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Binance Holdings under investigation

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Binance Holdings, the world’s biggest cryptocurrency exchange platform, is under investigation by the US Justice Department and Internal Revenue Service

It comes as the nation moves to ensure that any illicit and illegal activity within the mostly unregulated sector is brought to light.

Money laundering and tax officials are reportedly seeking information from individuals who have insight and understanding of Binance Holding’s business model and operations.

Based in the Cayman Islands, the company has largely avoided U-S government oversight, until now.

Last year, a report detailed that Binance was home to more criminal activity than any other crypto exchange platform.

Company spokesperson Jessica Jung says Binance takes its legal obligations very seriously and always engages with regulators in a collaborative fashion.

US bodies have express concern that the platform is being used to conceal illegal transactions, including theft and drug deals.

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Emirates post biggest loss in three decades

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Emirates has recorded its biggest yearly loss in three decades.

In a tweet the Emirates group announced it lost $6 billion USD for the 2020/2021 past year.

The airline blamed the worldwide travel restrictions as the main driver of the slump.

The group’s revenue was $9.7billion USD, a decline of 66 percent over last years results.

Emirates revealed their current cash balance is now at $5.4 billion USD which is down 23 percent from last year mainly due to the weak demand in air travel caused by multiple pandemic-related lockdowns.

Emirates also confirmed in a statement that they did receive a capital injection of $3.1 billion USD from the Dubai Government who is the ultimate shareholder of the Middle Eastern Carrier.

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Way of the future: The Flying Taxi

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Instead of booking an Uber to an airport how about a flying taxi to get to your flight on time?

Virgin Atlantic is the latest company to explore whether it could launch a flying taxi service.

The airline suggests electric vertical take-off and landing vehicles could fly between towns and major airports.

Several companies have promoted the idea of “flying taxis” that could pick passengers up from rooftops in city centres and take them to a variety of locations but Virgin Atlantic’s suggestion is slightly sleeker.

The proposed craft will carry four passengers and a pilot up to 100 miles as well as being emission-free and quieter than a traditional helicopter.

What is the idea?

Several companies have promoted the idea of autonomous “flying taxis” that could pick passengers up from rooftops in the city and then take them to the main transport hub such as an airport.

Virgin Atlantic’s suggestion is slightly tamer.

It has proposed that an eVTOL aircraft could pick people up from a city such as Cambridge and fly them to a major airport such as Heathrow Airport in London.

Vertical Aerospace says its VA-X4 craft will be able to carry four passengers and a pilot up to 100 miles, as well as being emissions-free and quieter than a helicopter.

The company claims it will be “near silent” when cruising.

It has already partnered with American Airlines to bring out these new taxi’s as well as Avolon, an aircraft-leasing company.

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Wall street soars, investors countdown key Fed meeting.

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Investors appear to be buying what the Federal Reserve is selling at the minute, that is they’re shrugging off those pesky inflation concerns.

The Nasdaq and S&P 500 hit fresh record-highs ahead of the Fed meeting this week.

VFS Group’s James Whelan says there’s one key question in all of this.

“Will the Fed care about the market reaction? That’s the playbook for the next six months. Inflation, Fed response, market response to the Fed, and then will the market actually care? We’ve had four years of the Fed caring about everything the market did.”

JAMES WHELAN, VFS GROUP

The four years Whelan’s referring to are the Donald Trump years, where the former President often boasted of how strongly Wall Street performed.

But not everyone trusts the central bank right now, billionaire hedge funder Paul Tudor Jones is cynical.

“He (Tudor) called the stock market crash in ’87. History is on his side for calling big things. He’s saying if he doesn’t see any sort of commentary from the Fed this week, he’s going all-in on every inflationary hedge there is”

DANIEL WEINER, MARKET STRATEGIST

Federal Reserve Chairman Jerome Powell. | Jacquelyn Martin/AP Photo

Expectations remain that the central bank will hold tight, and keep pace with their bond purchases.

James King of AFEX says the amount of stimulus that’s entered the market over the last 18 months is extraordinary.

“The last 18 months or so there’s been a meteoric rise in the Fed’s balance sheet. From four trillion dollars to almost eight trillion dollars in an 18 month period”

Federal Reserve Bank

The next update is due Wednesday US time, and all investors will be watching.

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