G-20 Sees Global Tension, End to Cheap Money as Risk to Growth
- Geopolitical tensions, inward-looking policies, and the unexpectedly swift end to easy credit are the key risks to the broadest upturn in global growth since 2010, according to a draft statement by the G-20 group of leading economies.
- The communique omitted any direct references to the fight against protectionism, an issue likely to loom over discussions following the U.S government’s move to slap import tariffs on steel and aluminum.
- The group promised it would avoid competitive devaluations and stressed the importance of international trade as an engine of growth.
- The draft statement did, however, ring some alarm bells over crypto-assets, warning that they raised some concerns over tax evasion, money-laundering and terrorist financing.
- The EU and other foreign trading partners are seeking exemptions to the 25 percent tariffs on imported steel and 10 percent on aluminum that President Donald Trump announced this month.
Stocks making the biggest moves after hours: Adobe, Broadcom, Ulta & more
- Adobe Systems shares hiked more than 3 percent after hours, bringing the stock price to an all-time high.
- The computer software company announced an impressive earnings report, beating Wall Street expectations on top and bottom lines.
- The semiconductor company reported first-quarter earnings and revenues that beat analyst expectations.
- Ulta Beauty shares fell more than 2 percent in extended trading following its latest earnings report.
- The beauty store chain's revenue fell in line with estimates, but its EPS missed by 3 cents.
- Shares of Overstock.com plummeted nearly 13 percent in the extended session after the company reported fourth-quarter earnings.
- The online retailer reported a large loss per share and revenues that disappointed Wall Street.
- The manufacturing services company reported EPS and revenues that both beat Wall Street expectations.
- The clothing retailer announced mixed earnings results, beating estimates on revenue but missing on EPS.
Bitcoin drops below $8,000 in cryptocurrency slump
- You can find other live cryptocurrency prices on Markets Insider.
- The slump is part of a wider sell-off in the crypto market that began at the start of the month.
- Investor confidence was last week been shaken by fears of regulation, big sellers liquidating holdings in the market, and rumours of another exchange hack.
- The latest blow to already shaky investor sentiment is Google's decision on Wednesday to ban all cryptocurrency advertising on its platforms, which pushed cryptos into the red.
- Trey Ditto, the CEO of crypto-specialist PR firm Ditto, said in an email on Wednesday evening: "Today's decision to ban ads on Google feels like they're throwing the baby out with the bath water.
- Get the latest Google stock price here.
Sentiment towards Chinese steel demand has taken a big hit, but not everyone is concerned
- Even with a bounce in steel, iron ore and coking coal spot and futures markets on Wednesday following the release of stronger-than-expected Chinese industrial output and fixed asset investment at the beginning of the year, markets have not gone on with that move today, underlining that sentiment still remains fragile.
- Macquarie expects demand for construction steel to pickup at some point over the next two weeks, resulting in a decline in steel inventories which it says should provide some support to prices.
- Further up the supply chain, it is not concerned about a recent lift in Chinese iron ore port inventories to fresh record highs, noting not only is there little relationship between them and prices, but also demand should start to pick up as Chinese construction activity begins to ramps up.
Amazon and Twitch are giving free games to Prime members every month
- Starting Thursday, Twitch Prime, included with Amazon's $13 a month Prime membership, will make a handful of PC video games free each month for members to download and keep forever.
- The first two games that will be available for free are Superhot and Oxenfree, both graduates of the indie game amplifier program that Twitch launched earlier this year.
- All eight indie titles from the program will be available for free through Twitch Prime in the upcoming months, along with a handful of new releases, according to an official Twitch blog post with a complete lineup of all the upcoming free games.
- Amazon and Twitch's "Free Games with Prime" program is entering the monthly subscription market where it will compete with Sony's PlayStation Plus platform and Microsoft's Games with Gold program, all of which are experimenting with Netflix-like subscription models, aimed at gamers.
Equifax CIO Put ‘2 and 2 Together’ Then Sold Stock, SEC Says
- Yet before the wider world learned of the credit bureau’s massive hack -- in which sensitive information for more than 140 million U.S. consumers had been compromised -- the executive, Jun Ying, was selling Equifax stock, federal authorities now say.
