Readings & Viewings: January 19, 2018
Weekly insights and news items from around the globe.
Welcome to this week's Readings & Viewings, a collection of news, analysis and other interesting snippets we've spotted from around the world during the latest week for your reading pleasure.
Well, the year has started off with a bang (or with multiple bangs, depending on your perspective)! In late December, the big question on many stock market mind minds was whether the US market (measured by the Dow Jones Industrials Average) would break through 25,000. It didn't keep punters waiting for long, though. The Dow broke through 25,000 at the very start of 2018 and has kept on soaring, this week smashing through 26,000. Will the market surge continue? Despite taking a slight breather, the experts reckon it will.
We all know (or should know) about the Trump bump. It's definitely hard to deny, given the US market has grown by $US6.9 trillion since Donald Trump's inauguration in 2016 – already close to half of what was achieved during the eight years of Barack Obama. This chart below is very interesting.
While we're talking about big numbers, how do you lose $US44 billion in less than a week? A trick question, but that was the effective paper loss for the co-founder of Ripple, Chris Larson, who watched his fortune evaporate earlier in the week.
Also, better luck next time. Or third time lucky? The Winklevoss twins, who were in a long-time feud with Mark Zuckerberg for Facebook founder status, have just lost their newfound billionaire status.
In many ways, it was the crash that had to happen, as Bitcoin dived 50 per cent this week and other digital currencies followed suit. There was also the collapse of a high-profile crypto exchange. But, just to prove how volatile these currencies are (and why investors need to be tread extremely carefully), prices rebounded. See these charts below.
Crazy stuff, and it's beginning to look more like gambling in Las Vegas rather than forex trading. But Africans can't get enough.
Some of the world's biggest management consultants have been charged with corruption in South Africa.
Apple is trying to be a good Goliath, if there's such a thing. The company has pledged to bring 20,000 jobs to the US within the next five years and put a stop to some of its tax avoidance.
Google reckons it has pioneered another new way to collect data, and it's not what you think.
The owner of Birds Eye is cracking into the pizza market, purchasing Goodfellas for €225 million.
House prices in the UK have picked up from a four-year low. But we're not talking about a sharp jolt to the upside.
Of course, it wasn't enough to save one of the UK's biggest constructions companies which recently collapsed.
There's a bit of doom and gloom around. Luckily, Britain now has a Minister for Loneliness to put some of this sadness to rest.
In case you don't keep up with the geeks, the biggest electronics event of the year has just come and gone. Here's a glimpse of some of the 1984-esque things to come.
Meanwhile, California wants to split from, well, California.
A startup from Perth has become the newest $1 million company, or unicorn.
In response to Trump's comments about immigrants coming from “****hole countries”, Airbnb has launched a campaign to encourage tourists to visit said countries.
As Americans honoured Martin Luther King on Tuesday, their President paid his respects, in resort-side style.
That sheds another light on the following story. In news from Europe, the US is falling well behind on trade matters.
Don't shoot the messenger! An Amazon courier has apparently been ordered to pay back 62 customers after their parcels went missing during his trip.
Lastly, bookmaker William Hill looks to be close to ditching its Australian holdings. Local betting agency Sportsbet wasted no time before swooping in with a cheeky t-shirt stunt that caught the ire of Australian Open organisers. No word yet from William Hill, the official betting partner for the Open since 2015.
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