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Bitcoin ETF: Cryptocurrency Swings As Watchdog X Account ‘Compromised’

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Bitcoin surged temporarily on Tuesday when the US markets regulator’s X account (previously Twitter) announced the approval of new cryptocurrency exchange-traded funds (ETFs).

The Securities and Exchange Commission (SEC) later deleted the message, stating that its account had been “compromised”.

The social networking company stated that the compromised account did not result from a system breach.

US regulators are scheduled to announce the new ETFs this week.

The bogus post was published on the SEC’s official X account shortly after 16:00 Washington time (21:00 GMT).

bitcoin

Bitcoin ETF: Cryptocurrency Swings As Watchdog X Account ‘Compromised’

It stated that the Securities and Exchange Commission “grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges”.

Social media users and business news sources quickly shared and quoted the tweet.

Within minutes, SEC Chair Gary Gensler tweeted a response on his personal X account contradicting the incorrect announcement: “The @SECGov Twitter account was compromised, and an unauthorized tweet was posted.” The SEC has not approved the listing or trading spot bitcoin exchange-traded products.”

“The SEC has determined that there was unauthorized access to and activity on the @SECGov x.com account by an unknown party for a brief period of time shortly after 4 pm ET,” a spokeswoman for the Securities and Exchange Commission said.

“That unauthorized access has been terminated,” they went on to say. “The SEC will work with law enforcement and our partners across government to investigate the matter and determine appropriate next steps relating to both the unauthorized access and any related misconduct.”

Later on Tuesday, X announced that it had finished a preliminary investigation into the bogus post on the SEC’s account and determined that it was not the result of a breach of the social media platform’s systems.

“We can confirm that the account @SECGov was compromised and we have completed a preliminary investigation,” X stated.

bitcoin

Bitcoin ETF: Cryptocurrency Swings As Watchdog X Account ‘Compromised’

“Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party,” according to the statement.

“We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromised.”

Bitcoin surged to about $48,000 (£37,800) shortly after the incorrect article before falling back to roughly $46,000.

Investors are eagerly anticipating the SEC’s news on the potential approval of spot bitcoin ETFs, which is expected this week.

It would be a significant milestone for the cryptocurrency market’s acceptance in mainstream financial markets.

Several asset management firms have sought SEC clearance for spot Bitcoin ETFs.

ETFs are portfolios that allow investors to wager on various assets without having to buy them individually.

bitcoin

Bitcoin ETF: Cryptocurrency Swings As Watchdog X Account ‘Compromised’

They trade like shares on stock exchanges, and the performance of the entire portfolio in real time determines their value.

Some ETFs already indirectly contain Bitcoin; however, a spot Bitcoin ETF will buy the cryptocurrency directly, “on the spot” at its current price throughout the day.

Bitcoin is a decentralized digital currency that operates without a central authority or banks. It allows for peer-to-peer transactions to take place directly without the need for intermediaries. The technology behind bitcoin, known as blockchain, ensures the security and transparency of these transactions.

With a limited supply of 21 million coins, bitcoin is often seen as a hedge against inflation and a store of value. Its fluctuating price has led to both skepticism and enthusiasm among investors and has sparked discussions about the future of finance and monetary systems.

SOURCE – BBC

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2024: Starbucks And Workers United, Long At Odds, Say They’ll Restart Labor Talks

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Starbucks and the union representing its employees in the United States said Tuesday that they have agreed to begin negotiations to achieve a labour agreement.

The announcement was a watershed moment for the two parties, who had been at odds since Workers United initially organised baristas at a Starbucks location in Buffalo, New York, in late 2021.

“Starbucks and Workers United have a shared commitment to establishing a positive relationship in the interests of Starbucks partners,” the company stated. Workers United reiterated these remarks in a similar statement.

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Starbucks And Workers United, Long At Odds, Say They’ll Restart Labor Talks

Workers in more than 370 company-owned Starbucks stores in the United States have voted to unionise but have yet to reach a labour agreement with Starbucks.

The process has been cruel. Federal courts have sometimes ordered Starbucks to restore employees fired after leading unionisation efforts at their locations. The National Labour Relations Board’s regional offices have also filed at least 120 complaints against Starbucks for unfair labour practices, including refusing to bargain and reserving wage hikes and other benefits for non-union employees.

Starbucks stated Tuesday that, as a gesture of goodwill, it will provide workers in unionised locations the benefits promised in May 2022, including the option for customers to tip their credit card purchases.

Starbucks was the first to say it desired a better relationship with the union. In December, the corporation stated it intended to reopen labour negotiations to ratify contract agreements by 2024. Before that, the two parties had not spoken in seven months.

During last week’s conversations, the two sides agreed there was “a constructive path forward on the broader issue of the future of organising and collective bargaining at Starbucks.”

starbucks

Starbucks And Workers United, Long At Odds, Say They’ll Restart Labor Talks

On Tuesday, Starbucks and Workers United announced that they will also consider ending their case. Starbucks sued Workers United in October, alleging that a pro-Palestinian social media post from a union account early in the Israel-Hamas conflict enraged hundreds of customers and harmed the company’s brand.

