Economy | Corax



Japan Tourism Agency considers implementing exit tax on tourists and citizens leaving the country, tax proposed to be 9 USD and revenue will be used for different tourism projects, admits that Japanese citizens might fail to see the benefit of the system and that tourism in Japan may seem more expensive to tourists 

Alan Greenspan: Interest rates are abnormally low and the bond bubble will collapse, data going back to 19th century show today's levels are extreme 

Central banks continue to add to gold reserves, Turkey for the first time since 1980s and Russia now at 17% of total reserves 

Continued strong investor interests for gold exchange traded funds, assets under management up 56 tonnes during second quarter to a total of 2,313 tonnes 

EU states propose measures seeking to prevent bank runs by allowing for temporarily stopping people withdrawing money, critics warn that plan could hit confidence and hasten withdrawals at first rumors of banks being in trouble 

Venezuelan money supply M2 surges 9.66% during week up until July 21, largest increase since 1992 – black market exchange rate also passes 10,000 bolivars per dollar, was at 24 when Maduro came to power in April 2013 

Jeff Bezos passes Bill Gates as the world's richest person after a surge in Amazon stock, has a net worth of USD 92.3 billion compared to Gates' USD 90.8 billion 

AlphaBay, the largest black market in the darknet has been shut down after crackdown by authorities from the US, Canada and Thailand, had an estimated turnover of more than USD 600,000 per day 

Global sell-off in negative interest yielding bonds after central bankers signal coming end for stimulus, total share of Bloomberg Barclays Global benchmark index down to 18 month lowest of 14% 

Singapore ready to negotiate automatic exchange of financial information with Indonesia, approximately 60 % of 75 billion USD assets stored abroad by Indonesians are in Singaporean banks 

Republicans tip better than Democrats, men better than women, people who pay by card better than people paying cash, most common amount between 16 and 20 percent, according to US survey 

Food prices in Estonia up 6.1% in June year on year, largest increase in Euro zone where average is 1.4% 

Food prices in Estonia up 6.1% in June year on year, largest increase in Euro zone where average is 1.4% 

French PM proposes policies to increase country's attraction for financial sector, including decreased income tax for high-income workers and opening of international schools 

Beef sales up in US for first time in a decade, lower prices of gas and corn feed contributing causes 

Facebook builds 1,500 units of housing in Silicon Valley to alleviate hiring hurdle, wants to build village in Menlo Park with neighborhood centre providing services to residents 

Blockade of Qatar leads to shortage of liquefied helium, country is world's second largest supplier 

Microsoft lays off thousands of employees, mainly within sales, part of shift to cloud computing 

Possibility to pay voluntary tax in Norway has brought in USD 1,325 since June, Labor Party leader Jonas Gahr Støre displeased despite requesting higher taxes in the past 

906 million USD worth of Swedish coins and bills still not exchanged after ceasing to be legal tender, still possible to exchange the currency at bank offices 

Japan and the European Union should finalize a new trade pact during meetings in Brussels, several different goods however not initially included in the deal 

Italy nationalizes Monte dei Paschi, world's oldest bank, gets 70% stake for EUR 5.4 billion cash injection, goal is to manage EUR 28 billion in bad debt, state commits to exit within five years 

Oil price flat after longest-lasting upward trend in seven years, OPEC increases production, in particular Libya and Nigera, US crude stockpiles down 2.5 million barrels 

Bermuda most expensive country to live in followed by Switzerland and Hong Kong, US ranked 15, Italy and Ghana tied at 20, according to MoveHub 

Japan abolishes consumption tax on bitcoin, enables exchanges to buy digital currency abroad and sell to domestic customers, other taxes still apply 

Illinois budget crisis leads Powerball and Mega Millions lotteries to withdraw from state this week, valid claims over USD 25,000 to face delays due to Comptroller's inability to make payments without an appropriation 

Fed chair Janet Yellen does not believe there will be another financial crisis "within our lifetime", claims more regulations have made the system more stable 

Visa makes investment in Klarna to strengthen position in mobile payments, terms not disclosed 

Takata files for Chapter 11 bankruptcy with 10 billion USD in unfunded liabilities, bankruptcy removes last hurdles for takeover by Chinese company Key Safety Inc 

Increased minimum wage to USD 13 per hour led to lower income for low-wage workers, according to study of reform in Seattle 

US halts imports of fresh beef from Brazil after failed tests for food safety, largest importer China not expected to follow suite since mostly frozen meat is imported 

McDonald's announces electronic kiosks to replace human cashiers in 2,500 US restaurants, expected savings makes stock hit all time high 