- Equifax interim Chief Executive Officer Paulino do Rego Barros said in a statement Wednesday that the company reviewed Ying’s trading and, after concluding he violated the firm’s policies, reported its findings to government authorities.
- Equifax concluded on Oct. 16 that Ying had violated the company’s insider-trading policy and that he should be terminated, prompting his resignation, the SEC said.
- Three Equifax Inc. senior executives -- Chief Financial Officer John Gamble, and unit presidents Joseph Loughran and Rodolfo Ploder -- sold shares worth almost $1.8 million in the days after the company discovered the breach.
YouTube will include Wikipedia info next to videos promoting conspiracy theories
- The partnership will add background information provided by Wikipedia to certain videos on YouTube, Wojcicki said during a panel at the South by Southwest tech and music festival in Austin.
- Wojcicki did not disclose the number or type of conspiracy theories that will be focused upon, though the 1969 Apollo moon landing, a popular subject of baseless conspiracy theories, is referenced in the presentation.
- The effort will involve text boxes, dubbed "information cues,"accompanying YouTube videos taken from the Wikipedia pages of well-known conspiracy theories.
- A separate link to the full page will also be included.
- The move comes shortly after YouTube was criticized for promoting videos in the "trending" section of its site that claimed one of the survivors of the school shooting in Parkland, Texas was a paid actor.
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- Get the latest Google stock price here.
Winklevoss-led Gemini announces a self-regulatory group for crypto
- Gemini, run by the Winklevoss twins, is one of the most Wall Street oriented exchanges on the crypto markets.
- Originally envisioned as “bitcoin in a suit,” it is now leading the way in self regulation with a new Virtual Commodity Association, a self-regulating group that aims to take the guesswork out of crypto in the future.
- Foster financially sound, responsible, and innovative virtual commodity markets through a system of industry sponsored standards, sound practices, and oversight that promotes price discovery, efficiency, and transparency.
- Incentivize the detection and deterrence of manipulative and fraudulent acts and practices, including partnering with regulators and particularly the CFTC to share or refer information, as appropriate.
- Whether or not the twins can pull together this group is anyone’s guess but it could be gathering steam especially considering the slow and piecemeal fashion with which the SEC has been working on federal crypto regulation.
Costco eyes fresh grocery delivery in Canada
- TORONTO — Costco is exploring ways to deliver fresh groceries to consumers in Canada after finding early success with its new online food delivery services in the U.S. Canada’s biggest warehouse retailer, whose grocery market share has increased substantially over the last decade along with Walmart’s, introduced online grocery delivery of non-perishables to U.S. customers last October.
- Same-store sales at Costco Canada in the second quarter ended Feb. 18 were robust, rising 8.7 per cent.
- Walmart Canada, meanwhile, reported Canadian same-store sales 2.9 per-cent in the period ended Jan. 31.
- Ont. Kevin Grier Market Analysis & Consulting Inc. In the U.S., Costco has also made it clear that the move is about convenience for customers, not cost: On the area of its website that details online grocery delivery options, it notes that online prices are generally 15 per cent to 17 per cent above warehouse walk-in prices.
Bitcoin Price Charges Toward $10,000 as Bulls Regain Footing
- The Bitcoin price charged back toward $10,000 on Monday as the bulls began to regain their footing following last week’s downturn.
- Bitcoin began the week on a high note, climbing nine percent to approximately $9,800 on cryptocurrency exchange Bitfinex.
- Last week’s Bitcoin price dive correlated with a “perfect storm” of bearish factors.
- Though targeted specifically at ICOs, these developments injected a bearish sentiment into the wider cryptocurrency markets.
- While it is debatable to what extent this sale had a meaningful effect on the Bitcoin price during the recent market correction, the fact that the trustee continues to hold nearly $2 billion worth of cryptocurrency — and has demonstrated a willingness to sell on exchanges, rather than through the over-the-counter (OTC) services typically exercised by large-scale buyers and sellers — further worsened the mood among investors.