Economy | Corax

Economy

Economy

Kimberley-Clark's Kleenex changes name of most popular tissue brand after popular outrage claims sexism, "Mansize" tissues to be referred to as "Extra Large" after 60 year market run

United States takes top prize in World Economic Forum's Global Competitiveness Index, score of 85.6% positions US as "the closest economy to the frontier, the ideal state", leads Singapore, Germany, Switzerland and Japan in top 5

Former head of US Commodity Futures Trading Commission calls for inclusion of cryptocurrency in existing regulatory frameworks, Gary Gensler states "has a real chance to be a catalyst for change in the world of finance"

Effects of 2009 financial crisis linger as apartment buyers in Adelaide told to expect losses, study shows that apartments purchased at market peak in 2009 sold at steep losses 10 years later

Polish central bank reports increased gold holdings of 4.4 tonnes in September according to IMF, highest gold holdings in balance sheets for last 35 years

Hungarian Central Bank increases physical gold holdings 1000%, gold reserves have been repatriated after 28.4 ton purchase increased reserves to levels previously seen 70 years ago

Popular web speculation about M2 money supply ratios of national GDP fuels fears of Chinese Yuan devaluation, the theory speculates that the real exchange rate between USD and RMB should be 1:19.77 rather than official 1:6.9

America's "first Amazon" Sears Holdings Corp files Chapter 11 for bankruptcy protection, plans to shutter 142 of 700 retail stores by end of year, the company once owned the world's tallest building and was purchased by hedge fund manager Eddie Lampert in 2005 for USD 11 billion

Sir Richard Branson halts USD 1 billion investment discussion talks with Saudi government, claims disappearance of Jamal Khashoggi changes ability to do business in the country

Denmark's largest bank facing widened investigation into money laundering after requests for information from US DOJ, Danske Bank's Estonia branch handled EUR 200 billion in transactions between 2007 and 2015, majority of 6,200 customers investigated now deemed suspicious

Fund manager David Einhorn claims behavior of Tesla CEO indicates imminent collapse, draws comparison to advance warning he gave on 2008 failure of Lehman Brothers

60-year-old bottle of Macallan Scotch breaks world record price after GBP 848,750 auction, the whisky was distilled in 1926 and bottled in 1986 and reportedly sold to a bidder from the Far East

General Electric replaces CEO John Flannery with former Danahers executive Larry Culp after less than 1 year, cites major profit warning and plan for USD 23 billion impairment charge to its core GE Power division

US, Mexico and Canada substantially preserve 1994 NAFTA trade deal in last-minute trade negotiations, US President Trump takes credit for convincing Canada to open its dairy market to US farmers, new agreement also restricts types of vehicle components that can be produced in areas with wage rates lower than USD 16 per hour

Dutch government settles for EUR 775 million with ING after money laundering charges, claims that bank did not conduct proper due diligence from 2010 to 2016 and allowed obvious criminal activity to take place

Saudi Crown Prince backs down from plans to list 5% of Saudi Aramco via IPO, the plan was part of the Vision 2030 policy scheme designed to diversify Saudi wealth out of the oil sector, the decision has raised doubts about Saudi leadership and commitment to an open economy

Australian government bans Chinese telecom firms Huawei and ZTE from participating in 5G infrastructure buildout, Australian, UK and US governments have ongoing concerns about the role Chinese intelligence plays in telecom firms

PepsiCo purchases Israel-based SodaStream for USD 3,2 billion, the company faces declining sales in legacy softdrink products due to the rise of health-conscious consumers, SodaStream markets itself as a way for home consumers to create their own fizzy health drinks

EU formally ends European Stability Mechanism support in Greece following EUR 96 billion loan package from Germany, top EU bureaucrats claim the program was a success and represents solidarity despite repayment deadlines being postponed, important Greek infrastructure was privatized during the crisis by German, Italian and Chinese groups

Elon Musk claims Tesla is working with Goldman Sachs and others on going private deal, the tech chief is in hot water after claiming the company was going private at USD 420 per share and "funding secured" on Twitter, the Tesla board states it was unaware of the decision as Saudi sovereign wealth fund emerges as potential secret suitor

Turkish lira down 17% in one day after Erdoğan's refusal to meet US demands, currency down 42% against USD since January, experts warn crisis could spread to banks and bond markets

