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Economy & Finances

Forbes’ 32nd Annual World’s Billionaires Issue

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Centi-billionaire Jeff Bezos seizes the top spot for the first time. Bezos has a fortune of $112 billion, up $39.2 billion from 2017, the biggest one-year gain ever. Bill Gates, who has been the richest person in the world for 18 of the past 24 years, drops to No. 2 on the Forbes billionaires list. Gates has a fortune of $90 billion, up from $86 billion last year. This is the biggest gap (in dollars) between the top 2 spots since 2001. Warren Buffett, worth $84 billion, falls to the No. 3 spot. His net worth increased from $75.6 billion in 2017... Read More »

Boeing Invests in Global Learning and Innovation Institute Singularity University

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Boeing [NYSE: BA] announced its investment in Mountain View, Calif.-based Singularity University (SU), an immersive and digital educational program provider, business accelerator, and global online community furthering the application of exponential technologies, including artificial intelligence, augmented and virtual reality, nanotech fabrication and robotics. Boeing and SU will explore opportunities to work together, which could include customized educational programs for Boeing employees and the addition of Boeing technical experts to SU... Read More »

Gazprom and ChelPipe sign roadmap to produce pipes for offshore projects

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In accordance with the document, ChelPipe will adopt the technology to produce pipes from the 25Cr Super Duplex steel and the UNS N06625 nickel alloy. Thanks to these materials, the equipment used in offshore environments will acquire such characteristics as ultra-high strength and corrosion resistance. No pipes of this kind are produced in Russia at the moment. It is planned to deliver, test and certify prototypes under Gazprom’s requirements in the course of 2018. The pipes will be used in the manufacturing of domestic equipment for subsea... Read More »

Forbes Releases Third FinTech 50 List: The Future Of Your Money

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The $8.5 trillion (market cap) U.S. financial services industry is being fundamentally reordered as technology disrupts not only individual behaviors, but also how big banks control risk and hedge funds place their bets. Worldwide, $27.4 billion poured into fintech startups in 2017, up 18% from 2016. With so much action in this industry, it is no surprise that 22 companies are new on this year’s FinTech 50 list. Notable newcomers include: Blend, Chainalysis, Remitly, The Bitfury Group and Enigma. We excluded public companies from our list and c... Read More »

ABN AMRO Clearing Bank develops alternative for escrow accounts

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With this new service, every individual client of the non-bank organisation gets a bank account with the ABN AMRO Clearing Bank (AACB) via the blockchain. That way, fund flows between the organisation and its clients are included in payment processes under regular supervision, guaranteeing the required transparency. This block chain method drastically reduces administrative costs for the organisation by eliminating escrow account management costs. Fintech Nxchange is the first client to launch this solution, starting in February. Great mark... Read More »

Forbes Releases First-Ever Crypto Rich List, A Compilation Of The 20 Wealthiest People In Crypto

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While the prices of individual cryptocoins continue to swing wildly, it’s clear that blockchain-based currency is here to stay and that these virtual assets have real, albeit volatile and speculative, value. “Our first-ever Crypto Rich list provides a snapshot of a pivotal moment, part of the transparency needed to pull crypto away from its provenance as an unknown currency,” said Randall Lane, Chief Content Officer, Forbes Media. Chris Larsen, a longtime tech executive and Founder of Ripple, tops Forbes’ Crypto Rich List. Larsen’s net wo... Read More »

Porsche plans to invest more than six billion euro in electromobility by 2022

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Porsche has been putting together an unprecedented future development plan: By 2022, the sports car manufacturer will invest more than six billion euro in electromobility, focusing on both plug-in hybrids and purely electric vehicles. The de-cision was made by the Porsche AG Supervisory Board at its most recent meeting. “We are doubling our expenditure on electromobility from around three billion euro to more than six billion euro”, explains Oliver Blume, Chairman of the Executive Board of Porsche AG. “Alongside development of our models with c... Read More »

Samsung Electronics Announces Stock Split and Shareholder Return

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The Company had received numerous requests for a stock split based on the view that a high share price was a hindrance to potential investors. The request increased in frequency as the price of our shares rose significantly during 2017. The Board believes the stock split announced today will make investing in Samsung Electronics more accessible and provide dividends to a wider range of investors from 2018. The split is also expected to add both liquidity and marketability to the Company’s stock, which may contribute to enhancing corporate... Read More »

Apple says it will pay $38bn in foreign cash taxes and create 20,000 US jobs

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Apple said on Wednesday it would make a one-time payment of $38bn to repatriate some of its vast overseas cash holdings. The company, which has faced international criticism for its tax evasion policies, also said it would spend $30bn in the US over the next five years, creating 20,000 new jobs. Lawmakers in the US, European Union and the UK have criticized Apple over its tax policies. The company holds $246bn in low-tax countries. During the election campaign, Donald Trump attacked Apple’s policy of building its phones, tablets and other gadge... Read More »

Nestle sells Crunch, Nerds and other US brands to Ferrero for $2.8bn

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The Swiss food giant said it was offloading brands such as Crunch, Nerds, Runts and Butterfinger to focus on other products. Italy's Ferrero, which makes Nutella spread, Tic Tac and Ferrero Rocher, will become the US's third biggest confectionery maker. The deal is expected to go through by March this year. Ferrero said the brands would give it "substantially greater scale" and "a broader offering of high-quality products" for US customers. Healthy steps? The US confectionary market is the largest in the world, worth about $8bn a year acc... Read More »

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