Travelers arriving at the United States who raise suspicions might now have their cards scanned by U.S. Customs and Border Patrol (CBP) agents. Read More
A cold war in the 21st-century seemed unlikely… until now.
Tariffs by the United States on $200 billion worth of Chinese products and retaliatory tariffs by China on $60 billion worth of American goods went into effect on Monday.
While the United States and China are competing for global supremacy, they maintain mutual agreements to handle their complicated relationship. But, the tide might be turning…
A gathering between Attorney General Jeff Sessions and top state law enforcement officials took place on Tuesday to discuss the ways the government can protect the privacy of social media users. Read More
A bull market is when stock prices continue increasing by 20 percent from a previous drop of 20 percent, or when the securities market keeps rising. Bull markets can also refer to other markets like housing, investment, or commodities. Read More
Mauricio Macri, President of Argentina, stated that a revamped arrangement with the International Monetary Fund (IMF) will help boost investor confidence in the country after a financial crisis forced South America’s second-largest market to a recession.
“We are working with the IMF and we are going to present something that will bring confidence,” Macri said. “More confidence than what we’ve had in the last 10 days when markets have turned around and things are moving better.” Read More
Jim Rogers, author of “A Bull in China: Investing Profitably in the World’s Greatest Market” and a renowned investor who co-founded the first global investment fund with George Soros in 1973, has made numerous extraordinary predictions about trade market in the past, including the fall of the US dollar.
A new ruling from a federal judge means the U.S. Department of Education has delayed student loan forgiveness for some.
The Attorneys general of 19 states, as well as the Districct of Columbia, sued U.S. Secretary of Education Betsy DeVos and the U.S. Department of Education for delaying a borrower protection rule scheduled to take effect on July 1. Read More
The latest tariffs on American and Chinese goods aren’t as severe as expected, making stocks rise on Tuesday. Substantial profits in tech also propelled market gains.
The S&P 500 increased 0.5 percent to close at 2,904.31, headed by buyer discretionary spending and industrials. It is also less than half a percent from its record high. Read More
Hurricane Maria had a disastrous effect on Puerto Rico, and even though the one-year anniversary of the natural disaster is on September 20th, the island has yet to fully recover.
Venezuelan workers who got a pittance are now getting a slightly higher pay, thanks to a 3000% increase in their minimum wage. What they may not have, though, are jobs.
Seven million employees are now guaranteed 1,800 bolivars per month, which is worth about $20 at the black-market rate, after a minimum wage hike. Venezuelan President Nicolas Maduro proposed the change to increase his popularity, but it’s having the opposite effect. Businesses, already hit by Venezuela’s financial collapse, tell employees they can’t afford to pay them.
“The government sector has the monopoly on imports, the currency market is dysfunctional and there’s hyperinflation,” said Economist Orlando Ochoa. “So, if salaries are increased by decree, and the commercial and industrial sectors cannot sell their products because of these problems, and on top of that because of electricity blackouts, infrastructure problems and the loss of qualified personnel, which is leaving the country, then it’s easy to understand that many may prefer to close.”
Even though there have been multiple comparable moves in the past, none has ever been so disruptive, arriving amid a depression, hyperinflation, and devaluation.
Some companies are restructuring expenses and arranging settlements with employees. Other businesses are just firing workers. Much of the development occurs secretively as employers attempt to evade backlash by the government, which has been detaining those it considers are breaking the rules.
“We have inspections, and they force us to sell at last month’s prices,” said María Carolina Uzcátegui, president the National Council of Commerce and Services of Venezuela. “That takes money away from the business because of the hyperinflation when you can’t even sell at yesterday’s prices because you lose money.”
She adds: “And anyone who protests against these measures runs the risk of going to jail, without the right to appeal, without the right to anything, simply because the official whose turn it was to inspect the store just felt like arresting you. He did it, and that’s all.”
Marcos Vizcaino, 56, a garage owner in Caracas, stated that the wage rise was the definitive setback for his family business of two generations. Vizcaino said the lack of spare parts and hyperinflation had already complicated matters and ended up bringing in less than one customer each day.
“I already told my four employees to go find other jobs,” he said. “I’ve decided to close. There’s no need for me to keep losing money for a third year in a row.”
Elon Musk appeared as a special guest on The Joe Rogan Experience podcast last week. When Rogan lit up a tobacco-cannabis hybrid cigarette – often referred to as a butt – after two hours of interview, he assumed Musk would decline due to the inevitable backlash from Tesla and SpaceX shareholders. Read More
Nike shares recovered their losses on Monday after their contentious publicity campaign featuring former San Francisco 49ers quarterback Colin Kaepernick initially spurred a drop in their shares. The campaign, released to celebrate Nike’s 30th anniversary of their slogan “Just Do it,” sparked both backlash and support of the brand. Read More
Google just introduced a new group of startup businesses into Launchpad Studio, the tech behemoth’s accelerator it launched last year that matches top machine learning startups and experts from Silicon Valley with Google – its people, network, and advanced technologies.
While the accelerator’s first group was meant to gather new insights from medical data, this most recent one is meant to shake up well-known financial markets and systems.
Accurately reviewing and analyzing millions of data points tied to locations, demographics, and financial situations will result in information helpful to the financial sector.
Some of the new startups include:
Celo (USA) – growing financial inclusion through a mobile-first cryptocurrency.
GuiaBolso (Brazil) – improving the economic lives of Brazilians.
Starling Bank (UK) – improving financial well-being with a mobile-only bank.
Frontier Car Group (Germany) – investing in the ever-changing process of used-car marketplaces.
Inclusive (Ghana) – verifying identities across Africa.
Aye Finance (India) – remodeling financing in India.
m.Paani (India) – powering local businesses and the next one billion users in India.
India and the United States are the only countries with more than one business in Google’s latest Launchpad Studio accelerator additions – With two startups coming from these countries.
In addition, Google is partnering with four Indian banks to issue customer loans online, as the battle for the $1 trillion digital finance market persists.
The banks partnering with the search engine are HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Federal Bank.
They will offer instant, pre-approved loans to consumers “right within Google Pay in a matter of seconds.”
Google also re-branded its made-in-India Tez app, launched in September, as Google Pay.
The app’s users can take out customized loans and get the funds transferred straight into their bank account.
“We’ve learned that when we build for India, we build for the world,” Caesar Sengupta, vice-president of Google’s Next Billion Users initiative and Payments, said at the “Google for India” meet in New Delhi.
Over 55-million people in more than 300,000 towns and villages have downloaded Google’s payments app to pay for dinner, bus rides, or other services.
In total, Google estimates about $30 billion in annual transactions through the Tez app.
Google also announced that it’s expanding its Google Station internet access program to 12,000 villages and cities throughout the Indian state of Andhra Pradesh.
The search-engine will add more Indian language content through a publishing venture called Project Navlekha, and will also add a new feature in Google Go that allows users to listen to websites read aloud in English and five different Indian languages.