Australia's cricket team faces off against the Indian side in the final Test of the four-match series in Sydney from January 3.
Reported by SBS 3 minutes ago.
PM Morrison hosts Virat Kohli, Tim Paine at Kirribilli House
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Federer beats Tiafoe ahead of mixed doubles against Serena
PERTH, Australia (AP) — Roger Federer celebrated the New Year in style with a 6-4, 6-1 win over Frances Tiafoe to give defending Hopman Cup champion Switzerland an early lead over the United States, ahead of his showpiece mixed doubles game featuring fellow tennis great Serena Williams. The 37-year-old Federer was made to work during […]
Reported by Seattle Times 23 hours ago.
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Roger Federer Defeats Serena Williams in Mixed Doubles Match at Hopman Cup!
Serena Williams and Roger Federer went head-to-head on day four of the 2019 Hopman Cup on Tuesday afternoon (January 1) at the RAC Arena in Perth, Australia. The tennis pros, both 37, played each other for the first time during their mixed doubles match where Roger teamed up Belinda Benic and Serena played alongside Frances [...]
Reported by Just Jared 17 hours ago.
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Happy New Year! 2019 celebrated around the world
From Australia to New York's Times Square, the New Year was celebrated around the world.
Reported by USATODAY.com 15 hours ago.
Reported by USATODAY.com 15 hours ago.
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PHOTOS: The world rings in the New Year
It rained on the crowds in New York's Time Square on New Year's Eve. In Denver, Colorado party goers braved single digit temperatures. New Years swims and plunges into icy water ushered in the 2019 in Szigliget, Hungary an Rome, Italy. There was increased security celebrations in Paris, France but many came out to watch the fireworks over the Arc de Triomphe. Fireworks also exploded over the Sydney Harbour in Australia, in Yogyakarta, Indonesia and in in the southern Iraqi city of Basra. Bands played music in the streets of London. From Toronto to Brazil people from around the world rang in the 2019 with traditions and festivities.
Reported by Denver Post 9 hours ago.
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Cane toads hitch a ride on a python and it's the stuff of nightmares
What's one of the worst things you could stumble upon in the middle of a rainy night? Say, a handful of lousy cane toads hitching a ride on a python?
That's exactly what a farmer in the Western Australian town of Kununurra stumbled upon on Sunday.
SEE ALSO: Adorable baby penguin has no idea what happened in 2018. Lucky jerk.
According to the Australian Broadcasting Corporation, farmer Paul Mock was casually checking his dam late at night when he came upon the frankly horrifying sight.
Mock’s dam had reportedly seen a large build up of water after heavy rainfall during the night, which caused thousands of cane toads — a poisonous, vile Australian pest — living in burrows around the edge of the dam to scurry to higher ground, according to the news outlet. Read more...
More about Australia, Snakes, Reptiles, Toads, and Cane Toads Reported by Mashable 9 hours ago.
That's exactly what a farmer in the Western Australian town of Kununurra stumbled upon on Sunday.
SEE ALSO: Adorable baby penguin has no idea what happened in 2018. Lucky jerk.
According to the Australian Broadcasting Corporation, farmer Paul Mock was casually checking his dam late at night when he came upon the frankly horrifying sight.
Mock’s dam had reportedly seen a large build up of water after heavy rainfall during the night, which caused thousands of cane toads — a poisonous, vile Australian pest — living in burrows around the edge of the dam to scurry to higher ground, according to the news outlet. Read more...
More about Australia, Snakes, Reptiles, Toads, and Cane Toads Reported by Mashable 9 hours ago.
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AUD/JPY slumping towards 77.00 as Aussie traders look towards China PMI data
· *Aussie lagging behind to kick off 2019, ticking into two-year lows against the Yen.*
· *China PMI figures due early today to kick off 2019's overall tone.*
AUD/JPY is trading into the familiar low end, clipping into 77.15, a two-year low for the pair as the soft-bellied Aussie continues to slide against the Japanese Yen in risk-off markets.