Price of Ethereum on GDAX exchange sees flash crash, price down to 10 cent from 318 dollars, suspicions of market manipulation by single actor rejected by GDAX 

Subsidies of electric cars ineffective way of decreasing emission of greenhouse gases, up to 29 times more expensive than market price of carbon dioxide, better both economically and environmentally to decrease or abolish subsidies according to study by Canadian think tank MEI 

Chinese bike sharing company Wukong Bike forced to close operations since 90% av a total of 1,200 bikes disappear in five months 

George Soros believes economic downturn will stop Brexit from happening, banks have underestimated inflation, Theresa May should take new line to remain in power 

Uber CEO Travis Kalanick resigns under pressure from investors, company is accused of having toxic internal culture and now has four C-level vacancies 

Canada launches two dollar coins which glow in the dark and depict canoeists enjoying northern lights, commemorates 150th anniversary of country's founding 

Switzerland, Iceland and Norway Europe's most expensive countries, price levels 61, 47 and 40% over EU average respectively according to Eurostat comparison (German)

Takata rumored to plan filing for bankruptcy, has USD 9 billion in liabilities due to recall of 100 million defect airbags, would be the biggest bankruptcy in Japanese manufacturing industry since WWII 

Amazon buys Whole Foods for USD 13.7 billion in biggest acquisition yet, founder John Mackey remains CEO 

Campaign to get Ross Ulbricht free gets account disabled at Bitcoin exchange service Coinbase after receiving donation of BTC 16.5 

Amazon interested in buying the communication platform Slack for USD 9 billion, out of the five biggest tech companies in the US Amazon is the only one lacking a messaging platform 

Noelle Acheson: Bitcoin's problem with high fees, increasing centralization and the outlook for scaling make Ethereum competitor as largest cryptocurrency, price and trading volumes for Ethereum have increased significantly compared to Bitcoin since April 

China close to resume imports of US beef after 14 years, was banned due to mad cow disease 

Amazon creates extensive banking operation, lends USD 3 billion to small businesses to stimulate their activities on e-commerce giant's platform  

Japanese Softbank acquires Boston Dynamics from Google, details secret 

Gold import to China from Hong Kong up 50% to highest level since 2013 as investors seek safe haven from Chinese currency  

Vacancy rate on Manhattan apartments below 2% for first time since 2015 following sustained fall in rents  

United Arab Emirates re-imposes ban on Qatari-registered oil tankers to dock petroleum ports, part in escalating conflict in the region, may affect oil flows 

EU's Single Resolution Board forces sale of Banco Popular for EUR 1 to Santander bank after ECB notification of stressed liquidity 

Central banks own a third of all bonds globally, private actors crowded out, volatility declines and passive strategies gain ground 

Ted Butler: CFTC announcement to ban junior trader after spoofing gold- and silver futures should be seen as a warning to institutions like JP Morgan, manipulation no longer tolerated 

Credit rating agencies S&P and Moody's downgrade Illinois' credit worthiness to near junk as political stalemate over budget continues, lowest ranking on record for US state 

App developers in Apple's app store have earned USD 70 billion since 2008, growth has been high in last 12 months with 70% increase in apps downloaded 

Economic growth of the UK worst of the G7 countries, GDP increased 0.2% in the first quarter, while the country with best growth Canada increased 0.9%, the UK was in the top prior to Brexit 

EU promises "free" Wi-Fi in every village and every city by 2020, funding source to be determined 

Acute labour shortages threatens Malta's growth according to central bank, public sector should stop employing unnecessary personnel according to proposal 

Average home price in Toronto expressed in gold peaked in 2005 at 655 ounces, gold price peak in 1980 pushed the price down to 100 ounces 

Russian online payment provider ChronoPay starts to accept Bitcoin, service already supports credit cards as well as 158 other currencies and has large mobile operators among clients 

Mark Zuckerberg advocates the introduction of basic income as a step in modernizing American democracy in speech at Harvard 

OPEC extends reduced oil production for nine more months, counts on stockpiles to decrease until then 

Moody's cuts China's credit rating from Aa3 to A1 in first downgrade since 1989, could raise cost of borrowing for Chinese government 

Bitcoin pass USD 2,000 for the first time, other cryptocurrencies rising as well lately to total market cap of USD 70 billion, equaling less than 1% of world gold reserve value 

Deutsche Bank to demand money back from former executives and board members to contribute to misconduct fines 

Uber wanted to partner with Tesla on autonomous cars, Musk turned Kalanick down as they were already planning their own service 

