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China could start rolling out its digital currency as early as the next two to three months, predicted the managing partner of an investment firm backed by Foxconn Technology Group.

China has developed a framework called the Digital Currency Electronic Payment or DCEP, according to Jack Lee, managing partner of HCM Capital. That would allow its central bank to issue a digital currency to commercial banks and third-party payment networks by Alipay and WeChat Pay, he explained.

"So, they already have all the system and the network ready. I think you will see it very soon, in the next maybe two to three months," Lee told CNBC's Tanvir Gill at the Singapore FinTech Festival on Monday.

He said the launch could start as a trial — not to replace physical money completely.

HCM Capital has invested in a number of blockchain start-ups, according to Reuters. It's backed by Taiwanese electronics manufacturer Foxconn, which also invested in Japanese firm SoftBank's $100-billion Vision Fund, Reuters said.

Several experts have warned that virtual currencies could increase the risks of fraud, particularly money laundering and terrorism financing. But many governments have not found a way to regulate the space.

Daniela Stoffel, Switzerland's state secretary for international finance, said the expected launch of China's digital currency could push authorities around the world to decide on how they want to use and regulate such technology.

"If the governments now realize that this is now really actually happening, and the question and challenges that are implied in an e-currency are now real, I hope this will lend further momentum to decisions on a global basis," Stoffel told CNBC's Tanvir Gill on Monday.

In addition to regulation, the potential rise in digital currencies would bring about questions on the roles of national currencies and central banks — something that should also be discussed internationally, Stoffel said at the Singapore FinTech Festival.

China is not the only country that has looked at issuing digital currencies. In Switzerland, the Swiss National Bank said last month it's working with the country's stock exchange to examine the possible use of such currencies in trading.


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Former President Jimmy Carter speaks to the congregation at Maranatha Baptist Church before teaching Sunday school in his hometown of Plains, Georgia on April 28, 2019.

Paul Hennessey | NurPhoto | Getty Images

Former U.S. President Jimmy Carter was admitted to an Atlanta hospital on Monday for a procedure to relieve brain pressure from bleeding caused by recent falls, the Carter Center said in a statement.

Carter, 95, the country's oldest living president, was admitted to Emory University Hospital about three weeks after falling at his home in Plains, Georgia. He was released from the hospital a few days after that accident.

A previous fall earlier in October required stitches to Carter's face. In May, the former president broke his hip, also at home, requiring him to undergo surgery.

The procedure to relieve pressure on his brain was scheduled for Tuesday morning, the Carter Center said, adding that he was "resting comfortably," and that his wife, Rosalynn, 92, was with him.

Carter, a Democrat, was the 39th president of the United States, serving one term from 1977 until 1981. He was defeated in his re-election bid by Republican Ronald Reagan in 1980.

Carter, who received the Nobel Peace Prize in 2002 for his humanitarian work, has lived longer after leaving the White House than any former president in U.S. history.


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Movie director Woody Allen and Amazon's content arm have settled a $68 million legal battle after the U.S. company canceled a contract at the start of this year.

Allen sued Amazon for allegedly breaching the four-picture deal, which was to "finance and distribute his future films and to be his 'home' for the rest of his career," according to the suit, filed in February.

But in papers filed Friday, the two parties agreed the case should be dismissed, according to an AP report. Terms were not disclosed.

Allen alleged that he had completed the movie "A Rainy Day in New York," and spent more than $20 million in doing so before Amazon canceled its release and shelved a deal for three more movies, according to the suit.

Allen's suit said that Amazon had backed out of the deals because of "a 25-year old, baseless allegation against Mr Allen, but that allegation was already well known to Amazon (and the public) before Amazon entered into four separate deals with Mr Allen." Allen's daughter Dylan Farrow accused her father of molesting her in an attic in 1992 when she was 7 years old, an allegation Allen has repeatedly denied.

In April, Amazon's attorney Robert Klieger said that Allen's comments about the #MeToo movement breached the deal, citing a magazine article in which he stated: "You don't want it to lead to a witch-hunt atmosphere, a Salem atmosphere, where every guy in an office who winks at a woman is suddenly having to call a lawyer to defend himself."

