While it might not be doing too well at the moment, the New York Stock Exchange is fairly important. One of the world’s biggest markets, the daily business of the NYSE has been threatened for a while now by the Occupy Wall Street protests. Internet hacker group, Anonymous, has now also jumped on the bandwagon, […]
As the “Occupy Wall Street” protests enter their ninth day, an increasing number of videos and photos have begun surfacing, showing near-indiscriminate use of tasers, mace and kenneling by the NYPD on demonstrators, who are protesting a financial system that apparently favours the wealthy and powerful over ordinary citizens.
South Africans have one-upped the Aussies again. Brewing giant, SABMiller, has flexed its muscles and laid claim to the iconic Australian brand, Foster’s. The takeover of the Australian beer maker should be complete by the end of the year, and the price tag has been confirmed at $10,2 billion, with a bit of change for some dividends.
A European Union trade pact that dictates that the name “port” may only apply to fortified wines from Portugal will mean that the word will disappear entirely from bottle labels in this country by the beginning of January next year. The move has been on the cards since 2000, when the South African government agreed to stop using it.
China’s time is now. We’ve all been saying it for ages, but their time really is now. A report from Bloomberg doesn’t beat around the bush: “China is willing to buy bonds from nations involved in the sovereign debt crisis.” They already own millions of hectares of land right here in Africa, but now they want to invest.
European stocks have bounced back slightly (well, leveled, more than anything) on news that China and Italy are in discussions about “significant” purchases of Italian bonds and investments in strategic companies. Greece will probably get that next round of funding, but Europe still needs to approve it. Here are some interesting numbers if Greece does go bang.
Vodacom has popped a cap in the bandwidth of Blackberry Internet Service (BIS) subscribers who exceed a monthly data limit of 100mb – cutting the speeds from 3G to 2G. Vodacom claims that this should only affect around 5% of the user base, as the rest are all using the service “fairly”.
Reports coming out of the East and Europe this morning paint a dismal picture for Greece. The Euro had already slipped to a 10 year low against the Yen and a six month low against the dollar in overnight trading. Bloomberg thinks Germany might give up on Greece because a Greek default is probably inevitable.
To demonstrate the lethal speed at which the Texan wildfires are spreading, the Texas Parks & Wildlife Department have released footage of the wildfire consuming the 6 000 acre Bastrop State Park – 84% of which has been burnt down as of today, in spite of firefighters’ efforts to save a number of historic Civilian Conservation Corps cabins.
Huang Nubo, the sixteenth richest person in China, has offered $100 million to buy 300 square kilometres of Icelandic wilderness. He calls himself a “poet and adventurer,” so it would make sense that he’d want to buy the property to develop a golf course and tourist destination.
At the end of last week, parliament confirmed that the embattled public works department had spent approximately R183 million since May 2009, and that R46 million had been dropped on exclusive residences in this year alone. It’s therefore no surprise that the Hawks are struggling to finance their investigations.
Our Dear Leader, Kim Jong Il, has caught a train to Russia and will meet and attend an energy summit with President Dmitry Medvedev later this week. The summit is expected to focus on energy cooperation and nuclear disarmament, no spice. But, Our Dear Leader is probably also after a business opportunity that will make money out of South Korea.
European banks tumbled for the third day in a row, led by Lloyds Banking Group and Commerzbank AG, on concerns that firms will struggle to fund themselves and increase earnings as the region’s sovereign debt crisis strangles economic growth. Basically, it’s a case of just about everything taking on for the team.
Yesterday, 2oceansVibe reported that clothing retailer, Abercrombie and Fitch, had decided it no longer wanted its clothing to be associated with members of The Jersey Shore cast, especially Michael “The Situation” Sorrentino. Coincidentally, the very next day of trading after the announcement, Abercrombie shares shed nearly 10 percent at one stage.
Don’t worry, the artificial libertarian islands will have better names than that. Peter Thiel, founder of PayPal and early Facebook investor, has given $1.25 million to an initiative to build libertarian island states in international waters. Because that’s what you do when you’rea 43-year-old gay libertarian with money to kill, I guess.