Apple becomes first US company to reach USD 1 trillion market cap, PetroChina briefly hit same value in 2007 before oil prices dropped, Amazon, Alphabet and Microsoft not far behind with market caps over USD 800 billion

Huawei passes Apple to become world's second largest smartphone seller last quarter, increases sales by 40% to 54 million units sold, cheap phones in Asia Pacific region important part of success, Samsung still on top with over 70 million units sold despite losing 10% of sales

UBS not required to submit customer data to France in case where French authorites demanded five years data on thousands of bank accounts, after verdict in Swiss federal Administrative Court, more specific and well-founded suspicion required (German)

Martti 'Sirius' Malmi working with team of developers to launch cryptocurrency named ‘AXE’, worked alongside Satoshi Nakamoto and Gavin Andersen with early Bitcoin development and is said to have admin access to bitcoin.org

EU fines Google EUR 4.3 billion for requiring android phone manufacturers to preinstall Chrome and the Google search app to give phones access to the Play Store

Global sand shortage results in black-market gangs stealing large amounts from rivers and beaches, 51.7 billion tons to be used for construction in 2019 – China has used more sand in recent years than US did throughout 20th century, India's market taken over by organized crime where the Sand Mafia employs 75,000 people to dive for sand

Citibank fined USD 100 million in 42 US States for manipulating benchmark interest rate Libor, third bank to settle with state attorneys after Barclays and Deutsche Bank with USD 420 million in total fines

Turkey invests EUR 3.2 billion in first indigenous car, facility to have 200,000 electric cars per year capacity and produce five models to be at least 5% cheaper than peers, prototype to be ready in 2019 and enter market in 2021

Verizon names 52-year-old Swede Hans Vestberg new CEO, Vestberg CTO in company for a year after being fired from Ericsson CEO position after six years in 2016

Venezuela central bank repays 172 million USD to Citibank and repatriates gold used as security, national gold reserves down 50% in four years

Chinese aluminium company Chinalco invests 1.3 billion USD in Peruvian copper mines, Peru president Martin Vizcara welcomes investment

World's largest hedge fund Bridgewater turns bearish, thinks 2019 will be dangerous year with end of stimulus and less room for Fed to maneuver as US government debt grows

US House of Representatives passes bill to loosen federal regulations on banking sector, changes Dodd-Frank law by raising threshold for closer Fed oversight from USD 50 billion to USD 250 billion in assets

Paypal buys Swedish startup iZettle for USD 2.2 billion

Japan's economy shrank by 0.6 percent on annualized basis during first quarter after eight straight quarters of economic expansion

Kellogg closes operations in Venezuela citing country's economic and social deterioration, Nicolás Maduro says company has been handed to workers and that it will continue to operate in hands of working class

US clothing retailer Gap apologises for selling T-shirt with map of China not comprising Tibet and Taiwan, will implement rigorous reviews to prevent repeat of mistake

Barclays CEO Jes Staley fined GBP 642,000 and has GBP 500,000 paycut imposed for trying to identify whistleblower who sent letters criticizing an employee of the bank

California starts requiring solar panels on new residential buildings, homes located under shade among those exempt, critics say measures to drive up building costs by nearly USD 10,000 per home

Walmart acquires Indian e-commerce giant Flipkart, deal values company at USD 20 billion and is expected to be among Walmart’s biggest ever, acquisition mistakenly announced by Softbank CEO Masayoshi Son

French government will not bail out Air France after company faces losses due to series of strikes, could mean airline will disappear according to economy minister Bruno Le Maire

Argentina's central bank raises interest rates to 40% which is third increase in eight days, inflation in country was at 25% in 2017 highest in Latin America except for Venezuela

Global wine output fell to lowest level in 60 years in 2017, poor weather conditions in Europe caused production to reach only 250 million hectoliters according to organisation OIV

Iran bans use of cryptocurrencies in order to prevent money laundering and terrorism, follows Bangladesh, Bolivia, Ecuador and Kyrgyzstan which have previously imposed ban

Mastercard, Visa, American Express and Discover join forces to create button to click to pay when shopping online, seen as attempt to compete with PayPal, that has been gaining market share

International Airlines group, owner of British Airways and Iberia, acquires 4.6% stake in Norwegian, intends to initiate discussions about possibility of full offer for company

