Economy | Corax



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 

383 ton gold deposit found in Shandong province, further 167 tons estimated to be found, potentially worth USD 22 billion 

Telecom carrier Telia Company borrows SEK 15 billion through hybrid bonds, will be used to refinance older debt according to the company 

American Airlines buys 2.76% stake in state-owned China Southern Airlines for USD 200 million 

Asian tech giant Tencent buys 5% of Tesla's shares for USD 1.7 billion, becomes one of the largest shareholders 

Crowdfunding website Kickstarter helped funding 10,000 games since 2009, millions of backers pledged USD 5.3 billions in over 100,000 projects 

Swedish company offering investment on Iranian stock exchange, financed entirely by bitcoin as no Swedish bank would let it open account due to US sanctions against Iran 

Goldman Sachs confirms hundreds of jobs to be moved from London to EU due to Brexit 

Growing Chinese middle class behind increase in lobster imports from US, trade almost nonexistent before 2010 

Danish government free from foreign debt for first time in 183 years after USD 1.5 billion repayment, has one of Europe's lowest debt levels 

Chinese tariffs and restrictions on foreign ownership in auto industry expected to be topics of discussion as Donald Trump meets Xi Jinping in April 

Deutsche Bank to raise EUR 8 billion in stock issue priced at 35% discount to closing Friday 

Saudi Arabia's king Salman bin Abdulaziz visits Beijing, China interested in Saudi Aramco IPO and listing in Hong Kong 

People's Bank of China follows Federal Reserve rate hikes by increasing borrowing costs, wants to target capital flows using rate policy 

Bank of Japan leaves rates unchanged and continues QE program at USD 700 billions annually, spread between Japanese and US 10 year government bond yields widen 

Federal Reserve increases rates, targe between 0.75 and 1%, 2% price inflation no longer "ceiling", plan on raising rates further during 2017 and 2018 

Intel bids USD 15 billion for Mobileye in push for autonomous cars 

Soundcloud enables disc jockeys to earn money from uploaded remixes 

Toshiba postpones financial reporting one more month, considers applying for Chapter 11 bankruptcy protection in US for nuclear subsidiary Westinghouse Electric 

Puerto Rico bond holders want to push budget reform plan deadline, want a bigger say in reforms, risk losing money lent 

Iceland repeals capital controls for citizens, corporations and pension funds from Tuesday, has been in place since 2008 when banks collapsed in financial crisis 

Manhattan rents fall, inventory up 12% compared to February last year, median monthly rent at USD 3,350 

ECB leaves rates unchanged, continues to inflate money supply by buying bonds but lowers amount from EUR 80 to 60 billion per month, stimulus to continue until CPI stabilises around target at 2% 

Retail bubble has burst according to Urban Outfitters CEO, oversaturated retail space in US six times higher per capita than in Europe and Japan, border tax would be devastating according to analyst 

New jobs 100,000 more than expected during first month of Trump presidency, in total 298,000 added, unemployment down to 4.7%  

Switzerland world's top currency manipulator according to The Economist, national bank has bought USD 685 billion worth of foreign currency to lower value of Swiss franc 

Snapchat sinks after IPO, down 22% since introduction day, traders pay 15 to 40 percent interest to be first in line to short stock 

Maersk Line and IBM use block chain to trace shipments and transactions 

Chocolate prices expected to fall as cocoa production increases in West Africa 

Alasdair MacLeod: Gold alternative for central banks in Eurasia as demand for USD and EUR declines for geostrategic or economic reasons, G20 failed post financial crisis 

Paris hikes tax on vacant homes, overheated market leads to more than 100,000 homes being used only as investments