And for the first time in years I actually have a reason to want a Motorola. Google today agreed to acquire the handset division of Motorola, Motorola Mobility, for $12.5 billion (around 90 billion ZAR). It’s always nice to have money lying around for these little impulse buys.
World financial markets might be in turmoil and investors might be discarding shares at any opportunity, but, there is always the exception to the rule. Warren Buffett and Donald Trump are just two of these exceptions to the rule. The two financial moguls are actually having a good old time of things at the moment.
It’s becoming a case of “your guess is as good as the next guy’s” in world financial markets now. Share prices are fluctuating like unseasonal temperatures and nobody can really predict what might happen next. French markets rallied earlier, but as soon as they did, rumours that BNP Paribas may face another €500 million loss on Greek debt surfaced.
Not even security exchanges are immune to hackers these days. Hong Kong Exchanges and Clearing Limited, the world’s biggest security exchange operator by market value, suspended trading yesterday for companies including HSBC. This came after its website was hacked in what’s been described as a hack with malicious intent at a critical time.
Speaking at the Black Hat hacker’s conference in Vegas yesterday, former director of the CIA’s counterterrorism center Cofer Black voiced concerns about a future “code war” where hackers tamper with the technology that runs our day-to-day interactions. Then a fire alarm accidentally tripped, which was nice and thematic.
See those tiny blocks? Each one of those is $100 million. Absolutely no spice. And that is what the United States’ debt will look like in $100 bills by Christmas this year. Click through to see the depressing, and amazing progression of how many $100 bills it takes to make a $15 trillion pile of […]
Speaking in New York yesterday, the former French finance minister and now new IMF head, Christine Lagarde, warned that despite the positive response in the financial markets to bailouts, fresh turmoil could easily boil over if debt crises aren’t properly managed now. She also really wants the Republicans and Democrats in Washington to stop squabbling so much.
Chinese officials have ordered two of the five fake stores already located in the south-western city of Kunming to suspend business while they’re investigated, a local government website said on Monday. But, it’s since emerged that similar fakes exist in countries from Croatia to Venezuela.
Julius Malema has today denied that he is building a R16 million home in the upmarket Johannesburg suburb of Sandown. Rather, he chose to insist, “Instead of being rich, I remain poor but credit worthy.” He declined to give details of his financial interests, saying he was not a public figure, but this may yet backfire on him.
“Italy Too Big to Bail Out as Crisis Enters ‘New Phase’.” That was the headline I read over at Bloomberg earlier. Don’t get me wrong, I know Italy is facing serious problems, but when will they actually get rid of the bungling “bunga bunga” Berlusconi? Today the country has been auctioning an estimated €3 – €5 billion in fixed-rate bonds.
The real Cell C CEO, Lars Reichelt, will be leaving the company with immediate effect according to the company’s board. Reichelt joined Cell C two-and-a-half years ago and has since commuted extensively between South Africa and Switzerland, where his family lives. According to a statement, his resignation is for personal reasons.
Cape Town motorists have begun filling-up their petrol tanks fearing a petrol shortage later this week. This comes on the back of news that about 5 000 Chemical, Energy, Paper, Printing, Wood and Allied Workers Union (Ceppwawu) members in Cape Town have joined the nationwide industrial action. The main march takes place in Cape Town next week.
Flower selling in Adderley Street, Cape Town, is tradition in one of its purest forms. For some 100 years, man has always known he merely has to make a short drive into town, come rain or shine, to demonstrate old fashioned chivalry. Unfortunately, it appears an unused prawn lane is now hurting business, say the sellers.
A fair portion of the smartphone market in this country belongs to BlackBerry, because unlike the rest of the world, we still pay rather exorbitant data fees to the carrier firms that run the market. And free messaging is like, so cool. Not internationally though, where BlackBerry maker, RIM, is in a serious make-or-break space.
The economic dilemma facing Greece and and the European Union is reaching a head as Greece threatens to default on its debt to the European Union. The outcome of the crisis, whether positive or negative, will have a substantial effect on the health of the global economy. So it’s an important issue. And yet, discussion […]