BUSINESS

BUSINESS

Elon Musk Is Now The World’s Richest Person — Move Over Jeff Bezos

Elon Musk has become the world’s richest person as his net worth crossed US$185 billion. The Tesla and SpaceX entrepreneur was pushed into the top slot after Tesla’s share price increased recently. He takes the top spot from Amazon founder Jeff Bezos, who had held it since 2017. Mr. Musk’s electric car company Tesla has surged in value this year […]

BUSINESS

Stocks And Bitcoin Are Massive Bubbles, Long-time Bear David Rosenberg Warns

Long-time market bear David Rosenberg is warning investors the stock market and bitcoin are massive bubbles. The economist and strategist cites crowded trades amid a struggling economic backdrop for his concerns. “Based on our [stock market] valuation work, we are anywhere from 20% to 30% overvalued based on a whole bunch of different metrics,” the Rosenberg Research president told CNBC’s […]

BUSINESS

Nobel Laureate Paul Krugman Predicts A Swift, Sustained Economic Recovery Once Vaccines Are Rolled Out

Nobel laureate Paul Krugman predicts the US economy will enjoy a strong, sustained recovery once the pandemic threat recedes. Krugman, who won the Nobel Prize for economics in 2008, warned in a recent New York Times column that the next few months “will be hell in terms of politics, epidemiology, and economics.” However, he expects the economic rebound to be “much faster […]

BUSINESS

There’s Is No Coin Like Bitcoin — It Bubbleth Over

Bitcoin has passed $30,000 in value for the first time, continuing a recent sharp rise and bettering its heady days of 2017 $20,000 high. The virtual cryptocurrency max out at the close of the week at $30,823.30. Bitcoin has had a rollicking year with more and more investors showing interest in the crypto. Some financial analysts are betting that the […]

BUSINESS

Will The Richest Man In Asia Please Stand?

Zhong Shanshan, the Chinese billionaire businessman, who founded and chairs Nongfu Spring, the largest beverage company in China, has seen his wealth surge $7 billion this year, helping him leapfrog India’s Mukesh Ambani and China’s Jack Ma. Shanshan is also the owner of the Chinese pharma giant ‘Wantai’. As of September 2020, he became the richest person in Asia. Thanks […]

BUSINESS

EU Strikes Deal With China

Top European Union officials and Chinese President Xi Jinping agreed to a business investment deal on Wednesday. The move will allow European companies greater access to Chinese markets and help redress what Europe sees as unbalanced economic ties. The agreement was negotiated for almost seven years and is likely to take at least another year to enter into force. It […]

BUSINESS

Oil Prices Rise

Oil prices increased on the back of expectation that the U.S. will expand pandemic aid payments, which could spur fuel demand, and which also encouraged investors to take on more risk in hopes of stronger economic growth. Brent crude was up 44 cents at $51.30 a barrel, while U.S. West Texas Intermediate crude futures added 51 cents, to $48.13 a […]

BUSINESS

OECD Bets On China To Help Restore Global GDP

The Organization for Economic Cooperation and Development (OECD) is predicting that a robust recovery in China should help global GDP recover to pre-pandemic levels by the end of next year. The OECD released its latest forecasts in a report recently. The organization’s chief economist Laurence Boone says progress with vaccines and treatment have lifted expectations and uncertainty has receded. But […]

BUSINESS

Guyana Gets World Bank Support

The World Bank has approved the US$7.5 million Guyana COVID-19 Emergency Response Project. The Fund is intended to support the country in tackling the current pandemic and strengthening the country’s health system. Tahseen Sayed, World Bank Country Director for the Caribbean, says the institution is working with member countries in the Caribbean to help them respond to COVID-19 and prepare […]

BUSINESS

Walt Disney Set To Layoff 32,000 Workers

Walt Disney plans to lay off about 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September, as the company struggles with limited customers due to the coronavirus pandemic. In a filing with the Securities and Exchange Commission, the company said the layoffs will be in the first half of 2021. Earlier this month, […]