Bitcoin mining giant Bitmain says it booked $700 million first-half profit as it files for IPO

Plans Hong Kong debut

Bitmain Technologies, the largest digital currency mining company in the world, released its first public financial statements to the Hong Kong Stock Exchange, confirming its intention to go public.

The document is the first look into the company’s financial situation and showed the Beijing-based giant racked up $2.8 billion in revenue in the six months ending June 2018, a 10-fold increase from the same period in 2017.

Equities retreat as US-China tariffs take effect

Dollar strengthening slows ahead of Fed meeting

US stock market retreated on Monday ahead of Federal Reserve two-day meeting starting today. Equities fell as US and Chinese reciprocal tariffs took effect – 10% tariffs on $200 billion worth of Chinese goods counterweighed by $60 billion in tariffs on US goods by China. The S&P 500 fell 0.4% to 2919.37. Dow Jones industrial lost 0.7% to 26562.05. The Nasdaqcomposite index however recovered 0.1% to 7993.25. The dollar strengthening slowed with Fed widely expected to hike rates a quarter point and the Chicago Fed’s national activity index came in unchanged in August: live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.04% to 94.219 and is higher currently. Futures on stock indices indicate higher openings today.

Satellite images show ‘runaway’ expansion of coal power in China

Extra 259GW capacity from coal in pipeline despite Beijing’s restrictions on plants

Chinese coal-fired power plants, thought to have been cancelled because of government edicts, are still being built and are threatening to “seriously undermine” global climate goals, researchers have warned.

Satellite photos taken in 2018 of locations in China reveal cooling towers and new buildings that were not present a year earlier at plants that were meant to stop operations or be postponed by orders from Beijing.

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