Cocoon Networks, a Chinese-backed venture capital group is setting up a £500 ($700) million fund in London. The fund is aimed to invest in European tech startups.
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Canadian imports turn costlier as oil price drops
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.
Schlumberger reports Q4 net loss of $1 billion, cuts 10,000 more jobs
Schlumberger Ltd, on Thursday, reported a net loss of $1 billion for the fourth quarter and also said that it has axed 10,000 additional employees, as an effort to adjust its resource and cost base.
Capital drains from emerging markets
Capital outflows from developing markets were higher than it was anticipated last year, according to a report by Institute of International Finance. The reason behind this oceanic change in emerging markets cash flow is China, which dragged out 676 billion US dollar.
Vietnam warns China over oil rig drilling in disputed sea
Vietnam warned China against drilling an oil rig in borderline waters in the South China Sea. Vietnam's anxiety over the rig develops subsequent to a recent flight testing carried out by China on a fake island in Spratly archipelago.
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The Indian currency Rupee against the US dollar rose to highest since November 2015 on increasing outflows from Indian stocks and bonds. The Chinese markets were witnessing selloff and this also resulted in further withdrawal by foreign investors in Indian markets. The net outflow from Indian markets in January so far was at $686.2 million putting more pressure on currency reserves.
China, as part of a wider drive into progressive industries to boost its GDP growth, plans to combine over 40 entities to work on the giant $22 billion plane-engine project. Under the plan, the government of China along with companies like Aviation Industry Corp. would invest 35 billion yuan.
Chevron said that its subsidiaries in Australia have entered into a non-binding Heads of Agreement with ENN LNG Trading Co. Ltd to sell liquefied natural gas to China. The delivery of LNG will be commenced in the first six-month of 2019, according to the company.
China grew 6.9 percent in 2015 indicating the slowest growth rate in 25 years. The growth rate was 6.8 for the fourth quarter of 2015. The world's second largest country recorded 7.3 percent growth rate in 2014. Investors are cautious about the impact of slowdown in China's economy. IMF forecasts China's economy growth rate at 6.3 percent in 2016 and six percent in 2017. Chinese government has set a target of seven percent growth for 2016.
Saudi Arabia oil minister Ali al-Naimi said that stability in the oil market will be attained only through the cooperation amid major manufacturers and this would take time. Ali al-Naimi added that although the worldwide oil market has been experiencing an instability for over 12 months, he is hopeful regarding the return and future of the oil market.
Chipotle has been reported to embattle with the series of epidemic outbreaks and adopt new food safety measures. The restaurant giant is facing a subpoena investigating a norovirus outbreak at one of its restaurants in California. Both share price and restaurant sales have been reduced following the epidemic outbreaks. To regain the customers back, the chain has adopted certain marketing policies including offering more food free to the customers.
Self-driving cars could eliminate fatal crashes that involve some type of human error. Autonomous technology could help reduce greengas emissions and transform mobility. Though driveless technology has grown increasingly popular, autonomous vehicle are not perfect yet
Previously, the company has also purchased German's KraussMaffei Group. Also, Chinese companies investment overseas is growing.
Some $46.5 billion treasuries have been reported to liquidate during the first two weeks of the New Year. The present reserve for $2.962 trillion appears to be the lowest since November. China has been reportedly withdrawing funds and injecting to the market to keep hold its currency in place. Considering its financial reserve, it is widely believed that further outflow of US treasuries, possibly with greater vicinity will take place in the coming months.
