Daily business briefing

Bitcoin value sinks after hackers steal $65 million, auto sales cool after a record 2015, and more Daily business briefing 1. [Bitcoin sinks after theft from Hong Kong exchange] Bitcoin fell by 5.5 percent against the dollar in Tokyo on Wednesday after $65 million or more worth of the digital currency was stolen from the exchange platform Bitfinex in Hong Kong. The exchange halted bitcoin trading on Tuesday after discovering the security breach. "The bitcoin was stolen from users' segregated wallets," a Bitfinex executive told Reuters on Wednesday. The theft of 119,756 bitcoin is the second-biggest security breach ever for such an exchange. Source: [Bloomberg], [Reuters] 2. [Auto sales cool after record 2015] Automakers' sales cooled in July, raising questions about the state of the industry after a record year in 2015. Automakers sold 1.52 million new cars and trucks, up just 0.7 percent from the previous month, Autodata Corp. reported on Tuesday. Ford's sales dropped by three percent, and General Motors' fell by 1.9 percent. Fiat Chrysler's sales increased by 1.5 percent. Some experts said that although sales are expected to hit another record this year, rising to 17.7 million from the 2015 record of 17.47 million, sales could drop by a third in the next few years. "Seven years of growth in auto sales is coming to an end,” said Sean McAlinden, chief economist for the Center for Automotive Research. Source: [The Detroit News] 3. [Dow futures fall again after seven straight days of losses] U.S. stock futures edged lower ahead of the opening bell on Wednesday, as investors awaited service-sector data and employment data seen as an indicator of what to expect from Friday's federal July jobs report. The Dow Jones Industrial Average already has fallen for seven straight sessions — its longest losing streak in nearly a year — as soft economic data and falling oil prices steered investors away from stocks in favor of less risky investments. Source: [MarketWatch] 4. [China provinces see mixed economic growth] The economy of China's rustbelt province of Liaoning contracted by one percent in the first half of 2016. The slowdown in the northeastern province's factories and coal industry came as economic activity picked up in 15 of the nation's 31 provinces in the first six months of the year. Three provinces, including inland Chongqing, maintained double-digit growth despite a national slowdown that has raised fears that the world's second largest economy was headed for a hard landing after years of soaring growth. Source: [Bloomberg] 5. [Fitbit shares rise on better-than-expected revenue] Fitbit on Tuesday reported quarterly earnings that beat analysts' expectations. The leading maker of wearable fitness tracking gadgets reported adjusted earnings of 12 cents per share, topping forecasts of 11 cents per share. Fitbit's revenue reached $586.5 million, up 46 percent from the same period last year and above the $578.5 million expected by analysts. Fitbit shares, which have fallen by 55 percent this year, jumped by seven percent after the report was released. Source: [U.S. News & World Report], [Fortune] MOST POPULAR [The staggering toxicity of Vice Principals] Lili Loofbourow [Donald Trump's character counts] Michael Brendan Dougherty [How Hillary can win Republicans] James Pethokoukis [What do e-cigarettes do to your lungs?] Cynthia McKelvy [The media's foolish moralizing on Donald Trump] Damon Linker [Is this email not displaying correctly? View it in your browser.] [Unsubscribe from this list] | [Update subscription preferences] | [Privacy Policy © 2015 THE WEEK PUBLICATIONS, INC. ALL RIGHTS RESERVED. THE WEEK ® IS A REGISTERED TRADEMARK OWNED BY FELIX DENNIS.] Get 4 Risk-Free [issues of The Week] [TRY IT OUT] [Subscribe] [Subscriber login] [Give a gift] [Back issues] [Classroom subscriptions] [Newsletters] [Privacy policy] [Terms & conditions] [The Week UK] [Contact Us] [Ad info] [RSS] Daily business briefing 1.[Bitcoin sinks after theft from Hong Kong exchange] Bitcoin fell by 5.5 percent against the dollar in Tokyo on Wednesday after $65 million or more worth of the digital currency was stolen from the exchange platform Bitfinex in Hong Kong. The exchange halted bitcoin trading on Tuesday after discovering the security breach. "The bitcoin was stolen from users' segregated wallets," a Bitfinex executive told Reuters on Wednesday. The theft of 119,756 bitcoin is the second-biggest security breach ever for such an exchange. Source: [Bloomberg], [Reuters] 2.[Auto sales cool after record 2015] Automakers' sales cooled in July, raising questions about the state of the industry after a record year in 2015. Automakers sold 1.52 million new cars and trucks, up just 0.7 percent from the previous month, Autodata Corp. reported on Tuesday. Ford's sales dropped by three percent, and General Motors' fell by 1.9 percent. Fiat Chrysler's sales increased by 1.5 percent. Some experts said that although sales are expected to hit another record this year, rising to 17.7 million from the 2015 record of 17.47 million, sales could drop by a third in the next few years. "Seven years of growth in auto sales is coming to an end,” said Sean McAlinden, chief economist for the Center for Automotive Research. Source: [The Detroit News] 3.[Dow futures fall again after seven straight days of losses] U.S. stock futures edged lower ahead of the opening bell on Wednesday, as investors awaited service-sector data and employment data seen as an indicator of what to expect from Friday's federal July jobs report. The Dow Jones Industrial Average already has fallen for seven straight sessions — its longest losing streak in nearly a year — as soft economic data and falling oil prices steered investors away from stocks in favor of less risky investments. Source: [MarketWatch] 4.[China provinces see mixed economic growth] The economy of China's rustbelt province of Liaoning contracted by one percent in the first half of 2016. The slowdown in the northeastern province's factories and coal industry came as economic activity picked up in 15 of the nation's 31 provinces in the first six months of the year. Three provinces, including inland Chongqing, maintained double-digit growth despite a national slowdown that has raised fears that the world's second largest economy was headed for a hard landing after years of soaring growth. Source: [Bloomberg] 5.[Fitbit shares rise on better-than-expected revenue] Fitbit on Tuesday reported quarterly earnings that beat analysts' expectations. The leading maker of wearable fitness tracking gadgets reported adjusted earnings of 12 cents per share, topping forecasts of 11 cents per share. Fitbit's revenue reached $586.5 million, up 46 percent from the same period last year and above the $578.5 million expected by analysts. Fitbit shares, which have fallen by 55 percent this year, jumped by seven percent after the report was released. Source: [U.S. News & World Report], [Fortune] MOST POPULAR [The staggering toxicity of Vice Principals] Lili Loofbourow [Donald Trump's character counts] Michael Brendan Dougherty [How Hillary can win Republicans] James Pethokoukis [What do e-cigarettes do to your lungs?] Cynthia McKelvy [The media's foolish moralizing on Donald Trump] Damon Linker [Is this email not displaying correctly? View it in your browser.] [Unsubscribe from this list] | [Update subscription preferences] | [Privacy Policy] © 2015 THE WEEK PUBLICATIONS, INC. ALL RIGHTS RESERVED. THE WEEK ® IS A REGISTERED TRADEMARK OWNED BY FELIX DENNIS. Get 4 Risk-Free [issues of The Week] [TRY IT OUT]