The corporation insisted that the union not use its name or likeness. Workers United countersued, claiming Starbucks defamed the union and indicated it backed terrorism.

starbucks

Starbucks And Workers United, Long At Odds, Say They’ll Restart Labor Talks

“While there is plenty of work ahead, coming together to develop this framework is a significant step forward and a clear demonstration of a shared commitment to working collaboratively and with mutual respect,” the organisation said. Starbucks repeated the comments.

SOURCE – (AP)

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FAA Gives Boeing 90 Days To Come Up With A Plan To Address Quality Issues

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The Federal Aviation Administration imposed a 90-day deadline for Boeing to address quality and safety issues.

According to the agency, FAA Administrator Mike Whitaker and Boeing CEO Dave Calhoun met for a full day on Tuesday, during which Whitaker made the demand.

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FAA Gives Boeing 90 Days To Come Up With A Plan To Address Quality Issues

That discussion occurred the day after a year-long FAA-commissioned investigation discovered a “disconnect” between Boeing executives and employees about safety, with employees fearing transfer or stopped career progression for reporting safety issues.

The discussion came ahead of the expected release of a six-week FAA investigation of Boeing’s production line, which was prompted by investigators discovering that key bolts were not put on a Boeing 737 Max 9 door plug that burst open during flight.

The FAA stated that the Boeing plan must address shortcomings in the company’s Safety Management System, or SMS, and integrate the SMS programme with another quality programme. SMS is a guidebook designed to guide staff through the procedures necessary to ensure the safety of flights.

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FAA Gives Boeing 90 Days To Come Up With A Plan To Address Quality Issues

However, despite a comprehensive rewrite of the handbook in recent years, the panel discovered that “many Boeing employees did not demonstrate knowledge of Boeing’s SMS efforts, nor its purpose and procedures.”

The group that reported on Boeing’s safety inadequacies on Monday suggested that the firm resolve those flaws within six months; the FAA’s new directive sets a shorter deadline.

faa

FAA Gives Boeing 90 Days To Come Up With A Plan To Address Quality Issues

Boeing’s proposal must result in a “measurable, systemic shift in manufacturing quality control,” according to the FAA.

Boeing has a history of safety breaches. The January 5 blowout incident resulted in a 19-day emergency grounding of all Max 9s and renewed scrutiny of Boeing following the tragic Max 8 disasters in 2018 and 2019.

SOURCE – (CNN)

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Jacob Rothschild, Financier From A Family Banking Dynasty, Dies At 87

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LONDON ROTHSCHILD — his family announced that Jacob Rothschild, 87, a financier and philanthropist from the legendary Rothschild banking line, died on Monday.

Jacob began his career in 1963 at the family bank, NM Rothschild & Sons, before branching out to develop enterprises and charity organisations. His family paid tribute to him in a statement.

“Our father Jacob was a towering presence in many people’s lives, a superbly accomplished financier, a champion of the arts and culture, a devoted public servant, a passionate supporter of charitable causes in Israel and Jewish culture, a keen environmentalist and much-loved friend, father and grandfather,” a statement from his family stated.

rothschild

Jacob Rothschild, Financier From A Family Banking Dynasty, Dies At 87

“He will be buried in accordance with Jewish custom in a small family ceremony, and there will be a memorial at a later date to celebrate his life,” they continued, without revealing any other information.

According to last year’s Sunday Times Rich List, the Rothschild family is worth approximately 825 million pounds ($1 billion). It donates millions of pounds to Jewish interests, education, and art.

Former British Prime Minister Tony Blair was one of the political and cultural heavyweights who paid tribute to Rothschild. Blair lauded him as a “towering figure in Britain’s Jewish community” and praised his efforts to promote Middle East peace.

Jacob was born in Berkshire, west of London. He attended Eton College and studied history at Christ Church College, Oxford University.

rothschild

Jacob Rothschild, Financier From A Family Banking Dynasty, Dies At 87

After leaving the Rothschild Bank, he took over Rothschild Investment Trust, now RIT Capital Partners. He served as chairman of the business, one of the largest investment trusts on the London Stock Exchange, until 2019.

He also co-founded the then-J Rothschild Assurance Group, now St James’s Place, with Mark Weinberg in 1980 and served as deputy chairman of what was then BSkyB Television, among other duties.

In the cultural sector, he served as chairman of the National Gallery of London’s board of trustees and the National Lottery Heritage Fund.

rothschild

Jacob Rothschild, Financier From A Family Banking Dynasty, Dies At 87

The Rothschild Foundation, which manages the family’s former home, the country house Waddesdon Manor, announced that Jacob Rothschild’s daughter Hannah will follow him as chair.

Jacob was married to Serena for over 50 years until she died in 2019. They have four children (Hannah, Beth, Emily, and Nat) and several grandchildren.

SOURCE – (AP)

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