Week 3 2017

Week 3 2017

16 January – 20 January

 

16 January

 

The UK’s decision to leave the European Union has not yet hit the country’s attractiveness when it comes to wooing top talent, a detailed investigation of the most competitive countries in the world has found.

 

The pound fell against the dollar, dropping 1.4pc below $1.20 for the first time since October’s flash crash, after reports said that Prime Minister Theresa May will signal plans to quit the European Union’s single market to regain control of Britain’s borders and laws.

 

President-elect Donald Trump’s supporters may have urged a boycott of the streaming service behemoth Netflix Inc. in November, but investors don’t expect anything close to a drop in revenues for the company’s fourth quarter 2016 earnings report, to be released Wednesday after market close.

 

As the annual World Economic Forum (WEF) kicks off Monday, the ski town of Davos, in the Swiss Alps, hosts more than 3,000 prominent participants, including for the first time President Xi Jinping of China and the new Secretary-General of the United Nations, António Guterres.

 

17 January

 

Strong US growth will ensure the world’s biggest economy remains robust even in the face of a rising dollar, according to a key adviser to Donald Trump.

 

The 2017 World Economic Forum has officially begun. About 3,000 people were expected to arrive this week in the Swiss Alps region of Davos, Switzerland, to discuss matters like financial markets and automation, Fortune reported.

 

Davos 2017: Chinese leader Xi Jinping says there will be ‘no winners’ in a trade war as World Economic Forum begins

 

Mark Carney has suggested interest rates could go up or down as the Bank of England strikes a difficult balance between supporting growth and managing inflation.

 

18 January

 

Working-age households have for the first time become more pessimistic about the future than their retired counterparts, against a backdrop of rising inflation and stagnant wage growth.

 

Europe has become a “problem” that has led to rising populism and disaffection across the entire bloc, Italy’s finance minister has warned.

 

Telecommunications equipment company Qualcomm has hit back at the Federal Trade Commission after the latter filed a lawsuit against it on Tuesday. FTC had questioned the company’s patent royalty practices and also accused it of engaging in anticompetitive tactics to ensure its monopoly on a key semiconductor used in mobile phones.

 

China’s debt-sodden banks are expected to avoid a full-blown crisis this year, despite growing risks within their bulging loan books, according to the ratings agency S&P.

 

19 January

 

Opec’s plan to drain the flood of oil that continues to hold market prices down could be foiled by the steady return of US shale oil producers.

 

The Prime Minister Theresa May laid out a bold vision for the UK taking a leading role in championing free markets and free trade and helping ensure globalisation works for a wider array of the world’s population in her speech in Davos on Thursday.

 

Europe’s trade chief has warned in stark terms that Britain will start at 18th place down the list of countries trying to negotiate a trade deal with the EU and will face a series of extremely difficult negotiations after Brexit.

 

The Senate began deciding whether former Texas Gov. James Richard “Rick” Perry was a suitable nominee to head the Department of Energy on Thursday morning. The government entity has worked closely with the Environmental Protection Agency, which Perry previously said should be scrapped, after a brief and now infamous memory lapse.

 

20 January

 

China’s economy grew faster than expected at 6.8pc in the fourth quarter, boosted by higher government spending and record bank lending, giving it a tailwind heading into what is expected to be a turbulent year.

 

Retail sales fell short of expectations in December, despite the traditional surge in shopping before Christmas, as prices on the high street began to creep up, figures from the Office for National Statistics suggested.

 

Apple has started receiving offers on moving the production of its products out of China. The company is already being wooed by both U.S. President-elect Donald Trump and the Indian administration under Prime Minister Narendra Modi to set up a production base in their respective countries.

 

The surging dollar poses the biggest single threat to the global economy and will be extremely difficult to manage under the incoming Trump presidency, the world’s largest investment fund has warned.