Housing markets in Sweden, New Zealand and Canada most at risk of busting with 30-40% risk over next five to eight quarters according to Goldman Sachs, admits model isn't perfect 

SpaceX settles with 4,100 employees in class action lawsuit, pays USD 4 million to compensate for trouble taking breaks every four hours 

Disappointing user growth causes Snapchat shares to fall 24%, USD 2.2 billion loss expected and explained by staff bonuses in connection with the IPO 

Zero Hedge: Bitfinex, world's largest Bitcoin exchange, could be headed toward collapse, lack of transparency and customers having difficulties to withdraw money has been reported  

Federal Reserve leaves rates unchanged, maintains goal to normalize rates, next meeting June 13-14 

Ant Financial part of Alibaba Group close to ink financing of MoneyGram International acquisition for USD 3.5 billion, part of strategy to expand international payment network, deal must pass US Government approval 

Six biggest Nordic banks manage USD 1.07 trillion, 11.5% increase in one year, business model thrives due to negative interest rates 

Thomas Forker who co-founded Waffle House dies at 98 years of age, other co-founder Joe Rogers died last month 

George Friedman: Cyclical pattern indicates recession in US within two years, likely to cause social unrest in Europe, China and Russia and destructive domino effects in Germany, China and other major exporting countries 

Atlanta Fed lowers forecast for real GDP growth for first quarter to 0.2%, lowest GDP quarter in which the Fed has hiked rates since Q4 1980 

ECB leaves rates unchanged and continues quantitative easing program, concerned about possible euro-skeptic victory in French presidential election  

Swedish central bank keeps rates at -0.5 % and unexpectedly prolongs quantitate easing program, krona declines 

Number of active users on Twitter increased by 11% last quarter, substantial decrease compared to same period last year, revenue increased by 1%, advertisers may be migrating to other services 

Fannie Mae allows borrowers to discount credit card debts, auto and student loans "paid by someone else" from debt-to-income ratio 

Central bank of Sweden confirms regular audits of gold reserves, refuses to publish serial numbers and fine weight, claims to be among the most transparent in the world, Public Access to Information and Secrecy Act not tried 

Libya central bank vows to defend dinar which is traded on black market to sixth of official exchange rate, country's two governments agree on strategy 

Satellite imagery of nighttime lights in China indicate higher economic growth than reported through official statistics, government numbers may underestimate growth in service sector according to US researchers 

Leaked documents show that NSA most likely has ability to interfere with bank transaction system SWIFT, company claims main network has never been breached but admits some local banks might have been hacked 

Price of potato chips increases in Japan after crop failure, pizza flavoured chips sell for USD 12 per bag, regulatory hurdles limit imports 

Uber generated USD 6.5 billion in revenue last year while its adjusted net loss was USD 2.8 billion, total valuation said to be USD 68 billion 

Peter Schiff: China and Russia considering joint organization for gold trade, eastern gold standard may challenge dollar hegemony 

Josh Ryan-Collins: Land as factor of production alongside labor and capital forgotten by modern economists fixated on marginal productivity theory, leads to misunderstanding stagnation and failed stimulus 

Canadian government proposes full legalization of cannabis from 2018, market estimated to 4.6 million users and 655 metric tons per year 

India online retailer Flipkart raises USD 1.4 billion from investors including Microsoft, Ebay and Tencent, aims to intensify competition with Amazon 

Dubai Gold and Commodities Exchange lists gold spot contracts denominated in Yuan in partnership with Shanghai Gold Exchange, first exchange outside of China to use Chinese benchmark, one contract is 1 kg of fine gold 

Costs of developing pharmaceuticals high due to most human tests of new substances fail, testing on mice may be misleading 

Bank of England implicated in Libor scandal according to secret recording where central bank pressures commercial banks to lower interbank rates 

To avoid trade war China offers US increased access to markets for financial sector investments and beef exports 

Retailers close at record pace in US, if trend continues 2017 could be worse than 2008-2009 during the financial crisis 

Federal Reserve balance sheet to be decreased at end of 2017 according to minutes from meeting with Federal Open Market Committee, has expanded from 1 to 4.5 trillion USD in ten years 

Tesla has higher market value than Ford, but still lower revenue and net income 

Iceland considers pegging currency to Euro in fears of overheated economy, last remaining restriction from banking crisis repealed in March 

Africa may be next frontier market for venture capital, investments in startups up almost tenfold in four years 

Hon Hai Precision, also known as Foxconn, reports TWD 148 billion in net profit for 2016, best result in company history