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A trader works on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. August 8, 2022. Portal/Andrew Kelly

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• ISM services sector data beat estimates
• Bed Bath & Beyond’s stock plummets after CFO’s death
• Wall Street has had three straight weeks of declines
• Indices down: Dow 0.33%, S&P 0.24%, Nasdaq 0.42%

Sept 6 (Portal) – Wall Street’s main indices tumbled on Tuesday, as a stronger-than-expected reading from the US services sector led to expectations that the Federal Reserve will raise interest rates further in a bid to tame inflation.

The tech-heavy Nasdaq (.IXIC) faced a seventh straight day of losses in what may be its longest losing streak since November 2016.

Rate-sensitive shares of Apple, Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) each fell about 1 percent as benchmark U.S. Treasury yields rose to their highest levels since June.

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“By far the main concern for almost everyone is really just what’s going to happen to the Fed and interest rates,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab in Austin, Texas.

“Although the Fed will definitely keep raising rates, I think there is no question. The only question is how much and how fast.”

A survey by the Institute for Supply Management (ISM) showed that the US services industry rallied for the second straight month in August on stronger order growth and employment, while supply constraints and pricing pressures eased. Continue reading

However, figures from S&P Global showed that the services PMI fell short of flash estimates for August.

Traders see a roughly 75% chance of a third 75 basis point rate hike at the Fed’s meeting later this month.

Focus will be on Fed Chair Jerome Powell’s speech on Thursday and next week’s US consumer price data for clues on the monetary policy path.

Markets started September on a weak note as hawkish comments from Fed policymakers and data showing momentum in the US economy raised fears of aggressive rate hikes.

The benchmark S&P 500 (.SPX) closed at a six-week low on Friday, as worries over Europe’s gas crisis overshadowed relief from monthly jobs data, which pointed to a slight easing in wage pressures. The index is down nearly 18% so far this year, while the Nasdaq is down nearly 26% as rising interest rates hurt megacap tech and growth stocks.

Among the major S&P sectors, consumer discretionary (.SPLRCD) and communications services (.SPLRCL) fell the most, while defensive utilities (.SPLRCU) and real estate (.SPLRCR) rose.

At 12:17 p.m. ET, the Dow Jones Industrial Average (.DJI) was down 104.63 points, or 0.33%, to 31,213.81, the S&P 500 (.SPX) was down 9.49 points, or 0.24% 3,914.77 and the Nasdaq Composite (.IXIC) fell 49.39 points, or 0.42%, to 11,581.47.

The CBOE Volatility Index (.VIX), also known as Wall Street’s fear gauge, rose to 26.5 points.

Bed Bath & Beyond Inc (BBBY.O) fell 16.6% after Chief Financial Officer Gustavo Arnal fell to his death from New York’s Tribeca skyscraper. Continue reading

Digital World Acquisition Corp (DWAC.O) plunged 16.3% after Portal reported that the blank check acquisition firm, which agreed to a merger with Donald Trump’s social media company, did not have enough shareholder support for an extension at the close of the had received deals. Continue reading

At a 1.91 to 1 ratio on the NYSE and a 1.72 to 1 ratio on the Nasdaq, bearish issues outweighed the leaders.

The S&P index made no new 52-week highs and 22 new lows, while the Nasdaq made 16 new highs and 253 new lows.

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Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Edited by Saumyadeb Chakrabarty and Maju Samuel

Our standards: The Trust Principles.

A new vulnerability that is currently being exploited by hackers could compromise your computer when you use the Chrome browser.

The giant Google confirmed this vulnerability dubbed “zero-day” in a post on its blog on September 2nd.

An anonymous source reported the issue on August 30. Google expects the update to be rolled out to all users in the coming days and weeks.

The company has yet to release much information about the nature of the bug that endangers computers running PC, MAC or Linux.

It could be linked to “inadequate data validation” in Mojo, a collection of shared libraries used by Chromium, the code base on which Google Chrome is built, reports The Verge.

The update called 105.0.5195.102 was released to fix the problem.

The error codename is CVE-2022-3075.

Experts urge you to update Google Chrome to the latest version to ensure you surf the web safely.

This latest update comes just days after Google Chrome released version 105 on August 30th. This update is already accompanied by 24 security patches. Apparently these fixes weren’t enough.

