Posts belonging to Category global finance



Global economic releases today. … Jargon, Comments, About. Search: Current Forex Market SessionClick a city for session articles. London · New York · Sydney · Tokyo. GMT. RSS · Twitter · Facebook · Google · LinkedIn · Financial  … http://www.forexlive.com/ ... Sun., 24 September 2017

Will Trump reappoint Yellen?

Central Bank’s massive bond-buying program worries Republicans

From her early days as Federal Reserve chair, Janet Yellen has been the target of criticism from Republicans worried that the central bank’s massive bond-buying programs and near-zero interest rates engineered by her predecessor would be the ruin of the country. With little more than four months left in her term and questions swirling over whether the White House will ask her to stay on for another four years, Yellen has turned that story around.

The Fed has raised rates faster than markets had thought possible this year and, on Wednesday, it announced its $4.5 trillion bond portfolio would begin to shrink in October. All the while, unemployment has plunged to boomtime levels and inflation has remained well in check. Now Yellen’s stock appears to be rising, both among her critics and on a real-money exchange where traders can place bets on who they think will be the next Fed chair.

http://www.reuters.comFri.,  22  September 2017

Norway’s sovereign fund is now worth $1,000,000,000,000

The growth in the fund’s market value has been stunning

The fund’s managers announced Tuesday that currency shifts had helped push its value above $1 trillion for the first time.

“The growth in the fund’s market value has been stunning,” fund chief Yngve Slyngstad said in a statement. “I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996.” For comparison: $1 trillion is roughly the size of Mexico’s economy. Norway is a major oil producer, and it has plowed its energy earnings into the fund in order to fund pensions and other government expenses.

http://www.cnn.com…  Wed.,  20  September 2017

Toys R Us files for bankruptcy

Hundreds of millions in debt

Toys R Us, facing imminent deadlines to pay off hundreds of millions in debt, said Monday that it has filed for Chapter 11 bankruptcy protection.   The move comes on the cusp of the all-important holiday season, a period in which many retailers earn nearly half of their annual revenue, and a time of year that is particularly lucrative for the giant toy seller. The filing was long in the making.

The filing also strikes at the heart of one of the nation’s most iconic retailers, a household name for more than a generation. Toys R Us pioneered big-box toy retailing generations ago, a national chain that displaced many smaller, neighborhood toy stores. The company emphasized that its roughly 1,600 locations will remain open and it will continue to work with suppliers to make sure its shelves remain well-stocked with games, gadgets, and other toys.

http://www.usatoday.com…  Tue.,  19  September 2017

The bright future of Artificial Intelligence (AI) in China

Machine learning is the key

The present global verve about artificial intelligence (AI) and machine learning technologies has resonated in China as much as anywhere on earth. With the State Council’s issuance of the “New Generation Artificial Intelligence Development Plan” (新一代人工智能发展规划) on July 20, China’s government set out an ambitious roadmap including targets through 2030. Meanwhile, in China’s leading cities, flashy conferences on AI have become commonplace. It seems every mid-sized tech company wants to show off its self-driving car efforts, while numerous financial tech start-ups tout an AI-driven approach. Chatbot startups clog investors’ date books, and Shanghai metro ads pitch AI-taught English language learning.

The surge of showmanship and investment in the private sector is paralleled by a new focus among officials and policy thinkers in academia, civilian and military sectors of government, and major companies. Questions about how to regulate AI, and how to develop and use it ethically, have become a major topic for China’s digital policy brain trust in recent months.

http://www.newamerica.org…  Mon.,  18  September 2017

China Is Said to Ban Bitcoin Exchanges

Bitcoin slumped

China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market after the country outlawed initial coin offerings last week. The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private. Authorities don’t have plans to stop over-the-counter transactions, the people said. China’s central bank said it couldn’t immediately comment.

Bitcoin slumped on Friday after Caixin magazine reported China’s plans, capping the virtual currency’s biggest weekly retreat in nearly two months. The country accounts for about 23 percent of bitcoin trades and is also home to many of the world’s biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.

http://www.bloomberg.com…  Fri.,  15  September 2017

Trump tries to protect US high-tech firms from China’s buyers

Trump bars Chinese-backed firm from buying U.S. chipmaker Lattice

U.S. President Donald Trump blocked a Chinese-backed private equity firm from buying a U.S.-based chipmaker on Wednesday, sending a clear signal to Beijing that Washington will oppose takeover deals that involve technologies with potential military applications.

Canyon Bridge Capital Partners’ planned $1.3 billion acquisition of Lattice Semiconductor Corp was one of the largest attempted by a Chinese-backed firm in the U.S. microchip sector and was the first announced deal for the buyout fund, which launched last year with a focus on technology investment. U.S. regulatory scrutiny grew after Reuters reported in November that Canyon Bridge was funded partly by capital from China’s central government and had indirect links to its space program. U.S. defense officials subsequently raised concerns about the Lattice acquisition by a firm backed by the Chinese government.

http://www.reuters.com…  Thu.,  14  September 2017

JP Morgan attacks Bitcoin

JP Morgan: bitcoin ‘is a fraud’

Bitcoin “is a fraud” and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co (JPM.N), said on Tuesday. Speaking at a bank investor conference in New York, Dimon said, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.” Dimon said that if any JPMorgan traders were trading the crypto-currency, “I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”

Dimon’s comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100. Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services bypassing banks and the mainstream financial system.

http://www.reuters.com…  Wed.,  13  September 2017

US debt is still climbing

The US government just passed $20 trillion in debt for the first time ever

For the first time in its history, the US federal government has more than $20 trillion in outstanding debt.

The milestone was technically hit Friday, with the Treasury Department settling its accounts at the end of the day with $20,162,176,797,904 of debt outstanding. Of that debt, the Treasury said $14,622,661,213,046 is held by the public, while $5,539,515,584,857 is held by various parts of the government, also known as Intragovernmental Holdings.

http://www.businessinsider.com…  Tue.,  12  September 2017

China mulls going 100% electric

China wants to ban petrol and diesel cars

The Chinese government has signalled it will join the line of nations queuing up to ban the sale of diesel and petrol vehicles in the coming decades.

A senior official has told the Chinese car sector that the industry department in Beijing has begun “research on formulating a timetable to stop production and sales of traditional energy ­vehicles”, according to a report from the state news agency Xinhua.

http://www.telegraph.co.uk…  Mon.,  11  September 2017