Money


Revolut becomes UK's most valuable fintech startup Revolut becomes UK's most valuable fintech startup
- February 27, 2020

Nikolay Storonsky, Revolut chief executive, said the investment "demonstrates investor confidence in our business model". "Going ahead, our focus is on rolling-out banking operations in Europe, growing the quantity of people that use Revolut as their every day account, and striving in the direction of profitability", Revolut co-founder and CEO Nik Storonsky stated within the launch. (more...)
White House asks Congress for $2.5 billion to fight coronavirus White House asks Congress for $2.5 billion to fight coronavirus
- February 27, 2020

The Trump administration is requesting $1.25 billion in new funding and wants to transfer $535 million more from an Ebola preparedness account that's been a top priority of Democrats. The money would go toward efforts to contain the outbreak in the US, vaccine development and manufacture, and reimbursement to states for their costs in tackling the outbreak. (more...)
Italy's PM confident in Italy's PM confident in "containing effect" of measures against coronavirus
- February 27, 2020

The number of cases in Italy, the country in Europe worst affected by the outbreak that first emerged in China , rose to more than 260 overnight from 229 on Monday, with the northern regions of Lombardy and Veneto being the most affected. (more...)
German GDP stagnates as exports decline German GDP stagnates as exports decline
- February 27, 2020

The export-dependent German economy would be particularly hard hit if the coronavirus outbreak turns into a pandemic, an economist at the Ifo institute said on Monday. "The slowdown in manufacturing output finally hit home in the second half of past year, stinging investment", Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said. (more...)
Global Shares Drop, Gold Surges as Investors Scurry for Safety Global Shares Drop, Gold Surges as Investors Scurry for Safety
- February 27, 2020

The Nasdaq is 6.5% off its record peak. "Anxiety over the coronavirus outbreak dented risk sentiment", the analysts said. The plummet comes on the same day that China announced tax cuts and other measures to help companies recover from the virus-induced slowdown. (more...)
Fed's Mester sees US economy performing well, coronavirus a 'big risk' Fed's Mester sees US economy performing well, coronavirus a 'big risk'
- February 27, 2020

But Fed Vice Chair Richard Clarida said on Tuesday as the central bank monitored the impact of the epidemic on the US economy but it is still too soon to gauge if it would require a change in monetary policy. It also justified the move by pointing to mild inflation readings, which are expected to continue this year. "Monetary easing works best when interest rates are relatively high and the economy faces a demand shock". (more...)
Expedia Begins Layoffs Targeting 12 Percent of Its Workforce Expedia Begins Layoffs Targeting 12 Percent of Its Workforce
- February 27, 2020

An Expedia spokesperson told Business Insider the company wanted to "simplify how we do business", which entailed "eliminating approximately 12 percent of our direct workforce" - likely equating to around 3,000 jobs. Reportedly, in a recent earnings conference call, Expedia chairman Barry Diller said the company was a "bloated organization", which fueled speculation that cuts were looming. (more...)
As coronavirus spreads, WHO urges world to ‘prepare for potential pandemic’ As coronavirus spreads, WHO urges world to ‘prepare for potential pandemic’
- February 27, 2020

Italy's neighbors Slovenia and Croatia, which are popular destinations for Italian tourists and whose own citizens often travel to Italy, were holding crisis meetings Monday, although neither country has reported any cases. increase the rate of treatment and cure, and reduce the infection and death rates effectively in Hubei and Wuhan . Since Jan. 3, the country has tested more than 36,000 people, among whom 22,550 tested negative for the COVID-19 virus and 13,273 were being checked. (more...)
Coronavirus panic: S Korea on highest level alert, Italy, Iran introduce containment Coronavirus panic: S Korea on highest level alert, Italy, Iran introduce containment
- February 27, 2020

More cases of the virus, which causes respiratory disease Covid-19, continue to emerge, with worrying outbreaks in South Korea , Italy and Iran. "We are specially concerned about the rapid increase in cases in ... In comments reported by state broadcaster CCTV, Xi said the epidemic "has the fastest transmission, widest range of infection and has been the most hard to prevent and control". (more...)
Disney+ Gets Discounted Yearly Subscriptions Just in Time for European Launch Disney+ Gets Discounted Yearly Subscriptions Just in Time for European Launch
- February 27, 2020

Should the streamer see such a successful launch it would immediately become the second-placed SVOD in the United Kingdom, ahead of Amazon Prime Video with 7.14 million subscribers and behind only Netflix which had 14.27 million British subs by the end of Q4 2019. (more...)
TurboTax maker Intuit is buying Credit Karma in $7-billion deal TurboTax maker Intuit is buying Credit Karma in $7-billion deal
- February 27, 2020

