Trump says U.S. will counteract any meddling in 2018 election

WASHINGTON (Reuters) – U.S. President Donald Trump said on Tuesday there was interference by Russia and probably by other countries in the 2016 U.S. election, and the United States would counteract any attempt at meddling in the November 2018 elections.

Coinbase announces launch of cryptocurrency index fund

NEW YORK (Reuters) – Digital asset exchange Coinbase announced on Tuesday the launch of its first-ever index fund, marking the company’s foray into asset management.

Hedge fund Citadel cuts Aptigon unit headcount by 34 percent: sources

NEW YORK (Reuters) – Citadel, one of the world’s largest hedge fund managers, has cut staff by more than 30 percent in one of its stock-picking units in what several people with direct knowledge of…

Coinbase is launching its own cryptocurrency index fund

 When you’re the runaway leader in a growing industry you typically have two opinions: A) Stay in your lane and let other companies pop up to solve the industry’s problems. B) Try to offer as many products as possible and own the entire customer experience from A-Z (no Amazon pun intended). If there’s any doubt which option Coinbase is gunning for, that’s now gone.… Read More

Gary Cohn to quit as Trump’s top economic adviser

  • Adviser becomes latest departure from Trump administration
  • Cohn reportedly strongly opposed decision to impose tariffs

Gary Cohn, Donald Trump’s top economic adviser, has quit, the latest in a series of high-profile departures from the Trump administration.

Cohn, who heads the National Economic Council, had reportedly threatened to leave after Trump’s incendiary comments following the fatal race riot in Charlottesville, Virginia.

Related: Trump’s tariff plan a black day for the world, BHP boss says

Related: The five biggest White House resignations (so far)

Continue reading…

Take that, Trump: The WTO can authorize Canada to hit U.S. with US$3.2B in retaliation measures

Canada would be entitled to trade retaliation measures of US$3.2 billion if U.S. President Donald Trump’s proposed tariffs on steel and aluminum are found to have violated World Trade Organization rules, according to a report from the Washington-based Peterson Institute for International Economics.

Relying on data from the Trump administration’s own models, the report found that Canada would endure the toughest trade losses under the tariffs. Of a total US$14.2 billion in losses imposed on partners, the European Union would take the next largest hit at US$2.6 billion followed by South Korea and Mexico at around US$1 billion each, according to Chad Bown, senior fellow at the institute and author of the report.

China – targeted by Trump as the main culprit in flooding the world with steel and aluminum – would suffer only US$689 million in estimated trade losses, according to the report.

Trump rattled world markets last week when he proposed tariffs of 25 per cent on steel and 10 per cent on aluminum, arguing the imports posed a threat to national security. Rules established by the WTO would permit a country to retaliate if there is a legal finding that this rationale is baseless.

“The compensation—or retaliation—limit has historically been set at the value of an exporting country’s lost trade,” Bown writes.

It follows that Canada, as the nation most injured, would be entitled to the largest retaliation at US$3.2 billion, he added.

How would it work? First, the U.S. would have to impose the levies. Then Canada would have to challenge the country’s claim that the tariffs are justifiable under the “national security exception” in the General Agreement on Tariffs and Trade (GATT). Should a WTO panel rule against that reasoning, the U.S. would be required to amend the tariffs. If it refuses, Canada can request compensation and the WTO can establish an “authorized retaliation.”

Once the amount of lost trade is established, Canada would have discretion to draw up a list of which U.S. products to target. These items can be selected according to economic or political motives. For instance, if Trump goes ahead with the tariffs, the EU has said it will respond with levies on Harley-Davidson motorcycles, Kentucky bourbon and Levi’s blue jeans — products manufactured in the home states of key Republican leaders including Senate Majority Leader Mitch McConnell and House Speaker Paul D. Ryan.

“If you think hitting Paul Ryan would be a way to get Trump to remove the tariffs, maybe pick products from his district in Wisconsin, that’s the idea,” Bown said in an interview.

Authorized retaliations are rare – the WTO has established them in fewer than 15 disputes since 1995. But Canada was authorized a couple of years ago to retaliate to a limit of US$1 billion against the U.S. in a case involving regulations on rules of origin labelling on beef. But the U.S. dropped the regulations before the retaliation ever took place.

“Sometimes the retaliation is implemented, but more often the authorization triggers the reform,” Bown said. “It’s how the process usually works out.”

• Email: | Twitter:

BlackBerry weaponizes instant messaging patents, sues Facebook

BlackBerry, the once-great smartphone maker that exited the hardware business in 2016, is suing Facebook for patent infringement. BlackBerry owns a portfolio of broad software patents that cover some of the most basic features of modern smartphone messaging services—and the company says it wants Facebook to pay up.

Facebook “created mobile messaging applications that coopt BlackBerry’s innovations, using a number of the innovative security, user interface, and functionality-enhancing features that made BlackBerry’s products such a critical and commercial success in the first place,” BlackBerry’s Tuesday lawsuit claims. The lawsuit argues that Facebook subsidiaries Instagram and Whatsapp infringe BlackBerry’s patents in addition to Facebook’s own messaging apps.

It’s not unusual for technology companies that lose their lead in the marketplace to turn to patent licensing as an alternative way to make money. Yahoo sued Facebook for patent infringement in 2012, for example, while Nokia sued Apple for patent infringement in 2016.

Read 6 remaining paragraphs | Comments