This is the sixth zero-day vulnerability Chrome has encountered so far this year, the other emerging last April.

How to update

To update your Chrome, you need to go to the Chrome About menu.

You then need to start downloading the new version available for Windows, Mac and Linux.

The new version number is 105.0.5195.102.

Important: You must restart your computer for the update to work.

Chinese-born Canadian Changpeng Zhao, also known as CZ, is a prolific tweeter, but all his talk of “guts” seems to point to attempts to corner the market. Photo: ERIC PIERMONT/AFP (Getty Images )

In a few weeks, stablecoin holders on Binance will find their crypto doesn’t have the same name or price as before. The exchange effectively notified its users that it will dig its long, thin fingers into each of their wallets, take out their old cryptos and replace them with their own private label version of stablecoin.

Binance, the world’s most popular crypto exchange, informed its users late Monday that it was merging all USDC stablecoins, the world’s second most popular stablecoin — along with smaller stablecoins Pax Dollar and True USD — into its own stablecoin brand, Binance USD , would convert .

The company said the move was intended to “improve liquidity and capital efficiency for users,” but while its announcement was full of technical details, the economic rationale was extremely slim. The company said all coins would be converted at a 1:1 ratio by September 29, and it is effectively ending all spot, futures or margin trading and lending for those particular stablecoins.

What it seems to imply is that Binance wants its stablecoin connoisseurs to trade BUSD and only BUSD for as long as they are on their platform.

Binance CEO Changpeng Zhao tried to massage user concerns through a post on Twitter, saying they are “merging all liquidity into one pair.”

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All users will be forced to trade with a “consolidated” BUSD balance, although users will still be able to withdraw their funds 1:1 with any of the above stablecoins. Still, it can’t get over the fact that the USD stablecoin (which trades as USDC) has a market cap of over $51 billion, according to CoinMarketCap data. Binance USD coin is less than $20 billion at the time of reporting. Bringing together the trading of such a large piece of the crypto puzzle (or crypto bubble, whichever you prefer) could give one’s offering a major boost over its competitors.

The other two stablecoins, while much less popular, are still part of the framework for the overall crypto ecosystem. Stablecoins are “pegged” to the US dollar, effectively functioning as a fiat currency in the crypto sphere. Some large stablecoins, like USDC, are backed by actual physical assets. According to Binance, BUSD is backed by tangible assets managed by Paxos.

USDC is issued by crypto firm Circle, which told TechCrunch that much of the transition has “already passed” due to market activity and that they think the move raises “potential questions about market behavior.” Gizmodo didn’t immediately hear from Binance when asked if they had an answer as to whether they were trying to corner the stablecoin market.

White House administrators have previously mentioned that stablecoin issuers should be treated more like banks, meaning they would need to disclose what assets their stablecoins are tied to. This would pose a major problem for companies like Binance, which could then be locked out of short-term proprietary trading. Circle, on the other hand, has previously said they are already pursuing full bank recognition and seemed to welcome the change.

It is interesting to note that this move also does not target the Tether stablecoin, which remains the most popular stablecoin out there. Just last July, the company announced that it had completed integration with the Tezos network to enable Tether deposits and withdrawals. Tether has already proved unreliable, having previously been de-pegged from the US dollar. In this case at least, the company could make arguments beyond trying to corner the digital currency market.

In a statement sent to Cointelegraph, Binance said they have no immediate plans to convert Tether (USDT) into their own stablecoin, “but [that] may change.”

Binance itself has struggled to respond to some users’ requests for support. A previous report by Gizmodo showed how many user complaints to the Federal Trade Commission are aimed at Binance not offering phone tech support, leading users to become confused and disoriented when their accounts suddenly restrict withdrawals or otherwise scam them from nefarious accounts claiming to be Binance representatives. And in the meantime, executives at Binance like Zhao seem to feel it’s a necessary move given a crypto industry that’s still flagging. He even seems to think Winston Churchill – of all the historical nitwits he could fall back on – would agree with him.

And of course, all of this suggests that by storing their cryptos on an exchange, users are effectively relinquishing control of their assets. The recent crypto crash resulted in several exchanges essentially blocking their users from withdrawing their funds. Binance briefly restricted withdrawals on its own platform in June.

