Both Wells Fargo and Citigroup have been badly hit with the historic low oil price. The Walls Street banks have heavy investment in energy portfolio and the industry is passing through a nightmare since 2008. Both the banks have been forced to keep provision against the default power investments. But real estate portfolio has helped Stagecoach to leave behind the umbrella with its greater contributions predicted earlier.
Industry
China to report slower economic growth Tuesday, but analysts claim the country’s economy considerably strong
China will release its economic growth data on Tuesday, and most financial institutions are expecting the slowest expansion rate since 1990.
NYC Mayor Promises to Support Advocacy for Less Carriage Horses in Central Park
Mayor Bill de Blasio’s administration along with the horse carriage industry of New York came to an agreement to shrink horse numbers in the city from 220 horses to only 95 horses by 2018.
NuScale submits design to US authorities to build small nuclear plants in UK by 2025
Fluor Corp.’s NuScale unit will build small modular nuclear plants in the UK, which ambitions to have these facilities by 2025. The firm plans to submit a 50-megawatt reactor design to the U.S. nuclear authorities by the end of 2016.
Nissan Leaf buyers treated with two years free charging
Nissan provides two years of free charging for owners of its electric vehicle Leaf through the “No Charge to Charge” program. That program is now available in 26 states in the US.
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South African retail bank said the country's house price will decline in this year. Fitch Ratings also remarked South African residential property and mortgage markets outlook to weaken further facing microeconomic challenge.
Microsoft has started to display HoloLens, its first AR product at its flagship stores in New York. Unlike similar products developed by other competitors, the WiFi device has a very poor battery life. The tech giant is working to transform the device devoid of such shortcomings and expects to make it available in the first quarter of the current year.
JD.com, China’s largest online direct sales company, has raised $1 billion, for its JD Finance subsidiary from investors including Sequoia Capital China, China Harvest Investments and China Taiping Insurance.
As oil price continues to plunge, two Japan airlines:Air Nippon Airways (ANA) and Japan Airlines (JAL) decided to eliminate fuel surcharge. This will trim the airline tickets price substantially. Both airlines are also actively searching for alternative fuel.
With the advancement of technologies, businesses would prefer robots or artificial intelligence as workers. However, the industries would still need growing numbers of certain skilled workers.
Spotify and Genius work together to provide a better and deeper music experience for their users. Fact Tracks shows lyrics, along with annotations from the community or the artist itself.
Michigan appears to be the first US state to enjoy gas at $0.77 a gallon. The states closer to the refineries or containing those, enjoy gas at a relatively cheaper price. In the blink of further oil price fall, the US states, who are badly hit due to falling oil price, are considering to increase gas tax. These states aim to continue development works in communication sector, which they are unable to allocate with the problem riddled economies.
Oil explorer Tullow expects to report revenue of $1.6 billion for the year 2015. The company also anticipates its impairment charges to be $0.9 billion for the full year.
Previously, the company has also purchased German's KraussMaffei Group. Also, Chinese companies investment overseas is growing.
