On May 26, the price of the bitcoin began to surge, hitting a value of $467.50. Throughout the weekend, the currency continued its dramatic trajectory, spiking at $570 before settling around $530. This amounts to a sudden increase of 21% in the midst of a consistent, if low, period for the currency. While these values are far below bitcoin's one-time peak of $1,151, they are the highest prices the digital currency has reached since 2014. That same year marked a heavy blow for the bitcoin, bottoming it out at low rates that remained in force over the past year. Now, investors are indicating promise in the currency once again: Over the weekend, daily global transactions equated to $134,056,000, with over 15 million bitcoins in supply.
China's Commerce Ministry is upset over a massive duties increase on imports of corrosion-resistant steel. The U.S. Commerce Department announced a duty of 450%, up from 256%, on flat-rolled steel. The steel in question is typically coated in zinc or aluminum to extend its useful life.
Although the Syrian civil war are has partitioned Syria into several autonomous regions, trade has continued to flow across front lines, largely aided by truck drivers. These truck drivers are responsible for crossing battlefields and checkpoints to deliver consumer goods, such as food, cars, and oil.
One of the main sections of globalEDGE is the Tools and Data section. The tools provided include a diagnostic tool, a comparator tool, and interactive rankings. The diagnostic tools are used to evaluate important international business decisions such as international partners and distributors. The comparator tool is used to compare countries across a variety of economic indicators including GDP, inflation, and exports. The final tool is the interactive rankings, a tool designed to rank countries or states based on key economic indicators.
Despite the fact that shares of the world's top tobacco companies reached record highs in recent weeks, AXA, one of the world's biggest insurers, has decided to sell all of its assets in the tobacco industry. Over $2 billion in assets will be divested, and AXA will cease all further investment. This huge announcement follows new tobacco laws in the United Kingdom regarding uniform packaging, as well as large graphical health warnings that will go into effect in less than a year. With investors retracting funds and government laws emphasizing health concerns, will this mark the beginning of the end for the tobacco industry?
Have you been gotten the chance to visit the globalEDGE Business Beat lately? The Business Beat, hosted by Tomas Hult, is a great way to gain in depth knowledge on current topics in the business world, and the latest segments cover a wide variety of interesting topics. Topics for May include the uniqueness of Sweden both culturally and economically, the Global Business School Network and its impact on business schools around the world, the American Marketing Association, and more. Make sure you check out the globalEDGE Business Beat page today!
Dubai has been one of the fastest growing economies in the past 3 decades, if not the fastest. Dubai has been all over the news and social media for quite some time now, and everyone is amused by its dramatic changes. It distinguishes itself with its ultramodern architecture, skyscrapers, and luxurious shopping. It’s also known for its indoor skiing, housing the tallest skyscraper in the world, “Burj Khaleefa”, and building man-made islands such as the “Palm Jumeirah”.
On Tuesday, President Barack Obama announced that the United States would be easing some of its economic sanctions on Burma. Under new provisions, seven Burmese companies and three state-run banks will be allowed to engage in business with American corporations. The announcement shortly followed the seating of Burma's first democratically elected government in decades, led by the opposition party of revolutionary Aung San Suu Kyi. Obama cited several other developments in Burma that led to this decision: the freeing of several political prisoners, the discharge of child soldiers from the Burmese military, and improved labor standards. The lifting of these particular sanctions is meant to reward Burma for taking the steps toward a more democratic society.
As the capabilities of artificial intelligence and technology continue to grow and become more versatile and sophisticated, there are more opportunities for continued growth, but these advances can have a wide range of impacts across many industries in the global economy. Artificial intelligence encompasses a wide spectrum of technological advances, such as robots, augmented reality, autonomous vehicles, and algorithms.
The sugar industry could be seeing big changes in the coming years, jump started when the European Union announced a liberalization of their sugar policies. The new sugar policy will allow farmers to produce more sugar, as production quotas and minimum payments have been abolished. With the new rules, the EU expects to become a net exporter of sugar for the first time since 2005, which will impact sugar farmers internationally, especially those used to importing to Europe.