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International & Other News

India, IMF, team up to help keep Sri Lanka, South Asia economies stable

IMF

ECONOMYNEXT - The International Monetary Fund and India have teamed up to set up a training school to help boost knowledge and capacity of officials in charge of economies in the region to help them avoid de-stabilizing economies. (read more)

Why Are Stocks Crashing?

stocks

NEW YORK (Reuters) – Global stock markets are on their shakiest footing in years.

Investors are fleeing stocks and running to safe-havens like bonds and gold, driven by concerns about economic growth and the effectiveness of central banks’ policies.

At the same time, tumbling energy prices are upending the economies of oil-producing countries, further slicing into global economic growth. (read more)

8 Tech Trends Changing How We Work in 2016

Tech

FORBES: We have witnessed a tremendous change in the way people everywhere use technology to complete their daily tasks. Today’s workforce books plane tickets, hails taxis, collects payments, pays bills and even controls their home from their smartphone or wearable device. Innovations from our personal lives are converging into our careers and people expect it more than ever. (read more)

 

Post sanction Iran-Sri Lanka trade readies for boost

(DFT) The first official delegation to Sri Lanka from post-sanctions Iran will land in Colombo in February to start crucial joint trade talks to re-commence petroleum and petrochemical sales to Sri Lanka while also returning to potential higher Ceylon Tea and apparels exports. (read more)

 

Post sanction Iran-Sri Lanka trade readies for boost

 (DFT) The first official delegation to Sri Lanka from post-sanctions Iran will land in Colombo in February to start crucial joint trade talks to re-commence petroleum and petrochemical sales to Sri Lanka while also returning to potential higher Ceylon Tea and apparels exports. (read more)

Top businesses no longer so convinced of EU’s benefits, says Deloitte

Britain's Prime Minister David Cameron addresses a news conference in Sofia

(Telegraph) The proportion of chief financial officers (CFOs) who supported the UK’s continued membership of the EU fell to 62pc in the final quarter of 2015, from 74pc last summer, according to a survey by accountancy firm Deloitte. (read more)

Asia stocks climb after Fed hike; oil takes a spill

(Economynext) – Asian stock markets jumped on Thursday as investors chose to take an historic hike in U.S. interest rates as a mark of confidence in the world’s largest economy, though the good cheer did not extend to oil where oversupply again pressured prices. (read more)

How does your economy compare to US states?

US eq to GDP

(WEF) – California and Texas — the two largest US state economies — are roughly the same size as Brazil and Canada, respectively 8th and 10th largest national economies.

This map from howmuch.net compares US state economies to countries with similar GDP. It is based on data from the IMF and the Bureau of Economic Analysis. (read more)

Asia stocks surge as fallout from Paris attacks recedes

A pedestrian is reflected on an electronic board showing the graph of the recent fluctuations of the Japan's Nikkei average outside a brokerage in Tokyo

(DFT/ Reuters) Asian stocks rose across the board on Tuesday following a surge on Wall Street overnight as investors clawed back losses that came on the back of last week’s Paris attacks.
Meanwhile, expectations for a December rate hike by the Federal Reserve also kept the dollar on a bullish footing. Spreadbetters saw stronger risk appetite retained in Europe, forecasting a higher open for Britain’s FTSE, Germany’s DAX and France’s CAC. (read more)

Sri Lanka to sign new deal with China Port City

port

ECONOMYNEXT - Sri Lanka will sign an amended agreement with a Chinese company that is reclaiming the sea near Colombo, involving the Urban Development Authority with a committee tasked to make changes to the deal.

Sri Lanka has already granted a six-month extension to a temporary agreement signed with Sri Lanka Ports Authority and the CHEC Port City Colombo (Pvt) Ltd. (read more)

The Global Financial Centres Index – 2015

2015

 

‘Open door’ corporate culture promoted at one of the most successful Silicon Valley firms

(BI) Facebook expanded into a new 430,000-square-foot building designed by architect Frank Gehry a few months ago, and this week Mark Zuckerberg took Facebook users on a virtual tour of the office. (read more)

 

 

 

China’s trade surplus grows 40% as imports plummet

china trade plus 

(FT) – Trade data from China indicate the economy fared worse than anticipated in August, which could heighten concern about ripple effects in developed economies. August imports, in renminbi terms, fell 14.3 per cent year-on-year, versus -8.6 per cent in July. This is the 10th consecutive decline and the worst print since May, calling into question hopes for a third quarter rebound. (read more)