Update 09/06/22 at 11:50 am: Updated to include a statement on whether Binance would similarly restrict Tether and another statement from CEO Changpeng Zhao.

Beginning September 14, the chain is bringing back the cheese Danish, a puff pastry filled with sweet cream cheese and topped with butter crumble and a light vanilla drizzle. McDonald’s said the limited-time offer is a “fresh version” of a similar pastry it briefly served in the 1980s.

The Danish cheese joins its McCafé bakery range, a range of baked goods it launched in 2020 to revitalize once-dwindling breakfast sales. Much like its other baked goods, including an apple donut, blueberry muffin, and cinnamon bun, the Danish cheese is available throughout the day. The change in breakfast offerings has helped McDonald’s turn around sales during the crucial part of the day, especially as the competition ramped up theirs. Wendy’s (WEN) recently launched French Toast Sticks, a nostalgic product for kids when they go back to school.

A recent report from research firm NDP Group found that morning business has remained stable in the second quarter of 2022, while other parts of the day (including lunch and dinner) have declined amid rising menu prices.

McDonald’s CEO Chris Kemczinski said on a recent conference call that breakfast is the “most powerful part of the day,” adding that it feels good when it’s done. “It’s a change. If you remember, a few years ago I think there were a lot of questions about breakfast,” he admitted.

Sales at its U.S. McDonald’s restaurants that are open for at least 13 months rose 3.7% in the second quarter, with growth driven by higher menu prices and “value offers” on the regular menu and through the app.

“Over the past several years, McDonald’s has proven adept at recognizing and capitalizing on emerging consumer trends,” Carmen Bryan, consumer analyst at GlobalData, wrote in a note Tuesday, which has helped maintain relevance and customer interest.”

CF Montreal have regained the good feelings of bookies, who are largely in favor of beating Columbus Crew at Saputo Stadium on Friday night.

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After beating Toronto FC 4-3 at BMO Field on Sunday, head coach Wilfried Nancy’s side will pick up their 17th win of the season in Major League Soccer (MLS) this week, according to Mise-o-game +. A rating of 1.87 is linked to this scenario, and a visitor gain is rated at 4.00. A tie pays out 3.65x the stake if confirmed.

As for the bottom line, a shutout triumph by the local favorites could offer something. If the CF wins 1 to 0 or 2 to 0, bettors will be paid 8.50 times their starting total. If the score is 3 to 0, worried football fans can multiply their amount by 14.

These odds are otherwise the same for a 0-1 loss. A 1-1 draw is a very likely outcome at 6.00 according to the same platform.

Time spent on Tesla Superchargers could be reduced by up to 60% with new charging curve technology.

According to New Scientist, research conducted at the Idaho National Laboratory can charge EV batteries from 0% to 90% state of charge in 10 minutes, a 60% reduction in charge time compared to current supercharger times. Because this requires only simple software changes, automakers can implement the improvement without physically changing the battery chemistry of battery management systems.

Anyone who owns an EV knows that charging EVs is a balancing act between speed and battery health. Charge too quickly and the internal battery chemistry will be damaged as the anode and cathode corrode. However, slow charging can be inconvenient when trying to get back on the road. Therefore, “charging curves” (graphs of charging performance) are programmed into battery management devices to accomplish this balancing act.

Researchers sought to reduce charge times in large batteries while maintaining battery health, and limited themselves to current battery chemistry technology. And by implementing AI and changing current and voltage over time, the researchers were able to charge batteries from 0% to 90% in 10 minutes. With the test batteries used by the researchers, this task typically took at least half an hour. A charging time very similar to Tesla charging via Supercharger stations.

The researchers stated that one of the advantages of their technology is that it could be applied via an OTA update without requiring physical modifications to batteries or battery management systems.

While this significant leap in charging technology is impressive, the researchers also indicated that the more crucial technological leap in changing battery chemistry is coming over the next decade. And while solid-state technology seems to be just around the corner, we may be closer than ever to the dream of significantly more energy-dense batteries.

The real question is whether automakers will implement this technology or any of the other technologies presented at last month’s American Chemical Society meeting. Neither researchers nor the Idaho National Lab have indicated whether battery manufacturers or automakers are working to implement this fantastic technology.

