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Business Watch: Cryptocurrency rally, a shaky sugar deal and more
June 6, 2017 / 9:36 PM / 6 months ago

Business Watch: Cryptocurrency rally, a shaky sugar deal and more

Trying to sweeten the deal

An "open compute program" server is pictured at Facebook's headquarters in Palo Alto, California on April 7, 2011. REUTERS/Norbert von der Groeben

The United States and Mexico reached a new agreement ‘in principle’ to reduce the share of refined sugar Mexico exports to the U.S. while increasing the share of raw sugar. U.S. sugar producers didn’t endorse the pact, saying it contains a “major loophole.”

A religiously conscious investment platform

Wealth management firm Wahed is looking to claim a largely untapped slice of the financial world: Muslims seeking religiously permissible investments. The New York-based company raised $5 million in seed capital and will offer its automated investment services across the U.S. - with an eye beyond national borders.

Cryptocurrency rally has chipmaker’ s shares popping

Shares of Advanced Micro Devices surged nearly 9 percent, boosted by strong demand for its chips from cryptocurrency miners. A rally in cryptocurrency - Bitcoin, followed by Ethereum and others, increased demand for chips used by people to “mine” it.

What does mining for cryptocurrency mean? It involves using networks of computers to validate transactions and prevent counterfeit by solving complex mathematical problems, writes Reuters correspondent Noel Randewich. New currency is generated as a reward to the computer operators.

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