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    Storm Idalia to intensify into major hurricane ahead of Florida landfall

    GUANIMAR, Cuba (Reuters) -Tropical Storm Idalia lashed western Cuba and was expected to strengthen into a major hurricane on Monday as it crawled toward Florida’s Gulf Coast, where officials ordered evacuations and urged residents to prepare for an expected Wednesday landfall. Idalia was churning about 80 miles (130 km) off the western tip of Cuba as it barreled north, packing maximum sustained winds of 70 mph (112 kph), the Miami-based National Hurricane Center said in its latest advisory.The storm’s growing intensity and its northerly track put some 14 million Floridians under hurricane and tropical storm warnings along the Gulf of Mexico.Authorities warned that the chief hazard to human life posed by the storm would be from surging walls of seawater driven inland by high winds, inundating low-lying coastal areas. Storm surge warnings were posted for hundreds of miles of Gulf Coast shoreline, from the Sarasota area north through Tampa and stretching to the sport-fishing haven of Indian Pass at the western end of Apalachicola Bay. “Buckle (NYSE:BKE) up for this one,” Florida Governor Ron DeSantis said during a news conference on Monday afternoon, adding that he had spoken to U.S. President Joe Biden and the director of the Federal Emergency Management Agency (FEMA), Deanne Criswell.”Do what you got to do. You still have time today. You have time for most of tomorrow,” he said, urging Floridians to prepare for the potentially dangerous conditions.CUBANS EVACUATECubans rushed to evacuate coastal towns, batten down homes and tie down fishing boats as Idalia bore down near the western end of the island nation on Monday.Chocolate-brown floodwaters had swamped the small fishing village of Guanimar, south of Havana, by mid-afternoon. Decades-old buses missing floorboards and windows carried residents to higher ground as winds howled, rattling tin roofs and slamming fishing boats tucked in the mangroves.”We’ve had two days of rain already,” said Yadira Alvarez, 34, as she prepared for evacuation with her five children. “We try to prepare, but no matter what we do everything will be soaked.”Stormwater had already swelled to near knee-height inside her home, she said.Farther to the west, more intense winds closer to the storm center pounded the tobacco-rich province of Pinar del Rio, home to the raw material for fine Cuban cigars.Authorities had evacuated tens of thousands of people from that province as well as the neighboring farm province of Artemisa.Idalia was forecast to reach hurricane strength late Monday and attain Category 3 force – classified as a major hurricane on the five-step Saffir-Simpson wind scale – by the time it makes landfall in Florida on Wednesday. Hurricane center forecasts showed Idalia’s center on track to come ashore in Florida’s Big Bend area, where the state’s Gulf Coast panhandle transitions into its peninsula region.Shannon Hartsfield, who runs a fishing boat in Apalachicola Bay in Franklin County on the panhandle, was heeding the warnings. Hartsfield and many of his fellow anglers had pulled most of their boats from the bay and moved them to high ground, he said. Other fishermen who ran out of time and left their crab traps behind must now wait until after the storm to assess the damage.”It could jog a little west and come straight at us,” Hartsfield said. “Hopefully we won’t catch the worst of it.”To the south, Manatee County was one of a handful of jurisdictions to order mandatory evacuations on Monday, telling residents to seek higher ground or head out of the storm’s expected track. By Tuesday, Florida’s Gulf Coast, southeastern Georgia and eastern portions of North and South Carolina could face torrential rains of 4 to 8 inches (10 to 20 cm) that could unleash scattered flooding. Along with the heavy rain, winds of more than 110 mph (177 kph) could result in life-threatening storm surge, the hurricane center warned.School districts across the region canceled classes starting on Monday afternoon. Tampa International Airport planned to suspend commercial operations beginning at 12:01 a.m. Tuesday.Like many beachfront communities along the coast, the city of Bradenton opened sandbag stations on Monday and urged its 55,000 residents to stay vigilant.”Let’s be prepared – secure items that could become airborne, gas up your car, have cash and bottled water on hand,” officials said on the social media platform X.DeSantis declared a state of emergency for 46 Florida counties. Some 5,500 National Guard troops have been mobilized and thousands of electricity workers readied to help restore power quickly after the storm passes.To the east of Idalia, Hurricane Franklin, the first major hurricane of the season, meandered in the Atlantic, and was forecast to turn to the northeast over the next two days. The Category 3 hurricane threatened to bring heavy swells to Bermuda and the U.S. East Coast throughout the week. More

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    Japan’s July jobless rate rises to 2.7%

