Posts belonging to Category global finance



Saudi Arabia, UAE, Egypt and Bahrain break diplomatic ties with Qatar over ‘terrorism’

Is Quatar really supporting terrorism?

Saudi Arabia, the United Arab Emirates, Egypt and Bahrain have broken off diplomatic relations and all land, sea and air contacts with fellow Gulf Arab state Qatar, in the region’s most serious diplomatic crisis in years. Saudi Arabia on Monday said the move was necessary to protect the kingdom from what it described as terrorism and extremism. The kingdom also pulled all Qatari troops from the coalition fighting the ongoing war in Yemen.

The official state news agency, citing an official source, said Saudi Arabia had decided to sever diplomatic and consular relations with Qatar“proceeding from the exercise of its sovereign right guaranteed by international law and the protection of national security from the dangers of terrorism and extremism”.

http://www.theguardian.com…  Mon.,  05  June 2017

Climate change: 30 US mayors negociate directly with UN against Trump

Representatives of American cities, states and companies are preparing to submit a plan to the United Nations pledging to meet the United States’ greenhouse gas emissions targets under the Paris climate accord

Representatives of American cities, states and companies are preparing to submit a plan to the United Nations pledging to meet the United States’ greenhouse gas emissions targets under the Paris climate accord, despite President Trump’s decision to withdraw from the agreement.

The unnamed group — which, so far, includes 30 mayors, three governors, more than 80 university presidents and more than 100 businesses — is negotiating with the United Nations to have its submission accepted alongside contributions to the Paris climate deal by other nations.

http://www.nytimes.com…  Fri.,  02  June 2017

Trump wants to exit the Climate Change Paris Agreement

New York Mayor to Uphold Paris Agreement on Global Climate Effort

New York Mayor Bill de Blasio promised Wednesday that his city would uphold the Paris climate agreement even if President Trump moves forward with his campaign promise to withdraw from the accord.

In a series of tweets, de Blasio ripped Trump’s reported decision to exit the deal as “horribly destructive” and called climate change “a dagger aimed straight at the heart of New York City.”

http://www.efficientgov.com…  Thu.,  01  June 2017

Machine-learning promises to shake Finance

Trading, credit, fraud: machine-learning is in progress

MACHINE-LEARNING is beginning to shake up finance. A subset of artificial intelligence (AI) that excels at finding patterns and making predictions, it used to be the preserve of technology firms. The financial industry has jumped on the bandwagon. To cite just a few examples, “heads of machine-learning” can be found at PwC, a consultancy and auditing firm, at JP Morgan Chase, a large bank, and at Man GLG, a hedge-fund manager. From 2019, anyone seeking to become a “chartered financial analyst”, a sought-after distinction in the industry, will need AI expertise to pass his exams.

Despite the scepticism of many, including, surprisingly, some “quant” hedge funds that specialise in algorithm-based trading, machine-learning is poised to have a big impact. Innovative fintech firms and a few nimble incumbents have started applying the technique to everything from fraud protection to finding new trading strategies—promising to up-end not just the humdrum drudgery of the back-office, but the more glamorous stuff up-front.

http://www.economist.com…  Tue.,  30  May 2017

Walmart’s online sales are exploding

Walmart Reports 63% Rise in Online Sales

Walmart’s (WMT, -0.23%) massive e-commerce investments are starting to pay off.

The discount chain reported on Thursday that U.S. online sales rose a staggering 63% in the first fiscal quarter of the year, following last year’s overhaul of its online marketplace and a series of acquisitions of e-commerce companies since then, most notably its $3 billion purchase of Jet.com. And more importantly, Walmart said comparable sales rose 1.4% at its U.S. stores, the 11th consecutive quarterly rise, and brought in more shoppers than a year earlier, in stark contrast to the traffic problems at rivals ranging from Target (TGT, +0.37%) to Macy’s (M, +0.34%). Walmart has credited its efforts to integrate its store and digital businesses so that they feed off each other.

http://www.fortune.com…  Mon.,  29  May 2017

Oil prices tumbled dropping more than 4%

Extension by OPEC of their current oil output cut

Oil prices tumbled dropping more than 4%, as the markets sold off following an as expected extension by OPEC of their current oil output cut. What was clear is that the market had probably priced in something even greater than the extension of the agreement until March.  What many had hoped was that OPEC would generate deeper cuts, and further attempt to rebalance markets by reducing the amount of crude oil placed on the market on a daily basis.  The selloff reflects disappointment, but OPEC believes that a 9-month rollover will rebalance global inventories.  Meanwhile the happiest producers have to be the United States, who has gladly filled the void left by OPEC.