With Japanese markets shuttered for both today and tomorrow's holidays, action in the Aussie-Yen pairing is seen coming from the AUD side, where investors are stepping into the new year with plenty on their plates to continue worrying about, from a steepening slowdown in China's domestic economy threatening to tip over Australia's own economy, while the US continues to chase trade-war policies that shake up the Pacific-Asia sector as investors shield themselves from fallout.
China's Caixin Manufacturing PMI for December is expected early Wednesday at 01:45 GMT, and with the headline figure forecast to slip from 50.2 to 50.1, bearish traders looking for a reason to continue selling the AUD may find it if the figures miss, while the steady JPY looks forward to enjoying a high market premium as the safe haven of choice.
*AUD/JPY Technical Levels*
AUD/JPY
Overview:
Today Last Price: 77.23
Today Daily change: -21 pips
Today Daily change %: -0.271%
Today Daily Open: 77.44
Trends:
Previous Daily SMA20: 79.85
Previous Daily SMA50: 80.98
Previous Daily SMA100: 80.81
Previous Daily SMA200: 81.64
Levels:
Previous Daily High: 77.76
Previous Daily Low: 76.48
Previous Weekly High: 78.77
Previous Weekly Low: 77.43
Previous Monthly High: 84.05
Previous Monthly Low: 77.15
Previous Daily Fibonacci 38.2%: 77.27
Previous Daily Fibonacci 61.8%: 76.97
Previous Daily Pivot Point S1: 76.7
Previous Daily Pivot Point S2: 75.95
Previous Daily Pivot Point S3: 75.42
Previous Daily Pivot Point R1: 77.97
Previous Daily Pivot Point R2: 78.5
Previous Daily Pivot Point R3: 79.24
Reported by FXstreet.com 9 hours ago.
· *China PMI figures due early today to kick off 2019's overall tone.*
AUD/JPY is trading into the familiar low end, clipping into 77.15, a two-year low for the pair as the soft-bellied Aussie continues to slide against the Japanese Yen in risk-off markets.
With Japanese markets shuttered for both today and tomorrow's holidays, action in the Aussie-Yen pairing is seen coming from the AUD side, where investors are stepping into the new year with plenty on their plates to continue worrying about, from a steepening slowdown in China's domestic economy threatening to tip over Australia's own economy, while the US continues to chase trade-war policies that shake up the Pacific-Asia sector as investors shield themselves from fallout.
China's Caixin Manufacturing PMI for December is expected early Wednesday at 01:45 GMT, and with the headline figure forecast to slip from 50.2 to 50.1, bearish traders looking for a reason to continue selling the AUD may find it if the figures miss, while the steady JPY looks forward to enjoying a high market premium as the safe haven of choice.
*AUD/JPY Technical Levels*
AUD/JPY
Overview:
Today Last Price: 77.23
Today Daily change: -21 pips
Today Daily change %: -0.271%
Today Daily Open: 77.44
Trends:
Previous Daily SMA20: 79.85
Previous Daily SMA50: 80.98
Previous Daily SMA100: 80.81
Previous Daily SMA200: 81.64
Levels:
Previous Daily High: 77.76
Previous Daily Low: 76.48
Previous Weekly High: 78.77
Previous Weekly Low: 77.43
Previous Monthly High: 84.05
Previous Monthly Low: 77.15
Previous Daily Fibonacci 38.2%: 77.27
Previous Daily Fibonacci 61.8%: 76.97
Previous Daily Pivot Point S1: 76.7
Previous Daily Pivot Point S2: 75.95
Previous Daily Pivot Point S3: 75.42
Previous Daily Pivot Point R1: 77.97
Previous Daily Pivot Point R2: 78.5
Previous Daily Pivot Point R3: 79.24
Reported by FXstreet.com 9 hours ago.
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Children demand climate change action through protests and lawsuits
Though children are too young to vote, they're finding ways to take action in other ways: In Australia, thousands of students skipped class Nov. 30 to protest the government's climate policies, and in the US and Canada, groups of young people are suing their governments.
Reported by Christian Science Monitor 8 hours ago.