    The seasonally adjusted unemployment rate was higher than economists’ median forecast of 2.5% in a Reuters poll and June’s 2.5%.The jobs-to-applicants ratio fell to 1.29 from 1.30 in July to mark the third month of decrease, against economists’ median forecast for staying flat, separate labour ministry data showed.For a table on the jobless data, go to the internal affairs ministry’s website: (Note: The jobs-to-applicants ratio and new job offers can be seen in Japanese on the labour ministry’s website) More

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    Sam Bankman-Fried’s lawyers appeal decision on bail, citing First Amendment issues

    In an Aug. 25 filing in the United States Court of Appeals for the Second Circuit, SBF’s legal team filed a motion seeking to have him released before his October trial. According to his lawyers, Judge Lewis Kaplan revoking SBF’s bail on Aug. 11 was “improper,” claiming his actions of speaking to the press and releasing information about former Alameda Research CEO Caroline Ellison were part of his First Amendment rights.Continue Reading on Coin Telegraph More

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    BitBoy Crypto brand will no longer include YouTuber Ben Armstrong

    In an Aug. 28 announcement on YouTube and social media channels, a spokesperson said the company had reached its decision following efforts to assist Armstrong “during his relapse into substance abuse,” expressing regret for the end of the business relationship. The firm claimed Armstrong had inflicted “emotional, physical and financial damage” on Hit employees and others in the space. Continue Reading on Coin Telegraph More

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    UK shop price inflation falls to lowest level in almost a year, data shows

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    Balancer exploited in nearly $900k after vulnerability warning

    An Ethereum address allegedly belonging to the attacker has been revealed by blockchain security expert Meier Dolev. Following the exploit, the address received two transfers of Dai (DAI) stablecoin worth $636,812 and $257,527, respectively, bringing its total balance to over $893,978. Continue Reading on Coin Telegraph More

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    Marketmind: China’s stock flame fizzling already?

    (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.Asian markets look set to open on a fairly strong footing on Tuesday, supported by a global equity upswing and lower bond yields but tempered by caution surrounding the latest efforts from Beijing to support the Chinese stock market.The Asian economic calendar is light, with only Japanese unemployment and the latest industrial production, trade and inflation figures from Vietnam on tap. Trading volumes should return to more normal levels with UK markets open again.The reaction of Chinese stocks on Monday to new measures from Beijing to boost local markets at once emboldened the bull and bear cases – bulls will point to the rise of more than 1% for the best day in a month, while bears will note that stocks had risen 5.5%, so the close was extremely lackluster.Despite the latest steps to boost confidence, foreign investors offloaded a net 8.2 billion yuan ($1.12 billion) of Chinese stocks via the Stock Connect on Monday, and have now been net sellers in 15 out of the last 16 sessions.This helps explain why the yuan remains under sustained downward pressure, languishing around the weakest level of the year against the dollar near the key 7.30 level. A break below that will take the yuan into territory not recorded since late 2007.Staying in China, a raft of top-tier companies this week release corporate earnings reports, including conglomerate CITIC, financials Bank of China and ICBC, and beleaguered property developer Country Garden.Fellow real estate developer China Resources Land publishes half-year results on Tuesday, while Evergrande shares trade for a second day after Monday’s long-awaited reopening. The firm’s shares are virtually worthless.U.S. Commerce Secretary Gina Raimondo continues her visit to China, with investors watching closely how she treads the line between strengthening economic ties between the two countries and raising concerns over what Washington deems unfair business practices in a number of sectors.Elsewhere in ‘business meets politics’, Terry Gou, the billionaire founder of major Apple (NASDAQ:AAPL) supplier Foxconn, on Monday announced a bid to be Taiwan’s president in January elections, saying he wanted to unite the opposition and ensure the island did not become “the next Ukraine.”FX traders will be on heightened Japanese intervention alert after the yen slipped to a new low for the year on Monday near 147 per dollar. With the two-year U.S.-Japanese yield spread more than 500 basis points in the dollar’s favor, the yen’s weakness may be justified from a fundamental standpoint.Japanese authorities seem less willing to intervene to support than they were last year when the yen was at these levels, but a further decline toward the 150 per dollar area could change their thinking.Here are key developments that could provide more direction to markets on Tuesday:- Japan unemployment (July)- Vietnam inflation (August)- U.S. Commerce Secretary Gina Raimondo in China (By Jamie McGeever; Editing by Josie Kao) More

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    New tax rules for crypto in the US: Law Decoded

    The proposed rules would go into effect in 2026 to reflect sales and exchanges carried out in 2025. Written comments on the proposal are being accepted through Oct. 30, with at least one public hearing to be held after that date.Continue Reading on Coin Telegraph More