BUSINESS NEWS FEBRUARY 10TH 2016
Yellen Predicts Economic Turmoil
In December 2015, the Fed hiked its interest rates for the first time since 2008, showing that the Fed has confidence in the United States economy. Despite many of the central banks around the world moving away from interest rate hikes, Janet Yellen, president of the Federal Reserve, expects to implement gradual rate hikes. Many experts believe it will be difficult for the Fed to increase rates since most of the world is moving in the opposite direction.
Faulty Airbags Results In Massive Recall
Officials from various car companies were forced to recall over a million vehicles due to faulty Takata airbags.These problems were first reported in 2009, and since then nearly 24 million airbags have been recalled from 14 different automobile manufacturers. Among the cars recalled were Mercedes C Class and E Class as well as over half a million Volkswagen cars.
Google Computer Qualifies As Driver
A report from United States safety regulators says that the computer which runs Google cars could be considered a driver under federal law. The National Highway Traffic Safety Administration (NHTSA) has said that they are in agreement with the assessment that Google’s cars will not have a driver in the traditional sense. However, they have cited the question of whether or not the computer will meet the necessary qualifications to be fully considered a human driver.
China Buying Gold
Recent reports from Hong Kong show Chinese imports of gold rising over 700% since 2010. However, the objective of this buying spree remains unclear. China has not disclosed how large their gold reserves actually are. Their buying of gold reached a high in 2013, with imports of 1,495 tons of gold. Despite China’s reticence in the exact amount of its gold reserves, it has started to report these figures due to encouragement from the International Monetary Fund.