Stocks gain...Unveiling infrastructure plan...Bitcoin miners drawn to Iceland
BEIJING (AP) — Global stock markets rose today after Wall Street gained following a turbulent week. Futures point to opening gains on Wall Street this morning. Benchmark U.S. crude oil rose above $60 per barrel. The dollar declined against the yen and the euro.
WASHINGTON (AP) — President Donald Trump will unveil his long-awaited infrastructure plan today. The $1.5 trillion proposal that fulfills a number of campaign goals relies heavily on state and local governments to produce much of the funding. The administration’s plan is centered on using $200 billion in federal money to leverage local and state tax dollars to fix America’s infrastructure, such as roads, highways, ports and airports.
KEFLAVIK, Iceland (AP) — Iceland is expected to use more energy “mining” bitcoins and other virtual currencies this year than it uses to power its homes. With massive amounts of electricity needed to run the computers that create bitcoins, large virtual currency companies have established a base in the North Atlantic island nation blessed with an abundance of renewable energy. The new industry’s relatively sudden growth prompted lawmaker Smari McCarthy of Iceland’s Pirate Party to suggest taxing the profits of bitcoin mines.
NEW YORK (AP) — Wells Fargo has made missteps in its efforts to make amends to customers who were forced to buy unneeded auto insurance. Bank spokeswoman Catherine Pulley said 38,000 customers received a letter they did not need and that contained no refund. She said the error was due to a coding mistake caught by the vendor responsible for the communications. The mistake was first reported Sunday by the Wall Street Journal, which detailed a series of struggles in Wells Fargo’s attempts to make things right with customers affected by past sales and lending misconduct.
NEW YORK (AP) — Takata Corp’s U.S. unit has reached a settlement with representatives of those injured by lethally defective air bags, paving the way for the company to exit Chapter 11 bankruptcy and move forward with a reorganization plan. The agreement between the Japanese auto parts suppliers, injured drivers and creditors, was outlined in documents filed in a Delaware bankruptcy court. Two groups representing people suing over the air bags have dropped their opposition to the restructuring plan. Under the settlement, lawsuits will be resolved through a trust fund.