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Latest 24 Hour Economy News
Source: DW

China's peer-to-peer lenders face crisis, investors face ruin

Today 06:59 GMT

Send Facebook Twitter google+ Whatsapp Tumblr linkedin stumble Digg reddit Newsvine. One of the first indications that not all was well came in 2015 when depositors lost 50 billion yuan (€6.9 billion, $7.82 billion) in online lender Ezubo, who regulators said was running a giant Ponzi scheme that scammed some 900,000 investors.

A burgeoning segment of the finance industry that imploded suddenly following allegations of widespread fraud and mismanagement.

Source: Common Domain

Asian markets pull back, following Wall Street’s lead

Today 04:14 GMT

Asian shares were mostly lower Friday after a slide on Wall Street as investors nervously watched the U.S.-China trade talks in Washington.

The U.S. Labor Department said fewer workers applied for unemployment benefits last week than economists expected, an encouraging sign that layoffs are low. Investors are cautious about business conditions going forward as signs of weakness in the global economy emerge.

Source: Reuters

Hong Kong's pent-up property demand may herald price rebound

Today 04:14 GMT

The outlook for Hong Kong’s property market, the world’s least affordable, has started to firm with some analysts predicting prices could rise as much as 10 percent this year after only a short-lived correction.

CLSA expects the property market to rebound by up to 15 percent from April to the year-end, as capital looks for investment opportunities and pent-up demand from mainland Chinese who are gaining their Hong Kong residency is unleashed this year.

Source: Reuters

Property bust rattles Australia's record-breaking economy

Today 04:14 GMT

Property classifieds sites Domain Australia Holdings Ltd and News Corp-owned rival REA Group as well as furniture seller Nick Scali are also feeling the negative effects.

Prices in the Epping area have already fallen more than a fifth from their peak in August 2017, according to data from property consultant Corelogic, the steepest falls in Sydney. “Up until December there’s actually been an acceleration of the decrease in pricing,” said Jay Carter, sales director at the Australian arm of Chinese developer Poly Real Estate Group Co, which recently built a 516-unit complex in Epping.

Source: Reuters

Cryptocurrency companies use 'backdoor' listings to ease into...

Today 03:19 GMT

Several cryptocurrency exchanges have moved closer to mainstream markets by buying listed companies, looking to raise funds and present themselves as embedded in the traditional financial services world they once spurned.

“Depending on what the companies are planning to do they very well might have to seek regulatory approval from the SEC or the CFTC,” said Richard Levin, chairman of the financial technology and regulatory practice at the U.S. law firm Polsinelli.

Source: Reuters

Ford probing possible problems with fuel economy, emissions tests

Today 03:19 GMT

Ford Motor Co said on Thursday it has hired outside experts to investigate its vehicle fuel economy and testing procedures after employees raised concerns, and did not know whether it would have to correct data provided to regulators or consumers.

Ford has hired the law firm Sidley Austin to lead an independent investigation into possible discrepancies in calculations used to produce emissions and fuel economy figures, Pittel said.

Source: Common Domain

Zillow is betting big on flipping houses, and investors seem to like it

Today 00:34 GMT

Shares of Zillow initially tumbled in after-hours trading on the news, but after company executives predicted that Zillow Offers could add “$20 billion in annual revenue over the next three to five years” on a conference call with investors, its shares bounced back and jumped about 6%.

On Thursday, Zillow ZG, +0.46% said as part of its fourth-quarter results that it would be making more investments in its Zillow Offers service, which lets consumers easily sell their homes to the Seattle-based company.

Source: Fox News

IRS employee accused of leaking Michael Cohen's bank records to Michael Avenatti

Today 00:34 GMT

A veteran IRS employee has been charged with leaking the banking records of President Trump's onetime personal attorney, Michael Cohen, to Michael Avenatti, the attorney for adult film star Stormy Daniels, federal prosecutors announced Thursday.

AVENATTI GIVES UP CONTROL OF FIRM AFTER BEING ACCUSED OF HIDING MILLIONS: REPORT. One of the reports Fry allegedly accessed showed Cohen's Essential Consultants had received a total of $500,000 from Columbus Nova, a company associated with Viktor Vekselberg, a Russian oligarch who donated money to Trump's inauguration fund.

Source: Common Domain

Stamps.com is breaking up with the U.S. Postal Service, and its stock is down nearly 50%

Today 00:34 GMT

Stamps.com Inc.’s stock took a nose dive in late trading Thursday, falling nearly 50% after the company said an exclusive deal with the U.S. Postal Service will not be renewed.

Related: Stamps.com was one of the top small-cap stock picks for 2019 among Wall Street analysts. The online mail-supplies company said that adjusted earnings for 2019 are expected to be $5.15 to $6.15 a share on revenue of $540 million to $570 million, a big decline from adjusted earnings of $11.78 a share on revenue of $586.9 million in 2018.

Source: Common Domain

Corruption Currents: Former Maldives President Held Amid Money-Laundering Trial

Friday 11:46 GMT

(Reuters, SA, news24, MWL, SAN, AFP, Bloomberg, EWN). The corruption trial of former Argentina President Cristina Kirchner was delayed for three months.

(AFP, FT, Bloomberg, AFP). Montenegrins protested over the weekend, demanding the president resign amid allegations of corruption.

Source: BBC

Barclays profits flat amid UK 'uncertainty'

Friday 19:05 GMT

Therein lies the puzzle of the UK banking sector which explains lowly share prices; like Schrödinger's cat, no-one's quite sure what state it's in."

If the economy suffers after the UK's departure from the EU, the extra allowance will help Barclays cover costs such as rising bad debts. The bank's chief executive, Jes Staley, said 2018 had been a "very significant" year, with several issues resolved.

Source: Common Domain

Dropbox stock falls 10% after margin guidance disappoints

Friday 21:50 GMT

See: Dropbox stock falls 7% after earnings easily beat expectations, COO steps down. JMP Securities analyst Pat Walravens told MarketWatch over the phone Thursday that Dropbox stock was likely selling off in late trading because of the company’s margin guidance for 2019.

Dropbox Inc. reported sales and revenue guidance that topped Wall Street expectations late Thursday, but issued guidance that disappointed investors.

Source: Common Domain

Dollar climbs despite weaker-than-expected data; Aussie gets knocked around

Friday 19:05 GMT

The U.S. dollar managed to climb higher on Thursday despite weaker-than-expected economic data, after the Federal Reserve’s January meeting minutes a day earlier failed to put another dovish damper on market sentiment.

Elsewhere, Canada’s dollar USDCAD, +0.3491%  was sliding against its U.S. rival after Bank of Canada Gov. Stephen Poloz said that “the limitations of monetary policy mean that it cannot solve all economic problems” and that the central bank continued to watch incoming data and developments in trade policies, according to a BOC press release.

Source: Global News

Bank of Canada governor Poloz says pace of future rate hikes ‘highly uncertain’

Friday 12:40 GMT

The head of the Bank of Canada says his trend-setting interest rate is low enough, at its below-inflation level of 1.75 per cent, that it’s delivering stimulative effects to the economy.

READ MORE: Southern Albertans feeling the pinch after Bank of Canada interest rate hike. “With that rate still lower than inflation, it is clear that monetary policy continues to deliver stimulus to the economy today,” Poloz said.

Source: Common Domain

Etsy Reports Quarterly Earnings Monday. Here’s What to Expect.

Friday 15:25 GMT

Digital craft marketplace Etsy (ticker: ETSY) is scheduled to report fourth-quarter financial results on Monday after the market’s close.

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