News 

Dollars for…donuts: when the craze for FX simply gets out of control

“Therefore, by the book (albeit the book of American sanctions regulators), dollars that have touched Iran are problematic” reports tehrantimes.com. But instead of following the herd and asking, “where can I get some dollars to hoard?”, the better questions to ask are instead: 1.Knowing the demand for dollars in Iran, the exporter converts those euros to dollars at an exchange rate of 1,225, receiving 1,225,000 USD, which he then exchanges for rials at 56,000, receiving 68.600.000.000 rial.The fisherman then returns to Bandar Abbas, where he exchanges his dollars for rials…

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Markets News Stocks 

Tech sector forfeits half a trillion dollars in value over 2-week span

“The S&P 500 tech sector XLK, -0.67% peaked on March 12 at 1,233.93, putting its market cap at about $6 trillion” writes Anora M for marketwatch.com. The weakness in tech stocks is similar to the weakness of the largest stocks in general.By Tuesday’s close, the market cap was down to $5.5 trillion, a decline of 8.8%, according to WSJ Market Data Group.The unwinding of the most crowded trade of the year—big tech—has contributed significantly to a shaving off of half a trillion dollars in total market cap from the S&P…

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Markets News 

Alibaba invests additional $2 billion in Southeast Asian e-commerce firm Lazada

“Chinese tech giant Alibaba said Monday it would invest an additional $2 billion in Southeast Asian online retailer Lazada as part of its continued push into the region” writes Saheli Roy Choudhury for cnbc.com. Alibaba acquired control of Lazada in 2016 with an initial $1 billion investment.Last year, Alibaba increased its stake in the Singapore-based firm from 51 percent to 83 percent with an additional billion-dollar investment.Alongside the investment, Alibaba said that the start-up would also have a new CEO. Lucy Peng, a co-founder at Alibaba and currently Lazada’s chairwoman,…

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News Stocks 

U.S. dollar set to face more pain in 2018, so here’s how to prepare, says Wells Fargo

“After a protracted period of weakness, should those investors maintaining a bullish outlook on the U.S. dollar throw in the towel?” writes Anneken Tappe for marketwatch.com. Diversification is key, says Wells Fargo. “U.S.-dollar-denominated allocations to international developed- and emerging-market equities are two of the simplest -— and most effective — ways to insulate a portfolio from a declining dollar,” the bank’s analyst wrote. “In dollar terms, international [developed market] stocks have consistently outperformed domestic stocks when the dollar depreciates — and vice versa,” Wells Fargo said.Because that downdraft isn’t likely…

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Crypto News 

Bitcoin investors have reason to worry

“Bitcoin investors have good reason to worry” writes Peter Morici for marketwatch.com. Consequently, Citibank, J.P. Morgan, Discover and many other big banks no longer permit cardholders to exchange dollars (or any other national currency) for bitcoin.Bitcoin ledgers are kept on private computers theoretically beyond the eyes of government officials; hence bitcoin has great utility for all things illicit.Advocates of bitcoin BTCUSD, +2.96%  argue governments are tempted to print too much money to finance spending, instead of taxing, and fuel inflation.Holding bitcoin is like putting currency in a locker at a…

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AUD News 

Gay Mardi Gras in Australia Goes Corporate, Clashing With Activist Roots

“Corporations spent more than 1.2 million Australian dollars, about $950,000, on Mardi Gras in 2017, more than double the amount in 2007, according to event organizers” writes Isabella Kwai for nytimes.com. A Google grant program, combined with funds from the festival, contributed 80,000 Australian dollars ($62,770) for community floats. Source: nytimes.com Share This:

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News 

Jerry Jones’ fight with Roger Goodell will cost him ‘millions of dollars’

“Jones openly battled with compensation committee chairman Arthur Blank as Jones did his best to keep the committee from locking up Goodell long-term” writes Feb Est for sbnation.com. Goodell plans to charge Jones “millions of dollars” for his role in the conflict, according to Ken Belson of the New York Times.As a result of his threats to sue, Jones was removed as an ad hoc, non-voting member of the compensation committee.But in May, all 32 owners — including Jones — voted unanimously to leave that responsibility solely in the hands…

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Markets News 

The job is not over: Europe’s largest bank on efforts to strengthen its business

“But the job of strengthening the bank is not over, Chairman Mark Tucker said Wednesday, as the ever-changing global environment calls for a more agile business strategy” writes Yen Nee Lee for cnbc.com. “I think strategy evolves in a dynamic environment, and therefore must be dynamic by its nature,” Tucker told CNBC in an exclusive interview.Wednesday marks a new era for the bank with John Flint, a veteran at HSBC, taking over as chief executive.After seven years of restructuring that involved cutting thousands of jobs and bank branches, HSBC has…

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