China stocks back in the green before the break

china stocks

Why Did China Devalue Its Currency?

china currency aug 2015

NYT - HERE are two things that China’s government wants very badly: first, for its economy to remain on an even keel, keeping growth and employment high. Second, for its currency, the renminbi, to become globally pre-eminent, helping promote the country’s diplomatic goals and solidifying the country’s centrality to the global economy. (read more)

A $4 Trillion Force From China That Helped the Euro Now Hurts It

china

(Bloomberg) For almost a decade, China’s effort to diversify the world’s biggest foreign-exchange reserves supported the euro. Now, the almost $4 trillion force may be working against the single currency. (read more)

The Cities That Make Up The Biggest Economy on Earth

“The Asia-Pacific MetroMonitor reaffirms the shift in global economic growth to the East and South”

china 

(Bloomberg) Asia Pacific cities are driving the global economy. From the West Coast of the Americas spanning cities including Vancouver, San Francisco and Lima to Auckland, Jakarta and the metropolises of Hong Kong, Shanghai and Tokyo, the 100 biggest metropolitan centers across the region make up one fifth of the global economy, or $22 trillion worth in 2014. (read more)

 

Apple’s Next Biggest Breakthrough That Almost No One Knows About

apple

(Bloomberg) Swift, the new computer language introduced by Apple a year ago, has already won over legions of coders (read more)

Bank of America: Here Are Eight Ways to Profit From Millennials

Gen x

(Bloomberg) As the largest generation in U.S. history, millennials have a lot of potential to change the investment landscape. A couple of weeks ago, Goldman Sachs sent out a research note detailing which companies were poised to benefit from this large demographic, in particular from millennial parents. Now, Bank of America Merrill Lynch has published one as well (read more)

Iran says hopes to return oil exports to pre-sanctions level

(Reuters) – Iran hopes its crude oil exports will return to pre-sanctions levels within three months once a deal with major powers to lift an oil embargo is finalized, the country’s deputy oil minister said on Monday (read more)

China says to accelerate reforms to support yuan in IMF currency basket

yuan

WASHINGTON (Reuters) – Beijing will accelerate reforms to the country’s currency as part of a push for the yuan’s inclusion in the International Monetary Fund’s currency basket, China’s central bank governor Zhou Xiaochuan said on Saturday. (read more)

Here’s Where Investors Should Put Their Money for the Rest of the Year

money

Goldman Sachs Chief U.S. Equity Strategist David Kostin is out with his latest U.S. quarterly chartbook, which looks back on Q1 and offers some guidance for the rest of the year.  In terms of the U.S. market, Goldman is encouraging investors to look at indices other than the S&P 500, which isn’t expected to have much more upside by the end of the year. (read more)

The Exceptional Company: Defying Gravity


 

Asian markets spooked by US tech selloff

asian mkt

Asian stocks fell on Thursday following weak US economic data and a sharp selloff in US technology shares (read more)

China’s international payments system ready, could launch by year-end

A clerk counts Chinese 100 yuan banknotes at a branch of China Construction Bank in Nantong

(Reuters) – China’s long-awaited international payment system to process cross-border yuan transactions is ready, and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters. (read more)

Why $100 Oil Won’t Be Coming Back for a Long Time

oil industry

(Bloomberg) — Get ready for an L-shaped oil recovery. A growing consensus is emerging from the likes of BP Plc, the International Energy Agency, shale wildcatters and even the Saudis that a near-term recovery to $100-a-barrel crude isn’t in the cards. Instead, expect a range of $50 to $60 for at least the next few years. (read more)

The High Price of China’s Smoggy Skies

smoky china

Rachel Carson’s 1962 take on the environmental damage wrought by the U.S. chemical industry in The Silent Spring is credited with spurring a nationwide ban on the use of DDT in agriculture. Al Gore’s 2006 documentary, An Inconvenient Truth, and his 1,000-plus live slideshow presentations brought global warming to the masses. Now, China has Under the Dome. (read more)

The Six Weirdest Tax Loopholes

Tax LW

(Bloomberg) The strangest gaps in the U.S. tax code: Tucked away in the U.S. tax code’s 4 million words are countless contradictions and write-offs. We asked accountants, tax lawyers, and professors to identify some of the strangest sections (read more)

The Most-Promising Emerging and Frontier Markets

qutar

(Bloomberg) South Korea, China and the Gulf Nations lead our annual ranking of developing markets — amid a rout that has hit two of the BRIC countries. (read more)

