The stockpiles levels in China, the biggest commodity consumer, are impacting copper prices in the global markets. Copper price is hovering at $4,400 per metric ton and is moving in consolidation phase. Chinese smelters may cut down output and stop increasing capacities this year.
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Venezuela’s President to Declare Economic Emergency
The slump of oil price has contributed to economic crisis in Venezuela. Inflation rate in the country has reached 141 percent. This situation has made president Venezuela to take some action.
Average US rate drops to 3.81%
The major factors such as oil price fall, economy growth concerns and uncertainty in stock markets are keeping more pressure on mortgage rates in the US market. The average US rate on long-term mortgage dropped for three weeks in a row to 3.81 percent. The average rate on 15-year mortgages dropped to 3.10 percent from 3.19 percent.
Tor Project Ended Crowdfunding Campaign on Friday, Generating Over $200,000
The Onion Router (Tor) began as military intelligence research in 1995, before became a volunteer-based project in 2002. Now, the project tried to lessen dependency on U.S. government by launching a crowdfunding campaign.
S3 Ventures Raised $8 Million Series B Fund for Datical
Datical, an Austin-based data management company announced on Thursday of its $8 million Series B funding. The funding was led by S3 ventures with its existing investors Mercury Fund and Austin Ventures.
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FiveStars, one of the most popular business startups, has raised $50 million funding from Series C round to expand its business across the US. With its innovative customer management tools, every customer is being identified with a number. So all the customers are new here and receive VIP treatment during every visit. Despite charging with a quite higher monthly fee in a competitive market, its clients feel like getting more than they spend.
cloudControl, German owning entity of dotCloud, has filed for bankruptcy this week. To facilitate operation for the European brand, it has decided to shut down the operation of dotCloud. The PaaS has sent mails to its users regretting its failure to continue service and expresses gratitude for keeping trust on the brand. The startup that has once independently backed Silicon Valley’s prominent startup, Y Combinator, is going to end its path on February 29.
The store who designed and manufactured the shirt keeps getting surge of orders. El Chapo, the drug lord captured last Friday, was shown wearing that shirt on a photograph with actor Sean Penn.
Hinrich J. Woebcken, a former BMW executive, has been appointed by emission scandal-hit Volkswagen to oversee business operations in the US, Canada and Mexico. Woebcken will assume charge from 1 April 2016. Audi and Porsche brand don't come under Woebcken's area of operations. However, Volkswagen has retained Michael Horn as CEO of Volkswagen Group America Inc. The emission-scandal hit Volkswagen has been facing regulatory investigations in the US.
The falling oil price below $30 per barrel is impacting Canadian economy, which mostly depends upon commodities. Along with oil price, Canadian currency Loonie too declined against the US dollar. The weaker Loonie has eroded the purchasing power of Canada and is making imports costlier. Canada imports vegetables from the US. The surging US dollar made vegetables prices expensive by three folds for Canadian consumers.
Royal Dutch Shell is slashing the headcount as part of the cost cutting exercise. Anglo-Dutch company has decided to cut down 10,000 jobs in the wake of continuous drop in oil prices. The global energy major aims at reduction of costs by $3 billion in 2016 and it already reduced operating costs by $4 billion in 2015. Shell is also banking on synergy advantages from the BG Group Plc merger, which is expected to be completed in few weeks.
JP Morgan’s CEO James Dimon received $27 million in total compensation, of which the majority was in performance-based restricted stock and the rest as cash bonus and salary. This structure has been mainly designed to appease the shareholders who had frowned upon the fact that the CEO’s pay does not depend on his performance.
Leading risk management software developer, Prevalent Inc. received its first Series B funding last week. Led by Spring Mountain Capital Invest, joined by its existing investor, Fulcrum Equity Partners.
IBM has announced Thursday purchasing live video streaming platform, UStream. Details of the acquiring deal haven’t been disclosed, but the price believed to peg a price not more than $150 million in cash. IBM has furnished a press release in its website, which ends leaving probability for changing its narrated goals on forming cloud video unit.
