1) The $9 trillion dollar business of financing global trade has become vulnerable to forgers who are so adept at faking documents used by banks that it has become necessary to go paperless. This means going digital which will also make the financing process more efficient.
2) The just purchased newspaper, the New Orleans Times-Picayune, has laid off its entire staff of 161 workers including 65 reporters and editors. Their competitor, the New Orleans Advocate who purchased them, will publish a daily paper using the names of both brands.
3) Two Federal Reserve policymakers have voice concerns about weak inflation. Some bankers see weak inflation as a growing case for a future interest rate cut, even though others are pushing for continued patience.
4) 3 MAY 19 Stock market closings:
Dow 26,504.95 up 197.16 Nasdaq 8,164.00 up 127.22 S&P 500 2,945.64 up 28.12
1) Amazon’s retail sales was lower than expected for the fourth quarter, although their other operations kept profits up.
2) The collapse of Sears just might be the start of a retail apocalypse. As more retailers became troubled, it may signal consumerism is slumping. Even strong retailers had a lackluster Christmas, more economist are fearing a coming recession and more retailers will be in trouble if economic growth slows.
3) Brexit has already spawned economic damages. The largest EU banks are moving out or planning to move in the near future. Britain’s Pound has fallen 10% against the Euro resulting in reduced purchasing power for the British people. There are many other sectors adversely effected.
4) 1 FEB 19 Stock market closings:
Dow 25,063.89 up 64.22 Nasdaq 7,263.87 down 17.87 S&P 500 2,706.53 up 2.43
Mr. Steven Mnuchin was confirmed and sworn in as the new US Treasury Secretary Monday evening, February 13, 2017. Secretary Mnuchin who takes the helm of the Treasury Dept from his predecessor Mr. Jack Lew, was a former executive at Goldman Sach’s (which seems to be a prerequisite in attaining the Treasury post; past Goldman Sach alum who have garnered at the helm of Treasury have been people such as Robert Rubin, and Henry Paulson).
Secretary Mnuchin was also a Hollywood financier in the past, helping to assist in financing big blockbuster movies; as well as taking conservatorship of IndyMac, turning the loan entity, which happened to go bankrupt into a profit, before selling it for billions. -SB
President Elect’s Donald Trump’s Treasury Secretary nominee, Mr. Steven Mnuchin was on the HILL today, being grilled by senators, on his various role(s) in US housing forecloseres, off shore investments, and banking regulations. Mr. Mnuchin is seeking to be the new Trump’s Treasury Secretary, and such is the case for candidates for any US secretary position, Mr. Mnuchin took the mound on Capitol Hill (Capital Hill), no pun intended.
Mnuchin answered questions on his numerous roles in housing foreclosures, banking investment and regulations; and how he managed to be appropriated upon all these different type of managerial skill sets, one may add? He answered all questions by senators and gave his opinion on what his duties as Treasury Secretary; under a Trump Administration would entail. -SB
P.s. Donald J. Trump gets inaugurated as the 45th US President on January 20, 2017 at around noon 12pm est.
Wall Street looks ahead after the Thanksgiving holiday, as Chinese stocks headed lower Friday, a day after Thanksgiving. The Asian session saw a 5% retracement for the day, as major Chinese indices hovered lower.
Next week US Federal Reserve Chairwoman Janet Yellen, will be speaking about raising the interest rates in the middle of December 2015. She will hit her point home about why the time is good now to raise the rates, as she has been indicating for the past several months.
The ECB (European Central Bank) will be meeting next week to speak about their easing rates program.
OPEC (Organisation of Petroleum Exporting Countries) will also meet to discuss oil prices, and oil production measures.
Week after Thanksgiving looking to be a very busy and tumultuous week for the economy and in finance: Economy & Finance Report, no pun intended. LOL-SB
Trading in the Forex markets comes with its rewards but also entails many risks. Knowing how to minimize the risk and outperforming to attain greater rewards is key in attaining a strong edge in the markets. In the week of January 12-16, 2015; the second full week of the New Year, the market witnessed probably one of the greatest losses in the forex and trading markets. The Swiss National Bank indicated they were allowing their Swiss Franc regulatory program against the Euro to be freely traded, and the reaction sent investors, traders, analyst, brokerages, market makers, and market movers into a windfall of turmoil.
Brokerages such as FXCM, one of the top retail forex brokerage in the US, were forced to attain a loan to cover their clients’ losses. The damages adhered were in excess of $300 million dollars USD. Private equity asset lenders had to come in to foot the bill. Financial banks such as Citigroup lost anywhere from $150-$200 million dollars, and other brokerages closed their shops indefinitely. Deutsche Bank (DB) lost excess of $150 million USD and Barclay’s Plc loss a little under $100 million USD. United Kingdom Brokers such as Alpari folded their uniformed shop and they are now gone in the oblivion because of this unfortunate Forex demise.
The wakeup call now places traders, especially retail traders in a tough position because of what happened underlying the Swiss National Bank. In the United States Forex and Futures is monitored by the NFA (National Futures Association) and the CFTC (Commodity Futures Trade Commission). These regulatory bodies have oversight on the futures and Forex markets and the regulations and rules are essential on what occurs in the Forex and Futures markets. So exactly what happens next from the entire debacle that had occurred? Well, once thing is quite sure, and that is retail traders now will be more on alert as discretional volatility will of course continue, maybe weeks and months ahead in this destabilizing Forex marketplace. –SB
About the Columnist/Writer:
Mr. Samuel Bassey is a Futures/Stocks/Forex Trader, based in New York City. He has an MBA in Media Management and is a licensed real estate professional and investor. He is the founder and operator of the international/global economic, finance, and business blog website called www.EconomicandFinanceReport.com, which he writes for as well; and he has a real estate property management/investing website entitled www.SammyBuyHomes.com. He can be contacted @ Samuelbassey@msn.com and info@SammyBuysHomes.com