August, 2021

• 17 August

  Will Fed boost equality with digital currency?

  On August 15, the US marked the 50th anniversary of the birth of fiat currency, or a currency that depends on faith in the Federal Reserve and not in the gold standard. Like most 50th anniversaries, this one shows the celebrant worse for wear. The “almighty dollar” is facing a raft of challenges from other supra-national currency powerhouses such as ...

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• 17 August

  ‘House-fixing’ boom favours Home Depot

  

  Bloomberg Wall Street has been predicting that the pandemic-fuelled boom in Americans fixing up their homes would fizzle as the economy reopened. But it hasn’t so far and could be entering a new phase that prolongs growth. Home Depot Inc and Lowe’s Cos have benefited from homeowners taking on do-it-yourself projects in droves, with the retail giants combining to add ...

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• 17 August

  Walmart seeks crypto expert to oversee digital currency push

  

  Bloomberg Walmart Inc is looking to hire a cryptocurrency expert to develop a blockchain strategy, joining a growing number of major corporations exploring the viability of digital currencies such as Bitcoin. The position will be responsible for “developing the digital currency strategy and product roadmap” and identifying “crypto-related investment and partnerships,” according to a job posting on the retail giant’s ...

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• 17 August

  It’s Kraft vs Kraft in Venezuela’s take on capitalism

  

  Bloomberg What’s left of Venezuela’s manufacturing sector has survived government expropriations, frequent blackouts, a currency collapse and equipment shortages. But now there’s another threat: competition from imported versions of the companies’ own products. Shops across Venezuela stock Mexican-made Oreo cookies right next to the locally produced version. Kraft Heinz Co’s mayonnaise is being imported from Brazil and the US, even ...

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• 17 August

  British retailers report slowdown

  Bloomberg UK retailers reported their slowest sales growth in five months during July as consumers shifted toward spending on entertainment and social gatherings and away from in-store shopping. The volume of goods sold in shops and online grew 6.4% in July compared to last year, the British Retail Consortium and KPMG said. A separate survey from Barclaycard showed more money ...

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• 17 August

  European leaders point fingers at US after rapid fall of Kabul

  

  Bloomberg European leaders struggled to mask their frustration with President Joe Biden’s decision to withdraw the last US soldiers from Afghanistan and sought to distance themselves from the dramatic scenes unfolding across the war-torn country. German Chancellor Angela Merkel told reporters that the Nato mission in Afghanistan was “fundamentally dependent” on the US while French President Emmanuel Macron stressed that ...

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• 17 August

  China conducts live-fire military exercises in South of Taiwan

  

  Bloomberg China announced naval and aerial live-fire military exercises in areas south of Taiwan on Tuesday, without saying how close to the democratically ruled island the drills were. Combat ships, anti-submarine aircrafts and fighter jets were among the forces that joined the exercises “to test integrated operational capability” in territory southwest and southeast of Taiwan, Shi Yi, spokesperson of the ...

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• 17 August

  Taiwan dismisses questions about US resolve after Afghan exit

  

  Bloomberg Taiwan’s premier defended the island’s ability to withstand a Chinese attack after the US’s exit from Afghanistan raised questions about American commitment to security issues in Asia. Premier Su Tseng-chang rejected comparisons between US pledges to help the democratically elected government in Taipei defend itself and Washington’s support for the regime in Kabul. Taiwan could avoid being “swallowed up” ...

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• 17 August

  Malaysia’s new prime minister may be selected through WhatsApp

  

  Bloomberg Malaysia’s lawmakers must submit their choice of a new prime minister to the palace by 4 pm local time on Wednesday, as the nation’s king begins the search for a successor to Muhyiddin Yassin, who resigned on Monday. Lawmakers were reminded to keep the contents of their declaration letters a secret until the king decides which MP commands the ...

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• 17 August

  HK leader says groups should stay out of politics

  

  Bloomberg Hong Kong’s leader said the city will cut ties with any group that gets involved in politics, as authorities in the Asian financial hub ramp up pressure on civil society organisations critical of the government. Chief Executive Carrie Lam said at a regular press briefing on Tuesday that she supported the existence of a “pluralistic society” but that several ...

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