Argentina is struggling from soaring inflation, which is hovering at 21 percent. The inflation rate is expected to reach 25 percent in 2016. The government is targeting to bring it down to five percent by 2019. The soaring prices are forcing consumers to pay everything in installments.
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Haier Deals With GE On Purchasing Electrical Appliance Business To Find Momentum In The US Market
General Electric Co. has been intending to sell its electrical appliance chapter prior to initiation of global economic debacle. The Federal Justice Department has foiled its earlier bid to sell its century old electrical appliance portfolio. Finally, it has reached a consensus to sale the business unit to Chinese electrical equipments maker Haier for more than $4 billion.
Casualties In French Regulator Approved Drug Trial: 1 Brain Dead, 5 Others Hospitalized
Biotrial Private Facility has been conducting trial of a pain killer over 90 volunteers. Six of them have fall sick and one of them has got severe brain injury. Volunteers rarely fall sick while undergoing through such trials, since the drug must go through several tests over animals with wide range of dosage. Paris prosecutors have initiated investigations to unearth the cause behind the regulator approved trial.
Retailing Giants Shut Hundreds of Stores Down In US & Elsewhere, Job Cutting Feared
Walmart and Macy’s have announced shutting hundreds of stores on Friday and thus lingers the list with other retailing giants like Sears and Target. Surprising growth of ecommerce has reduced growth of the departmental stores and shopping malls. With the announcement of the World’s largest retailer, traditional stores have been started to witness the blink of extinction.
Economic Emergency In Venezuela Aims To Keep Maduro’s Anti Poverty Programs Alive
Just Prior to the State of Address to the Congress, Venezuelan President Nicolas Maduro has imposed economic emergency for 60 days. The concerned decree is aimed to allocate funds to keep alive the socialist government’s signature anti poverty programs. If opposition led Congress denies the imposed decree, Maduro will have to appeal to the Supreme Court of justice for its continued effectiveness.
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JPMorgan Chase, Bank of America (BoA) and Wells Fargo earned over $6 billion from ATM service and overdraft fees. For the first time, US government in 2015 allowed banks to disclose details from ATM and overdraft fee revenues. The US banking consumers pay in the range of $4 to $5 to withdraw money from an out-of-network ATM.
The debt burden of South African farmers reached to over Rand 125 billion ($7.5 billion). The total debt of farmers was up 14 percent in 2015 to Rand117 billion. Economists alert that the prevailing slump in commodities markets, tighter monetary, fiscal policy, drought conditions and drop in value of Rand will trigger higher than expected inflation rate.
Technology startups in Africa may get $10 million funding in early 2016 as Silvertree Capital sees the rosy picture. Silvertree Internet Holdings is keen on scaling technology and commerce companies and has already invested $5 million in business building operations and acquisitions. South Africa, Nigeria and Kenya are favored the most among African countries.
The Kenyan government is hoping to control inflation rate with the support from lower oil prices. Lower oil prices are supporting the Kenya's economy as the growth rate is expected to be six percent in 2016 from 4.5 percent in 2015. Inflation rate breached the government's target band of 2.5 percent to 7.5 percent as it reached to eight percent.
As a celebration for surprising Golden Globe win for "Mozart in the Jungle," Amazon prepares a special offer. Beside streaming the series for free this weekend, the company is also discounting subscription for Amazon Prime.
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Cartel kingpin El Chapo was recaptured on Friday, after his second escape from Mexico's top-security prison through a tunnel. The operation involves Mexican marine, aids from U.S authorities, as well as numbers of informants that adds up to more than 2,500 security and intellectual agents.
Morgan Stanley, has been reported to tatter with its fixed income division. Following the industry precedence of changing or reshuffling the executives, it has named Sam Kellie- Smith as the head of fixed income and commodities. The Wall Street Bank’s recent moves haven’t surprised the analysts at all.
Goldman Sachs Group Inc. has finally agreed to pay $5.1 billion on Wednesday to resolve a seven years’ pending dispute over faulty mortgage securities. The penalty amount remains lower compared to those counted by other Wall Street competitors. Fourth quarter profit of the firm may be hit by the penalty counting. But investors welcome the settlement and its share price rises by 1.5% on Thursday.
Hyundai Corp is expected to recall Elantra model vehicles from February 2016 onwards. It's noticed that the malfunctioning of electronic stability control system will suddenly result in reduction of engine power. The South Korean automobile major may recall over 150,000 Elantra vehicles to fix the stability control system in the vehicles.
