Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
After days of violent protests and defiance on the part of Uber’s French management, two of the company’s employees were taken into custody for “illicit activity” today. Uber France CEO Thibaut Simphal and Uber European GM Pierre-Dimitri Gore-Coty were arrested for running the company’s ride-sharing service illegally. TechCrunch reports the pair is also being held…
French taxi drivers overturned cars, burned tires and blocked access to airports and train stations in a second day of violent protest Thursday against competition from the ride-sharing service Uber. Hundreds of licensed cabbies, who say competition from the popular service is cutting into their income and threatening their jobs, converged on cities to stage…
Greece is heading towards a default on a debt payment due Tuesday, with investors fretting over the possibility the country could exit the euro zone. Meanwhile, a Greek media report has claimed that negotiations might restart between the government and the country’s creditors. We’ll have all the new developments for you as well as the…
Read MorePuerto Rico poses a ‘substantial threat’: Strategist The bad news doesn’t mean investors are giving up. Two bands of mostly hedge fund bondholders continue to put pressure on local officials. They still hope to come up with a deal that gives Puerto Rico the money it needs to fund its operating budgets and, at…
Withdrawals from cash machines in Greece are capped at just €60 a day The Greek government has requested a new bailout deal from the eurozone, just hours before its bailout expires and it must repay €1.6bn (£1.1bn) to the International Monetary Fund (IMF). Greece is reportedly asking for a new two-year aid deal from a…
The people of Greece are already feeling the pinch from the latest economic crisis. “My wife went to the supermarket,” says Greek political correspondent, Christos Michaelides. “She told me that most of the shelves were empty — especially those with pasta, especially those with rice. Also milk, eggs and a lot of canned foods like…
IN 2013 Alejandro García Padilla, the governor of Puerto Rico, did his best to tell the territory’s jittery creditors what they wanted to hear. He called servicing the American-controlled Caribbean island’s $72 billion debt load a “moral obligation”. He reassured holders of its general-obligation (GO) bonds that the government could not default on them even if…
ZURICH/LONDON Unusual public confirmation that the Swiss National Bank intervened to weaken the franc escalated its battle to rein in a currency whose strength amid Greece’s debt crisis is hamstringing an export-reliant economy.”We have always said that we are active in the foreign exchange market if necessary,” SNB Chairman Thomas Jordan said at a financial…
Greece… mattered!! The market be like… * * * It began as FX markets opened ugly in early Asian trading, but once stock markets started to open, the focus shifted there… Japan spanked… Nikkei 225 down 730 points from Friday’s close… China collapsed… When Europe opened it was ugly in stocks… …
There’s one group of traders who are excited about the Greek crisis – bitcoin traders. This morning the price of bitcoin, a digital currency run across a decentralized network of computers, was at $254, according to CoinDesk, the highest it’s traded since early April. Its high for the year is about $300, and it’s all-time…