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Cryptocurrency market continues to slide as regulation claws tighten

Bitcoin and other cryptocurrencies were trading 10 to 23 percent lower on Monday, as news about tighter regulation continues to wreak havoc on the market. The biggest Nordic bank, Nordea, sent a memo to all its employees on Monday, warning that they are now prohibited to trade in bitcoin or other cryptocurrencies due to their “unregulated nature,” Bloomberg reports. Read ...

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Saudis may squeeze more than $100bn from arrested billionaires in ‘corruption purge’

Saudi Arabia may collect more than the originally planned $ 100 billion from the detainees in the world’s most luxurious prison – the Ritz-Carlton in Riyadh – Bloomberg reports, quoting its sources. The so-called anti-corruption campaign is expected to conclude by the end of the month, according to the media. The amount expected to be collected is roughly equivalent to ...

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US on track to unseat Saudi Arabia as #2 oil producer in the world

New forecasts from the International Energy Agency say the United States is on track to overtake Saudi Arabia as the second-largest oil producer in the world, just behind Russia, according to the organization’s report on Friday. “This year promises to be a record-setting one for the US,” the IEA wrote in its monthly market report. “Relentless growth should see the ...

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The OPEC deal may end in June

A couple of weeks ago, comments from the UAE’s energy minister spurred the oil price rally higher. What the minister said — or rather, hinted — was that the oil production cut deal that OPEC agreed to at the end of 2016 with Russia could continue beyond its December 2018 deadline. The rise, however, may have been too high for OPEC ...

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New cryptocurrency backed by oil promises to end market volatility

The first legally compliant digital currency based on a physical asset, OilCoin, was announced last month. Each token will reportedly represent the value of one barrel of oil. Read more A team of banking and technology managers, and US regulatory commissioners who launched the digital currency claim it would provide users with a safe haven from cryptocurrency volatility. RT talked ...

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JPMorgan boss Dimon’s pay boosted to $29.5 million while 250,000 workers get no raise

Chief Executive of US banking giant JPMorgan Jamie Dimon has received a 5.9 percent increase in his earnings, despite profits falling by one percent. The bank’s workers got no raise. Read more Dimon now earns around 240 times the average pay of JPMorgan’s 250,000 employees, TheStreet reports. The CEO’s earnings are comprised of a $ 1.5 million salary and $ ...

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Bitcoin ‘likely’ to collapse, but could last 100 yrs – Nobel laureate Robert Shiller

The fate bitcoin faces is a grim one, according to Nobel-prize winning economist Robert Shiller, who predicts the cryptocurrency will either implode or drag on, comparing it with the tulip craze of the 17th century. “It has no value at all unless there is some common consensus that it has value,” Shiller, who is also Yale professor, told CNBC. The 2013 ...

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