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Jonathan Fairfield
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LOOKING TO GET THE MOST FROM LIFE?
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JPMorgan's Dimon says bitcoin 'is a fraud'
Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake
NEW YORK (Reuters) - Bitcoin "is a fraud" and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co <JPM.N>, said on Tuesday.Speaking at a bank investor conference in New York, Dimon said, "The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart."
Dimon said that if any JPMorgan traders were trading the crypto-currency, "I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous."
Dimon's comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100.
Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services bypassing banks and the mainstream financial system.
While banks have largely steered clear of bitcoin since it emerged following the financial crisis, the virtual currency has a range of people who support it, including technology enthusiasts, liberterians skeptical of government monetary policy and speculators attracted by its price swings.
"Like it or not, people want exposure to bitcoin," Edward Tilly, chairman and CEO of exchange group CBOE Holdings Inc. <CBOE.O>, said at the same conference.
CBOE has applied with U.S. regulators to launch a bitcoin futures contract and a bitcoin exchange traded fund on its venues.
Any good trade is started with a difference of opinion, Tilly added. "So Jamie can be on the short side and the issuers and those trading in physical can be on the long side, and it sounds like we have a great trade.”
Dimon may also be on the other side of another bitcoin trade closer to home.
At another conference about two hours later, Dimon said that one of his daughters had bought some bitcoin.
"It went up and she thinks she's a genius now," Dimon said at the CNBC Institutional Investor Delivering Alpha Conference.
"WORSE THAN TULIP BULBS"
Banks and other financial institutions have been concerned over bitcoin's early association with online crime and money laundering.
The supply of bitcoin is meant to be limited to 21 million, but there are clones of the virtual currency in circulation which have made the market for it more volatile.
"It is worse than tulips bulbs," Dimon said, referring to a famous market bubble from the 1600s.
JPMorgan and many of its competitors, however, have invested millions of dollars in blockchain, the technology that tracks bitcoin transactions. Blockchain is a shared ledger of transactions maintained by a network of computers on the internet.
Dimon said such uses will roll out over coming years as it is adapted to different business lines.
Financial institutions are hoping blockchain can be adapted to simplify and lower the costs of processes such as securities settlement, loan trading and international money transfers.
Dimon predicted big losses for bitcoin buyers. "Don't ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up." he said.
"Honestly, I am just shocked that anyone can't see it for what it is."
Bitcoin’s price fell as much as 4 percent following Dimon's comments and was last trading at $4,164. Rumors that the Chinese government is planning to ban trading of virtual currencies on domestic exchanges has weighed on bitcoin recently.
"It feels like we are in the midst of a negative news cycle, but even considering all this, we are still trading above $4,000." said John Spallanzani, chief macro strategist at GFI Group.
(Reporting by David Henry and Anna Irrera in New York Additional reporting by John McCrank, Angela Moon and Lawrence Delevingne; Editing by Steve Orlofsky and Jonathan Oatis)
-- © Copyright Reuters 2017-09-13 -
Cryptocurrency chaos as China cracks down on ICOs
SHANGHAI/BEIJING (Reuters) – China’s move last week to ban initial coin offerings (ICO) has caused chaos among start-ups looking to raise money through the novel fund-raising scheme, prompting halts, about-turns and re-thinks.
China is cracking down on fundraising through launches of token-based digital currencies, targeting ICOs in a market that has ballooned this year in what has been a bonanza for digital currency entrepreneurs.
The boom has fueled a jump in the value of cryptocurrencies, but raised fears of a potential bubble.
“This is not unlike the dotcom bubble of 2000,” said a partner at a venture capital fund in Shanghai, who didn’t want to be named because of the issue’s sensitivity. “There are a lot of companies raising a lot of money for not very good ideas, and these will eventually be weeded out. But even from the big dotcom bust, you still have gems.”
“One of the reasons regulators stepped in was that the ICO fever extended beyond the traditional crypto community. The timing was an attempt to pre-empt this before it goes into a much broader mass market in China,” the partner said.
Full story: http://tech.thaivisa.com/cryptocurrency-chaos-china-cracks-icos/24238/
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Still a relatively low cost of living compared to the west and the weather!
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Interpol publishes Red Notice for arrest of Red Bull heir
The Interpol has published a Red Notice for the arrest of Red Bull scion Vorayuth Yoovidhya, a suspect in a hit-and-run case, at the request of the Royal Thai Police’s Foreign Affairs Division.