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Australia insists man who lost citizenship isn’t stateless
CANBERRA, Australia (AP) — Australian officials insisted Wednesday that a suspected militant had not been left stateless after he was stripped of his Australian citizenship over his alleged links to the Islamic State group. Australia announced this past weekend that Australian-born Neil Prakash had become the 12th dual national to lose his Australian citizenship for […]
Reported by Seattle Times 6 hours ago.
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Nishikori, Dimitrov set to meet in Brisbane quarterfinals
BRISBANE, Australia (AP) — Kei Nishikori and Grigor Dimitrov had straight-sets wins Wednesday to reach the quarterfinals at the Brisbane International, where they’ll meet in a rematch of the 2017 final. Second-seeded Nishikori broke at love in the 11th game to seize momentum in a 7-5, 6-2 win over Denis Kudla in the second round, […]
Reported by Seattle Times 6 hours ago.
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Australia RBA Commodity Index SDR (YoY) fell from previous 14.9% to 10.5% in December
Reported by FXstreet.com 5 hours ago.
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Asian stocks cowed by bad China data, Nikkei sinks into ¥21,000
· *Asian session investors are kicking off the new year with a full-on retreat.*
· *Market sentiment for Wednesday has soured on Chinese manufacturing data that missed the mark.*
Asian markets are starting 2019 off-balance, with already-weak investor sentiment further souring early on Wednesday after the Chinese Caixin Manufacturing PMI for December printed at an unexpected contraction, sending Pacific session traders backing into safe havens and dropping stocks into familiar lows for the new year's first day of trading.
In Japan, selling pressure is light but consistent, with the Nikkei 225 index declining -0.30% into the ¥20,000.00 barrier, while the Tokyo Topix index slides -0.50%, testing below ¥1,500.00.
Trading in China is significantly more bearish, with the Shanghai CSI 300 Composite down -1.60% and Hong Kong's Hang Seng tumbling -2.50%, with Australia's ASX 200 keeping pace, falling -1.57% into A$5,550.00. Emerging markets remain relatively flat, with the MSCI broad Asia-Pacific index holding at 0.01%, barely changed on the day.
*Nikkei 225 Technical Levels*
Nikkei 225
Overview:
Today Last Price: 19965
Today Daily change: 0.0 pips
Today Daily change %: 0.00%
Today Daily Open: 19965
Trends:
Previous Daily SMA20: 20905.25
Previous Daily SMA50: 21453.13
Previous Daily SMA100: 22290.46
Previous Daily SMA200: 22359.19
Levels:
Previous Daily High: 20075
Previous Daily Low: 19965
Previous Weekly High: 20215
Previous Weekly Low: 19300
Previous Monthly High: 22720
Previous Monthly Low: 19300
Previous Daily Fibonacci 38.2%: 20007.02
Previous Daily Fibonacci 61.8%: 20032.98
Previous Daily Pivot Point S1: 19928.33
Previous Daily Pivot Point S2: 19891.67
Previous Daily Pivot Point S3: 19818.33
Previous Daily Pivot Point R1: 20038.33
Previous Daily Pivot Point R2: 20111.67
Previous Daily Pivot Point R3: 20148.33
Reported by FXstreet.com 5 hours ago.
· *Market sentiment for Wednesday has soured on Chinese manufacturing data that missed the mark.*
Asian markets are starting 2019 off-balance, with already-weak investor sentiment further souring early on Wednesday after the Chinese Caixin Manufacturing PMI for December printed at an unexpected contraction, sending Pacific session traders backing into safe havens and dropping stocks into familiar lows for the new year's first day of trading.
In Japan, selling pressure is light but consistent, with the Nikkei 225 index declining -0.30% into the ¥20,000.00 barrier, while the Tokyo Topix index slides -0.50%, testing below ¥1,500.00.
Trading in China is significantly more bearish, with the Shanghai CSI 300 Composite down -1.60% and Hong Kong's Hang Seng tumbling -2.50%, with Australia's ASX 200 keeping pace, falling -1.57% into A$5,550.00. Emerging markets remain relatively flat, with the MSCI broad Asia-Pacific index holding at 0.01%, barely changed on the day.
