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As Expected, Amazon Taps NYC and Virginia For its New Headquarters
In what had become one of the business world's worst-kept secrets, Amazon on Tuesday announced that it would be opening its second headquarters - dubbed HQ2 - in Long Island City, New York and Northern Virginia. Amazon said that it will invest $5 billion and create 25,000 new jobs in each location. The company also announced that it's opening a
China: Current Account Deficit Will Pressure the Yuan and Refashion Global Portfolio Flows
For investors focused on Sino-U.S. trade tensions, it may come as a surprise that China ran a current account deficit in the nine months of 2018, its first since 1993. The $12.8 billion deficit is only about 0.1% of GDP on an annualized basis. But it marks Beijing’s success in rebalancing its economy’s reliance from exports to domestic demand. Just
Charlie Munger 'Bitcoin Is Worthless Artificial Gold… It’s a Scum-Ball Activity'
Blockchain
Charlie Munger once again disses bitcoin says, “bitcoin is worthless artificial gold,” an interview with CNBC. Bill Gates and Warren Buffett weigh in. Charlie Munger “Bitcoin Is Worthless Artificial Gold… It’s A Scum-ball Activity” Q3 hedge fund letters, conference, scoops etc Transcript Bitcoin is worthless artificial gold. Which if it succeeds it good. So there is a lot of illicit
SoftBank Looks to Raise More Than $23B Through IPO of Mobile Unit
SoftBank Group announced that it's aiming to raise more than $20 billion through the initial public offering of its Japanese mobile unit, which has been approved by the Tokyo Stock Exchange for a listing on Dec. 19. The IPO will offer up to about 37% of the mobile unit, known as SoftBank Corp., and will seek to raise $23 billion.
Alibaba Buyers Unimpressed By Record Singles Day Sales
Alibaba Group Holding Ltd (NYSE: BABA) shattered its Singles Day record Sunday with 213.5 billion yuan, or $30.8 billion, in gross merchandise value. The annual 24-hour e-commerce event notched $1 billion in the first 85 seconds and nearly $10 billion in the first hour to ultimately surpass last year’s $25.3 billion benchmark. Accounting for weakened Chinese currency, the figures represent
Why Higher Wages Reduce Inflation in the New Economy
Contrary to conventional wisdom, Rieder argues that wage growth doesn’t lead to higher inflation, and in fact may even hold a dampening impact on inflation over time, which has important implications for how to judge monetary policy today. In recent weeks, there’s been a marked spike in volatility across assets classes and a sharp selloff in most risk assets. It’s
The Last Bastion of Human Trading Is Giving up to the Algorithmic Overlords
AI
One of the last human points of resistance to the algorithmic take-over of professional trading can be found in the fixed-income trading desk. The deft relationship business is known for having participants with Ivy League pedigrees and a lacrosse playing background, a data point that a machine learning algorithm recently used when making hiring recommendations. Image source: Pixabay With an
Reckoning With the Cloud Hanging Over the Saudis
In the 1976 movie All the President's Men, which details how Washington Post reporters Bob Woodward and Carl Bernstein blew open the Watergate scandal that doomed the presidency of Richard Nixon, the most famous line in the movie comes from Woodward's most important source - nicknamed Deep Throat - who tells the young reporter to "follow the money." While this
Two School Principals in China Were Busted For Mining Ethereum at Work
There's a lot of rules you could be caught breaking at school that will get you into trouble: Passing notes in class, sleeping during class, fighting, cheating on a test, smoking a cigarette in the bathroom, etc. But mining cryptocurrency on a middle school campus has got to be the most 2018 version of breaking school rules that could happen.
Apple's Struggles in India, Explained
India was once considered by some analysts to be a key area of growth for Apple Inc. (NASDAQ: AAPL) but the high price tag of its iPhone is to blame for Cupertino's underperformance in the market, according to Ravi Agrawal, Foreign Policy managing editor and author of "India Connected." What Happened It might come as a surprise to some, but