Days after a largely positive launch of the Galaxy Note 8, the head of Samsung has been sentenced to five years in jail. Lee Jae-Yong, who has been in charge of the company since his father suffered a heart attack in 2014, was found guilty of bribing the South Korean government. The heir to the empire has been embroiled in the scandal, which saw the impeachment of the country's president, since last year. His father remains in hospital, making Lee the de facto leader of the electronics giant.
Hackers have discovered that one of the most central elements of online security, the mobile phone number, is also one of the easiest to steal; and it's is an increasingly growing problem, the New York Times reports. In a growing number of online attacks, hackers have been calling up Verizon, T-Mobile U.S., Sprint and AT&T and asking them to transfer control of a victim’s phone number to a device under the control of the hackers. Once they get control of the phone number, they can reset the passwords on every account that uses the phone number as a security backup — as services like Google, Twitter and Facebook suggest.
China's iron ore futures rose on Friday and were on course to extend their winning streak to a ninth straight week, backed by firm steel consumption in the world's top user. China's infrastructure push, spurred by its public-private partnership (PPP) projects to lure private investment in infrastructure and public utility projects, has boosted steel demand this year, fattening margins at construction steel producers to the biggest in years.
Net migration to Britain has fallen to a three-year low as a growing number of European Union citizens have left the country following last year's Brexit referendum. Data released Thursday by the Office for National Statistics provides evidence that the uncertainty and economic jitters caused by Britain's vote to quit the EU are deterring immigrants and sparking a "Brexodus."
United States authorities on Thursday charged two managers at the French bank Société Générale with taking part in a scheme to manipulate a global benchmark interest rate known as Libor. As Reuters reported, Danielle Sindzingre, 54, the bank’s former global head of treasury, and her subordinate Muriel Bescond, 49, its former head of treasury in Paris, were accused in an indictment filed in a New York federal court of submitting false information about the rates at which the bank was able to borrow money.
Tiffany today reported its financial results for the three months (“second quarter”) and six months (“first half”) ended July 31, 2017. In both periods, modest net sales increases and improved operating margins contributed to growth in diluted earnings per share. Management maintained its sales and earnings guidance for the full year ending January 31, 2018 (“fiscal 2017”), and provided guidance for the second half of the year.
Amidst almost universal accolades for the Tesla Model S, an environmental minister for the German state of North Rhine-Westphalia has done the unthinkable. He has returned the Model S he used for official business, claiming it has several drawbacks that make it unsuitable for everyday driving.
What factors would determine the future performance of gold prices? I suppose that it is all about the outlook for the trend of interest rates in the United States. By that I mean the Treasury Inflation Protected Securities yield and the federal funds rate. In my opinion, these would be the factors that will drive the price of gold. At this point in time, our view is that the fed fund rate will be moving higher, thus, we are not anticipating much more strength in gold prices, not much beyond the $1,300 to $1,350.
Members of the U.S. Congress are drafting legislation that would protect certain forms of cryptocurrency from being used for illegal activities while helping cultivate mainstream adoption. Reports indicate that at least one Republican senator and two Republican congressmen are working on the bill.
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