*Nikkei 225 Technical Levels*
Nikkei 225
Overview:
Today Last Price: 19965
Today Daily change: 0.0 pips
Today Daily change %: 0.00%
Today Daily Open: 19965
Trends:
Previous Daily SMA20: 20905.25
Previous Daily SMA50: 21453.13
Previous Daily SMA100: 22290.46
Previous Daily SMA200: 22359.19
Levels:
Previous Daily High: 20075
Previous Daily Low: 19965
Previous Weekly High: 20215
Previous Weekly Low: 19300
Previous Monthly High: 22720
Previous Monthly Low: 19300
Previous Daily Fibonacci 38.2%: 20007.02
Previous Daily Fibonacci 61.8%: 20032.98
Previous Daily Pivot Point S1: 19928.33
Previous Daily Pivot Point S2: 19891.67
Previous Daily Pivot Point S3: 19818.33
Previous Daily Pivot Point R1: 20038.33
Previous Daily Pivot Point R2: 20111.67
Previous Daily Pivot Point R3: 20148.33
Reported by FXstreet.com 5 hours ago.
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Australia insists man who lost citizenship isn't stateless
Australian officials insisted Wednesday that a suspected militant had not been left stateless after he was stripped of his Australian citizenship over his alleged links to the Islamic State group.
Reported by FOXNews.com 4 hours ago.
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Mariah Carey Rings In New Year With No. 1 on Australia's Singles Chart
The Christmas bells are ringing on the first ARIA Singles Chart of 2019 as Mariah Carey’s “All I Want For Christmas Is You” (...
Reported by Billboard.com 4 hours ago.
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Australia: House prices dropped by -1.3% m/m in Dec - TDS
Analysts at TD Securities point out that the Australian house prices (released earlier) dropped by -1.3% m/m in Dec (more than expected).
*Key Quotes*
“Weakness continues to be concentrated in large cities, with the biggest decline in Sydney (-1.8% m/m). Sydney prices have dropped -8.9% y/y while prices in Melbourne have fallen -7.0% y/y.” Reported by FXstreet.com 4 hours ago.
*Key Quotes*
“Weakness continues to be concentrated in large cities, with the biggest decline in Sydney (-1.8% m/m). Sydney prices have dropped -8.9% y/y while prices in Melbourne have fallen -7.0% y/y.” Reported by FXstreet.com 4 hours ago.
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Centamin PLC Announces Board Changes
*Board Succession Programme**PERTH, AUSTRALIA / ACCESSWIRE / January 2, 2019 / *In accordance with the UK Corporate Governance Code and the Company's ongoing commitment to achieving the highest standards of corporate governance, the Board has been steadily evolving as it establishes the optimal balance of core skills, experience and diversity. In 2018, a Board succession programme commenced with the appointment of an Executive Director, two new independent Non-Executive Directors and the retirement of a Non-Executive Director. This is further supported by ongoing review and refreshment of the Board Committees.
Throughout 2018, the Nomination Committee carried out a competitive recruitment process to identify candidates for the role of Non-Executive Chair. Understanding the significance of a successful appointment, in the best interest of the Company and its stakeholders, the Nomination Committee has concluded that it is essential to extend the search.
The Company has appointed global executive search firm, Egon Zehnder, to assist with the phased refreshment and diversity programme throughout 2019, with the appointment of three independent Non-Executive Directors, one of whom will transition into the role of Non-Executive Chair, following a comprehensive orderly handover, by the AGM in 2020.
*Non-Executive Chair*
Effective 1 January 2019
Josef El-Raghy, current Executive Chair, will remain at the Company in the role of Non-Executive Chair. A successful orderly handover of Josef's executive duties to the current Executive team was completed throughout 2018. Josef will not join any Board Committees.
In line with the UK Corporate Governance Code, the Board have considered what would be the most appropriate succession plan. The Board believes that it is in the best interests of the Company and its stakeholders that Josef should continue as Non-Executive Chair during the coming year to provide continuity during this period of the Board's evolution. During this time, the rigorous recruitment process to identify an independent Non-Executive Chair remains a key priority.
