Business
Los Angeles Prepares for the 2028 Summer Olympics
Discover how Los Angeles is gearing up for the 2028 Summer Olympics, from infrastructure improvements to community engagement. Explore the exciting plans and initiatives that will shape a memorable Olympic experience in the City of Angels.
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Looking Ahead: Los Angeles Prepares for the 2028 Olympics
While the world focuses on the upcoming Paris Olympics, Los Angeles is already gearing up for its own turn in the spotlight as the host city for the 2028 Summer Games. As preparations intensify, construction crews are diligently working across the city to enhance the infrastructure necessary to accommodate the influx of hundreds of thousands of visitors expected during the event.
Three key projects are at the forefront of this ambitious initiative:
- Expanding the Rail System: Enhancements to the public transportation network are crucial for ensuring smooth transit for both residents and tourists.
- Revamping the Airport: Improvements at Los Angeles International Airport (LAX) aim to provide a seamless travel experience for incoming guests.
- Renovating the Downtown Convention Center: This venue will host five sports during the Olympics, necessitating significant upgrades to accommodate athletes and spectators alike.
These projects are financed through a combination of federal and city funds, as well as airport fees, reflecting a collaborative effort to maximize the potential benefits of the Games. Additionally, the anticipated tourist dollars generated during the events are expected to further bolster the local economy.
City officials envision the Olympics not as a financial burden, but rather as a lucrative opportunity for revenue generation. In 2019, shortly after Los Angeles was awarded the Games, former Mayor Eric Garcetti expressed confidence in the city’s potential to achieve a profit of around $1 billion.
For the current mayor, Karen Bass, hosting the Olympics transcends mere economic gain; it represents a chance to showcase the rich tapestry of Los Angeles culture. “What determines success is for everybody to benefit,” Ms. Bass remarked in a recent interview. “They need to know about Little Bangladesh, Little Ethiopia, and Little Armenia.” This focus on inclusivity and community connection is central to her vision for the Games, ensuring that the benefits of this global event are felt by small businesses and neighborhoods throughout the city.
Business
Binance Partners with Grant Thornton for Enhanced Financial Compliance
Discover how Binance’s partnership with Grant Thornton is set to enhance financial compliance, ensuring robust regulatory adherence and fostering trust in the cryptocurrency ecosystem. Stay informed on the latest developments in crypto governance.
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Binance Engages Grant Thornton for Accounting and Tax Advisory
In a recent announcement, Binance revealed that it has enlisted the services of Grant Thornton, a U.K.-based firm, to provide guidance on accounting and tax-related matters. This strategic partnership aims to enhance the exchange’s financial operations and compliance.
Previously, Binance collaborated with the auditing firm Mazars to create a proof-of-reserves report intended for its crypto clients. However, in December 2022, Mazars paused its services for Binance and other cryptocurrency clients, citing concerns over the public’s potential misinterpretation of these reports.
Grant Thornton is no stranger to the crypto sector, having previously worked with the stablecoin issuer Circle. A spokesperson for Binance stated that the firm will assist in navigating various complexities, including:
- Technical accounting
- Financial reporting
- Audit preparedness
- Tax matters
The urgency for transparency within the crypto industry has intensified, especially following the collapse of former crypto exchange FTX. In response, there has been a growing demand for exchanges to provide regular proof-of-reserves to verify that they possess the assets they claim to hold. However, it’s essential to note that proof-of-reserves merely offers a snapshot of an exchange’s financial standing at a specific moment, which could create potential loopholes for companies. This concern was one of the reasons Mazars decided to halt its work on these reports.
As clients increasingly request comprehensive financial audits from crypto exchanges, Binance has indicated that Grant Thornton will play a pivotal role in preparing the exchange for such audits, although the firm will not serve as Binance’s auditor.
Business
Market Update: Bitcoin and Cryptocurrency Prices Dip Amid Economic Concerns
Stay updated with the latest market trends as Bitcoin and cryptocurrency prices experience a dip amid growing economic concerns. Explore the factors influencing these changes and what it means for investors in the current landscape.
