The Saudi oil attack could have large impacts on markets; 49,000 United Auto Workers (UAW) members are now striking against GM; Libra Association COO says government concerns about Libra stability are unfounded; Nigeria and Kenya are leading the blockchain space in Africa; and Mozilla leading pressure effort so Youtube will deplatform more channels
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- Why the Saudi oil attack is a ‘big deal’ that could be a ‘game changer’ in stock markets and crude prices - Over the week-end, drone attacks destroyed parts of Saudi Aramco’s Abqaiq plant, temporarily taking up to 50% of production from one of the world's largest producers of oil. Oil strategist, Phil Flynn suggests that it could lead to a major spike and global disruption in oil supplies, and the Wall Street Journal is reporting that the attack may take up to 5 million barrels per day offline - roughly 5% of global oil supplies. Flynn further suggests that this event will have reverberations for years to come, and countries may have to tap into their strategic oil reserves to stabilize markets and prices.
- The US auto workers union just decided to walk out on GM — here's why they're striking - GM's 49,000 UAW workers are now on strike and could take to the picket lines. The company and the union have negotiated all summer, but a strike has been considered likely since 2018, when the company "unallocated" its factory in Lordstown, OH. Other issues include health care cost, and GM's use of lower cost temporary workers. The strike comes at a time when UAW leadership has been tainted by scandals, most recently when the union's president, Gary Jones, had his home raided.
- Facebook’s Libra Pushes Back at Claims Project Is Threat to Financial Stability - In a recent interview, Libra Association managing director and COO, Bertrand Perez, said that government claims that Libra will lead to instability are unfounded. Instead, he said, it is government policies that will determine the value of Libra. He added that if one of the currencies backing the cryptoocurrency were to suddenly "crash", the currency could be dropped and replaced with a more stable choice. The association has received at least 100 requests to join, with an entry fee of at least $10 million. According to Perez, the cryptocurrency is "about to be authorized as a payment system in Switzerland, but other governments continue to express concerns, and France has said that Libra will not be allowed. Perez says that the organization is on schedule for their planned launch in the first half of 2020.
- Africa Using Blockchain to Drive Change: Nigeria and Kenya, Part One - While most African governments are still ignoring blockchain, Nigeria and Kenya have taken steps to begin regulating cryptocurrencies and partnering with the private sector to harvest the benefits from distributed ledger technologies (DLTs). Speaking in the Nigerian House, Solomon Adaelu said that blockchain will be part of the 4th industrial revolution, and encouraged his colleagues to make sure that it doesn't pass by Nigeria. He also said that it can help Nigeria - and all of Africa - to deal with the continent's rampant corruption problems. Similarly, Kenya's legislators are reportedly working on laws to regulate ICOs and enable the country's citizens to participate.
- STEEM Mozilla wants to hear your tales of YouTube radicalization so unwanted videos get censored - This post from @rt-international says that Mozilla is asking its users to submit stories of times when Youtube fed them extremist content, apparently to give them leverage to pressure and shame youtube into ratcheting down the users who get recommended. According to the article, this comes on the heels of Youtube CEO Susan Wojcicki's announcement of new censorship programs to deplatform out of favor users in the US and UK. (A 10% beneficiary setting has been applied to this post for @rt-international)
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