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Interpol publishes Red Notice for arrest of Red Bull heir
The Interpol has published a Red Notice for the arrest of Red Bull scion Vorayuth Yoovidhya, a suspect in a hit-and-run case, at the request of the Royal Thai Police’s Foreign Affairs Division.
The Red Notice contains details on the name, date of birth, place of birth, and physical description of the suspect.
It also says Vorayuth is wanted in Thailand on the following charges: Reckless driving causing the death of another person; reckless driving causing damages to another person; did not stop to aid the injured person and did not report to the officials; driving under the influence of alcohol causing the death of another person; and, driving more than the allowed speed limit.
Full story: http://englishnews.thaipbs.or.th/interpol-publishes-red-notice-arrest-red-bull-heir/
-- © Copyright Thai PBS 2017-09-12
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Fast 8 photo on the wall!
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Macau's unused billions: booming casino taxes sit in government coffers
By Farah Master
MACAU (Reuters) - Over the past five years, Macau has raked in $70 billion in taxes from the casinos that have made the territory the largest gambling center in the world.
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U.N. says 370,000 flee Myanmar, exodus continuing
GENEVA (Reuters) - Violence in Myanmar has prompted 370,000 people belonging to the Muslim Rohingya minority to flee to Bangladesh since Aug. 25, up from a previous estimate of 313,000, the U.N. International Organization for Migration said on Tuesday.
Full story: https://www.thaivisa.com/forum/topic/1001807-un-says-370000-flee-myanmar-exodus-continuing/
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Carmakers face electric reality as combustion engine outlook dims
By Laurence Frost and Edward Taylor
FRANKFURT (Reuters) - European car bosses gathering for the Frankfurt auto show are beginning to address the realities of mass vehicle electrification, and its consequences for jobs and profit, their minds focused by government pledges to outlaw the combustion engine.
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China facing intensified threat of religious infiltration, extremism - official
BEIJING (Reuters) - China is facing heightened threats from foreign infiltration via religion and from the spread of extremism, a top official for religious affairs said on Tuesday, after strict new rules were passed to manage religious practice in the country.
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Air Berlin cancels flights as pilots call in sick
BERLIN (Reuters) - Insolvent Air Berlin <AB1.DE> said it has cancelled around 70 flights so far on Tuesday, affecting both its own operations and flights it carries out for Lufthansa's <LHAG.DE> Eurowings, after pilots called in sick in unusually high numbers.
Full story: https://www.thaivisa.com/forum/topic/1001803-air-berlin-cancels-flights-as-pilots-call-in-sick/
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U.N. says 370,000 flee Myanmar, exodus continuing
GENEVA (Reuters) - Violence in Myanmar has prompted 370,000 people belonging to the Muslim Rohingya minority to flee to Bangladesh since Aug. 25, up from a previous estimate of 313,000, the U.N. International Organization for Migration said on Tuesday.
"The system is clearly at full stretch and needs all the support it can get," IOM chief spokesman Leonard Doyle said. He declined to say how big he thought the exodus could get.
"Clearly the estimates have been bypassed several times over," he told a briefing in Geneva. "I’m reluctant to give a number but obviously people fear that it could go much higher."
(Reporting by Tom Miles; editing by John Stonestreet)
-- © Copyright Reuters 2017-09-12 -
Carmakers face electric reality as combustion engine outlook dims
By Laurence Frost and Edward Taylor
FRANKFURT (Reuters) - European car bosses gathering for the Frankfurt auto show are beginning to address the realities of mass vehicle electrification, and its consequences for jobs and profit, their minds focused by government pledges to outlaw the combustion engine.
As the latest such announcement by China added momentum to a push for zero-emissions motoring, Daimler, Volkswagen and PSA Group gave details about their electric programmes that could give policymakers some pause.
Planned electric Mercedes models will initially be just half as profitable as conventional alternatives, Daimler warned - forcing the group to find savings by outsourcing more component manufacturing, which may in turn threaten German jobs.
"In-house production is almost irrelevant to the consumer," Daimler boss Dieter Zetsche told reporters on the eve of the Frankfurt auto show, in the midst of a German election campaign in which automotive jobs have loomed large.
