When someone in the caliber of billionaire bond manager Bill Gross gives financial advice, everyone takes note. He said new financial technologies such as bitcoin is likely to become a protection for investors against central bank low and negative interest rates. For more wisdom from Bill Gross, stay tuned to Sentifi.
Bill Gross: Criticizes the central banks for bad policies
The Federal Reserve, Bank of Japan and European Central Bank were Gross’ targets of criticism for, in his opinion, destroying the business models that nurture savings, investment and economic growth. As a result, the investors are actively and increasingly looking for safe havens. With their decentralized nature, Gross believes blockchain and bitcoin will offer just that to investors.
S&P BSE SENSEX: Goes up 85 points after RBI policy announcement
Amid the volatility after the policy announcement from the Reserve Bank of India, the index moved higher. The RBI has cut the repo rate by 25 basis points to a six-year low of 6.25 percent.
ABB: Partners with Microsoft for digital solutions
The two companies aim to provide digital technology and cloud platform to industrial customers, which is part of ABB’s strategy of reorganization. The company also has decided to keep its Raleigh unit, which consists of 500 employees, while splitting its business into four units, which are Electrification Products, Robotics and Motion, Industrial Automation, and Power Grids. The split will be effective on Jan. 1.
Ericsson: Cuts 3,000 jobs in Sweden
The company will let go nearly 20 percent of its home-country workforce as it faces tough competition from Chinese rivals and weak demand. The job cut is merely part of a larger restructuring program; the company plans a more significant trim of its 115,000 employees globally. CEO Jan Frykhammar warned that the management would consider tougher cost-cutting measures if necessary.
Shoprite Holdings: Gets slammed by the Congress of South African Trade Unions (COSATU) for fat-cat pay
CEO of the company Whitey Basson received R100 million, or $7.242 million, in bonus, which doesn’t sit well with the COSATU. It criticizes the company for saying to its employees the company has no money and cannot give them a pay increase while it’s given the CEO a big bonus.
Samsung Biologics: Plans a $2 billion IPO
The maker of biotech drugs for global pharmaceutical companies plans to raise $2 billion from an IPO in Korea. It will offer 16.5 million shares at the price of 113,000 won to 136,000 won a share. That’s about $101.45 to $122.10 a share.
GBP: Nosedives to a 31-year low
Fears of a “hard Brexit” from the EU has taken hold of the currency and dragged it down as investors and traders are worried that the EU’s single market could hurt the U.K. economy. Prime Minister Theresa May said recently that the formal Brexit process will be “bumps in the road.”
Summit Therapeutics: Stock increases by 50 percent on exclusive drug deal
The drug maker announced it is teaming up with U.S.-based Sarepta Therapeutics in an exclusive licensing deal to develop and market a specialist drug in Europe. Summit will receive £31.4 million up front and milestone payments of up to £409.5million plus royalties.
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