Medical marijuana will be legalized after Gov. Wolf signs the bill on Sunday after the 149-46 vote in favor of marijuana legalization. However, it will take about two years before sufferers of acute ailment can get advantage of the benefits because of the several processes including regulatory and growing process.
Sectors
BlackRock reports 20% decline in Q1 net income
BlackRock on Thursday announced a 20% fall in its earnings for the first quarter that ended March 31, 2016. The company registered a restructuring cost of $76 million in the current period with regard to its organization simplifying plan.
China and Hong Kong Indexes Retracted Following Latest Economic Data
China's stock market slipped on Friday, as the country reported the economic growth is in accordance with analysts prediction. While investors expected a stronger result.
Financial Sector Led Rally in Wall Street as Global Stocks Peaked to Highest Level
Wall Streel indexes continued to stay in positive territory as financial sector was catching up. Global stock market responded and climbing to the highest level in 2016.
The U.S. Justice Department Sued ValueAct for Violating Disclosure Rule
Department of Justice filed lawsuit against ValueAct Capital last week, related to Halliburton and Baker Hughes merger. Meanwhile, ValueAct on Monday claimed no wrongdoing and will defend its position.
Latest News
Alibaba is about to acquire Singaporean start-up Lazada for about $1 billion that was established by the German technology Rocket Internet. Existing shareholders including Tesco, AB Kinnevik and Rocket Internet will sell a portion of their shares to Alibaba.
WP29 on Wednesday was calling for changes in the commercial data transfer agreement between US and EU. The agency said it does not provide enough protection for privacy for European users.
US safety regulator announced Wednesday that Takata still need to recall its defective airbags. NHTSA said unless Takata proved them to be safe, all remaining airbags in US vehicles must be recalled eventually.
London's FTSE 100 rose on Wednesday to reach record high. European shares continued its rally led by mining stocks as China reported increase of export.
Cellcom Israel Ltd on Tuesday announced that regulators opposed its merger plan with Golan. However, Antitrust Authority will invite the companies representative to discuss the deal before making final decision.
GAO suggested financial regulators to disclose more information on their crisis policy framework. While five large banks do not have enough plan to manage operation during crisis.
As a response to China’s new anti-terror law, 25 tech companies in the country have signed a pledge to help the government combat online terror activities. Under the law, tech companies are required to decrypt information for Beijing and provide assistance to keep the internet from terror-related contents.
Ele.me secured a $1.25 billion investment from Alibaba and its finance business unit Ant Financial. China’s O2O business market are now booming as most Chinese consumers are using smartphones to do their daily activities.
The New York Fed announced its new GDP tracking and forecasting tool, the FRBNY Nowcast. The tool will use near real-time data to update U.S. economic growth daily, as the Fed will release a report weekly using the tool and data.
