Economy | Corax



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

Stockholm housing slump expected to continue and may fall another 30% according to SBAB CEO Klas Danielsson, increased supply and harsher lending rules quoted as cause

EU agrees on stricter rules for exchange platforms for bitcoin and other virtual currencies as part of broader set of measures to tackle financial crimes and tax evasion, providers will be required to identify users

Interactive Brokers will soon allow investors to short Bitcoin futures following strong demand

Apple pays USD 400 million to acquire Shazam, company develops technology that enables users to identify songs, movies, TV shows, and commercials from short audio clips, was previously valued at USD 1 billion

Lego wins copyright case against two Chinese companies that sold and marketed similar products under brand Bela, Asian market important for Danish giant as sales are falling in EU and US

Goldman Sachs warns of pain ahead since both stocks and bonds haven't seen higher highs since 1900, difficult to weight portfolios as valuations drop

Maduro says Venezuela to launch cryptocurrency ”Petro” to fight financial ”blockade”, currency to be backed by natural resources reserves but no details provided concerning roll-out logistics

Joseph Stiglitz says Bitcoin ought to be outlawed, claims currency does not serve any socially useful function and is successful only because of its potential for circumvention of regulation and lack of oversight

France ahead of UK and takes place as fifth largest economy in ranking by IMF, US, China, Japan and Germany four largest

Rick Falkvinge: Cryptocurrencies will displace fiat currencies, unclear if Bitcoin or other cryptocurrency will win in the end, greatest wealth transfer since the industrialisation of crude oil [video]

HOX index of housing prices in Sweden shows second month of sharp decline, down 3-4% with local variations

The TPP-agreement officially announced at minister gathering in Vietnam, will become valid 60 days after 6 out of the 11 member nations have cleared some domestic hurdles, could delay the agreement until beginning of 2019

Uranium producer Cameco to close two of its operations for at least ten months due to low demand, prices have fallen more than 70% since Fukushima disaster in 2011

Bank of England raises interest rate by 0,25 percentage points to 0,5% in first hike in over a decade, CPI currently at 3%

Republican Jerome Powell nominated by Trump as Federal Reserve chairman, will according to analysts likely continue policies of current chair Yellen whose term finishes in February

Steve H Hanke: Venezuelan Bolivar practically worthless, annual inflation measured at 3,473% in October by Johns Hopkins and Cato Institute

CME Group plans to introduce Bitcoin futures during Q4

Amazon releases lock system connected to webcam that allows courier to deliver packages indoors while the customer is not home

Internet-based hardware distributor Newegg sued by four Korean banks for alleged Ponzi scheme, accused of having falsified orders to attract investors

Hongkong stock market closes last remaining trading floor in preparation for transition to fully automated market, will open showroom with focus on financial markets instead

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