The Company has consulted major shareholders and proxy advisory groups on the Board changes and appreciated their valued feedback and support.
*Board Committee changes*
Effective 1 January 2019
Dr Ibrahim Fawzy, independent Non-Executive Director, has been appointed as a member of the Health, Safety and Environmental and Sustainability Committee ("HSES Committee") and Corporate Governance Committee. Mark Bankes will stand down as a member of the HSES Committee.
Following the Board changes the Centamin Board will comprise of eight members: two executives and six non-executives, five of which are independent. Details of the Non-Executives and their committee appointments are set out in the schedule below:
*Remuneration Committee*
*Nomination Committee*
*Audit & Risk Committee*
*Compliance / Corporate Governance Committee*
*HSES Committee*
Josef El-Raghy
*Non-Executive Chair*
Gordon Edward Haslam
Chair
Chair
Member
Member
Member
*Snr Independent Non-Executive Director*
Mark Arnesen
Member
Member
Chair
Member
*Independent* *Non-Executive Director*
Alison Baker
Member
Chair
*Independent* *Non-Executive Director*
Mark Bankes
Member
Member
Chair
*Independent* *Non-Executive Director*
Dr Ibrahim Fawzy
Member
Member
*Independent Non-Executive Director*
*Edward Haslam, Senior Independent Non-Executive Director, commented:*
"The Company looks forward to bringing additional diverse, top-tier technical and financial expertise to the Company's existing strong, multi-disciplinary Board.
I warmly welcome Josef to the new role of Non-Executive Chair. Josef has a deep care and understanding of the business. He is a strong, values-driven leader. Together with the Board, we look forward to delivering a consistent growth strategy for 2019."
This announcement is made pursuant to LR9.6.11 of the UK FCA Listing Rules in respect to the change in role and responsibilities of the directors noted above.
This announcement contains additional regulated information.
For more information, please visit the website www.centamin.com or contact:
* *
*Centamin plc*
Andrew Pardey, Chief Executive Officer
Alexandra Carse, Investor Relations
+44 (0) 7700 713 738
alexandra.carse@centamin.je
* *
*Buchanan Communications*
Bobby Morse
Chris Judd
+ 44 (0) 20 7466 5000
centamin@buchanan.uk.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
*SOURCE:* Centamin PLC
View source version on accesswire.com:
https://www.accesswire.com/531692/Centamin-PLC-Announces-Board-Changes Reported by Accesswire 3 hours ago.
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CoinZoom Announces Continued Global Expansion with Opening of Dublin Office, for its Subsidiary CoinZoom Europe, Limited
CoinZoom’s First European Office to Provide Support for Crypto Currency Traders in Europe and the EMEA Region
SYDNEY, SALT LAKE CITY, DUBLIN (PRWEB) January 02, 2019
CoinZoom, the next generation digital currency exchange, today announced that it’s wholly owned subsidiary, CoinZoom Europe, Ltd. has opened its first European office in the heart of Dublin, Ireland, to support the company’s expansion plans in Europe and the EMEA region. CoinZoom Europe’s official registration in Ireland, comes one month after CoinZoom’s other subsidiary CoinZoom Australia, received its official registration as a Digital Currency Exchange by Australian regulators.
CoinZoom Australia serves both Australian and International customers. CoinZoom, Inc. is positioned to serve U.S. customers and has registered as a Money Services Business in all 50 states with FinCEN and is in the process of securing Money Transmitter Licenses in states where it’s required. Recently, CoinZoom received Money Transmitter Licenses in Florida, Ohio, Washington, Arizona, Georgia, Iowa, Kansas, Maryland, and Oregon, and is now available for trading in over 38 states. Additional states are being added weekly.
“Our expansion into Ireland and, more broadly, Europe and the EMEA region is a milestone for CoinZoom as we position our company to provide global customers with an innovative and differentiated trading experience for crypto currency traders,” said Todd Crosland, CEO of CoinZoom. “CoinZoom’s mission centers on enabling both retail and institutional crypto currency traders with superior technology, security, and multiple user friendly fiat to crypto funding options. Our Dublin office will help us provide more localized service to our clients in Ireland and the EMEA region.”
