In a big victory for the Wall Street, federal regulators approved a broad proposal to ease financial crisis-era regulations on risky trading on Wednesday. The change to the 2010 Volcker Rule would give Wall Street banks more freedom to make their own complex bets. The move is another government effort to loosen financial regulations.
The world’s richest woman, L’Oreal heiress Liliane Bettencourt, passed away peacefully overnight, aged 94, her family confirmed. Bettencourt had an estimated 2017 net worth of $40 billion, all of her assets, including her holding stake in L’Oreal, have been placed in a trust controlled by her daughter. One of her grandchildren succeeds her as vice chairman and was also named to guard her personal affairs.
China’s president, Xi Jinping, has projected himself as the leader of a new economic order in a plan known as the belt and road initiative. The plan which is estimated to come to $1 trillion, will connect over 60 countries although not the United States. Xi’s plan is to connect and establish trade routes, creating a new economic infrastructure which has yet to be seen. He plans to connect China from Asia to the Middle East, Africa, and Europe.
The founding partner of a recognized Silicon Valley venture capital firm, Steve Jurvetson, will leave the firm after the beginning of an investigation into his alleged ‘predatory behavior’ with women. Jurvetson spoke out Monday, saying he is leaving to ‘focus on personal matters, including taking legal action against those whose false statements have defamed me.’
After Snap Inc, the parent company of the social media platform Snapchat, shared their first earnings report, the company’s stock lost almost 25% of its value. Snap shared their $2 billion loss leaving many to come to the conclusion that they would not be able to keep up with other social media competitors like Facebook and Twitter. Analysts stated that Snap would probably not make a profit until 2019.
Many former Wells Fargo employees, 5,300 who were let off for exposing what they knew, spoke of their time at the company, standing on street corners, exploiting their roles in the bank to get customers with a promise of a higher salary and better place in the company. Every immigrant they managed to create a bank account for was considered a sale and placed the employee higher up in the company. Spanning 15 years, this information was apparently no secret to the bank’s executives.
For a few hours on Thursday, Jeff Bezos was the richest man in the world with $90.6 billion, beating Bill Gates’ $90.1, according to Forbes.com. After a few hours, Amazon shares fell through putting Bill Gates back on the top spot. Bezos holds almost 81 million shares of Amazon, just shy of 17 percent of the company.
Bitcoin broke through a closely watched milestone, $10,000, Tuesday night. The cryptocurrency saw more than a 900% growth since its under $1,000 value at the beginning of the year. One of the biggest bull markets ever seen, financial experts warn of its volatility and bubble status.
One of the world’s most beloved toy stores, Toys ‘R’ Us, has just filed for bankruptcy, becoming another victim to online retail. The company filed for bankruptcy on Monday evening, acknowledging their $5 billion debt. The company has stated that their 1,600 stores worldwide are to continue business as usual as they sort out their financial issues.
Sinclair Broadcast Group said today it will pay $3.9 billion to buy Tribune Media Company and its 42 local TV stations, beating out 21st Century Fox to land the deal. Sinclair also will assume about $2.7 billion in Tribune Media debt, according to the companies. Tribune Media owns local TV stations across the country, including WGN in Chicago, WPIX in New York, KTLA in Los Angeles and WDCW in Washington.