What do you think of the article? Do you have any comments, questions or concerns? Email me at [email protected]. You can also reach me on Twitter @WilliamWritin. If you have any news tips, email us at [email protected]!

Tesla charging time could be reduced by 60% with new charging curve technology

BÉCANCOUR – Electricity demand is set to skyrocket in the years to come that François Legault is back in the game with new dam projects and promises to invest in building wind farms and injecting millions of dollars into the energy transition.

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“We had excess electricity, we’re going to run out there,” Mr. Legault summed up to an audience of businesspeople gathered in Bécancour, in the Centre-du-Québec region.

The leader of the Coalition avenir Québec took the opportunity to outline his vision of the path he believes Quebec should take to achieve carbon neutrality by 2050.

For François Legault, this inevitably means an unprecedented increase in Quebec’s power generation capacity.

Hydro-Quebec, he recalled, estimates that 100 TWh more will be needed by 2050.

The CAQ boss therefore promises that if he is re-elected, he will launch the “largest economic and ecological project in Quebec’s history”.

“It’s the project that excites me the most. It keeps me in politics,” Mr Legault later said, answering questions from journalists.

Four commitments

– A CAQ government would require Hydro-Québec to initiate the studies needed to build new dams.

The duration of these projects would be around fifteen years, but the outgoing prime minister wants to move even faster. “I think that’s too long, 15 years,” says the head of the CAQ, who promises cooperation with the Aborigine and Inuit communities.

To know where these dams will be located, it will be up to Hydro-Québec to submit “the beginnings of proposals in the coming months,” Mr. Legault said.

– In addition to what has already been announced, he would ask Hydro-Quebec to develop 3,000 MW of wind power in different regions. “The beauty of wind power is that it’s being built quickly,” argued Mr. Legault.

– $50 million per year would be invested in a future mandate to triple the number of Tier 2 charging stations for electric cars (2-3 hours for a full charge), increasing the number from 6,500 to 21,500 and additionally doubling the Number of fast terminals from 1,000 to 2,200.

$40 million would also be invested in the creation of an electric battery research center as part of the Shawinigan-Trois-Rivières-Bécancour Energy Transition Valley project.

The context has changed

During the previous election campaign in 2018, the head of the CAQ harbored the dream of new dams and argued that a first CAQ government would embark on a major hydropower development project.

The context has since changed: Hydro-Quebec has signed the largest power supply contract in history with New York. The surpluses of four years ago will soon be a thing of the past.

In order to meet future electricity needs, François Legault indicated on the fringes of COP26 in Edinburgh last November that he wanted to rely on wind energy, which has become cheaper, instead of dams.

Shortly after taking office, Prime Minister Legault also traveled to Toronto in hopes of persuading his counterpart Doug Ford to buy hydroelectric power in Quebec while also getting involved in the construction of new hydroelectric dams, but to no avail.

In particular, Mr. Legault suggested that Ontario workers should get involved in the construction of new hydroelectric dams in Quebec to bring green energy to the neighboring province.

But today that file is closed, confirms Mr. Legault. “From what I understand from Doug Ford, he prefers to develop the nuclear industry, so it’s his choice,” the Chief Caquiste said.

Instagram plans to appeal the fine, a spokesman for parent company Meta said in an emailed statement.

The investigation, which began in 2020, focused on underage users between the ages of 13 and 17 who were allowed to hold business accounts, which facilitated the publication of the user’s phone number and/or email address.

“We took our final decision last Friday and it includes a fine of €405m,” said the spokesman for Ireland’s Data Protection Commissioner, Instagram’s lead regulator and Facebook’s (FB) parent company.

Full details of the decision will be released next week, he said.

Instagram updated its settings over a year ago and has since released new features to protect teens and keep their information private, the meta spokesperson said.

The spokesman said Instagram disagreed with how the fine was calculated and was carefully considering the decision.

The DPC regulates Facebook, Apple (AAPL), Google (GOOGL) and other tech giants because of the location of their EU headquarters in Ireland. It has launched over a dozen investigations into meta-companies, including Facebook and WhatsApp.

WhatsApp was hit with a record €225 million fine last year for failing to comply with EU data rules in 2018.

The Irish regulator finalized a draft decision in the Instagram probe in December and shared it with other European Union regulators under the bloc’s “one-stop-shop” system for regulating large multinationals.