Gold soared to three-month high early this week as investors switched over to safe have following the concerns about the global economy. The US Federal Reserve indicated a challenging global economy and this may not prevent it from raising interest rate. Gold price reached to $1,127.80 on 27 January and this propelled investors to book profits.
Sectors
Wendy’s the latest victim of credit card data breach
Wendy's, the famous fast-food chain is the latest victim of credit card data breach. The company's banking sources detected unusual patterns on customer credit cards right after they were used at a Wendy's outlet, and informed the company right-away. It immediately hired a cybersecurity firm to investigate the fraudulent activities that seem to have been tracked to Midwest and, lately, the East Coast. The investigation is currently ongoing and Wendy's did not provide any clear information on the findings.
Slump in oil prices curbs Malaysia’s growth forecast
Malaysia has trimmed its growth forecast mainly due to plunging oil prices. A miscalculated assumption has messed up the 2016 budget, which has the government groping for damage-control measures. One of the key outcomes were increasing the household spending of the country, which can give the sluggish economy a much-needed boost.
Germany on a mission to bring home more than half of its gold reserves by 2020
Under a supposed repatriation program, Germany is bringing back its gold reserves from the vaults of Paris and New York. Germany had stored all its bullion overseas fearing a Soviet Union attack during the Cold War. Till date, the Deutsche Bundesbank has managed to get around 366 tons to Frankfurt, which is almost half of the total reserve of 674 tons that it plans to repatriate by 2020.
Boeing To Reduce Production In 2016, Orders For 6000 Aircraft By No Means Indicate Decaying Business
Boeing has announced reducing production during 2016. The news has caused US Aerospace Share prices to go down by 9% on Wednesday, which has regained a little on Thursday. The production cut is not due to tattering financial condition of the aircraft manufacturer, but it is related to a transforming strategy. Still the manufacturer holds orders for delivery of around 6,000 aircraft, which represents a different tale.
Latest News
The average gasoline price fell to seven year low and is hovering at $1.91 per gallon in the US. If crude oil price continues to move upwards, then the gas price fall may rebound in the near future. According to AAA, the average may not go above $3 a gallon in 2016. Gasoline price fell 14 cents during the past two weeks.
The MTA has banned hoverboards from the New York City transit system for safety reasons. According to the latest rules, riders will not be allowed to bring the two-wheeled motorized devices on buses, subway platforms and trains
Apple is rumored to launch a new hybrid iPhone called iPhone 5se and new Apple Watch models. The rumor mill has churned out the latest on Apple: Apple will be releasing a new special edition phone based on one of its earlier iPhones, which is expected to be smaller and supports Apple Pay and for capturing Live Photos.
U.S. stocks bounced back after being dragged down on Wednesday by volatility in China. Global market followed to regain, while oil price began to stabilize.
Deutsche Bank AG reported €6.8 billion ($7.2 billion) losses in 2015. As a result, co-CEO John Cryan and Juergen Fitschen announced on Thursday that the management board will not receive bonus.
Speculation over production cut and held the oil price to around $30 a barrel, but uncertainty still lingers. Meanwhile, U.S inventories are reported to reach its highest level of crude stockpile.
The US housing market was boosted at the end of the year 2015 that marked the best year for existing and fresh home sales since 2007. Nearly 501,000 fresh homes were sold the previous year, an increase of 14.5% from 2014.
The Barack Obama administration announced more restriction lift on Cuba thus helping to improve the country's economy. The restriction lift will allow film shooting, travelling access and also a direct trade with the state run enterprise there.
President Obama has rolled out a new set of regulations that lifts the Cuban trade embargo to a certain extent. The relaxed rules allow easy facilitation of trade, travel and finance between the two governments, a move taken to end the age-old cold war between them. While the embargo cannot be lifted completely unless Congress gives their consent, the Obama administration is convinced that this is a step in the right direction for improving the condition of the island.
