News

22.01.2018

Up and Up

The stock markets are still setting record highs, and the price of crude oil has gone over US$ 60 per barrel. Opinions are divided on whether the surge in oil prices will be sustained or fall back. There are various factors influencing the price like the OPEC agreement to cut back production and the question whether American shale oil production will increase. There are, of course, geopolitical considerations that could lead to developments not entirely positive.

 
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22.01.2018

Scientists are closer to a blood test to detect eight types of cancer

The aim of the test, CancerSEEK is called, is to catch the disease early and save lives. In a study Thursday in the journal Science, Johns Hopkins University scientists looked to see how well their experimental test detected cancer in people already known to have the disease. The blood tests found about 70 percent of eight common types of cancer in the 1,005 patients. The rates varied depending on the type — lower for breast tumors but high for ovarian, liver and pancreatic ones.

 
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22.01.2018

Oxfam shows the gap between the richest and the others widens

More than 80 per cent of the all the wealth generated globally last year flowed into the coffers of the richest one per cent of the population, a new Oxfam report has revealed. The research, published on Monday, also shows that the 3.7 billion individuals who make up the poorest half of the global population saw their wealth flatline in 2017 – something that the group of charities describes as “unacceptable and unsustainable”.

 
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22.01.2018

US tax reform pushes UBS fourth quarter to loss

The Swiss bank UBS reported a net profit of 1.165 billion Swiss francs ($1.25 billion) for the whole of 2017, weighed down by a writedown in the fourth quarter that related to the new U.S. tax overhaul. The consensus from a Reuters poll was for a figure of 1.257 billion Swiss francs, below the 2016 number of 3.3 billion Swiss francs and below the 2015 figure of 6.2 billion Swiss francs.

 
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19.01.2018

Crypto Hackers work as a big company every year

Digital currencies and the software developed to track them have become attractive targets for cybercriminals while also creating a lucrative new market for computer-security firms. In less than a decade, hackers have stolen $1.2 billion worth of Bitcoin and rival currency Ether, according to Lex Sokolin, global director of fintech strategy at Autonomous Research LLP. Given the currencies’ explosive surge at the end of 2017, the cost in today’s money is much higher.

 
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19.01.2018

HSBC: $100m fine to settle US forex investigation

HSBC has agreed to pay just over $100m in penalties to settle a US Department of Justice probe into currency rigging. The payment comprises of $38.4m in restitution and a $63.1m fine, with the latter reflecting a 15pc reduction "in recognition of HSBC's cooperation during the investigation and its extensive remediation".

 
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19.01.2018

Switzerland considers to set up blockchain and ICOs

Switzerland has established a working group tasked with investigating the possibility of regulating blockchain technology and initial coin offerings (ICOs) in the country, as per a report by Reuters. The working group will be required to present a report to the government by the end of 2018.

 
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19.01.2018

Banks will focus on fintech innovation

While regulations continue to be top of mind for financial institutions, banks have another main concern: the innovations and progress being made by fintechs, according to a survey released by EY. Financial institutions need to be more aware of the effect fintechs—which provide “simpler, more convenient, more transparent” services, are having on the industry, EY stated in its Global Banking Outlook survey for 2018. In its Global Banking Outlook 2018 survey, EY assessed 221 financial institutions across 29 markets. According to the results, banks argue that innovation, not just regulation, is behind the wheel of progress.

 
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19.01.2018

Sweden is studying how to prepare for war with Russia

For the first time in half a century, Sweden is seriously prepping its country for the possibility of war. Growing national anxiety over the threat of Russia has led the government to send out 4.7m information pamphlets to all households informing them of what to do in the event of war. "All of society needs to be prepared for conflict, not just the military. We haven't been using words such as total defence or high alert for 25-30 years or more. So the knowledge among citizens is very low", says the government. 

 
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19.01.2018

Soros: Russia is the resurgent power

George Soros has lamented that the European Union is on the verge of collapse while Russia is becoming “a resurgent nationalist power.” Hungarian-American tycoon George Soros, who runs the $26 billion Soros Fund Management and chairs the global board of the Open Society Foundations (OSF), made the remarks while speaking to the Financial Times. 

 
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