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Global economic growth is set to improve slightly next year but longer-term challenges inhibit stronger, more inclusive and more resilient economies, the Organisation for Economic Co-operation and Development said Tuesday. The Paris-based think tank also said that the UK economy will lag behind other major economies due to the Brexit uncertainties.
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With imports rising and exports edging lower, the Commerce Department released a report on Tuesday showing the U.S. trade deficit widened more than expected in the month of October. The report said the trade deficit widened to $48.7 billion in October from a revised $44.9 billion in September.
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Employment in the U.S. increased by more than anticipated in the month of November, according to a report released by the Labor Department on Friday. The report said non-farm payroll employment jumped by 228,000 jobs in November after surging up by a revised 244,000 in October.
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Consumer confidence in New Zealand ebbed in the fourth quarter of 2017, the latest survey from Westpac Bank showed on Tuesday with an index score of 107.4.
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New residential construction in the U.S. unexpectedly increased in the month of November, according to a report released by the Commerce Department on Tuesday.
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Bitcoin price plummeted as much as 14 percent as South Korean justice ministry is planning laws to ban trading in cryptocurrencies. Adding to the gloom, billionaire investor Warren Buffett warns that cryptocurrencies are set to have a bad ending.
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Ibovespa, the benchmark stock market index in Brazil, closed slightly lower (-0.02%) Friday at 79,349.12 points, even after S&P downgraded Brazil's credit rating from BB to BB-. The losses were limited by bets from some investors that the Brazilian Congress could pass the pension reform next month.
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The bloodbath in the cryptocurrency market extended into Wednesday with severe declines in both prices and market capitalization. Going with the flow, the BitConnect coin tanked more than 90 percent as the company said it's shutting down its platform and cryptocurrency exchange. Amid all the gloom, two ETFs, which are focused on investing in global companies involved in blockchain innovation are set to hit the market on Wednesday.
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Global investment giant Goldman Sachs has warned its high networth clients that Bitcoin's price surge has pushed the virtual currency it into the bubble territory, that dwarfs the past bubbles in dot-com companies and tulip bulbs. Still worse, the price rise in Ether, the second largest cryptocurrency in market cap, dwarfs even Bitcoin's jump, the bank added in a client note.
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A London college is launching a new pilot project for Blockchain-based verification of academic credentials. The MSC Financial Risk Management graduates in the University College London (UCL) can now use a QR code based on the Bitcoin Blockchain to display their tamper-proof, verifiable qualifications. The UCL Center for Blockchain Technologies developed the pilot project partnering with Gradbase.
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