Allen's company, Gravier Productions, got an international release for "A Rainy Day in New York," including France, Italy and Hong Kong.

Representatives for Amazon and Allen had not responded to CNBC's request for comment at the time of publication.

  • CNBC's Sara Salinas contributed to this report

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Bearish investors betting that a recession is looming can't seem to catch a break, even on a day where the stock market got "crushed" in morning trading, CNBC's Jim Cramer said Monday.

The Dow Jones Industrial Average, which swung as low as 27,517.67 during the trading day, managed to climb more than 10 points to 27,691.49 by session close. The S&P 500 and Nasdaq Composite both slipped more than half a percentage point before ending the trading day down just 0.20% and 0.13%, respectively.

"People are still betting on a recession. They think this is merely a Fed-mandated bubble and the buyers are going to get crushed and that I am way too positive," the "Mad Money" host said.

Cramer said the "permanent pessimists" keep "missing the mark," recalling action in Hewlett Packard and Walgreens, among other public companies, for reasons why.

HP has been a tough stock to buy, he said, that is until the printer manufacturer received a $22 per share takeover bid from Xerox — a company not even half its size. While the host isn't convinced that Xerox can pull the acquisition off, the details of the potential deal do not matter, he said. The stock surged more than 6% on the news and is up nearly $4 to $19.64 from its October intraday low as of Monday's close.

"The important thing is that HP has gone from ugly duckling to beautiful swan on the strength of what may be a chimerical takeover bid," Cramer said. In other words, you made a fortune if you believed in HP when you really shouldn't have believed in HP."

"Deal or no deal, HP's stock has got its groove back."

Same goes for Walgreens, who is being targeted by private equity firm KKR to be taken off the public market. Shares jumped more than 5% to close at $62.25.

Cramer noted that the drugstore is loaded with tens of billions in debt, feeling competition from Amazon and shares have been under pressure.

"At this point, it doesn't matter ... what I think about how crummy this business is. What matters is there's a potential acquirer who believes in it," he said.

"This market just keeps surprising us with companies that are doing better than anyone could've imagined, or at least their stocks were cheaper than we thought," Cramer said, "and that's a big reason why the bulls are running circles around" the bears.

Disclosure: Cramer's charitable trust owns shares of Amazon.

