Former Facebook exec Sean Parker gave $500,000 to a newly formed group that aims to legalize recreational marijuana use in California.
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US Economy Holding Strong Despite Global Instability, But For How Long?
The US Labor Department has released a report outlining the growth of the US economy with a low unemployment rate and job growth. This growth puts pressure on the US because of the current instability in the rest of the world's economies.
Chinese online fashion startup Mogujie will acquire its rival, Meilishuo
Chinese leading fashion e-commerce startup, Mogujie is taking over control of its rival Meilishuo. Both companies is expected to merge in an agreement that will involve a stock swap between both companies.
Investor Sued Former Martin Shkreli's Pharmaceutical Company for $5.4 Million
Investors sue KaloBios Pharmaceuticals Inc. to return $5.4 million of their investment. The investors were brought in by Martin Shkreli. KaloBios Pharmaceuticals Inc. filed for bankruptcy in late December.
Will Overvalued US Real Estate Burst Anytime?
Economists express concerns over the repetition of property bubble in the US market as it's overvalued. Analysts estimate that the real estate is overvalued in the range of 25 percent to 60 percent considering the average price and average income in a particular area. However, the US property market is attracting more foreign investment and it's forecast to be higher than in 2015.
Latest News
Mercedes-Benz outsells Audi in global market, thanks to the strong sales in China. The race for the top rank for luxury automaker sales heats up as Mercedes-Benz overtakes Audi in global sales last year, thanks to strong China sales.
After the cancellation of short-term credit facility from Citigroup, South African Airways is in the process of getting guarantee support from the government. South African Airways has had seven CEOs during the past three years. The National Treasury is exploring ways to restore financial support to the airline and will restructure the board as well.
South Africa plans to import 5 million tonnes of white corn from South America as the worst drought since 1992 continue to ravage the area, according to Grain SA, the biggest producers association in the country.
The shopping volume during the US holiday season registered an overall growth of 2.4 percent during 31 October 2015 to 4 January 2016. However, physical sales at malls were not equally rosy as online sales rose 4.6 percent. It's estimated that restaurants and travel segments recorded good business this holiday season as US consumers prefer to spend more.
Chinese phonemaker Xiaomi introduces its new Redmi 3 on Monday. With its full-metal body, the Redmi 3 is a beautiful phone with unexpectedly lower price.
Ted Anthony, AP’s Director of Asia- Pacific news has named Gillian Wong as the News Director for Greater China. Wong, a career journalist is famed for her vast knowledge over China following his coverage over this territory since 2008. The charismatic journalist is going to serve AP from Beijing in its 2nd phase after fist one ended in 2008.
US Treasuries dropped for the first time in seven days as China concerns eased. The unexpected depreciation of Yuan by China's central bank sent shock waves across the global markets. This triggered selloff in equities and forced investors towards safe havens such as treasuries and gold.
After rising over three percent recently, Japanese Yen eased after the strong guidance on Yuan by China's central bank. The Greenback against Japanese currency fell to its lowest level since August 2015. Several emerging economies' currencies were reeling under pressure.
The Chinese startups showing off their products at CES this year demonstrated the large amount of innovations being created in the country. The companies debuted impressive smartphones, car-smartphone integrations, and giant helicopter-like drones.
