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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/ ... Wed., 28 June 2017

Massive cyber attack

Petya cyber attack: Ransomware spreads across Europe with firms in Ukraine, Britain and Spain shut down

Major firms, airports and government departments in Ukraine have been struck by a massive cyber attack which began to spread across Europe on Tuesday afternoon. In Ukraine, government departments, the central bank, a state-run aircraft manufacturer,  the airport in Kiev and  the metro network have all been paralysed by the hack.

In the UK, the advertising firm WPP said its systems had also been struck down, while in the Netherlands a major shipping firm confirmed its computer terminals were malfunctioning. The virus is believed to be ransomware – a piece of malicious software that shuts down a computer system and then demands an extortionate sum of money to fix the problem.

http://www.telegraph.co.uk…   Wed.,  28  June 2017

The future of Nestle

 U.S. activist presses for ‘bold action’ at Nestle

U.S. activist shareholder Third Point LLC has targeted Nestle (NESN.S) by taking a $3.5 billion stake in the food maker and urging Europe’s most valuable company to boost returns as demand for its products weakens.

Nestle shares jumped as much as 4.8 percent on Monday, touching a record high after Third Point disclosed its position late on Sunday in a letter to the hedge fund’s investors. In the letter, Third Point said it was urging the Swiss group to improve margins, buy back shares and get rid of non-core businesses, including its $27 billion stake in L’Oreal (OREP.PA). Third Point’s 40 million shares – or 1.3 percent of the total – make it Nestle’s eighth-largest shareholder, according to Thomson Reuters data. The $10 billion added to Nestle’s market value on Monday showed that shareholders hoped the investment would spark change at a company which has a reputation for being slow-moving and insular.

http://www.reuters.com…   Tue.,  27  June 2017

Japanese airbag maker Takata files for bankruptcy

Takata would be bought for $1.6 billion by U.S.-based Key Safety Systems

Japan’s Takata Corp (7312.T), the firm at the centre of the auto industry’s biggest ever product recall, filed for bankruptcy protection in the United States and Japan, and said it would be bought for $1.6 billion by U.S.-based Key Safety Systems.

In the biggest bankruptcy of a Japanese manufacturer, Takata faces tens of billions of dollars in costs and liabilities resulting from almost a decade of recalls and lawsuits.

http://www.reuters.com…   Mon.,  26  June 2017

Draft bill to replace Obamacare would cut Medicaid

Senate Republicans release healthcare bill that will affect coverage for millions

After weeks of secret negotiations, the US Senate has released its draft of a bill that could upend the healthcare system for millions of Americans.

The Senate’s 142-page proposal, unveiled on Thursday, would eliminate or reduce key benefits provided by Barack Obama’s Affordable Care Act; lower taxes for the wealthy; strip funding from the women’s reproductive health provider Planned Parenthood; and dramatically cut and restructure Medicaid, America’s public health insurance program for low-income and disabled Americans.

The legislation mirrors the bill that the House of Representatives passed narrowly last month, with modest changes intended to win support from moderate senators. Meanwhile, Republican Senate leaders emphasized that the legislation is subject to change as they negotiate details in an effort to win 50 votes, the minimum required for the bill to pass.

http://www.theguardian.com…   Fri.,  23  June 2017

Oil glut fears

Asian stocks rise, oil languishes near 10-month low

Asian stocks advanced on Thursday, but oil futures hovered near a 10-month low hit overnight on concerns over a supply glut and falling demand. European stocks were mixed with financial spreadbetter CMC Markets expecting Britain’s FTSE 100 .FTSE to open up 0.1 percent, Germany’s DAX .GDAXI to be little changed and France’s CAC 40 .FCHI to start the day down 0.1 percent. All three closed in negative territory on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.7 percent. Japan’s Nikkei .N225 rose almost 0.1 percent. Shares in auto air bag-maker Takata Corp plunged 50 percent as they exchanged hands for the first time since sources said last week it was preparing to file for bankruptcy.

South Korea’s KOSPI .KS11 added 0.3 percent, while Australian shares jumped 1 percent. Taiwan shares .TWII hit a 27-year high. Chinese shares added to gains made on Wednesday after MSCI included mainland shares in its emerging market indexes. The blue-chip index .CSI300 rose 1.3 percent. Hong Kong’s Hang Seng .HSI climbed 0.5 percent. Crude oil was subdued as investors’ doubts that OPEC-led output cuts would dent a three-year glut offset data showing a drop in U.S. inventories.

http://www.reuters.com…   Thu.,  22  June 2017

Malls are doomed: 25% will be gone in 5 years

Mom and Pops shops come back

Store closings and even dead malls are nothing new, but things might be about to get a whole lot worse. Between 20% and 25% of American malls will close within five years, according to a new report out this week from Credit Suisse. That kind of plunge would be unprecedented in the nation’s history.  In 1970 there were only 300 enclosed malls in the U.S., and now there are 1,211 of them. In fact, despite the recent turbulence in the retail industry, the number of malls open has actually edged higher every year. But now, as the brick-and-mortar chains die a slow and painful death, small businesses could make a comeback by filling the void, according to two Goldman Sachs executives.

“I think there will become a degentrification, for lack of a better word,”explains Kim Posnett, head of internet investment banking at Goldman Sachs.. “We will see the rents come down, and mom and pops shops will come back in a much more curated, personal way that goes along these lines of creating great service and a sense of community, and a desire to support your community.”

http://www.cnn.com…   Wed.,  21  June 2017

AIRBUS versus BOEING

Boeing launches new jet

Boeing unveiled a new version of its best-selling 737 aircraft on Monday, injecting life into a faltering civil aviation market as French President Emmanuel Macron flew in to open the world’s biggest airshow in Paris.
After years of booming orders driven by increased air travel and more fuel-efficient planes, passenger jet manufacturers are bracing for a slowdown in demand while they focus on meeting tight delivery schedules and ambitious production targets.

 http://www.reuters.com…   Tue.,  20  June 2017

Inflation has not yet followed lower unemployment in America

The Federal Reserve is not about to abandon the Phillips curve

That central banks cannot endlessly reduce unemployment without sparking inflation is economic gospel. It follows from “a substantial body of theory, informed by considerable historical evidence”, according to Janet Yellen, chair of the Federal Reserve. Her conviction explains why, on June 14th, the Fed raised interest rates by a quarter of a percentage point, to a range of 1-1.25%.

Excluding food and energy, prices are only 1.5% higher than a year ago; the Fed’s inflation target is 2%. But Ms Yellen thinks unemployment is below its so-called “natural” rate, so inflation should soon rise. Is she right? Or has the relationship between unemployment and inflation, dubbed the Phillips curve, gone missing?

Northern Ireland Peace at risk

Gerry Adams to Theresa May:  you are “in breach” of the Good Friday Agreement — the peace treaty

Speaking in London Thursday after a meeting with May, prominent Northern Irish politician and Sinn Fein leader Gerry Adams said he had told May she was “in breach” of the Good Friday Agreement — the peace treaty which ended 30 years of deadly sectarian violence known as “The Troubles.”
http://www.cnn.com…   Fri.,  16  June 2017