmont, Louisville, Lafayette, Superior and Erie. We are dedicated to providing the intelligent solutions necessary to keep your Boulder Commercial HVAC equipment running efficiently and at its peak performance. Whether we are completing a service call request, providing Commercial HVAC Preventive Maintenance or conducting Special Projects work, we offer intelligent commercial HVAC solutions to ensure that your business needs are met. You can focus on your business while we make sure your commercial HVAC equipment is running smoothly. https://www.timberlinemechanical.com/ Timberline Mechanical Media Contact John Kuepper Owner +1 303-258-3589
Fed Chairman Jerome Powell told 60 Minutes that he is optimistic about the U.S. economy bouncing back as the vaccine rollout continues, but worries about the possibility of another surge in virus cases.
SYDNEY, Australia, April 11, 2021 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced the continued investment in its Australian practice with the appointment of Wynand Mullins as a Senior Managing Director within the Forensic and Litigation Consulting segment, based in Sydney. Mr. Mullins is a forensic accounting expert specialising in dispute advisory, financial investigations, and contentious valuations. He brings over 20 years of forensic accounting and expert witness experience in Australia, New Zealand and United Kingdom. “I am delighted to welcome Wynand to the Forensic and Litigation Consulting team,” said Dawna Wright, Leader of the Forensic and Litigation Consulting segment in Australia at FTI Consulting. “Wynand has joined us during an exciting period of growth in Australia. He brings a wealth of forensic accounting and expert witness experience to our Australian practice. His leadership of our Dispute Advisory team in Sydney will be an excellent strategic complement to our Valuation Advisory and Risk & Investigations teams.” Mr. Mullins focuses on class actions, various insurance-related claims and post-acquisition disputes. He has appeared as an expert witness in numerous courts. He has also prepared expert reports relevant to loss and damage, financial investigations and valuation matters in legal proceedings including the Federal Court of Australia, the Supreme Court of Victoria, the Grand Cayman Court and the High Court of the Hong Kong Special Administrative Region. He is one of the few professionals accredited by Chartered Accountants Australia and New Zealand as a specialist in both forensic accounting and business valuation. Commenting on the appointment, Mr. Mullins said, “I am pleased to join FTI Consulting’s Forensic and Litigation Consulting segment and working with Dawna and the team. It’s an exciting time to be part of FTI Consulting in Australia, and I have been humbled and overwhelmed by the level of internal and client support since joining the firm. I look forward to contributing to our team’s growth and the Australian practice’s successful trajectory.” The Forensic and Litigation Consulting segment at FTI Consulting provides multidisciplinary, independent dispute advisory, investigative, data acquisition/analysis and forensic accounting services to the global business and legal community. The team supports clients facing high stakes litigation, arbitration, compliance investigations, and regulatory scrutiny. About FTI ConsultingFTI Consulting, Inc. is a global business advisory firm dedicated to helping organisations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 6,300 employees located in 28 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $2.46 billion in revenues during fiscal year 2020. For more information, visit www.fticonsulting.com and connect with us on Twitter (@FTIConsulting), Facebook and LinkedIn. FTI Consulting, Inc. Level 22, Gateway1 Macquarie PlaceSydney NSW 2000Australia+61.2.8247.8000 Investor Contact: Mollie Hawkesemail@example.com Media Contact: Rebecca Hine + firstname.lastname@example.org
