The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia mostly traded higher Tuesday morning as minutes from the Reserve Bank of Australia's July meeting were released. The People's Bank of China also published its...Asia Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
Apple has spent more than $6 billion on original TV shows and movies for its forthcoming Apple TV+ service, according to a Financial Times report on Monday.Technologyread more
The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Americans are expected to bet more than $10 billion on the NCAA March Madness basketball tournament this year. Only 3 percent of that total (approximately $300 million) is expected to take place in a legal environment, according to the American Gaming Association.
NCAA March Madness games already are under way with play-in games completed on Tuesday and Wednesday, and Americans are expected to wager more than $10 billion between now and the 2018 NCAA Division I Men's Basketball Tournament championship game on April 2.
Nevada is currently the only state where Americans can legally wager on a single college basketball game, though more states may find themselves in the sports-betting mix once the U.S. Supreme court makes its decision on the Professional and Amateur Sports Protection Act of 1992 (PASPA). A decision is expected by June, and legal experts believe the court is receptive to changing the legislation.
"As the Supreme Court considers the constitutionality of PASPA, AGA is focused on working with all stakeholders to put the illegal market out of business and enable a safe, legal way for American consumers to participate in next year's office pool without fear of prosecution," said Geoff Freeman, president and CEO of the American Gaming Association in the press release.
The illegal hoops tourney brackets that many college basketball fans and casual observers will partake in comes amid a broader effort by states to legalize betting on professional sports, led by the NBA and MLB.
The typical office pool used for a variety of sports betting remains illegal in 37 states regardless of circumstance. In another 13 states exemptions exist, such as friendly wagering. However, no state allows for-profit sports-pool betting. The PASPA legislation being reviewed by the Supreme Court applies to multiple types of sports gambling, such as fantasy leagues with buy-ins and casual sports bets among friends and acquaintances.
The $10 billion forecast for this year's March Madness NCAA basketball tournament includes sports pools, like popular March Madness basketball brackets. Nearly 24 million people, which is approximately 10 percent of the American adult population, participated in college basketball pools in 2017, accounting for nearly $3 billion in wagering. Similar sports betting includes grid pools, pick 'em pools, survivor pools or a cash-based fantasy sports pool. An estimated 54 million people, or nearly one-quarter of American adults, participated in a pool last year, wagering nearly $18 billion.