BUSINESS NEWS FEBRUARY 14TH, 2016
CHINESE STOCKS HOLD FIRM
In a tumultuous New Year for stocks, one main concern was the destabilization of the Chinese market. However, Sunday showed that those concerns may be allayed, at least for the time being. Chinese stocks snapped a losing streak by bouncing 2.2%. One of the main concerns came from January readings which showed Chinese exports and imports falling 6.6% and 14.4%, respectively. Across Asia, stocks are relatively stable. Along with jumps on Wall Street and in European banks, concerns are starting to lessen.
SHOULD AMERICANS BE HAPPY ABOUT CHEAP OIL?
One of the main headlines in January was the incredible drop in oil stocks, which drove the price of oil down to approximately $27 a barrel, and a subsequent $1 per gallon. Naturally, this drop pleased consumers. However, a report by CNN shows that these drops may not be as helpful as one might think. Among other things, the report cites Americans taking a hit in their 401(k)’s due to this drop on Wall Street.
IS INDIA’S ECONOMIC UPTURN A MIRAGE?
India is viewed by much of the technology world to be the last untapped market. In keeping with that philosophy, Apple CEO Tim Cook said in his latest earning report that iPhone sales grew over 76% in the South Asian subcontinent. India is currently the only one of the BRIC countries that has been the recipient of the optimism that Cook showed in his speech. Referring to India as having incredible potential, Cook expressed a desire to actively market there.
VOLKSWAGEN ALLEGEDLY WARNED ABOUT DIESEL PROBE
In May 2014, Volkswagen was allegedly warned by one of their employees of an impending inspection by U.S. regulators on the pollution caused by emissions. Volkswagen is currently under investigation for tampering with engine software in order to fool these very tests. The employee sent in a letter more than a year ago, raising the question of how much of the manipulation was known by senior managers. Volkswagen is being sued by the U.S. Justice Department for $46 billion for breaking environmental law, among other things.