(Bloomberg) -- Oil was steady near $59 a barrel as trading opened in Asia after Federal Reserve Chair Jerome Powell said the U.S. economy was poised for stronger growth, while cautioning that Covid-19 still remains a threat.Futures in New York were little changed after dropping 3.5% last week. The economy is at “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Powell said in an interview with CBS’s “60 Minutes,” adding that the principal risk was a spreading virus. That’s been highlighted in regions across Europe that are facing a flare-up, while a second wave in India is overwhelming the health system.Oil’s robust start to the year faltered in mid-March as a resurgence of Covid-19 and renewed restrictions in some regions raised concerns about the outlook for near term fuel demand. The market is also facing rising supply after the OPEC+ alliance agreed to add more barrels from May, although Saudi Arabia’s energy minister said the decision to boost output was the right move.Iran is also a wildcard for the market. Talks between the OPEC producer and world powers on resuscitating a 2015 nuclear accord are set to continue this week after an initial round of discussions, described by a senior U.S. official as a good first step but still short of what’s necessary for a revival of the deal.See also: There’s a Lot of Unused Oil Stored Around the World: Julian LeeThe prompt timespread for Brent was 44 cents a barrel in backwardation -- a bullish market structure where near-dated contracts are more expensive than later-dated ones -- compared with 32 cents a week earlier.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Asian stocks look poised for a steady start Monday after a third straight weekly Wall Street advance, with Federal Reserve Chair Jerome Powell flagging the prospect of stronger growth and hiring. The dollar was steady.Futures in Japan and Hong Kong were in the green and Australian contracts climbed. U.S. futures dipped in early trading. The S&P 500 closed above 4,100 Friday as investors braced for a slew of earnings reports this week. The yield on 10-year Treasuries rose after data showed stronger-than-expected producer-price inflation, and ahead of a heavy week of supply.Traders are monitoring the Asia opens after Chinese authorities imposed a record antitrust fine on e-commerce giant Alibaba Group Holding Ltd. Traders are watching price pressures as growth rebounds with the help of exceptional government spending and central bank stimulus. The U.S. releases consumer-price inflation data this week, with market-based expectations at multiyear highs. While the economic recovery from the pandemic is picking up speed, policy makers continue to highlight the need for more progress and lingering risks.The U.S. economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Federal Reserve Chair Jerome Powell told CBS’s 60 Minutes in an interview aired Sunday. He warned that a resurgence of Covid-19 remains the principal risk to the economy.Meanwhile, investors are also wary of more rates-market volatility. Bonds have rallied from the losses that drove yields sharply higher and roiled equity markets earlier this year, but another heavy round of auctions is ahead. The U.S. sells three-, 10- and 30-year Treasuries at the start of the week.Bitcoin rallied past $61,000 on the weekend before easing back. The forthcoming listing of cryptocurrency exchange Coinbase Global Inc. in the U.S. has put the spotlight back on the digital-token sector.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.U.S. officials and company executives are due to discuss the global shortage of computer chips on Monday.The U.S. releases inflation data Tuesday.Chinese trade data are scheduled for Tuesday.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures dipped 0.1% as of 7:37 a.m. in Tokyo. The index rose 0.8% on Friday.Nikkei 225 futures were up 0.6% earlier.Hang Seng futures rose 0.1%.S&P/ASX 200 futures were 0.1% higher.CurrenciesThe Bloomberg Dollar Spot Index advanced 0.1% on Friday.The yen was steady at 109.73 per dollar.The euro was at $1.1899.The offshore yuan was at 6.5604 per dollar.BondsThe yield on 10-year Treasuries added four basis points to 1.66% Friday.CommoditiesWest Texas Intermediate crude was up 0.2% at $59.44 a barrel.Gold was down 0.1% at $1,742.14 an ounce.(An earlier version misstated the day of the U.S. CPI release.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Once this is on a scammer's radar, they could steal everything from your own identity to the identities of everyone in your contact list.
A majority of residents of European cities support a Europe-wide phaseout of combustion engine car sales from 2030 to reduce planet-warming emissions, a YouGov poll conducted on behalf of environmental campaigners said on Monday. Of 10,050 survey respondents, 63% said they supported the idea that after 2030, only emission-free cars should be sold in Europe. The online opinion poll surveyed people last month in 15 cities including London, Warsaw and Budapest, with an average of 29% opposing the idea of ending petrol and diesel car sales, while 8% said they did not know.
