Adidas, Japan, Thyssenkrupp: This Week's Top Trending Financial Tweets - Week 19
#7. Japan’s empty homes
No less than 8.46 million homes in Japan are vacant, a twice-a-decade survey released by the Japanese government showed on Friday, Bloomberg reports. While builders continue to add stock, the country’s population is shrinking, resulting in a situation where 1 in 7 homes - or 13.6% of the total housing - is empty.
One in seven homes in Japan are empty https://t.co/lpBVqNwQti— Bloomberg (@business) May 12, 2019
#6. Thyssenkrupp seeks new steel partners
On Sunday, CEO Guido Kerkhoff from Thyssenkrupp said the German steelmaker will look for new partners for its steel operations, Reuters reports. The company had to abandon its planned merger with the European division of Tata Steel due to opposition coming from the European Commission.
The merger with Tata Steel would have created the second-biggest steel producing group in Europe, after ArcelorMittal.
#5. Uber’s IPO
It was one of this year’s most anticipated IPO’s: that of ride-hailing giant Uber. On Friday, the company’s shares finally started to trade on the New York Stock Exchange. Unfortunately for Uber, its IPO didn’t go as well as expected.
The company’s shares fell 7%, opening below its IPO price, but recovered a considerable part of its losses within an hour after the first trade, Yahoo Finance reports.
#4. Big pharma price fixing lawsuit
On Friday, 44 states in the US filed a lawsuit against big drug companies such as Pfizer, Novartis and Mylan. They’re accused of conspiring to inflate the prices of various generic drugs by no less than 1000%, the New York Times reports.
According to the complaint, the industrywide scheme affected the prices of more than 100 generic drugs including cancer drugs, contraceptives and oral antibiotics.
An industrywide price-fixing scheme affected more than 100 generic drugs, including those for HIV, asthma and ADHD, according to a lawsuit by 44 states https://t.co/mqqOrHaO2b— The New York Times (@nytimes) May 12, 2019
#3. The 2020s look Asian
According to a research note from Standard Chartered’s head of thematic research, Madhur Jha and Global Chief Economist David Mann, the 2020s are set to be an Asian decade, Bloomberg reports.
India, Bangladesh, Vietnam, Myanmar and the Philippines are all expected to meet the benchmark growth rate of around 7% a year during the 2020s. A notable absence from this list is China due to an economic slowdown and a higher per-capita income, according to the same Bloomberg article. Standard Charter still expects the Chinese economy to grow with 5.5% a year.
The 2020s are set to be the Asian decade, with the continent dominating an exclusive list of economies expected to sustain growth rates of around 7% https://t.co/I1YT1vXJQY— Bloomberg (@business) May 12, 2019
#2. A 100% recyclable shoe
Adidas has developed a running shoe that is 100% recyclable. Users can bring the shoes back to an Adidas store when they are worn out and the company then reuses them for the raw materials used to make new shoes, CNN reports.
The recyclable shoes, named Futurecraft.loop, are currently being tested in a beta program. They are expected to go on sale in 2021.
#1.US and China at an impasse
The US-China trade war saga continues. Talks escalated on Friday when the US hiked tariffs on $200 billion worth of Chinese goods after President Trump said Beijing wanted to renegotiate earlier commitments and hence ‘broke the deal’, Reuters reports. Said prior commitments involved changes in Chinese law, something China now wants to delete.
Hopes of both countries (finally) signing a trade deal at the G20 summit in Japan in late June now seem to have faded.
And that's a wrap - the nineteenth week of 2019 all captured in Tweets. As always, we'll continue to track Twitter and bring you the top financial micro-messages from the web. See you back here next week.