Iran sets exchange rate at 42,000 rials to dollar in attempt to remove discrepancy between official rate and that used by traders, anyone trading at any other rate will be considered smuggler according to country's first Vice-President Eshaq Jahangiri, Iran's currency has lost 20% against dollar in two weeks

Chinese President Xi Jinping renews 2013 vow to raise foreign ownership limit in automobile sector and open country's economy further, announcement raises hopes that reforms will be implemented as soon as possible so that trade war with US can be averted

Donald Trump threatens increased tariffs on merchandise from Chine worth an additional 100 billion USD, as a countermeasure to announced Chinese tariff increases on imported US merchandise worth 50 billion USD, which in turn was the reaction to US import duties on merchandise worth 50 billion USD from China

China raises tariffs by up to 25% on 128 US products such as frozen pork, fruit and wine, no measures aimed at aircraft or soybeans which were China's biggest US imports by value 2017

Five cryptocurrency exchanges withdraw applications to be licensed in Japan, say they cannot meet government requirements

Saudi Arabia and Russia negotiate long-term agreement to control oil price, want to extend current deal between Russia and Opec up to 20 years

Maduro regime strikes three zeroes from Venezuela currency and calls it "strong", bolivar has dropped 99.99% relative to USD since Maduro came to power in 2013

World’s largest cryptocurrency exchange Binance moves to Malta after facing regulatory crackdowns in China and Japan, CEO Zhao Changpeng was recently invited by Maltese government to review upcoming crypto businesses bill

Trump administration announces tariffs on 1,300 Chinese products, estimated value USD 50 to 60 billion per year which exceeds steel and aluminum tariffs, seen as response to China requiring foreign companies to hand over valuable technology in turn for access to its markets

Federal Reserve raises interest rate to 1.75% in line with expectations, first raise by new Fed chief Jerome Powell, stands by previous forecast of at least two more increases during year and raises long-term prognosis for neutral rate which neither stimulates nor slows economy

Chinese central bank governor Zhou Xiaochuan retires after 15 years on the post, former deputy Yi Gang to take his place

Venezuelan city of San Cristóbal issues own currency to counter cash crisis, hyperinflation doubles prices nearly every month, food and medicine increasingly unavailable

Campaign to get Japanese workers to work less and shop more in order to boost economy celebrates first anniversary, surprised government by not having any effect, economy minister Hiroshige Seko announces that the most important thing is to be persistent and that maybe in the future the results will be different

Russian AN-12 cargo plane loses 3 tonnes of gold after taking off from Jakutsk, total cargo 10 tons of precious metals and diamonds from nearby mining industry, gold belonging to mining firm Kinross found 26 km from airport

Toy store chain Toys 'R' Us which went bankrupt in September files for liquidation, closes remaining 735 stores in US as main lenders see this as best way to maximize their recoveries, will try to sell assets in Canada, Asia and Central Europe

Hungary repatriates three tonnes of gold from Bank of England which is more than half of country's reserve, same intention previously announced by Netherlands, Germany, Austria and Belgium

Poor 2017 results leaves top executives of General Electric without bonuses for first time in company's 126 year history

Low supply explains US housing prices increasing twice as fast as salaries, millennial expected to increase demand additionally within four to five years, according to economist at Mortage Bankers Association

German energy companies E.ON and RWE enters deal to focus operations, E.ON takes over energy networks while RWE takes over renewable energy production through asset exchange and 1.5 billion EUR cash payment, E.ON expects up to 800 million EUR in synergies

IPO of Saudi state-owned oil company delayed to 2019, say sources to Financial Times

Donald Trump references national security concerns in blocking Singaporean Broadcom from acquiring US semiconductor maker Qualcomm, experts say real reason might be positioning ahead of expected 5G arms race

Pentagon dismisses security argument for Trump's steel and aluminium tariffs as defense industry only uses 3% of US steel production, instead sees risks in worsened relations to allies due to trade restrictions

Club Med will only keep a single resort facility in Switzerland where company has been operating since 1956, French-Chinese tourist giant closes skiing hotel i Villars outside Lausanne, low standard of facilities rather than cost levels in country reason according to company management (French)

Donald Trump presses ahead with import tariffs on steel and aluminum, Canada and Mexico exempted, offers possibility of excluding other allies

