Year 2015 was dubbed as year of fintech. As financial technology startup companies flourish and gain huge fund. Global regulators are closely monitoring the fintech startups and will propose rules to regulate them.
Sectors
China to lay off 6 million state workers
China has decided to layoff millions of workers from 'zombie enterprises' in the next two to three years. For relocating retrenched workers, the government will spend Yuan 100 billion ($15.27 billion). China's economy is suffering from industrial overcapacity and pollution levels.
Israeli investment firms get $665 million in 2016
Israel is witnessing an increasing number of new venture capital (VC) firms coming up. The country registered an inflow of $665 million VC funding during the first two months of the year. Unfazed with the recent market crash, the funds inflows continue for Israel startups.
China's super regulator plan may merge banking, securities & insurance sectors
China is working on a new financial super-regulator mechanism to take care of banking, securities and insurance segments under one umbrella. Recent turmoil in the financial markets are driving the Chinese government to revamp financial monitoring mechanism.
India to Infuse $3.65 Billion of Capital Into Government-Run Lenders
India is about to fund $3.56 billion of capital to govrnment-run lenders because of bad and restricted loans. Banks felt relief as the government is ready to help them when they need the capital.
Latest News
European Central Bank (ECB) is expected to launch monetary stimulus next month to help banking system in euro zone. Norwegian's biggest bank DNB ASA supported the effort as stated by its chief of asset management.
Greece recalled its ambassador from Austria, following Austria's decision to close its border for migrant. While majority of people are not satisfied with government's way in handling economic crisis.
Central Reserve Bank of Peru is increasing local currency bank reserve requirements (reserve ratio) to support its weakening currency Nuevo Sol. The capital reserve ratio will be one percent from March 206 onwards from existing 0.75 percent.
The Japan Finance Ministry is organizing a seminar for women covering the topics on the country’s fiscal policy. Women’s fashion magazine editor-in-chief Hiromi Sogo will serve as one of the six female speakers encouraging women to take a more active role in the country’s economy.
SpaceX aborts its third attempt to launch its Falcon 9 rocket, which is designed to land its booster on a platform, making spaceflight more affordable. The abrupt scrub, just seconds before the liftoff, was due to an unexpected delay that caused the fuel to fail.
With the release of the yearly budget many are hopeful that their lives will change for the better especially for those who live in the rural areas. The allocated budget focuses mainly on the agrarian sector, health and social and infrastructures that could help alleviate sufferings and give comfort for the less fortunate.
Following CDC announement of the risk of carcinogen in its product, the company's stock plunged since last week. Lumber Liquidators is trying hard to win back trust from customers and investors.
Kumagai Gumi Co, a Tokyo Stock Exchange-listed Japanese construction firm, recorded hammering down of its shares. The stock suffered the most in over 13 years. The news that construction defects in a residential complex made Kumagai Gumi rebuild five apartments has hit hard shares and investors' confidence.
Registering the highest since April 2009, Nissan Motor Co's stock surged 12 percent following its buyback news. Nissan has announced its plan to buyback $3.5 billion worth shares.