The company set a target of saving 4 billion euros ($4.8 billion) by 2025 to help fund the cost of its electric cars.
"Daimler is the first company to state explicitly how much electric vehicles are going to hurt margins," said Bernstein analyst Max Warburton. "It was brave to go first - but of course it won't be the last."
Volkswagen (VW), for its part, said it was seeking new global supplier contracts to source 50 billion euros ($60 billion) of electric car content including batteries, which are not yet manufactured competitively in Europe.
"A company like Volkswagen must lead, not follow," Chief Executive Matthias Mueller told reporters.
VW diesel emissions-cheating exposed by U.S. regulators in 2015 triggered global public outrage, dozens more investigations into test-rigging by the wider industry and a push by some lawmakers to ban diesel and eventually all engines.
TIGHTENING NOOSE
Tesla Inc shares jumped nearly 6 percent on Monday after a Chinese minister said it was a question of when, not if, Beijing bans fossil-fuel cars, tightening the noose around the combustion engine. France and Britain have promised its outright abolition by 2040.
But PSA, the maker of Peugeots and Citroens, said it was concerned about the risks if consumers were left behind in the rush, and a new generation of battery cars does not sell.
"If it doesn't gain acceptance in the market, then everybody - industry, employees and politicians - has a big problem," PSA Chief Executive Carlos Tavares said in a pre-show interview with German weekly Bild am Sonntag.
While Tesla has carved itself a successful premium niche, electric vehicles have yet to penetrate mass markets, with the heavily subsidised exception of Norway, and still account for less than 1 percent of global car sales.
Automakers have sought to adapt to the changing tide - and in some cases distance themselves from "dieselgate" - by announcing multibillion-euro investments in electric cars, underpinned by plans to sell millions within a decade.
A year into the scandal, VW unveiled plans to develop 30 new electric cars and sell 2-3 million annually by 2025. On Monday it upped the goal to 80 models and said it would need four times the capacity of Tesla's "gigafactory" to supply their batteries.
JOBS FLIGHT
Since the battery is the single biggest-value item in an electric car, however, experts point out that mass adoption would shift business and jobs from European suppliers to China, which already dominates the automotive power-pack market.
According to consulting firm AlixPartners, electric drivetrains including batteries require 40 percent less manufacturing labour than mechanical ones. That would hit 112,000 jobs at European suppliers, even before any outsourcing.
A phase-out of combustion engines by 2030 could cost 600,000 jobs in Germany alone, the country's Ifo economic institute has warned. Chancellor Angela Merkel, on course for re-election on Sept. 24, said she was "no friend of bans", in a Berliner Zeitung interview published on Tuesday.
Speaking to a television audience of voters on Monday evening, Merkel said the industry would need support in its transformation. "The government still has to do more to set incentives," she said, without giving details.
Any deepening of the doubts surrounding mass electric car uptake could vindicate Fiat Chrysler CEO Sergio Marchionne - one of the few car bosses who has largely resisted the plug-in vogue.
"My aversion to electrification was based on pure cost issues," Marchionne told analysts recently, predicting that stubbornly high battery costs would combine with tightening combustion-engine regulation to choke off overall sales.
Independent analyst Richard Windsor warned that far from boosting the industry, the shift to electric cars - which are expected to last longer than combustion-engined equivalents and require less maintenance - could inflict long-term damage on it.
"Vehicle makers are queuing up to announce their commitment to electric vehicles but at the same time they may be cheering for their own demise," he said.
($1 = 0.8358 euro)
(Additional reporting by Andreas Cremer and Georgina Prodhan in Frankfurt and Emma Thomasson in Berlin; Writing by Laurence Frost and Mark Potter; Editing by Matthew Lewis and Louise Heavens)
-- © Copyright Reuters 2017-09-12 -
China facing intensified threat of religious infiltration, extremism - official
BEIJING (Reuters) - China is facing heightened threats from foreign infiltration via religion and from the spread of extremism, a top official for religious affairs said on Tuesday, after strict new rules were passed to manage religious practice in the country.
President Xi Jinping has emphasized the need to guard against foreign infiltration through religion and to prevent the spread of "extremist" ideology, while also being tolerant of traditional faiths that he sees as a salve to social ills.
China's cabinet last week passed updated rules to regulate religion so as to bolster national security, fight extremism and restrict faith practiced outside state approved organizations. The new rules take effect in February.