Deal to save Weinstein Company from bankruptcy collapses as firm's debt is larger than previously disclosed, team lead by Maria Contreras-Sweet who worked under President Barack Obama was set to pay USD 500 million for company's assets

European Commission president Jean-Claude Juncker threatens Donald Trump with tariffs on Levi's jeans, Harley-Davidson motorbikes and bourbon if tariffs on imports of steel and aluminium are introduced, quick reversal by American president unlikely according to analysts

Toyota, Denso Corp and Aisin Seiki Co invest USD 2.8 billion in developing software for autonomous cars

Spotify applies to be listed on New York Stock Exchange, to be listed directly without emitting new shares

Apple creates health care service for employees and their families, named AC Wellness and will focus on prevention using technology

Germany considers limiting Chinese purchases of ownership in German companies, fears that country may lose know-how as Geely buys 9.7% stake in Daimler

US expected to overtake Russia as world's largest oil producer by 2019 according to International Energy Agency, recently passed Saudi Arabia as number two

Turkish tax law that enables deduction of up to 75 percent from personal income tax attracts entrepreneurs, country fifth biggest startup market for angel investors in Europe

Weinstein Company, TV and film production company of Harvey Weinstein, applies for bankruptcy

John Mauldin: State regulation and central banks caused 2008 financial crises and is still reason for worry due to use of simplified inflation indices and interest rates not adjusted to complex realities

Brokerage app Robinhood offers commission-free trading of Bitcoin and Ethereum in California and four other US states, aims to cover rest of country by mid-2018

South Korea government to support cryptocurrency trading while encouraging banks to establish ties with cryptocurrency exchanges, according to country's Financial Supervisory Service chief Choe Heung-sik

Head of Latvia's central bank Ilmars Rimsevics released on bail after being questioned by police regarding allegations of corruption, Prime Minister Maris Kucinskis calls for him to resign

ECB freezes payments from Latvia's third largest bank ABLV Bank which has suffered liquidity problems after US accusations of letting customers do business with North Korea in violation of UN sanctions, company denies and has applied for emergency loans from national central bank

Swiss movement Vollgeld campaign for ending fractional reserve banking, proposes concentration monetary power to central bank, referendum to be held in June

Polish central bank and financial authority secretly paid YouTube star USD 30,000 to warn against investing in crypto currencies

Philipp Bagus: Swiss central bank 2017 surplus of EUR 46 billion is sign of desperation, profits from currency effects comes at expense of importers and consumers of imported goods

US financial oversight agency SEC bans owners of Chicago Stock Exchange from selling it to Chinese investors, difficulties to monitor operations given as reason

Peter Thiel might be leaving Silicon Valley due to intolerance for conservative views according to the Wall Street Journal

Toronto, Stockholm and Munich tops UBS list of cities where real estate prices indicate risk for a bubble

Almost all American crypto currency traders evade taxes on surplus from transcations, declaring taxes properly is complicated due to IRS viewing crypto currencies as assets rather than currency, combination of volume and volatility increases complexity as every transaction must be registered with authorities

Amazon, Berkshire Hathaway and J.P. Morgan in joint venture targeting pharmaceutical market, aims to lower prices and cutting out current distributors

Donal Trump presents budget proposal including 4.7 billion USD in spending, projected deficit of 1.2 billion twice as high as last year's prognosis

Haruhiko Kuroda expected to be reelected as head of Japan central bank, indication of continued government support for radical monetary policy in pursuit of 2% inflation goal

European banks may invest in Bitcoin according to ECB chief Mario Draghi, announcement comes as CME Group and CBOE starts offering futures contracts, interest so far limited among banks within EU despite public interest and appetite for crypto currency

Daimler apologizes for second time after Mercedes-Benz quotes Dalai Lama on Instagram, this time in letter to China's ambassador in Berlin, previous apology on Twitter-like platform Weibo dismissed by Chinese media as insincere

Income gap between male and female Uber drivers explained in half by men driving faster, according to study at universities of Stanford and Chicago, a third of difference explained by men staying longer in driver profession

Board of casino company Wynn Resorts sued by share holders for failing to acting against founder and CEO Steve Wynn who recently was forced to resign after accusations of sexual misconduct

Feminist Business School website offers online courses in feminist economics, shuns patriarchal phenomena like meritocracy, individual freedom and profit motives, instead seeks to promote entrepreneurship which focuses on gratitude, intimate and connecting with nature