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After a three-year string of scandals, Facebook finds itself staring down four separate antitrust investigations, a former co-founder who wants the company split apart and a front-runner presidential candidate who has made the breakup of the company a key part of her campaign.
It's a far cry from a few short years ago, when people viewed Facebook and its CEO Mark Zuckerberg as prime examples of tech innovation and an inspiration for other business and tech leaders.
Here's a look back at the events of the last three years that could force Zuckerberg to go to the mat to fight a breakup.
Nov. 10, 2016 — Zuckerberg rejects idea of Facebook's fake news problem
Following the 2016 U.S. presidential election, a number of journalists criticized Facebook for how it handled false and misleading news stories and propaganda in the run-up to the election.
In Zuckerberg's first public appearance after the election, interviewer David Kirkpatrick asked him about the issue. He dismissed it outright.
"Personally I think the idea that fake news on Facebook, which is a very small amount of the content, influenced the election in any way — I think is a pretty crazy idea," Zuckerberg said.
This was the moment when sentiment toward the company began to sour.
April 27, 2017 — Facebook confirms election interference
Facebook confirmed its critics' fears when it issued a case study of the 2016 election. Though the paper was vague in detail and made no reference to Russian interference, it confirmed that groups had attempted to use its social network to sway the outcome of the 2016 election. This reduced trust in Facebook and highlighted the company's outsize influence on its users.
March 17, 2018 — Cambridge Analytica
Facebook's fake news problem was a black eye for the company, but it was nothing compared to the Cambridge Analytica scandal that broke in March 2018.
The Guardian and the New York Times reported that political consulting firm Cambridge Analytica had improperly accessed the data of 50 million Facebook users, and had used that data to target voters on Facebook to get them to support Trump in the 2016 presidential campaign. The number was later revised to 87 million Facebook profiles.
Although the details were not that damning -- it's not clear whether Cambridge's tactics actually worked -- they bolstered the public impression that Facebook had undue influence over elections.
Facebook's public response made matters worse. The company tried to get ahead of the reports by publishing a Friday night blog post on March 16, saying it was suspending Cambridge Analytica for improperly accessing user data. After the reports went live on Saturday, the company remained silent for five days without addressing the public.
March 20, 2018 — FTC opens investigation
U.S. regulators wasted no time looking into how Facebook allowed Cambridge Analytica to harvest user data. The Federal Trade Commission launched an investigation into the matter days later, according to the Washington Post.
April 10, 2018 — Zuckerberg testifies
As a result of the Cambridge Analytica scandal, Zuckerberg was called to Washington to testify before lawmakers.
Members of Congress grilled him on several matters, but it was Sen. Lindsey Graham who asked Zuckerberg to name Facebook's competiton. Zuckerberg began to detail how Facebook competes in a number of areas with multitudes of apps.
Unsatisfied with the answer, Graham asked "You don't think you have a monopoly?"
"It certainly doesn't feel like that to me," Zuckerberg responded.
Dec. 5, 2018 — U.K. Parliament releases internal Facebook documents showing aggressive tactics
The U.K. Parliament published 250 pages of internal Facebook documents in December 2018 that provided a number of insights into the company's strategy against competitors throughout its history. The documents were obtained as part of a lawsuit against Facebook by Six4Three, a company that had developed software on Facebook and later alleged anti-competitive practices by the social network.
Among those documents was an exchange in which Zuckerberg personally instructed one of his employees to cut off the ability for users of Twitter's Vine social video app to connect it with Facebook as a way to easily find friends on the new service.
March 8, 2019 — Warren calls for Facebook breakup
Facebook was pulled into the middle of the 2020 U.S. presidential election when Democractic candidate Sen. Elizabeth Warren published a blog post calling for the breakup of several Big Tech companies on grounds of antitrust and unfair competition.
Specifically, Warren accused Facebook of using its acquisition of Instagram and WhatsApp to limit competition, and she said that if she were elected, she would appoint regulators to unwind those "anti-competitive mergers."
March 30, 2019 — Zuckerberg asks for regulation
With more politicians expressing concerns over Facebook's power, Zuckerberg tried to get ahead of calls for a breakup with an op-ed in the Washington Post where he admitted the tech industry needs more regulation, and asked for clear guidance.
"From what I've learned, I believe we need new regulation in four areas: harmful content, election integrity, privacy and data portability," he wrote, outlining specific ideas for each.
May 9, 2019 — Facebook co-founder Chris Hughes calls for breakup
Calls to break up the company gained another prominent proponent in May when Facebook Co-founder Chris Hughes published a lengthy New York Times opinion piece, saying Facebook now holds more power over speech than a private-sector entity should.
"The most problematic aspect of Facebook's power is Mark's unilateral control over speech," Hughes wrote. "There is no precedent for his ability to monitor, organize and even censor the conversations of two billion people."
June 3, 2019 — FTC opens antitrust probe