Wang Zuoan, the head of China's religious affairs bureau, said the revision was urgently needed because "the foreign use of religion to infiltrate (China) intensifies by the day and religious extremist thought is spreading in some areas."
"Issues with religion on the internet are starting to break out ... and illegal religious gatherings in some places continue despite bans," he added, writing in the official paper of the ruling Communist Party, the People's Daily.
Wang said that freedom of religious faith is protected by the new rules.
"At the same time, freedom of religious faith is not equal to religious activities taking place without legal restrictions," he added.
Religion within China needed to be "sinicized", a term officials use to describe the adjusting of religion to fit Chinese culture as interpreted by the Party.
"These rules will help maintain the sinicization of religion in our country ... and keep to the correct path of adapting religion to a socialist society," he said.
China's five officially sanctioned religions - Buddhism, Taoism, Islam, Catholicism and Christianity - vowed to fight "desinicization" at a forum on the topic held in Beijing last week, according state media.
China has seen a revival of religious practice in recent decades after faith was effectively banned during the Cultural Revolution in the 1960s.
Official estimates put the number of believers at around 100 million, but scholars argue that the real number could be many times higher, due to many believers being unregistered with authorities.
China requires places of worship to be registered with authorities, but many believers shun official settings in preference for private gatherings often known as "underground" churches.
(This story has been corrected to reflect that rules were passed by China's cabinet, not parliament, in third paragraph)
-- © Copyright Reuters 2017-09-12 -
Air Berlin cancels flights as pilots call in sick
BERLIN (Reuters) - Insolvent Air Berlin <AB1.DE> said it has cancelled around 70 flights so far on Tuesday, affecting both its own operations and flights it carries out for Lufthansa's <LHAG.DE> Eurowings, after pilots called in sick in unusually high numbers.
The cancellations come as a deadline approaches for investors to bid for the assets of Germany's second largest airline, with Lufthansa <LHAG.DE> seen in pole position to acquire large parts of its rival.
Departures information on Air Berlin's website showed flights cancelled from a range of German airports including Berlin Tegel, Duesseldorf, Hamburg and Cologne.
A spokesman for Eurowings, which leases 33 crewed planes from Air Berlin, said it also expected short-haul flight cancellations as a result of the sickness-related absences.
However, the budget carrier expects to carry out the majority of its 650 planned flights for today because it would take measures such as rebooking customers onto other flights or trains and using standby planes and crews.
TUIfly was also forced to cancel flights last year after many pilots called in sick, with their union saying staff were concerned that merger talks, since failed, could lead to job and pay cuts.
Representatives from pilots' union Vereinigung Cockpit were not immediately available for comment.
Air Berlin, Germany's second-largest airline, filed for bankruptcy protection last month after shareholder Etihad Airways withdrew funding following years of losses.
Bidders have until Sept. 15 to submit binding offers, with a decision possible as early as Sept. 21, three days before a German national election.
(Reporting by Victoria Bryan and Caroline Copley; Editing by Maria Sheahan and Louise Heavens)
-- © Copyright Reuters 2017-09-12 -
250,000 baht in a day. Patong’s para-sailing business
If they did this for an entire day, say, starting at 10am, then they had the potential of making nearly 250,000 baht per day. PER DAY!!!!
Following the death of Australian 70 year old businessman, Roger Hussey, in July and the subsequent investigation and promises for a ‘crackdown’ on the local parasailing industry, things appear to have settled back to ‘normal’.
Again. We have nothing against good people doing business in their own country. Most of the people involved seemed quite pleasant. We’re just reporting what we witnessed.
In a one hour period on a typical Saturday afternoon – not particularly busy on Patong Beach – we watched the parasail vendors ply their trade almost directly in front of Bangla Road.
Over the hour from 5.15 to 6.15pm 26 people went up on a ride, that’s nearly one every two minutes. There was a 30 second turn around between one customer landing, being unclipped and the next ‘passenger’ being clipped in and being dragged off into the sky for their two minute journey.
Full story: https://www.phuketgazette.net/news/250000-baht-day-patongs-para-sailing-business
-- © Copyright Phuket Gazette 2017-09-11 -
Video: What amulet was she wearing?! Thai woman in miraculous escape
Image: Sanook
A Thai woman crossing the road in Korat had a miracle escape after a car ploughed into two vehicles making a U-Turn.
