Week 09 2018

Week 09 2018

26 February – 02 March


26 February


Growth in the average living standards of British households has been slower over the past decade than previously thought because official figures give too much weight to rich people, according to research published on Monday.


Geely jumped as much as 8.8 per cent on Monday after it was revealed the company had built a $9bn stake in Mercedes-Benz owner Daimler in a bid to share electric vehicle technology.


National Grid’s ability to accurately gauge Britain’s peak electricity demand has been called into question because of concerns over its access to detailed information from small generating facilities.


Vodafone’s chief executive has suggested that talks over buying some Liberty Global assets could extend to the UK, while also hitting out at his counterpart at Deutsche Telekom for arguing that a proposed deal should be blocked by regulators in Germany.


27 February


The Bank of Korea kept its benchmark interest rate unchanged on Tuesday, as forecast by economists.The central bank kept its benchmark seven-day repurchase rate at 1.5 per cent, in line with economists’ estimates compiled by Reuters


Toshiba’s $18bn sale of its prized memory chip business as it struggles to survive a financial crisis has shattered a long-standing taboo of corporate Japan, prompting companies to consider sales of assets once thought sacred.


A warning from investment bank Morgan Stanley that new supply of lithium will swamp demand for a metal that has been prized for its role in electric car batteries sent shares in its two largest producers tumbling on Monday.


Circle Internet Financial, a mobile payments and cryptocurrency start-up backed by Goldman Sachs, has acquired US cryptocurrency exchange Poloniex in one of the first stirrings of consolidation among big players in digital currency trading infrastructure.


28 February


Finland’s economy grew at its fastest rate for seven years in 2017, as the wider rebound across the eurozone encouraged a sharp rise in capital investment and exports in what had, until recently, been one of the worst performers in the currency area.


Gold bugs beat a hasty retreat on Tuesday as comments from Federal Reserve chairman hinting at the possibility of a faster pace of rate rises sent prices for the precious metal to a two-week low.


Amazon has agreed to purchase Ring, a maker of internet-connected doorbells and security cameras, as it accelerates its Alexa-powered push into the “smart home”.


Etsy, the online marketplace for artisan and handcrafted items, saw its shares climb in after-hours trading on Tuesday after an earnings report encompassing the crucial holiday season showed its gross merchandise sales surpassing $1bn for the first time in the final quarter of 2017.


01 March


Expansion of Taiwan’s manufacturing sector slowed to a four-month low in February as growth in production and new orders softened, although the pace of overall growth remained solid.


India’s Central Bureau of Investigation has arrested a senior Punjab National Bank internal auditor, as they widen their probe into an alleged $2bn fraud that has revealed severe weaknesses in the state-owned banks that account for nearly 70 percent of the country’s banking system.


Hastings has become the third UK car insurer this week to announce a sharp jump in profits. The company said on Thursday that operating profits for 2017 rose 39 per cent to £184m last year as it increased its market share.


Japanese equities led the region lower on Thursday, following a rough day on Wall Street that saw the S&P 500 drop 1.1 per cent, leaving it 3.9 per cent lower for February as a whole and marking the biggest monthly decline since January 2016.


02 March


A quick glance at the economic headlines coming out of Italy over the last year might leave questions around why the incumbent government is so unpopular ahead of elections this weekend. But detailed figures released on Friday highlight that, while the country has benefited from the wider recovery in the eurozone, voters aren’t necessarily feeling the benefits, with household consumption barely budging over the last three months of 2017.


The London Metal Exchange plans introduce a new fee from start of June for contracts in the over-the-counter market that reference its prices.


Electrolux is putting on hold a $250m investment in a cooking factory in Tennessee announced in January, citing concerns over the impact from US President Donald Trump’s tariffs on steel and aluminium.


China’s e-commerce giant JD.com has slightly overshot expectations with booming revenues and as it pushes to reach China’s offline rural population.