WTI crude futures are down 4.3% closing near $49.15, which breaks a three-week bull run and stands as the biggest one-day drop since May 4. The losses have been seen after the Saudi energy minister said that we’re going to roll over with the same terms over a nine-month period, with regard to the OPEC-led output cut. This would extend the existing accord for a 1.8 million barrels-per-day supply reduction from the end of June through to the end of March next year.

The so-called Vienne Group, which is OPEC nations plus allied oil producing nations, most notably Russia, met on Thursday. The sell-off in crude markets appears to be an on-the-fact style market reaction. Saudi Arabia and Russia are concerned about current levels and will likely keep cheating to

http://www.fxempire.com…  Fri.,  26  May 2017

Icelandic bitcoin mine

Bitcoin is going nuclear

The digital currency is hitting all-time highs, with a single coin going for more than $2,197. It’s an epic bull run that has accelerated in recent months: Just a year ago, it was sitting at just $443. This is great news for bitcoin miners, the people responsible for creating new bitcoins. Their mining infrastructure is the backbone of bitcoin. Anyone who contributes computing power to help process transactions on the network is rewarded with the chance to “mine” bitcoin.

In plain English, in return for helping keep the network up and running, they have the chance of being given a newly created piece of the digital currency. This payout makes the entire process — with the right equipment — incredibly lucrative. It has helped spawned a huge and surreal industry.

You can mine at home, and many people do. But companies dedicated to mining have also sprung up, some worth tens of millions of dollars. These companies build huge data centres, or mines, that consume vast amounts of power and perform insane computations on the hunt for digital gold.

http://www.businessinsider.com…  Thu.,  25  May 2017

Is UBER a Ponzi scheme?

Magellan’s Hamish Douglass says Uber is a ‘Ponzi scheme’

Uber’s practice of persistently raising capital from private investors is akin to a Ponzi scheme, according to veteran investor and Magellan Financial Group chief executive Hamish Douglass.

In a candid interview at the Stockbrokers and Financial Advisers Conference in Sydney on Wednesday, Mr Douglass lamented the dramatic losses awaiting Uber investors as automated driving technology permeates the market.

http://www.smh.com…  Wed.,  24  May 2017

Boeing declares war against Bombardier

In Bombardier fight, Boeing sees ghost of Airbus ascent

Two words underpin Boeing’s (BA.N) decision to launch a U.S. trade complaint against Bombardier (BBDb.TO), which plunged it into a row with Canada last week: “Never again”. Allegations that the Canadian firm dumped newly designed CSeries passenger jets in the United States at a steep loss have threatened a sale of F/A-18 warplanes to Ottawa, sending Boeing scrambling to save the deal.

Some analysts say Boeing carelessly put at risk billions of dollars of defense work or pandered to growing protectionism. But decades after Boeing failed to prevent European upstart Airbus gaining momentum with early victories in the United States, people familiar with the company say the strategic importance of defending its core passenger jet business outweighs the diplomatic storm. U.S. industry experts say Boeing and other jetmakers at the time did not take the European consortium seriously enough and allowed their future nemesis to poach U.S. airlines from 1978.

http://www.reuters.com…  Tue.,  23  May 2017

Greek debt deal

Euro zone, IMF to seek compromise

Euro zone finance ministers and the International Monetary Fund will seek a deal on Monday on Greek debt relief that balances the IMF’s demand for a clear “when and how” with Germany’s preference for “only if necessary” and “details later”. Without the deal, no new loans can be disbursed to Athens, even though the bailout is now handled only by euro zone governments, and Greece needs new credit to repay some 7.3 billion euros worth of maturing loans in July.

Without the loans, Athens is likely to default – a bad start for a country that wants to return to market financing next year when its latest bailout, the third since 2010, ends in mid-2018. For its part, Greece has done what it could to secure a deal. It has agreed, albeit after months of negotiations, with the euro zone lenders and the IMF on pensions and tax reforms.

http://www.reuters.com…  Mon.,  22  May 2017