Breaking revenue down, Intuit said small business and self-employed group revenue rose 17% to $973 million, while consumer group revenue increased 8% to $499 million. More than 30 million customers log into Credit Karma each week, the corporate has mentioned. The deal is Intuit's largest acquisition ever, and the first big deal since Sasan Goodarzi took over as CEO a little over a year ago. (more...)
Gold Surges To 7-Year High As Coronavirus Cases Rise Internationally Gold Surges To 7-Year High As Coronavirus Cases Rise Internationally
- February 27, 2020

That's spurring fresh alarm in commodity markets that had started to recover from lows hit earlier in the month when China's virtual shutdown threw supply chains into chaos. The Dow Jones industrials slid more than 900 points around 2:30 p.m., below its 100-day moving average for the first time since October. At the same time, oil prices fell more than 3% on Monday, as investors anxious about a fall in demand following the temporary factory closures due to the virus. (more...)
Victoria's Secret Owner Sells Majority Stake for $525 Million Victoria's Secret Owner Sells Majority Stake for $525 Million
- February 26, 2020

One of the company's flagship brands, the lingerie and beauty retailer is being sold to private equity firm Sycamore Partners in a deal valued at $525 million, a move that will take the now-publicly traded company private. Many experts say the executives running the company were in a sense designing for men, not for women. The management workforce at Victoria's Key primarily was creating what guys want, not what women of all ages want, said Neil Saunders, handling director of GlobalData ... (more...)
The Car Market in China Collapsed due to the Coronavirus The Car Market in China Collapsed due to the Coronavirus
- February 26, 2020

Vehicle dealerships have remained closed whilst patrons have stayed away to stop the unfold of the fatal virus. "There was barely anybody at auto dealers in the first week of February as most people stayed at home", stated PCA secretary basic Cui Dongshu. (more...)
Canadian Miner Teck Withdraws C$20.6 Billion Frontier Oil Sands Mine Venture Canadian Miner Teck Withdraws C$20.6 Billion Frontier Oil Sands Mine Venture
- February 26, 2020

In recent weeks, Mark Carney - the former head of the Bank of Canada and - more recently, the former head of the Bank of England - has said that half of the world's oil reserves could be stranded assets and warned financial institutions that they need to take into account climate risk. (more...)
B.C. privacy watchdog part of facial-recognition technology probe B.C. privacy watchdog part of facial-recognition technology probe
- February 25, 2020

It was revealed earlier this week that Hamilton police had been trying out company software but have been told to stop. "We want to assure the public at large that we have not and nor do we have any intention this time to be using this software or this app". (more...)
McDonald’s to Release Candles That Smell Like a Quarter-Pounder With Cheese McDonald’s to Release Candles That Smell Like a Quarter-Pounder With Cheese
- February 25, 2020

The merch is the first drop for the fast food chain's new Quarter Pounder Fan Club launched to celebrate almost 50 years of the iconic burger. "Burn together for maximum deliciousness", the product description recommends. Remarkably, the store has already sold out of the "Quarter Pounder with Love" locket . The " Quarter Pounder With Love" locket-featuring photos of the Quarter Pounder , Quarter Pounder Bacon, Quarter Pounder Deluxe, and Double Quarter Pounder-is now sold out, but ... (more...)
While Trump blocks the border, legal immigration begins to sink While Trump blocks the border, legal immigration begins to sink
- February 25, 2020

Beginning Monday, when an individual seeks admission into the USA or an adjustment of their status in the US and for those already living in the country, immigration officials will use a set of factors to determine whether their application should be denied based on the possibility they might become a public charge. (more...)
Tesla Gets Go-Ahead to Resume Clearing Forest in Germany Tesla Gets Go-Ahead to Resume Clearing Forest in Germany
- February 25, 2020

Tesla plans to have the manufacturing unit up and operating by the center of subsequent 12 months. The production is expected to start in 2021. The permission was granted to continue clearing 92 hectares of forest in preparation for its fourth factory, where it plans to build batteries, power trains and vehicles, starting with the Model Y, Engadget reported on Friday. (more...)
Buffett Won't Be Selling Stocks Despite 'Scary' Virus Outbreak
- February 25, 2020

Billionaire investor Warren Buffett on Monday warned investors not to get caught up in the headlines, as global markets tanked over growing concerns with the coronavirus outbreak . He also said shareholders will be able to ask Abel and Jain questions at Berkshire's annual meeting on May 2, where Buffett and Munger normally do most of the talking. (more...)

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