Deloitte Names First Female Chief Executive

Deloitte CEO

(TIME) Cathy Engelbert has been named CEO of Deloitte, becoming the first woman CEO of a major U.S. accounting and consulting firm. Engelbert, 50, who is a 29-year-veteran of Deloitte, said in a statement she was “deeply honored to lead” Deloitte. She was formerly the chairman and and CEO of Deloitte & Touche, the U.S. auditing subsidiary of Deloitte LLP. (read more)

China Stocks Fall for Third Day as CSRC Starts New Margin Probe

(Bloomberg) — China’s stocks fell for a third day, sending the benchmark index to a one-week low, amid speculation increased regulatory scrutiny of margin loans will spur some leveraged investors to reduce holdings. (read more)

Switzerland ends euro minimum exchange rate, cuts interest rate

Swiss-Curr

GENEVA: In a shock announcement on Thursday (15 January), Switzerland’s Central Bank said it was ending a three-year bid to artificially hold down the value of the Swiss franc against the euro, in a move that immediately sent the safe haven currency soaring. (read more)

Euro touches a nine-year low against US dollar

Eu low

The euro slid to a nine-year low against the dollar marking its weakest level since March 2006, before recovering slightly to $ 1.19.

Citi buys Credit Suisse commodities trading book

citi

Citigroup has bought the commodity trading books of Credit Suisse, sources familiar with the matter said on Friday, as the U.S. bank extends its reach in the sector as others retreat.
Citi will buy Credit Suisse’s base and precious metals, coal, iron ore, freight, crude oil, oil products and U.S. and European natural gas books, the source said. (read more)

India to scrap tax breaks on cars

Cars, bikes and consumer goods are set to get more expensive in India as the government plans to withdraw tax breaks in the new year, reports say. Finance ministry officials told local media they would not renew excise duty concessions, which end on 31 December. (read more)

Japan’s savings rate turns negative for first time

Jap

For the first time since records were collected in 1955, Japan’s population is drawing down its savings and the savings rate. It’s a dramatic change from when the Japanese saved nearly a quarter of their income (23.1%) when the savings rate peaked in 1975. (read more)

Citi agrees to sell Japan retail banking to SMBC

(Reuters) Deal price not disclosed, sources had said about $333 million, Citigroup Inc has agreed to sell its Japanese retail banking operations to Sumitomo Mitsui Banking Corp (SMBC), as the US bank retreats from unprofitable businesses around the world.

Brent falls below $60 for first time since 2009

brent

(Reuters) – Brent crude futures fell for a fifth straight day on Tuesday to end below $60 a barrel while U.S. crude finished a volatile session slightly higher as trading of expiring options helped defend the price above $55.

Microsoft fights government search warrant

Microsoft

NEW YORK (CNNMoney) Microsoft is preparing to fight a U.S. government search warrant that seeks its customer emails stored abroad.

Germany warns ECB against copying U.S.-style money printing

FRANKFURT (Reuters): The head of Germany’s Bundesbank warned the European Central Bank on Friday against copying the money printing used in the United States and Japan, saying that it would not have the same impact in Europe.

Shadow Banking: Post-Crisis, Risks Remain

shadow

(Bloomberg) Shadow banking took a while to make itself understood. Three years in, the Reserve Fund had only $1 million in assets. Then the New York Times wrote about it in 1973, and the funds began to pour in. Paul Samuelson, the Nobel laureate, was so impressed by the invention of Bent and Brown that he said they deserved a Nobel of their own. (read more)

The American Oil Boom Won’t Last Long at $65 Per Barrel

(Bloomberg – Dec 2014)  Maybe OPEC does still matter. After deciding to keep its production levels unchanged at 30 million barrels a day and triggering Friday’s nearly 10 percent selloff, the cartel proved it can still cause huge swings in oil prices‐even if it’s in the opposite direction that most of its members wanted to see.

Wall Street Vets for Insider Traders

wall st

Are We at the End of the American Oil Boom?

(Bloomberg) — Bloomberg Businessweek’s Matthew Philips discusses U.S. oil production in the wake of declining oil prices.

When China’s Economy Slows, the World Suffers

(Bloomberg BW)  In today’s “Single Best Chart,” Bloomberg’s Scarlet Fu displays how an economic slowdown in China impacts the world.

VW Raises Spending Again, Troubling Investors

 VW

(Forbes) Volkswagen seems more interested in making more, better, smarter and faster cars and protecting jobs at home than making money, and its decision to increase the already huge rate of investment over the next five years caused predictable exasperation with investors

 

 

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