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Latest Prices
CoinDesk 20 Index: 1,786.39 — −3.8%
Bitcoin (BTC): $56,607.61 — −4.24%
Ether (ETH): $2,395.39 — −4.4%
S&P 500: 5,528.93 — −2.12%
Gold: $2,488.75 — −0.17%
Nikkei 225: 37,047.61 — −4.24%
Top Stories
Bitcoin experienced a significant dip as it fell below the $56,000 mark during the early hours in Asia, marking its lowest point since August 8. This decline has reversed nearly all the gains accumulated over the past month. Although BTC made a slight recovery and was trading above $56,500, it remains over 4% lower in the past 24 hours. The CoinDesk 20 Index (CD20), which serves as a broad indicator of the digital asset market, has also seen a decline of approximately 3.5%. Meanwhile, U.S. stocks, particularly those tracked by the Nasdaq 100 and S&P 500 indexes, plummeted by as much as 3.5% on Tuesday, signaling the onset of a traditionally bearish September. This downturn was exacerbated by weak U.S. manufacturing data, reigniting fears of an economic slowdown. The negative sentiments extended to Asian markets, with Japan’s Nikkei 225 falling over 4%.
Bitcoin mining profitability has hit historic lows, as reported in a recent research note by JPMorgan. The analysts highlighted that bitcoin miners earned an average of just $43,600 per EH/s in daily block reward revenue during August, marking the lowest recorded level. This figure stands in stark contrast to the peak earnings of $342,000 in November 2021, when BTC was priced at $60,000 and the network’s hashrate stood at 161 EH/s. Notably, the network hashrate, which serves as a measure of competition in the mining sector, saw an increase for the second consecutive month in August, averaging 631 EH/s—up 16 EH/s from July and approximately 20 EH/s below the levels observed prior to the last halving event.
In a notable development, crypto derivatives protocol Volmex Finance has introduced a new implied volatility index specifically for Solana’s SOL token. This index is designed to measure anticipated price fluctuations in the fifth-largest cryptocurrency globally. Dubbed the SVIV index, it provides traders with insights into the expected volatility of SOL over a 14-day period. According to Volmex, market participants can utilize this index to gauge the potential price swings of SOL in either direction over the upcoming two weeks. The company also plans to roll out longer-duration implied volatility indices for SOL, including a widely used 30-day index, along with related derivatives, enabling traders to capitalize on volatility trends. Since early April, perpetual futures linked to Volmex’s bitcoin and ether implied volatility indices have been actively trading on Bitfinex.
Chart of the Day
— Omkar Godbole
Business
Global Stock Markets Plummet Amid Economic Slowdown Fears
Explore the recent downturn in global stock markets as fears of an economic slowdown take hold. Stay informed on the factors driving this decline and what it means for investors and the economy at large.
![](https://balert.org/wp-content/uploads/2024/09/global-stock-markets-plummet-amid-economic-slowdown-fears-UD3XPru8.jpg)
Global Stock Markets Experience a Notable Sell-Off
Concerns regarding an economic slowdown have once again gripped a nervous stock market. September, often regarded as the most challenging month for stocks, is proving true to form, particularly for investors in Nvidia.
On Wednesday, global stock markets were predominantly in the red, as apprehensions about a potential economic downturn in the United States intensified ahead of the crucial jobs report scheduled for release on Friday.
Here’s the latest update:
- S&P 500 futures saw a decline of 0.3 percent in premarket trading.
- Broad sell-offs were observed in stock markets across Asia and Europe.
- Oil prices experienced a drop as concerns over global economic growth escalated, while Bitcoin’s value also fell, approaching a one-month low.
This follows a challenging day for U.S. markets. The Nasdaq Composite index plummeted by 3.3 percent on Tuesday, with Nvidia at the forefront of this decline. The chip manufacturer’s stock tumbled by 9.5 percent, resulting in a staggering loss of $279 billion in its market capitalization, which marked the largest single-day decline for any U.S. stock in history. This downturn had a cascading effect on other major players in the artificial intelligence sector, collectively known as the Magnificent Seven. (More insights on Nvidia’s challenges are detailed below.)
The S&P 500 recorded its most significant drop since the meltdown on August 5. Investors may be experiencing a sense of déjà vu, as last month’s downturn was partially triggered by indicators suggesting a slowdown in the U.S. economy. The weak manufacturing data released on Tuesday has reignited those concerns.
While economists continue to regard the likelihood of a recession as low, a steady stream of disappointing growth indicators—particularly in the labor market—has unsettled some investors. This comes as the Federal Reserve contemplates the prospect of finally reducing interest rates.
What’s next? Market participants will be closely monitoring the JOLTS employment data released on Wednesday, along with the Fed’s Beige Book economic report for additional insights.
The primary focus is on Friday’s payrolls report. Economists anticipate that approximately 163,000 jobs were added in August. A weaker-than-expected figure could prompt the Fed to consider a substantial cut of 50 basis points, according to Andrew Hollenhorst, an economist at Citi. He emphasized during a webcast with clients on Tuesday that, “We could experience considerable volatility on Friday as we interpret the jobs report, and subsequently, as Fed officials analyze the report.”
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