Facebook promises Libra currency will await U.S. approval F acebook Inc. has stated it won’t launch its new Libra cryptocurrency until regulatory concerns are addressed. The U.S. Treasury Secretary stated he had serious concerns about possible use of Libra for illicit activity. Steve Mnuchin, the secretary, was uncomfortable with Libra in its current state. He’s one of a few regulators to air concerns. Facebook announced Libra last month and have faced worries and concerns from lawmakers and the public.
U.S. government staff blacklisting Huawei A midst trade issues between U.S. President Donald Trump and Asia, it’s reported that China’s Huawei should be blacklisted as a product. Though Trump promised last week at the G20 summit in Japan to allow U.S. companies to sell products to Huawei Technologies Co Ltd., there is still confusion if that was the case. In May, the company was added to an “Entity List” which bans American firms from selling to it without special permission. This is a punishment for actions against U.S. national security interests. The U.S. has previously accused Huawei of stealing American intellectual property and violating Iran sanctions. •
Lab-grown steak will soon be on the menu A n Israeli start-up has found a way to make laboratory-grown steak. Diners may soon be able to truck in the steak, amid customer concerns about health, animal welfare and the environment. Hamburgers and chicken grown in a lab are currently being developed, and Israel’s Aleph Farms claims to be the first to develop lab steak. They hope to get it on some restaurant menus by 2021 on a trial basis and have an official launch in 2023.
Retailers report sales boost on Amazon Prime Day L arge U.S. retailers recorded higher sales on the first day of Amazon.com Inc’s Prime Day, according to Adobe Analytics. The two-day shopping event provides major deals to Amazon subscribers. Large retailers saw a 64 per cent spike in sales versus an average Monday, and small retailers saw a 30 per cent increase. Prime Day is a major shopping event for retailers and is compared to Thanksgiving’s Black Friday. Walmart and Target, as well as eBay, have launched special promotions to coincide with the July 15 and 16 Prime sales, only available to U.S. members who pay $119 U.S. a year for the Prime benefits.
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SPOTLIGHT ON BUSINESS MAGAZINE • AUGUST 2019
81 AUGUST 2019 • SPOTLIGHT ON BUSINESS MAGAZINE
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