Markets
Sir Philip Green's Arcadia denies 'wave of store closures'
The group will likely propose a company voluntary arrangement (CVA) - a United Kingdom insolvency procedure somewhat akin to Chapter 11 in the USA; both give companies temporary relief from creditors in order to reorganize in hopes of returning to profitability. [Full Article...]
CBOE Puts Brakes on Bitcoin Futures
While the CME has much higher Bitcoin futures trading volumes , Chepicap recently reported that both the CBOE and the CME were suffering from the lowest Bitcoin futures trading volumes since launch a year ago. Some have compared CBOE's contract volumes to that of CME's, the world's largest futures exchange, which had similarly listed Bitcoin futures contracts a few days later. [Full Article...]
Donald Trump fumes, 'disappointed' about shuttered GM Ohio plant
Stop complaining and get the job done!" Less than 24 hours later, President Trump sent out another tweet discussing the Lordstown GM plant, this time specifically addressing a local union boss about the closure. G.M. MUST ACT QUICKLY. Time is of the essence!" Trump initially blasted the decision, saying, "This country has done a lot for General Motors". General Motors' sprawling Lordstown asse... [Full Article...]
Oil prices rise to multi-month highs
Futures in NY traded near a four-month high, and on course for a 5% weekly advance. Production is expected to increase 1.35 million bpd compared to the previous year, but will grow more slowly than the previous forecast of 1.45 million bpd. [Full Article...]
Mt. Gox Founder Mark Karpeles Acquitted Of Bitcoin Embezzlement
Mark Karpeles opponents in court had wanted a 10-year sentence claiming that he embezzled the funds and channeled it into another project, a situation that the current court decision has found untrue. Due to the lack of auditing structure and vigilance, as well as the previous thefts at Mt. Gox , it is not far-fetched to believe the "sinister" actions of Mark Karpeles were no more than negli... [Full Article...]
China Jan-Feb steel output rises from December on strong margins
After deducting price factors, the indicator grew 7.1 percent in real terms, accelerating from December's 6.6-percent rise, NBS spokesperson Mao Shengyong said at a press conference. But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected. The statistical agency did not provide monthly breakdowns because of the week-long Lunar New Year holiday that... [Full Article...]
Volkswagen Boss Sorry About Nazi Gaffe
In a statement, Mr Diess said he was sorry for what he described as "definitely an unfortunate choice of words". Diess said "ebit macht frei" at an internal company event Tuesday, echoing the maxim "arbeit macht frei" or "work sets you free", which was inscribed on the gates of concentration camps such as Auschwitz. [Full Article...]
Oracle revenue dips 1 percent to $9.6 bn impacted by Cloud business
The disappointing outlook overshadowed the company's better-than-expected third-quarter profit and revenue beat that was driven by growth in its cloud services and licence support unit. With year-to-date non-GAAP EPS growth rate now at 16% in constant currency, we will comfortably deliver another year of double-digit EPS growth". Total Cloud Services and License Support plus Cloud License and On-P... [Full Article...]