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Dow plunges as trade tensions soar
Stocks fell in midday trading Monday, with the Dow Jones industrial average down as much as 446 points, amid reports of protectionist policy pushes by the Trump administration that would ramp up trade tensions on multiple fronts.
New rules that would curb investment in American technology firms are reportedly in the works within the Treasury Department. The Wall Street Journal reported Sunday that the initiatives would block companies with more than 25% Chinese ownership from buying “industrially significant” technology companies. But Treasury Secretary Steven Mnuchin said Monday on Twitter that the rules could be applied to “all countries that are trying to steal our technology.”
Take a peek inside the Manhattan mothership of JPMorgan Chase’s $10.8 billion tech office
It’s only a couple years old, but at JPMorgan Chase’s office at Five Manhattan West the walls have already been defaced.
And it’s not just the walls. Chairs and other surfaces have been scribbled all over as well.
At the headquarters for JPMorgan’s digital ambitions, this is all by design – writable surfaces are part of the effort to foment the collaboration, serendipity, and freeform thinking that run amok at Silicon Valley’s most agile workplaces.
And as banks increasingly compete for the same talent as the Google, Amazon, Facebook and other tech giants, the lively tech hub and its casual ambiance also serves as a recruiting tool for young talent that may instinctively view the “Midtown Uniform” with suspicion.
“This is the mothership,” Jason Alexander, head of digital platforms at Chase, told BI on a recent tour of the office space.
Galaxy is investing hundreds of millions of dollars in projects that’ll lure Wall Street to bitcoin
Famed hedge funder-turned-crypto enthusiast Mike Novogratz launched merchant bank Galaxy Digital earlier this year and its venture capital arm is already hard at work.
Business Insider has learned that Galaxy, which has businesses in asset-management, trading, and investing, has made a significant number of investments in the market for digital coins which have not yet been disclosed publicly.
People familiar with the firm’s operation said that the principal investment team, which staffs six people, has invested in high-volume ICO projects and has a significant portfolio of early stage ventures.
In markets news
- The bank for central banks is blaring the siren on a new debt crisis that could cause a long and painful recession
- JPMorgan identifies a ‘catch-all trade’ that will profit from the biggest issues confronting investors – including a trade war
- Beware ‘Apocalypse Dow’ – Bank of America reveals the 5 reasons it’s bracing for a market meltdown