As Venezuela suffers its worst meltdown in history, with inflation skyrocketing and basic necessities running in short supply, many have taken to bitcoin mining in a bid to survive, according to a report in the current issue of the Atlantic. The reason? Electricity is now cheaper and more affordable in the crisis-hit country than most […]
Read moreChina has pitched its mammoth, pan-Eurasian “Belt and Road” infrastructure initiative as a means of promoting economic prosperity and fostering diplomatic ties on a global scale. That rhetoric may win plaudits at a time when other global powers are voicing increasingly protectionist agendas, but it also comes with risks, and increasing levels of state-backed funding […]
Read moreThe Powerball jackpot of $700 million had one winner in Massachusetts. The game jackpot, which had been growing since the June 10 drawing, was offering a $700 million annuity or $443.3 million in cash, according to a statement from the Pennsylvania Lottery on Wednesday. The jackpot was the lottery game’s second-largest ever, behind only the […]
Read moreThe United States must value Pakistan’s role in Afghanistan and respect its security concerns, China’s top diplomat Yang Jiechi told U.S. Secretary of State Rex Tillerson in a phone call, according to Chinese state media. China‘s Foreign Ministry defended its ally Pakistan earlier this week after President Donald Trump said the United States could no […]
Read moreThe persistent belief that global economic growth is “dangerously slow” and fragile is just a myth, DBS said in a note on Thursday. “If you’re worried about slow growth today, get used to it. It’s probably going to be slower five years from now and slower yet five years after that,” David Carbon, chief economist […]
Read moreIndian capital controls are proving deeply insufficient as overseas investors continue to snap up corporate bonds in the country. That exuberant demand is undermining the government’s attempts at financial stability. India currently caps total foreign investments into corporate bonds at 2.44 trillion Indian rupees ($38.1 billion). When overseas buying crossed 92 percent of that quota […]
Read moreVenture capitalist Chamath Palihapitiya is about to try his hand at being Warren Buffett. Or something like him. Palihapitiya, the founder of Social Capital, is listed as CEO of a new “blank check company” called Social Capital Hedosophia Holdings, according to a filing with the Securities and Exchange Commission on Wednesday. The holding company is […]
Read moreA threat from President Donald Trump about a possible government shutdown halted a recovery in the dollar as risk off sentiment emerged ahead of Thursday’s Asian trading session. Trump on Tuesday in the U.S. said he would be willing to “close down” the government to secure funds needed to build a wall along the U.S.-Mexico […]
Read moreWith Amazon’s stock down over 125 basis points from its high, CNBC’s Jim Cramer couldn’t help but wonder if the e-commerce giant was the most vulnerable of the top tech stocks. The “Mad Money” host pointed to Wednesday’s news that Wal-Mart would partner with Google to link Wal-Mart shoppers’ accounts with a Google-made, voice-enabled device. […]
Read moreAs U.S. retailers race to adjust to an increasingly online shopping environment, PVH President and CEO Manny Chirico told CNBC that the e-commerce pain isn’t affecting much overseas. “The department store channel there continues to be fairly strong, and our own stores and our own direct e-commerce business is very strong,” Chirico told “Mad Money” […]
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