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.
Sectors
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.
Apple news app has been underestimating its visitors count
Apple has revealed a glitch in its News app causing the company with lesser number of visitors count compared to the reality. However, Apple is reportedly to be working on the problem and it will be solved soon.
Latest News
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.
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.
Pfizer and other pharmaceutical companies still increase its drugs price in U.S. despite criticism. Mounting objection from politicans and lawmakers is unable to stop market power of companies in the multi-billion dollar phamaceutical industry.
South Korean automobile giant Hyundai is increasing production of SUV vehicles. The company is struggling with sluggish sales in Sedan segment. Hyundai will increase the supply of Santa Fe Sport vehicles in both the formats - small crossover and large crossover-to explore the growing the SUV segment in the US market.
Overproduction of last year's crops in the U.S. still affect the price in futures trading. Meanwhile farmers is predicted to still harvest a big yield of soybean and corn in 2016.
Apple has agreed to build a tool that will help users to transfer data from iOS to Android due to lots of pressure from mobile carriers. Although the company has not specified the date of release, the news means that Apple is ready to open up its ecosystem and will be in fair competition with other manufacturers.
Asian market hit a worst week starting the 2016 trading. Global market also slipped following the turbulence in China.
