Today’s biggest news has to be the long-awaited launch of Facebook’s native cryptocurrency, ‘Libra Coin’.
After months of rumours and hype, the social media giant has released its own crypto coin that will allow its 2 billion plus users to make international financial transactions, in a bid to completely shake up the banking industry.
Touted as a solution for those that cannot access traditional banking facilities, the introduction of Libra signifies a big step forward in the global adoption of cryptocurrencies.
Of course there are a number of concerns- recent controversy around Facebook’s somewhat lacking privacy standards and a series of leaks and scandals has led many to stop trusting the platform. This in turn could lead to some scepticism when it comes to the platforms ability to protect the financial assets of it users.
Others have speculated that Facebook will closely monitor what users spend their Libra on and use the information to target adverts and services more efficiently.
A standalone app will be launched to facilitate transactions, as well as integration on WhatsApp and Facebook Messenger. It is expected to launch as early as the beginning of 2020.
Huawei predicts big losses
In other news, embittered Chinese communications company, Huawei have said they are set to lose $30 billion due to US sanctions. Despite registering a 39% increase in first-quarter revenue, they have now announced they expect revenue to drop from $107 billion last year, to $100 billion by the end of 2019.
CEO Ren Zhengfei blamed the prediction on the US decision to ‘blacklist’ Huawei by stopping the company from purchasing US-made technology including microchips and software.
Zhengfei also stated that sales of Huawei phones had dropped 40% in the last month alone.
Bans have been levied against Huawei due to concerns around their products including phones and software, being used to spy on users and feed sensitive information back to Beijing. Huawei have denied any wrongdoing.
Boeing sales take off
The world’s largest aerospace company, Boeing has announced the sale of 30 of its 787 Dreamliner Jets to Korean Air. The Asian airline had previously purchased 11 of the jets. The aircraft maker had suffered a serious dip in sales since late March following two fatal crashes involving its 737 Max.
Despite this good news, Boeing were pipped to the post by competitor Airbus who announced sales of more than 100 jets at the Paris show. Airbus stated that Saudi Arabian Airlines had ordered 30 of the A320neo, Airbus’ main rival for the now grounded Boeing 787 Dreamliner.
Other airlines expressing interest in the offerings of Airbus include Cebu Pacific and AirAsia, with Saudi Arabian Airlines saying there could be more orders being placed in the near future.