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The stock market is down again this week. There have been several developments around the world that have resulted in overall instability on the world’s stock markets. Some major companies are really struggling to stay alive and other really promising projects have closed down before they even really got started. However, it’s not all bad and we can report on a major cryptocurrency company relocating from Asia to Europe and a possible automaker merger that could help drive the industry forward. That and much more in this week’s Let’s Talk Business.
Tech stocks are tanking as a result of several mishaps that have occurred in the industry over the past few weeks. The struggles began shortly after the Facebook Cambridge Analytica scandal unfolded. The situation then got worse after several companies experienced setbacks and eventually it drew the American stock market down before the negative trend spread to Asia and Europe.
Nvidia is one of the companies that have helped bring the tech market down. After a self-driving Uber car fatally wounded a pedestrian for the first time ever, Nvidia who provide chips for the Uber cars decided to pause the project. News about Nvidia’s decision made the Nvidia stock fall.
Tesla is another company that helped bring the international stock market down this past week. The company’s Model 3 car has been postponed once again and customers are not happy. The automaker is reportedly also struggling financially and is in desperate need of additional funding to continue its expansion.
Nissan and Renault are reportedly discussing a possible merging of the two companies. Talks have been initiated and if the merger goes through it would result in one of the leading car companies in the world. According to a source, the Nissan and Renault company would focus on electric cars.
Litepay has gone out of business after less than two months. The payment processor was designed to make payments with Litecoin easier than ever and was officially launched in early February. However, earlier this week the company CEO announced that he was closing down shop and selling the business. Litecoin’s founder has expressed his remorse over the development and apologized for over-hyping a failed business plan.
Binance has decided to move to Malta. As regulation grows tighter in many parts of the world, especially eastern Asia, the world’s largest cryptocurrency exchange is searching for more promising regulation on the Mediterranean island. Malta has some of the most progressive regulation for cryptocurrencies and blockchain companies and Binance will most likely thrive in its new home.
The international trade war was taken to the next level when the Chinese government issued a warning to the United States. China’s trade ministry is threatening to implement raised tariffs on over 100 different products from several industries if Donald Trump fails to step down and ease the tension.
Remember to stay up to date with the latest news from the finance world right here on BullMarketz. Make sure to visit us daily to not miss a beat and don’t forget to check out our cryptocurrency news and our weekly segment called Let’s Talk Cryptocurrencies for more information about the world’s digital currencies.