Afternoon Coffee: New IBM Blockchain Solution to Accelerate Global Payments, Rio Tinto Charged with Fraud

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IBM announced Wednesday a new blockchain solution that will help financial institutions reduce settlement costs and speed up the process of completing global payments, Supply Chain 24/7 reports. The solution is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand, and the United Kingdom.

Rio Tinto Scandal

Mining giant Rio Tinto and two of its former executives have been charged with fraud by the Securities and Exchange Commission (SEC), the BBC reports. The company is accused of hiding losses by inflating the value of coal assets in Mozambique.

NAFTA Update

With tensions still high at the current round of negotiations, the U.S., Canada and Mexico will not be able to complete an update to NAFTA this year, despite previously stated goals, according to the Wall Street Journal. While negotiators expressed hope they would be able to settle their differences in 2018, some observers have begun to think the discussions could prove futile and warned businesses should start considering contingencies for the a world without NAFTA.

Industrial Production

And finally, an economic update: U.S. industrial output increased 0.3% in September, CNBC reports, a sign that the effects of a particularly severe hurricane season was waning at manufacturers.

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