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Yahoo BusinessOct 15, 2019
The Upside to Facebook's Libra Disaster
(Bloomberg Opinion) -- It's just as well that big companies that process and facilitate payments have quit Facebook's Libra cryptocurrency project, fearing a regulatory backlash. If Facebook really wants to bring financial services to the "unbanked," it should try doing it on a smaller scale than these companies' presence promised. And even then, the probability of failure will be high.It's clear why PayPal Holdings Inc., Stripe Inc., eBay Inc., MasterCard Inc. and Visa Inc. have decided not to join the Libra Association, which Facebook has been organizing to run the proposed digital currency. They took seriously the recent warning of Senators Brian Schatz of Hawaii and Sherrod Brown of Ohio that because of their membership, they could "expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all payment activities." The concern is that a cryptocurrency used in conjunction with encrypted messaging could potentially be used in illegal transactions, and anyone involved in creating such an opportunity would be suspect.U.S. regulators are perfectly capable of scuppering major cryptocurrency projects. On Oct. 11, the U.S. Securities and Exchange Commission announced it had stopped Telegram Group Inc. from distributing digital tokens, so-called Grams, to the investors who contributed $1.7 billion to the creation of the cryptocurrency last year. These include major U.S. venture capital firms such as Benchmark, Sequoia and Lightspeed. The same could easily happen to Libra.That's the problem with starting so big.

Yahoo BusinessOct 15, 2019
U.S. Urges Immediate Cease-Fire in Syria as It Sanctions Turkey
(Bloomberg) -- The Trump administration called for "an immediate cease-fire" in Syria on Monday as it announced sanctions in response to the military offensive launched by Turkey last week.Vice President Mike Pence said he would lead a delegation to Turkey at President Donald Trump's request in an effort to stop the advance. Pence said the U.S. wanted the two sides to negotiate a long-term peace, but he didn't call for Turkey to pull out of Syria.Pressure also intensified on Turkey with an announcement by Volkswagen AG on Tuesday that it would delay a decision on giving the go-ahead for a 1.3 billion-euro ($1.4 billion) car plant, which the German carmaker linked to the political upheaval wrought by developments in Syria."President Trump made it very clear that the United States is going to continue to take actions against Turkey's economy until they bring the violence to an end," Pence said. "We want an immediate ceasefire and we want to begin negotiations between Turkey and Syrian defense forces."The penalties imposed by the administration late Monday fell short of what was demanded by U.S. lawmakers of both parties, highlighting the restraint the president has shown to his Turkish counterpart, Recep Tayyip Erdogan.The lira added 0.8% against the dollar to 5.8854 as of 9:36 a.m. in Istanbul on relief that sanctions were less onerous than many investors had feared. The currency weakened about 4% this month amid speculation Washington would announce penalties that could hit Turkey's financial system.T

Google Business NewsOct 15, 2019
WeWork reportedly expected to lay off 2,000 workers as early as this week - CNBC
WeWork reportedly expected to lay off 2,000 workers as early as this week  CNBCWeWork is running out of money  AxiosWeWork pins its hopes on JPMorgan to stay afloat  New York Post Only JPMorgan Can Fill WeWork's $47 Billion Hole  BloombergSon, SoftBank Risk Too Much With WeWork Takeover  BloombergView full coverage on Google News

Reuters BusinessOct 15, 2019
WeWork prefers JPMorgan's financing package over SoftBank's control: Bloomberg
Shared office space company WeWork Companies Inc is leaning toward a near $5 billion financing package led by JPMorgan Chase & Co , instead of selling a controlling stake to Japan's SoftBank Group Corp , Bloomberg reported https://bloom.bg/2pl8JmL late on Monday.

Reuters BusinessOct 15, 2019
Keen to develop self-driving cars, Hyundai Motor Group unveils $35 billion investment plan
Hyundai Motor Group said it plans to invest 41 trillion won ($35 billion) in mobility and other auto technologies by 2025, part of which will be directed to an ambitious effort to become more competitive in self-driving cars that has also received government backing.
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