Archive for Uncategorized
Elenium Automation will design a self-screening security portal for Micro-X – Passenger Terminal Today
- Weekly jobless claims fell to 290,000 last week, landing at a new pandemic-era low.
- Economists expected filings for unemployment benefits to edge higher to 300,000.
- Continuing claims fell to 2.48 million for the week that ended October 9, also beating estimates.
Filings for unemployment insurance slid again last week, placing them at another pandemic-era low.
Jobless claims reached 290,000 last week, the Labor Department said Thursday. The median estimate from economists surveyed by Bloomberg was for a slight increase to 300,000 claims. The print marked a third consecutive decline.
The previous week's total was revised to 296,000 from 293,000.
Continuing claims - which count Americans filing for ongoing unemployment insurance benefits - dipped to 2.48 million for the week that ended October 9. That beat the median estimate of 2.55 million claims. The print also placed continuing claims at another pandemic-era low.
Claims resumed their slide to fresh lows last week after hovering at elevated levels through much of September. Weekly claims are still higher than the pre-crisis average of about 200,000, and continuing claims have yet to return to their 2019 lows of about 1.7 million. Still, the steady decline suggests more Americans are finding work, and that fewer are being laid off.
The Thursday report follows a similarly encouraging update on Americans' spending through the Delta wave. Spending at US retailers and restaurants unexpectedly rose 0.7% in September to $625 billion, beating forecasts for a 0.2% decline and placing monthly sales just below record highs. Consumer spending counts for roughly 70% of economic activity, making the increase a promising sign that the recovery is pushing forward.
The retail-sales data also suggests the Delta wave will only have a minor effect on the US rebound. Daily case counts peaked in mid-September and have fallen since. The seven-day average for new cases is now the lowest its been since late July.
Yet the Delta wave is only one hurdle for the US to overcome. Global supply chains are still a mess, with factory backlogs, shipping delays, and port logjams driving prices higher and worsening supply shortages across industries. While some experts feel the worst of the bottlenecks are behind the US, the logistics nightmare could still weaken critical holiday-season spending.
Tesla took a $51 million hit on its bitcoin investment in Q3 despite the token soaring 30%. Here’s why.
- Tesla took a $51 million hit on its bitcoin holdings in the third quarter, its earnings showed Wednesday.
- That's despite the cryptocurrency rising around 30% across the July to September period.
- The answer to the riddle lies in the strange way the company has to account for its crypto.
But Elon Musk's electric car company took a $51 million hit on its bitcoin investment - despite the token jumping around 30% in the third quarter.
The answer to the riddle lies in the weird way Tesla has to account for the more than $1 billion of bitcoin on its books.
It's "very asymmetric," according to Philippe Houchois, equity analyst at Jefferies.
Houchois said Tesla has to value its bitcoin at the lowest point to which it falls over the quarter. That means it officially has to recognize a loss if it drops below the purchase price.
Under the quirky accounting rules, Tesla can't ever revise the value of its bitcoin upwards. It only gets to recognize any gains if it sells the tokens.
Tesla is thought to have bought its bitcoin for around $34,000. So even though bitcoin rose roughly 30% to $43,800 in the third quarter, Tesla had to write down the value of its holding because it fell to $29,000 at one point in July.
According to the accountants, Tesla's digital asset holding fell $51 million to $1.26 billion in the July to September period. That was down from $1.31 billion in the final quarter.
And Houchois said the peculiar rules mean Tesla won't get to boast about its investment in the fourth quarter either, unless it sells some.
Bitcoin hit a new all-time high on Wednesday of above $67,000. But Tesla is likely to face another "impairment charge" because it fell as low as $40,000 in September.
Houchois said the rules are strange, but reflect the fact that accountants think bitcoin is an "intangible asset." They reckon it's hard to properly value and may not be very liquid - despite billions of dollars worth changing hands each day.
However, Tesla's investment has been an excellent one when considering the actual gain bitcoin has notched up from January to today.
Bitcoin was trading at around $66,000 on Thursday, meaning the value of Tesla's purchase has likely risen around 90% in just under a year, on paper at least.
Shift5 Named in 2021 Cool Vendors™ in Cyber-Physical Systems Security Report by Gartner® – Johnson City Press (subscription)
- FTX has raised over $420 million in its latest funding round, putting its market valuation at $25 billion.
- The fundraising drew in 69 participants, including investors from Sequoia Capital, Temasek Holdings, and Ribbit Capital.
- The new round comes after FTX has held the largest funding round in crypto history in June, raising $1 billion.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Sam Bankman-Fried's FTX has raised over $420 million in its latest funding round, putting the market valuation of the cryptocurrency exchange at $25 billion, the company announced Thursday.
The series B-1 fundraising drew in 69 participants, including investors from Sequoia Capital, Temasek Holdings, Ribbit Capital, and Tiger Global.
The new round comes after the exchange held the largest funding round in crypto history, raising $1 billion in June. Previously the company disclosed raising $900 million, which put its value at $18 billion, and on Thursday updated the total.
"Today we are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world, and constantly seeking opportunities to enhance our offerings for digital asset investors," Bankman-Fried said in a statement Thursday.
"For this round, we capitalized on those strides and were able to partner with investors that prioritize positioning FTX as the world's most transparent and compliant cryptocurrency exchange."
FTX said the new cash injection will be used to fund the company's continued expansion, having just relocated to the Bahamas, and to address adjacent market opportunities including equities, prediction markets, NFTs, and videogame partnerships, according to Ramnik Arora, head of product at FTX.
Earlier in October, FTX launched an NFT marketplace on the solana blockchain for its US customers. A day later, rival Coinbase Global announced it is launching its own NFT marketplace by the end of the year. FTX in August acquired LedgerX, the first crypto derivatives platform approved in the US.
FTX, launched in 2019, is one of the newcomers in the crypto space yet has quickly grown to become one of the key players in the digital asset industry. Its userbase has grown 48%, and its average trade volume has increased 75%, now averaging $14 billion per day in daily volume.
FTX is also known for its high-profile collaborations. Earlier in the year, it signed a $135 million deal for the naming rights on the Miami Heat's stadium, which is now called FTX Arena. And it partnered with Major League Baseball in June to become the first crypto exchange sponsor in professional sports.