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Video: What amulet was she wearing?! Thai woman in miraculous escape
Image: Sanook
A Thai woman crossing the road in Korat had a miracle escape after a car ploughed into two vehicles making a U-Turn.
The woman, unidentified but aged about 50, had just got off a "song thaew" and was in the central reservation waiting to cross.
CCTV showed a black car collide at high speed with other vehicles and miss her.
She walked off without so much as a graze.
The accident occurs at about 1.50 of a clip lasting just over two minutes.
A local called Prasit, 55, working at the scene of the accident on the Ratchasima to Jakrat Road on Saturday evening said that he heard the screeching of brakes and looked up.
He couldn't believe it as the woman walked away unscathed.
Sanook did not yet catch up with the woman which is a pity.
Thaivisa would love to know what amulet she was wearing.
-- © Copyright Thai Visa News 2017-09-11
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Another mild quake hits in Lamphun
A 1.3-magnitude earthquake was recorded in Lamphun’s Muang district Monday morning, the Seismological Bureau of the Meteorological Department reported.
Full story: https://www.thaivisa.com/forum/topic/1001578-another-mild-quake-hits-in-lamphun/
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Two men arrested for drug possession in Nong Khai
Nong Khai police arrested two men early Monday morning after police searched them and allegedly found 97 methamphetmine pills in two pens and a cigarette packet.
Full story: https://www.thaivisa.com/forum/topic/1001577-two-men-arrested-for-drug-possession-in-nong-khai/
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Man’s charred body found in fire-gutted Pathum Thani house, police question son-in-law
A 56-year-old prawn farmer died late Sunday night when a fire engulfed his house in Pathum Thani’s Nong Sua district.
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Another mild quake hits in Lamphun
A 1.3-magnitude earthquake was recorded in Lamphun’s Muang district Monday morning, the Seismological Bureau of the Meteorological Department reported.
The quake happened at 6.35am at a depth of 1.3 kilometres, a latitude of 18.60 and a longitude of 98.98. No damage was reported. There have been a series of mild quakes in the northern province.
On Sunday, a 3.1-magnitude quake was recorded at 7:39am, while five mild quakes were recorded in the province on Thursday. No damage was reported.
Source: http://www.nationmultimedia.com/detail/breakingnews/30326354
-- © Copyright The Nation 2017-09-11 -
Two men arrested for drug possession in Nong Khai
Nong Khai police arrested two men early Monday morning after police searched them and allegedly found 97 methamphetmine pills in two pens and a cigarette packet.
Muang Nong Khai Police Station deputy chief Lt-Colonel Atthasak Siriphanit said Somphon Suwankhampaeng, 30, and Anucha Apai, 28, were arrested when police saw them acting suspiciously after they left a fresh food market on a motorbike at about 4am.
Police allegedly found 19 meth pills hidden in the cigarette packet and 39 pills hidden in each one of the two pens. The men said they bought the drugs off a Laotian man to resell in Nong Khai.
Source: http://www.nationmultimedia.com/detail/breakingnews/30326356
-- © Copyright The Nation 2017-09-11
Where to find good Pool Tables & Games ? Thailand Pool Tables
in Pattaya
Posted
Where to find good Pool Tables & Games ? Thailand Pool Tables
For over 18 years, at Thailand Pool Tables we have been sharing our passion for the game with a wide variety of customers, we have increased our range of products in order to suit all types of businesses as well as budgets with two main characteristics : Quality Products & Outstanding Services. Whether you would like to bring some animation into your business or have the man’s cave you have always dreamed of, we have it all : Pool Tables, Cues & Accessories, Table Tennis, Foosball Tables, Darts, Air Hockey, Arcades, Pinball…you name it.
With the support of our customers, we have been able to provide excitement and joy to businesses or property owners for over 18 years. Because you or your business is unique, we offer you a tailor made solution which will go beyond your expectations, your satisfaction is our biggest rewards.
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You don’t want to invest now but you need something at a reasonable price and good quality, your business reputation is on the line. With the rental solution, we provide you top quality tables with full services and the price is surprising low allowing you to spend your budget elsewhere in order to grow your business. We will service and regularly check the table on monthly basis for FREE ! Complete hassle free solution.
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