CoinZoom will provide a simple and easy 'one-stop user experience to link their credit card, bank account, and crypto currency wallets. Traders will have intuitive IOS, Android, and desktop trading options, that include fully compliant KYC/AML procedures that meet both U.S. and Australian regulatory requirements. CoinZoom’s trading platform also offers customers a pattern recognition system, CoinZoom Rewards debit card, and social trading capabilities.
CoinZoom anticipates the launch of its platform during the first quarter of 2019, and will support major digital coins including: Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin, Ripple, in addition to top traded altcoins.
CoinZoom was founded in 2018 by Todd Crosland. Mr. Crosland was the Founder and CEO of Interbank FX, a leading global foreign exchange trading firm with customers in over 140 countries. Monthly trading volume for Interbank FX reached $80 Billion.
About CoinZoom
CoinZoom is an institutional grade digital currency-trading platform that uses the team’s vast experience in providing super trade quality and customer-focused tools and technology to help customers become successful digital currency traders. CoinZoom offers services in buying, selling, and trading Bitcoin, Ripple, Ethereum, and other top digital currency pairs. The team’s decades of experience in financial technology security is equally important in safeguarding customer funds and customers digital currency positions. For more information, visit http://www.coinzoom.com
Contacts
Press:
Benjamin Crosland
Director BD
bcrosland@coinzoom.com
801-694-3537 Reported by PRWeb 26 minutes ago.
SYDNEY, SALT LAKE CITY, DUBLIN (PRWEB) January 02, 2019
CoinZoom, the next generation digital currency exchange, today announced that it’s wholly owned subsidiary, CoinZoom Europe, Ltd. has opened its first European office in the heart of Dublin, Ireland, to support the company’s expansion plans in Europe and the EMEA region. CoinZoom Europe’s official registration in Ireland, comes one month after CoinZoom’s other subsidiary CoinZoom Australia, received its official registration as a Digital Currency Exchange by Australian regulators.
CoinZoom Australia serves both Australian and International customers. CoinZoom, Inc. is positioned to serve U.S. customers and has registered as a Money Services Business in all 50 states with FinCEN and is in the process of securing Money Transmitter Licenses in states where it’s required. Recently, CoinZoom received Money Transmitter Licenses in Florida, Ohio, Washington, Arizona, Georgia, Iowa, Kansas, Maryland, and Oregon, and is now available for trading in over 38 states. Additional states are being added weekly.
“Our expansion into Ireland and, more broadly, Europe and the EMEA region is a milestone for CoinZoom as we position our company to provide global customers with an innovative and differentiated trading experience for crypto currency traders,” said Todd Crosland, CEO of CoinZoom. “CoinZoom’s mission centers on enabling both retail and institutional crypto currency traders with superior technology, security, and multiple user friendly fiat to crypto funding options. Our Dublin office will help us provide more localized service to our clients in Ireland and the EMEA region.”
CoinZoom will provide a simple and easy 'one-stop user experience to link their credit card, bank account, and crypto currency wallets. Traders will have intuitive IOS, Android, and desktop trading options, that include fully compliant KYC/AML procedures that meet both U.S. and Australian regulatory requirements. CoinZoom’s trading platform also offers customers a pattern recognition system, CoinZoom Rewards debit card, and social trading capabilities.
CoinZoom anticipates the launch of its platform during the first quarter of 2019, and will support major digital coins including: Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin, Ripple, in addition to top traded altcoins.
CoinZoom was founded in 2018 by Todd Crosland. Mr. Crosland was the Founder and CEO of Interbank FX, a leading global foreign exchange trading firm with customers in over 140 countries. Monthly trading volume for Interbank FX reached $80 Billion.
About CoinZoom
CoinZoom is an institutional grade digital currency-trading platform that uses the team’s vast experience in providing super trade quality and customer-focused tools and technology to help customers become successful digital currency traders. CoinZoom offers services in buying, selling, and trading Bitcoin, Ripple, Ethereum, and other top digital currency pairs. The team’s decades of experience in financial technology security is equally important in safeguarding customer funds and customers digital currency positions. For more information, visit http://www.coinzoom.com
Contacts
Press:
Benjamin Crosland
Director BD
bcrosland@coinzoom.com
801-694-3537 Reported by PRWeb 26 minutes ago.