The FTC was the first agency to kick off an antitrust-focused investigation into Facebook, according to the Wall Street Journal. The agency, which was already looking at Facebook due to the Cambridge Analytica scandal, had Facebook in its investigative crosshairs, the report said.
June 26, 2019 — Zuckerberg argues against Facebook breakup
Zuckerberg directly addressed the growing calls for a Facebook breakup during a public appearance at the Aspen Ideas Festival, arguing that the company's size is what allows it to tackle problems like fake news.
"The question that I think we have to grapple with is that breaking up these companies wouldn't make any of those problems better," Zuckerberg said.
"The amount that we're investing in safety and security is greater than the whole revenue of our company was earlier this decade when we went public, so it just would not have been possible to do the things we're doing at a smaller scale."
July 24, 2019 — FTC fines Facebook $5 billion
The FTC announced Facebook had agreed to pay a record $5 billion penalty as a result of the agency's probe following the Cambridge Analytica scandal. The fine was the largest ever imposed on a company for violating consumer privacy, the FTC said in its announcement.
In addition to the fine, Facebook agreed to adopt a new privacy program that would require Zuckerberg and compliance officers to submit quarterly certifications to the FTC assuring the company is in compliance.
"Any false certification will subject them to individual civil and criminal penalties," the FTC said.
Sept. 6, 2019 — State attorneys general open antitrust probe
Eight state attorneys general announced they had begun investigating Facebook for antitrust reasons. The coalition included Colorado, Florida, Iowa, Nebraska, New York, North Carolina, Ohio, Tennessee and Washington, D.C.
"We will use every investigative tool at our disposal to determine whether Facebook's actions may have endangered consumer data, reduced the quality of consumers' choices, or increased the price of advertising," investigation lead Letitia James, the New York attorney general, said in a statement.
Sept 19, 2019 — Zuckerberg goes to Washington
In a rare move, Zuckerberg pays a visit to Washington, D.C., where he has private meetings with President Trump and lawmakers, including some who have proposed regulation that could affect the company. It's quite a change from 2017, when he didn't even show up to the first congressional hearings about foreign powers using Facebook to try and influence the 2016 presidential election.
Sept. 25, 2019 — DOJ reportedly opens antitrust probe
Following the FTC and state attorneys general, the U.S. Justice Department opened an antitrust investigation on Facebook in October, according to a Reuters report.
Oct. 1, 2019 — In leaked recording, Zuckerberg says he'll "go to the mat" to fight breakup
Zuckerberg told Facebook employees that he expects Facebook will have a legal challenge if Warren is elected president, according to recordings of internal company meetings in July that were published by The Verge.
In the recordings, Zuckerberg said he bets Facebook would win the legal challenge, but he would not like a legal fight with the U.S. government.
"We care about our country and want to work with our government and do good things," Zuckerberg said. "But look, at the end of the day, if someone's going to try to threaten something that existential, you go to the mat and you fight."
Oct. 22, 2019 — State attorneys general probe expands
The coalition of state attorneys general investigating Facebook announced it had expanded to include a total of 47 states and U.S. territories.
"As we continue our investigation, we will use every investigative tool at our disposal to determine whether Facebook's actions stifled competition and put users at risk," James said in a statement.
Oct. 30, 2019 — Zuckerberg makes case against Instagram divestiture
Speaking with analysts during Facebook's third-quarter earnings report, Zuckerberg was asked about how the increased regulatory scrutiny could impact the company. Zuckerberg's answer focused on Facebook's 2012 $1 billion acquisition of Instagram, saying that the photo-sharing app would not be what it is today without Facebook's help.
"A lot of the antitrust questions that are out there that are going to be about our acquisition of Instagram, right?" he said. "There's going to be a lot of scrutiny of that acquisition in particular."
Nov. 6, 2019 — California discloses Facebook probe
The most notable absentee in the coalition of 47 state attorneys general probing Facebook was the company's home state of California.
That may be because the state had quietly opened its own investigation into the company in 2018.
California State Attorney General Xavier Becerra made the disclosure after the state filed court documents seeking the San Francisco County Superior Court to require Facebook to comply with its requests for additional documents related to the Cambridge Analytica scandal.
Becerra accused Facebook of dragging its feet by failing to comply with subpoenas, and said that the company had not searched emails of Zuckerberg and COO Sheryl Sandberg that might relate to its investigation.
Nov. 6, 2019 — NBC publishes trove of internal Facebook documents
NBC published a trove of 7,000 documents related to the Six4Three lawsuit against the social network.
The documents include 4,000 internal Facebook communications that discuss a number of topics, including how the company picked and choose which companies received preferential access to user data and which were kicked off altogether.
An employee described Zuckerberg as a "master of leverage" in one document. An employee in another document described the company's decision to give data access to companies based on how threatening they are to Facebook as "sort of unethical."
WATCH: Here's how to see which apps have access to your Facebook data — and cut them off

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