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Cryptocurrencies suffer $18 billion drop in value over three days

Cryptocurrencies suffer $18 billion drop in value over three days

Finance
This was a tough week for cryptocurrencies. Bitcoin finally began to stabilize Friday, but not before the total cryptocurrency market lost $ 18 billion of its already waning value in the course of a few days. The world's largest and most widely owned digital asset began its slide Wednesday evening and fell below $ 6,200 for the first time in a month, according to data from CoinDesk. Bitcoin was mostly stable in the $ 6,200 range as of Friday afternoon but had kicked this week off well above $ 6,500, ending the week about 5 percent lower. Other cryptoc...
The Hut Group value hits £4bn amid buyout interest

The Hut Group value hits £4bn amid buyout interest

Business
The Hut Grou‎p, the online beauty retailer which is one of Britain's fastest-growing technology companies, has rejected a string of investment and takeover offers valuing it at nearly £4bn. Sky News has learnt that the privately owned business, which ‎sold a stake last year at a £2.5bn price tag, has snubbed several approaches from strategic and financial buyers in the last few months.The decision to reject the proposals underlines the confidence of The Hut Group's management in its expansion ambitions, as well as the firepower already available on its balance sheet.This week, the company will announce that it has agreed to buy Acheson & Acheson, a beauty contract manufacturer and product developer, in a deal understood to be worth between £50m and...
Value investor Bob Olstein: Quarterly earnings estimates by companies should be 'illegal'

Value investor Bob Olstein: Quarterly earnings estimates by companies should be 'illegal'

Finance
Noted value investor Bob Olstein is 100 percent behind the call by Warren Buffett and Jamie Dimon to end quarterly earnings guidance by companies. "They should make it illegal to make specific quarterly earnings estimates. It leads to nothing that is good. They manipulate earnings to reach it. They take their eye off the football," the chairman and chief investment officer at The Olstein Funds said Thursday on "Closing Bell." Buffett, chairman and CEO of Berkshire Hathaway, and Dimon, chairman and CEO of J.P. Morgan Chase, teamed up in a rare joint interview that aired on CNBC earlier in the day to explain their stance. ...
The week Facebook's value plunged $58bn

The week Facebook's value plunged $58bn

Business
Facebook ended the week $ 58bn lower in value after its handling of a historic data breach.Its founder Mark Zuckerberg apologised for data breaches that affected 50 million users.The apology did not stop investors from selling shares in Facebook, with many wondering just how bad the damage would be for the social network.The breach was called a "light bulb" moment for users, spawning the social media trend #deletefacebook.All the negative headlines led to some advertisers saying "enough is enough".Shares in the social media company fell from $ 176.80 on Monday to around $ 159.30 by Friday night.Will the shares recover?Facebook's initial public offering in 2012 priced shares at $ 38 each, giving the company a market valuation of close to $ 104bn.Following steady user growth and a dominant s...
Spotify eyes $23bn value in US share sale

Spotify eyes $23bn value in US share sale

Technology
Spotify has filed to sell its shares publicly on the New York Stock Exchange in a move that could value the loss-making firm at more than $ 23bn (£16.7bn).The world's biggest music streaming service said the flotation could be worth up to $ 1bn.It applied for a direct listing with the US Securities and Exchange Commission - a rare process involving the sale of existing shares currently held by staff and investors rather than new shares.It means the company can move towards an IPO (Initial Public Offering) without having to raise new capital or hire a bank or broker to underwrite the offering - keeping costs to a minimum.Spotify, which has a presence in more than 60 countries, said in its filing that it has 71 million premium subscribers and about 159 million monthly average users.It said: