Economy | Corax



Database services provider MongoDB listed on Nasdaq; IPO raises USD 192 million, closing at $32.07 per share for a 34% increase, net loss greater than last year, in spite of higher revenue 

Alphabet invests USD 1 billion in Lyft, values company at USD 11 billion 

Bayer to sell crop science division to BASF for EUR 5.9 billion, company hopes to relieve regulatory concerns for merging with Monsanto corporation 

Lufthansa signs contract to purchase 81 of 144 aircraft as well as take over 3,000 of 8,500 employees from bankrupt Air Berlin 

Ireland followed by Malta best yielding countries for buy-to-let investments within the EU according to WorldFirst, Sweden the worst, most likely due to rent control 

Taiwan's foreign exchange reserves reach record high of USD 447 billion, continue to rise for sixth consecutive month, returns on investment and difference in exchange rates between dollar and other major international currencies main reasons according to central bank 

Turkey's annual inflation rate at 11.2% in September, government target at 5%, Erdoğan says high interest rates complicate lowering inflation which definitely needs to be dealt with 

British discount carrier Monarch Airlines placed into administration, largest airline failure ever in the UK, high fuel prices in Sterling and reduced demand for travel to destinations in the Mediterranean region after recent terror attacks listed as contributing factors 

Sprott Inc acquires Central Fund of Canada for USD 120 million, strengthening Sprott Physical Gold and Silver Trust assets by USD 4.3 billion in competition with other precious metals ETFs 

South Korea forbids raising capital in virtual currencies, Financial Services Commission warns of stern penalties for infringements, similar bans or limits previously enacted in US and China 

An IPO of Saudi Aramco could have significant consequences for the price of oil, american anti trust laws would prevent Saudi Arabia from taking part in OPEC policies, Norway has not taken part in OPEC output cuts since the IPO of Statoil in 2001 

Case-Shiller National Home Price Index for July at 5% above peak from before the financial crisis, substantial local variations and strong divergence from household income 

Google acquires most of HTC's mobile division for USD 1.1 billion, provides significant benefits to make both software and hardware, takes up the fight against Apple 

Toys 'R' Us files for bankruptcy protection, USD 3 billion in debtor-in-possession financing reassures suppliers' payments during holiday shopping season, over a dozen significant retail chains have filed for bankruptcy this year 

Swiss market share of offshore capital management fell from 49% in 2006 to 26% in 2015, almost equal increase in Asia, linked to weakened bank secrecy and folding to international demands (German)

Russian central bank lowers key interest rate by half percentage point to 8,5%, price inflation down to around 4% and the economy shows stable growth according to statement 

EU's "online tax" for big multinationals based on turnover instead of profits met with scepticism, small member states warn it might shun innovation from Europe 

Toy chain Toys ‘R’ Us might file for Chapter 11 protection, retailer among the biggest troubled chains with 1600 stores worldwide as consumers opt for online alternatives 

ECB's chief economist Peter Praet says substantial stimulus still needed to reach 2 percent inflation target, adds they will act just as ruthlessly if inflation becomes too high 

Venezuela near state bankruptcy, resources to repay loans to Russian financiers are missing 

UBS estimates that Australian mortgages for 402 billion USD were issued using inaccurate information, UBS surveyed 907 Australians who took home mortgages in the last 12 months, 67 percent reported their application was completely factual and accurate, a decline from 72 percent last year 

Intel's fine of EUR 1 billion for loyalty discounts to computer manufacturers to be reviewed, says European Court of Justice 

Obamacare more and more expensive for middle-class Americans, influx of sicker-than-expected customers and healthier people choosing not to participate drives up costs, group not eligible for tax credits since government subsidies based on income level 

Toshiba agrees to sell semiconductor business to an american-japanese consortium lead by current partner Western Digital and two Japanese government backed funds, ensuring control of the company remains in Japan, final price estimated at USD 18.3 billion 

US Federal Trade Commision concludes it's competition investigation of Amazon's purchase of Whole foods and has no objections to the purchase 

Tehran exchange and the Iranian economy is the world’s biggest untapped frontier market, Chinese dominance risk as Western investors hesitant due to sanctions and regulations 

The German central bank announces that it has collected 374 tonnes of gold from Paris and 300 tonnes from New York, half of the gold reserve is now stored in Germany 

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