Economy | Corax

Economy

Economy

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

Investment company Saban Capital Group gives employees 1,000 USD bonus and credits Trump tax reform for making it possible, owned by Haim Saban who has called Trump a "dangerous clown" and donated 16 million USD to Clinton campaign

South Korea accuses North Korea of stealing crypto currency worth millions of USD during 2017 through phishing attacks against exchanges and their customers

Lloyds Banking Group bans customers from buying crypto currency with credit cards issued by any of its banks, follows similar decisions by JPMorgan, Bank of America and Citigroup, worry that high volatility may lead to debt stated as motivation

Dow Jones Industrial Average down 666 points or 2.5 %, largest daily fall in 20 months, rising US interest rates possible cause according to analysts

Exxon Mobil more than quadruple profit during fourth quarter of 2017 due to higher oil price and US tax reform, 8.4 billion USD surplus for quarter, 19.7 for whole year, company says new tax law enables further investment in US

Samsung starts manufacturing ASICs for cryptocurrency mining, sector now dominated by Chinese Bitmain and Canaan Creative in collaboration with TSMC

Deutsche Bank, UBS and HSBC sentenced by CFTC to pay 30, 15 and 1.6 billion USD respectively in fines for manipulating gold and silver markets in 2008-2014 by placing and then retracting orders, so called spoofing

London luxury apartments take longer time to sell, sellers slash prices by 14.1% in St James's and Victoria, falling prices also in Knightsbridge, Mayfair, Temple and the City

Patriarch Kirill of Russian Orthodox Church warns of Bitcoin mania and calls upon state to protect people from excessive risks and deception

Netflix adds 8.3 million subscribers during last quarter of 2017, average member spends 9% more time watching content compared to 2016, company continues to invest in original programming aimed at international audience

Nassim Nicholas Taleb writes that Bitcoin's mere existence will remind governments that currency is no longer their monopoly, in foreword to Saifedean Ammous' book The Bitcoin Standard: The Decentralized Alternative to Central Banking

US could possibly overtake Saudi Arabia and challenge Russia to be world's top oil producer in 2018 according to International Energy Agency, oil prices drop 1% after report is published

Softbank rumored to consider taking telecom division public, expected to yield USD 18 billion and become largest ever IPO in Japan

Indonesia's central bank warns cryptocurrencies risk public losses and threaten financial system stability, says virtual currency ownership high risk as price not based on underlying asset and lacks responsible authority

Wal-Mart hikes starting wages to USD 11 per hour, closes 63 Sam's Club warehouse locations of which 12 to be converted to e-commerce fulfillment centers

Kodak launches crypto currency to help photographers get paid, becomes latest in line of companies trying to overcome crisis by shifting to business model involving blockchain technology, previously ice tea company Long Island Tea changed its name to Long Blockchain, medical technology company Bioptix became Riot Blockchain

Australia's four major banks accused of freezing bitcoin users'accounts, all bank representatives respond with some form of "no comment"

Fifth Third Bank intends to raise the minimum wage for its employees in the wake of the US tax reform, important to invest in its employees, says CEO Greg Carmichael, in addition to higher minimum wage there will also be a bonus to be paid out before Christmas

AT&T gives its over 200,000 union-related employees USD 1,000 in bonus after Trump's tax reform has been voted in Congress

Global trading with crypto currencies is trading USD 50 billion a day, as much as the New York Stock Exchange, according to coinmarketcap.com