(Bloomberg) -- Ballot counting has started in Ecuador’s knife-edge presidential election that will determine whether the country remains a U.S. ally with an IMF program, or revives its friendship with Venezuela and Cuba.The two contenders in the runoff vote offer starkly different policies to confront the economic crisis. Two exit polls published by local media showed a close margin.Socialist economist Andres Arauz, 36, has pledged to pay a million poor families $1,000 each, with money taken out of the central bank’s reserves. Career banker Guillermo Lasso, 65, says he’ll attract foreign investors and create jobs via policies that help the private sector.Arauz is a protege of former President Rafael Correa, who shut the U.S. military’s base in the country and forged an alliance with then-Venezuelan leader Hugo Chavez.Polls closed at 5 p.m. local time, and the first partial results are expected two hours later.Before any official results had been published, Lasso supporters in the coastal city of Guayaquil appeared confident of victory, and jumped and cheered. The atmosphere at Arauz’s campaign headquarters in Quito was more subdued.The country of 17 million people has been struggling since oil prices crashed in 2014, and was already in recession when the pandemic hit. Last year the economy contracted 7.8%, its worst performance since at least the 1970s.Read More: Why Ecuador’s Runoff Vote Matters for the Bond Market: QuickTakeIn the first-round vote in February, Arauz came first with 32.7%, while Lasso got 19.7%. Recent polls showed Lasso having closed that gap, after receiving the endorsement of the majority of the candidates who were eliminated in the first round.Whoever wins and takes office in May will face a fragmented, potentially hostile legislature and voters who are hostile to austerity measures.Central bank reform is a key part of Ecuador’s $6.5 billion funding agreement with the International Monetary Fund. Arauz’s pledge to distribute central bank reserves to families would probably mean the end of that deal, said Siobhan Morden, a managing director for Amherst Pierpont. Of the total, $2.5 billion remains to be disbursed.Ecuador’s recently restructured dollar bonds have rallied in recent weeks, as investors bet that Lasso’s chances of victory were improving.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The stock of Jewett-Cameron Trading Co (NAS:JCTCF, 30-year Financials) shows every sign of being fairly valued, according to GuruFocus Value calculation.
The stock of Rent-A-Center (NAS:RCII, 30-year Financials) shows every sign of being significantly overvalued, according to GuruFocus Value calculation.
The top pollster for Joe Biden's presidential campaign is advising the White House to do something that often makes Democrats nervous: Talk loudly and proudly about raising taxes on the rich.Why it matters: John Anzalone tells Axios his extensive polling and research has found that few issues receive broader support than raising taxes on corporations and people earning more than $400,000 a year.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeAnzalone's view — which he pushed during the campaign, and which the new president's inner circle seems to share — is that Biden should go on offense on tax hikes.He should make raising taxes on the wealthy and corporations a standout feature of his messaging, rather than a necessary evil to fund his $3 trillion-plus spending plans, Anzalone argues.This could immunize Biden from GOP attacks, boost his popularity and help congressional Democrats, he says.Between the lines: "Democrats, in general, are afraid of the tax issue and we let the Republicans brand us as wanting to raise middle-class taxes," Anzalone tells Axios. "It's a mistake because we can take control of the tax narrative like we did in the Biden campaign — which was to say, 'No, that's not true, your taxes aren't going to increase, it's only those who are making over $400,000 and big corporations, who haven't been paying their fair share of taxes over the years.'"That quick pivot to "tax fairness"— which Biden's team used every time the Trump campaign hammered him on taxes — served Biden well.Anzalone says Republicans will brand Democrats as "tax increasers" regardless of what they do, so they would be best served by framing the tax debate themselves."The middle class is tired of carrying the tax burden for the country," he said. "They are pissed off. They aren't anti-rich or anti-corporate. They are anti-not paying your fair share."He said voters "know the rich and big corporations have the power, accountants, lawyers and tax law on their side to avoid paying their fair share" and "they just want those holes plugged and a fair rate so the country can make investments in the economy, health care and education."By the numbers: Poll after poll after poll after poll support Anzalone's analysis.A November New York Times / Survey Monkey poll found "two-thirds of Americans (67%) support raising taxes on those making $400,000 or more," including "70% of independents and nearly half of Republicans and GOP leaners (45%)."The big picture: Biden has already proposed raising the corporate tax rate from 21% to 28%. He hasn't announced his individual tax proposal, but during the campaign he proposed raising the top individual tax rate for incomes above $400,000 from 37% to 39.6%.That would restore it to where it was before President Trump successfully cut it in 2017.It's unclear whether Biden will raise taxes for married couples making more than $400,000 or whether it will just be individuals, but Anzalone says "we test it a lot of different ways and it doesn't change the numbers."Like this article? Get more from Axios and subscribe to Axios Markets for free.
The number of counties with unfilled vaccine appointments at chain retailers Walmart, CVS and Rite Aid grew about 60% this week over last week.
In 2010, the U.S Supreme Court issued its ruling in Citizens United v. Federal Election Commission. It said that political donations were a form of political speech, so limiting corporate campaign...
