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.
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London and European Stock Market Rallied Following Surge of China's Export
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.
Largest US Coal Miner Peabody Finally Files For Bankruptcy Ending Prolonged Speculations
The largest coal miner in the US has sought protection under bankruptcy law on Wednesday ending speculations over its future. The filing has been acknowledged as the largest bankruptcy case by liabilities during this year. With this filing, a century old publicly traded company is going to shutting down its operations in the US.
Steel demand across the globe to decline 0.8%
Demand for steel across the globe is expected to decline 0.8% to 1,488 million tonnes in 2016, according to the World Steel Association. The association expects steel demand in China, the largest consumer, to fall 4% in 2016 tailed by a 3% decline in 2017, reaching 626.1 million tonnes in 2017.
Israel Antitrust Authority Opposed Acquisition of Golan Telecom
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.
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The IMF calls banks, policy makers, and other key players in both advanced and emerging markets to address economic problems immediately. IMF warned that current issues and uncertainty could lead to a new financial crisis or economic stagnancy in a global sense.
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.
McCormick will no longer acquire Premier Foods as it cannot provide the offer acceptable to the latter. Due to failure of the said talks, Premier was left to "fend for itself" for the company's success while seeking alliance with Japan's Nissin Food Corporation.
Peabody just filed for bankruptcy protection on Wednesday after it announced its situation the previous weeks. Assets in Mexico and Colorado will no longer be sold as buyer was not able to complete the deal.
Stocks in the US had a higher opening on Wall Street on the optimistic thought of additional Chinese economic incentive. Global stocks improved after a series of decline in a year, helped by Chinese trade number that showed signs of economic recovery across the world.
Online video production startup 90 Seconds will pursue its global expansion after securing $8 million in Series A led by Sequoia India. The startup will also broaden its network of creative freelancers in India as well as in other countries.
DocSend received a new investment round totaling in $8 million to enhance its service on documents sharing and documents analytics. The startup has been focusing in documents as the core of most business deals.
The US government faced a steady increase in March budget scarcity, leading to a higher deficit in the first half year period compared to the previous year period.