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Johanna Konta beaten by Ajla Tomljanovic in Brisbane
British number one Johanna Konta loses to Australia's Ajla Tomljanovic in round two of the Brisbane International.
Reported by BBC Sport 5 minutes ago.
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Australia: Will housing prices bottom in 2019? - Westpac
David Goodman, analyst at Westpac, suggests that they are looking for the Australian growth to further slow in 2019, supported by the housing and the consumer, uncertainty surrounding the upcoming federal election and a less favourable international backdrop.
*Key Quotes*
“On housing specifically, we have seen a further weakening as lending standards tighten. A key question for the Australian economic outlook will be how long these conditions carry into 2019 and relatedly the possible downside “wealth effects” of this correction.”
“Our measures of housing sentiment have improved slightly, however, contemporaneous measures such as auction clearance rates show that other factors (e.g. credit availability, tightening loan criteria and falling investor activity) are dominating.” Reported by FXstreet.com 11 hours ago.
*Key Quotes*
“On housing specifically, we have seen a further weakening as lending standards tighten. A key question for the Australian economic outlook will be how long these conditions carry into 2019 and relatedly the possible downside “wealth effects” of this correction.”
“Our measures of housing sentiment have improved slightly, however, contemporaneous measures such as auction clearance rates show that other factors (e.g. credit availability, tightening loan criteria and falling investor activity) are dominating.” Reported by FXstreet.com 11 hours ago.
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Investors just pulled out a record $13 billion from the shaky leveraged loan market
**· *Money has been pouring out of corporate leveraged loan investment vehicles for a record six straight weeks, BAML says.*
· * The outflows are significant because leveraged loan bundles look like one of the shakiest investment vehicles right now.*
The end of December saw the sixth straight week of outflows of investment from US corporate leveraged loan funds, setting a new record.
That's according to Bank of America Merrill Lynch, which said in a note on December 27 that a total of $12.78 billion exited leverage loan investment, or 13.2% of the weekly reported total for ETFs and assets under management. The total pile of leveraged loans outstanding globally is about $1.6 trillion.
The outflows are significant because leverage loan bundles look like one of the shakiest investment vehicles right now. Warnings about increasingly lax standards in the market have come from far and wide: Former Federal Reserve chair Janet Yellen has sounded the alarm, echoing warnings from the Federal Reserve, the Bank of England, the Reserve Bank of Australia.
Leveraged loans are given to troubled companies who can't get access to cheaper credit via a normal loan from a bank, or a bond. The "leverage" comes from private equity groups, who invest their own money in return for a chunk of equity.
The loans are then bundled and sold on private markets in the form of collateral loan obligations — bundles of debt that can be bought and sold like mortgages. The companies who issue them pay higher rates of interest than investment-grade or government bonds.
But the loans are high-risk. They are often taken by "zombie" companies that would otherwise go to the wall. Leveraged loan issuance has increased so dramatically in recent years that 16% of US companies and 12% of all companies worldwide are now zombies sustained by leverage loan debt, or similar, according to the Bank of International Settlements.
"Record-breaking outflows from US leveraged loan funds and ETFs continued for the third consecutive week this past week, reaching $3.35 billion in redemptions," the BAML team, led by analyst Hans Mikkelsen, wrote in the note. That followed a $3.16 billion outflow a week earlier and a $2.41 billion outflow the week before that, which were both record-highs at the time.
BAML did not respond to messages requesting further comment.
· Read more:
The 'zombie' problem: Low interest rates and 'leveraged loans' sustain a vast number of lousy companies which should have gone to the wall years ago
$1.6 trillion in risky corporate debt ballooned after the Trump administration reversed an Obama-era policy discouraging high leverage
Join the conversation about this story »
NOW WATCH: Bernie Madoff was arrested 10 years ago today — here's what his life is like in prison Reported by Business Insider 7 hours ago.
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