(Bloomberg) -- The Biden administration is stepping up scrutiny of China’s plans for a digital yuan, with some officials concerned the move could kick off a long-term bid to topple the dollar as the world’s dominant reserve currency, according to people familiar with the matter.Now that China’s digital-currency efforts are gathering momentum, officials at the Treasury, State Department, Pentagon and National Security Council are bolstering their efforts to understand the potential implications, the people said.American officials are less worried about an immediate challenge to the current structure of the global financial system, but are eager to understand how the digital yuan will be distributed, and whether it could also be used to work around U.S. sanctions, the people said on the condition of anonymity.A Treasury spokeswoman declined to comment. A National Security Council spokeswoman did not reply to a request for comment. The People’s Bank of China has rolled out trial issuance of a digital yuan in cities across the country, putting it on track to be the first major central bank to issue a virtual currency. A broader roll-out is expected for the Winter Olympics in Beijing next February, giving the effort international exposure.Many key details of the digital yuan are still in flux, including specifics on how it would be distributed. China’s recent establishment of a joint venture with SWIFT, the messaging nexus through which most cross-border settlements pass through today, suggests it is possible a digital yuan could work within the current financial architecture rather than outside of it.U.S. officials are reassured that China’s intentions aren’t to use the digital yuan to evade American sanctions, according to people familiar with the matter. The dollar’s current dominance in cross-border transactions gives the U.S. Treasury the power to cut off much of a business or even a country’s access to the global financial system.China’s officials have said the main intentions of the digital yuan are to replace banknotes and coins, to reduce the incentive to use cryptocurrencies and to complement the current private-sector run electronic payments system -- dominated by Ant Group Co.’s Alipay and Tencent Holdings Ltd.’s WeChat Pay. The PBOC has been working for years on the digital yuan, also called the e-CNY, having set up a specialist research team in 2014.Here’s How a Central Bank Digital Currency Could Work: Chart“To provide a backup or redundancy for the retail payment system, the central bank has to step up” and provide digital-currency services, Mu Changchun, the director of the PBOC’s digital-currency research institute, said at an event last month.The PBOC is also examining the potential for using the digital yuan in cross-border payments, launching a project studying the issue with a unit of the Bank for International Settlements along with the United Arab Emirates, Thailand and Hong Kong’s monetary authority.The Biden administration isn’t currently planning to take any action to counter longer-term threats from China’s digital currency, the people familiar with the discussions said. However, China’s plans have given renewed impetus to efforts to consider the creation of a digital dollar, they said.Members of Congress have also been increasingly interested in a digital dollar, aware of China’s moves, and asked Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen about the issue in hearings earlier this year.Powell said in February the Fed was looking “very carefully” at a digital dollar. “We don’t need to be the first. We need to get it right.”Yellen has signaled interest in research into the viability of a digital dollar, a shift from a lack of enthusiasm under her predecessor, Steven Mnuchin.“It makes sense for central banks to be looking at” issuing sovereign digital currencies, she said at a virtual conference in February. Yellen said a digital version of the dollar could help address hurdles to financial inclusion in the U.S. among low-income households.A recent report from the U.S. Director of National Intelligence said the extent of the threat of any foreign digital currency to the dollar’s centrality in the global financial system “will depend on the regulatory rules that are established.”China’s currency makes up little more than 2% of global foreign exchange reserves compared with nearly 60% for the U.S. dollar. Policy decisions, rather than technical developments, will also be necessary to push forward yuan internationalization, as China maintains a strict regime of capital controls.China’s financial system is too “fragile and weak” to pose a real threat to the dollar’s status as the world’s reserve currency, according to Mark Sobel, U.S. chairman for the Official Monetary and Financial Institutions Forum.“At the end of the the day the markets have more confidence in the Fed” than China’s central bank, said Sobel, a former senior U.S. Treasury official for international matters.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
According to Sunrun Solar, installers of commercial solar panels in Melbourne, the biggest hurdle for most businesses looking to switch to solar is the out-of-pocket costs. Fortunately, a new rebate has been announced to reduce the up-front costs associated with solar power systems.
“There’s no ‘both sides of the debate’ when it comes to active voter suppression.”
“Companies that do this ooze contempt for their own customers and employees who are not in the leftmost quarter of opinion.”
“The truth is that Fortune 500 companies were never taking moral stances from the goodness of their corporate hearts.”
“The truth is, the companies hold the cards…If companies stick to their guns, Georgia is likely to back down as well.”
“When a company folds to the unfounded outrage of a few misinformed nuts, they are forever at the mob’s beck-and-call.”