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There is a range of different topics that we want to discuss in this week’s summary. For example, Amazon held their prime day, and even though sales went through the roof, the company shares didn’t perform as well. Also, Goldman Sachs long-running CEO will soon step down, Google was fined billions of dollars, and Tesla’s Elon Musk is walking a very thin line. And let us not forget all the positive developments that have happened on the cryptocurrency market, two corporations have gotten new patents and brokers are doing better than ever.
Before we reveal too much, let’s get started on this week’s business summary.
On Wednesday, the European Union penalized Google with a record fine of $5 billion for antitrust issues regarding their Android OS. According to the EU, Google uses their own tools to dominate the market and limit competitors opportunities, especially when it comes to search engines. Google CEO’s Sundar Pichai responded to the fine with a blog post where he claimed that Google had increased competition not diminished it. Google will appeal the fine.
IBM is starting a new project where they will develop a new cryptocurrency for financial institutions. The tech giant has teamed up with fintech startup Stronghold USD and together they will create an experimental cryptocurrency that will be pegged to the dollar and based on the Stellar blockchain. Their goal is to make transactions quicker and help stabilize the market.
Goldman Sachs’ long-running CEO Lloyd Blankfield will be replaced by David Solomon. Blankfield will remain as CEO until October 1st and will keep his role as Chairman until the end of the year. Solomon is said to have a very different leadership style than Blankfield, and many are convinced that the change will be good for the bank. In an interview with CNBC, Blankfield claimed that he mostly looks forward to “unrestrained tweeting.”
Amazon held its annual prime day event this week and set several new sales records. However, the company experienced major issues with their website due to an overload of traffic, and the numbers could have been even greater. Despite the impressive sales numbers, the Amazon stock slipped a couple of percent.
Thanks to prime day, Jeff Bezos became the richest man in modern history with a net worth of $150 billion.
One of the biggest winners from the increased interest in cryptocurrencies is CFD brokers. IQ Option, Plus500, and eToro have all experienced an incredible growth in terms of revenue and new customers, and they show no signs of stopping. Earlier this year IQ Option launched a cryptocurrency wallet and exchange called Hodly and eToro is currently working on their own exchange. 24Option is another broker that has benefited tremendously from the boom.
Trump will meet with EU representatives next week to talk about lowering tariffs for car manufacturers. As the trade war continues to escalate, the European Union is trying to do some damage control and hopefully, next week’s meeting will calm the situation.
Tesla shares have been plummeting this week thanks to Elon Musk’s questionable tweets. Musk built a mini-submarine to help rescue the Thai soccer team that got stuck in a cave a few weeks back. Unfortunately, the submarine proved to be useless, and when one of the divers that worked on the rescue mission openly complained about the submarine, Elon Musk answered by calling him a pedophile. Musk has since apologized but the shares are still falling.
Mastercard has gotten a new cryptocurrency patent that could lead to Bitcoin support on their cards. No one knows if that is what Mastercard is planning to do but there is definite evidence that the credit card giant is eyeing the cryptocurrency market.
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. Looking for a great CFD broker? Try a the IG Markets Demo Account for free or read our detailed review of 24Option or Libertex.