News

27.06.2017

Huge Cyberattack spreads across Europe

Ransomware known as Petya seems to have re-emerged to affect computer systems across Europe, causing issues primarily in Ukraine, Russia, England and India, a Swiss government information technology agency said on Tuesday. "There have been indications of late that Petya is in circulation again, exploiting the SMB (Server Message Block) vulnerability," the Swiss Reporting and Analysis Centre for Information Assurance (MELANI) said in an e-mail. It said it had no information that Swiss companies had been impacted, but said it was following the situation. The Petya virus was blamed for disrupting systems in 2016.

 
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27.06.2017

Finma: first ban for people outside banking sector

Switzerland's financial markets authority said Friday that it has taken action in two separate cases of insider trading and market manipulation, seizing millions of Swiss francs (dollars) of illegal profits and banning three traders from the industry. The authority, FINMA, said 1.4 million francs in ill-gotten profits were seized from a former corporate board member who "repeatedly and systematically flouted the ban on using non-public information" to trade in shares of premier Swiss companies between 2013 and 2016.

 
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27.06.2017

EU Antitrust hits Google with a record $2.7 bn fine

Google has been fined a record €2.4 billion ($2.7 billion) after EU antitrust regulators concluded the first stage of their three-pronged probe into the world's most popular search engine. The fine, which targets the company's shopping business, is the largest doled out by Brussels for a monopoly abuse case and came after a seven-year long investigation prompted by scores of complaints from rivals such as U.S. consumer review website Yelp, TripAdvisor, UK price comparison site Foundem, News Corp and lobbying group FairSearch.

 
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27.06.2017

Gold plunges on Monday for a Fat Finger

The price of gold fell to a multiweek low on Monday after a trader made a grave mistake. Spot gold fell around 1% Monday morning to trade as low as $1,236.46, which marks the lowest level the commodity has seen since May 17, Bloomberg reported. U.S. gold futures also lost nearly 1 percent to trade at $1,245.40 an ounce. The decline in gold is attributed to a large market order of 18,500 lots of gold, which represents 1.85 million ounces. This was likely a mistake, or a "fat finger" trade, as the order is bigger than anything seen at the peak of domestic political turmoil and the surprising outcome from the Brexit vote.

 
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27.06.2017

The Supreme Court allows Trump' travel ban to enter into force

The U.S. Supreme Court agreed to review a series of lower-court rulings blocking the Trump administration’s controversial travel ban on Monday, setting up a major showdown over presidential power and religious discrimination. In an unsigned order issued on the Court’s last day before its summer recess, the justices scheduled oral arguments in the case for when they return in October. They also partially lifted the lower courts’ injunctions against Section 2(c) of President Trump’s executive order, which temporarily suspended visa applications from six Muslim-majority countries, as well as Section 6, which froze the U.S. Refugee Admissions Program and halted refugee entry into the United States.

 
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27.06.2017

Bonds Away

This Newsletter has suggested in the past that investors avoid bonds, and it is likely that bonds will become even worse investments in the near future. The geniuses at central bank headquarters in the US, EU and Japan have created a situation that makes it extremely risky and unprofitable to put money in bonds. Not only have bond purchases by central banks distorted the bond market but the ZIRP and NIRP implementation has resulted in central banks not being in a position to combat the next recession. The present policy of the Fed to raise interest rates in a sluggish economy will only hasten the arrival of the next downturn which has already started in some sectors.

 
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26.06.2017

Facebook plans to invest in production original TV shows

Facebook is in talks with Hollywood studios about producing scripted, TV-quality shows, with the aim of launching original programming by late summer, according to Wall Street Journal report. Facebook has indicated that it was willing to commit to production budgets of as much as, even $3 million for each episode, in meetings with Hollywood talent agencies, the Journal reported, citing sources familiar with the matter. 

 
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26.06.2017

Glencore: Superior proposal for Rio Tinto's coal mines

Glencore has sharply raised the stakes in the bidding war for Rio Tinto’s Hunter Valley coal mines by delivering a fresh $2.675 billion offer for the assets. In an announcement in London, Glencore said it would increase its offer by $125 million in an attempt to trump Yancoal’s $2.45 billion bid, which had been selected by Rio Tinto. However, in a major sweetener Glencore said it would expedite payment to Rio Tinto with a cash settlement once the deal is completed.

 
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26.06.2017

False Market News

President Trump has railed against false news as the MSM (Main Stream Media) report (?) his horrendous doings as they are determined to delegitimize his administration by any means possible. Likewise the Fed and Wall Street attempt to pass off dubious statistics as proof that the economy and stock markets are fairing well. They do not want people to panic but to continue buying what is for sale. The preposterous claims of Russian interference in the 2016 presidential election are matched by the ridiculous statistics promulgated by the BLS (Bureau of Labor Statistics or rather Bureau of Laborious Statistics). It is a difficult feat for the imagination to believe that US unemployment is only 4.5% when 95 million people of working age are not in the work force now as opposed to 79.5 million not in the work force in 2000, further considering that in 2000 the US work force was 156 million and in 2017 it is 153 million with a total population of 325 million.

 
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26.06.2017

Airbnb, the best opportunity in the sharing economy

Airbnb has changed the way the world travels since its launch in 2008. The company, which is now valued well into the billions, has helped homeowners across the globe become mini-hoteliers, allowing guests to stay overnight in an extra room, or take over their entire home for a set period of time. To date, the company has helped book more than 160 million guests for its more than three million listings in 190 countries, according to Airbnb’s own statistics.

 
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