Week 52 2017

Week 52 2017

25 December – 29 December

 

25 December

 

In a busy north London supermarket the weekend before Christmas, the meat aisle is a hubbub. Sarah Rymer, 32, picks her way through a shelf of whole chickens. She chooses a free-range bird.

 

Talks on a tie-up between Boeing of the US and Embraer, the world’s third-largest commercial jet maker, hung in the balance on Friday after Brazil’s President Michel Temer ruled out a change of ownership of the Brazilian company.

 

A 1970s US trade deal that unilaterally grants products worth billions of dollars from India and other developing countries tariff-free access to the American market is set to expire on December 31, as pressure mounts from Donald Trump supporters to let it die.

 

With tax reform signed, sealed and delivered, US markets are already checked out for the Christmas weekend, ending the day with slight losses as Wall Street heads out of the office for the holidays.

 

26 December

 

Indian telecoms group Reliance Communications announced on Tuesday that it has reached an agreement with lenders on a “full resolution” of its nearly $7bn in debt, sending its shares soaring 30 per cent.

 

Cardboard packaging might not seem like it requires out of the box thinking. But for DS Smith chief executive Miles Roberts, it is all about the box; the company churned out roughly 1bn of them in the run-up to Christmas.

 

Unemployment in Japan has fallen to its lowest level in 24 years as robust economic growth leads to a deepening shortage of labour.

 

Israeli authorities became the latest national regulators to crack down on cryptocurrencies, announcing on Monday they would bar companies trading in bitcoin from operating on the Tel Aviv stock exchange.

 

27 December

 

Premier Oil has produced first oil from its flagship development in the North Sea, a milestone that will help the UK explorer and producer start repaying its significant debt load.

 

Some of Europe’s biggest companies have warned investors to expect a multibillion-dollar hit from US president Donald Trump’s tax reform, which will reduce their ability to deduct past losses against future tax bills.

 

The family behind global coffee brand Lavazza has acquired a minority stake in Chili, an Italian video-on-demand platform that counts Hollywood studios Sony Pictures Entertainment and Paramount Pictures among its investors.

 

Wild swings in the price of bitcoin took a pause on Wednesday, with the cryptocurrency hanging on to a 13 per cent gain as it bounced back from a sharp sell-off driven by fears of a bubble.

 

28 December

 

Start-ups backed by some of Silicon Valley’s leading investors have joined a new venture to hire more software engineers in Canada, as concerns about President Donald Trump’s efforts to restrict highly skilled immigration persist into his second year in office.

 

Governments need to step up and help the insurance industry cover growing threats from cyber attacks, the head of reinsurer Swiss Re has said.

 

The first two items sold in the Christmas sales by Selfridges, the London department store, were at opposite ends of the cost spectrum: an Alexander McQueen bag reduced from £1,390 to £695 and a Moschino phone case, also sold half-price — at £20.

 

Global stock markets resumed their upward trajectory on Wednesday, with bonds enjoying a strong rally and the FTSE All-World index hitting a new record high as European bourses started trading again after Christmas.

 

29 December

 

Global stocks this year enjoyed their best annual performance since the post-crisis recovery, as accelerating economic growth across the world helped power several major markets to double digit gains.

 

The next generation of high-speed mobile networks, known as 5G, should give a lift to Qualcomm’s modem business as it tries to fend off the $130bn hostile bid from rival chipmaker Broadcom, according to Wall Street analysts.

 

Global stocks climbed to all-time highs for a second day in a row while the dollar extended losses, but a surge in demand for US Treasuries stabilised.

 

The number of Chinese cruise passengers is set to fall for the first time next year as lines redeploy ships from what had been the industry’s most promising market, deterred by falling prices and restrictions on travel to South Korea.