For the first time, a unit of the digital cryptocurrency Bitcoin has exceeded the value of an ounce of gold.It peaked at $1,265 on Tuesday while a troy ounce of gold stood at $1,233.The current high is attributed to surging demand in China where authorities warn it is used to channel money out of the country.The past months’ surge is a major reversal for Bitcoin, which plummeted in value in 2014 after the largest exchange collapsed.The value of Bitcoin has been volatile since it was first launched in 2009, and many experts have questioned whether the crypto-currency will last.Earlier this year...
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The director of Ringing Bells, the Indian firm which claimed to be selling the world’s cheapest smartphone, has been arrested on allegations of fraud.Mohit Goel was held after one of the phone’s distributors claimed it had not received handsets it had paid for.The Freedom 251 phone, priced at 251 rupees ($3.70), went on pre-sale in February 2016.But while many customers got their phones, Ringing Bells is accused of not fulfilling all of its orders.The distribution company, Ayam Enterprises, said it paid 3m rupees ($45,000; ) after Mr Goel persuaded it to distribute the phone.But it claimed onl...
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Shanghai replaced Tokyo as the most attractive destination for property investment in Asia in the fourth quarter of last year, according to the statistics from JLL, a professional services and investment management firm offering specialized real estate services.Globally, Shanghai was the fifth destination for property investment, after New York, London, Los Angeles and Paris, last year.According to JLL, the strong performance of the property market in Shanghai was driven by large transactions including ARA Asset Management’s US$2.91 billion investment in the Century Link complex last October. ...
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US President Donald Trump said Saturday he would not be attending the annual White House Correspondents’ Association (WHCA) dinner, one day after his press team blocked several mainstream media from attending a press gaggle at the White House.I will not be attending the White House Correspondents’ Association dinner this year. Please wish everyone well and have a great evening! Trump tweeted.The remark broke away from a long running tradition of the participation of the president and the first lady at the event where politicians, journalists and celebrities gather to toast one another.In a sta...
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Tesla, which reports full-year earnings Wednesday, was worth $44.6 billion, while Ford clocked in at $49.9 billion. So the electric automaker only needs to gain another 12% to catch Ford at its current valuation.Certainly Tesla, which is much smaller than Ford, is growing much faster. Tesla’s value has climbed 30% since the start of this year, while Ford’s has increased 5%.Ford was worth twice as much as Tesla as recently as a year ago, and less than four years ago it was worth 10 times as much.Ford is one of the world’s iconic automakers, and founder Henry Ford is the father of the modern ass...
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