Airbus, Alibaba, Amazon: This Week's Top Trending Financial Tweets - Week 7
#7. First cryptocurrency created by a bank
On Thursday, JP Morgan announced the first cryptocurrency created by a major US bank, CNBC reports. Engineers at the bank have created the so-called JPM coin, a digital token that will be used to instantly settle transactions between clients of the lender’s wholesale payments business.
While only a small part of payments will be transmitted using the cryptocurrency at first, the trial represents the first real-world use of a digital coin by a big American bank, according to the CNBC article.
The first cryptocurrency created by a major U.S. bank is here — and it's from JP Morgan Chase. ⚡️ “JP Morgan announces the first cryptocurrency by a U.S. bank”https://t.co/wQFZQFweGc— CNBC (@CNBC) February 14, 2019
#6. Amazon drops New York City
There was more news coming from the US on Thursday. Amazon announced that it won’t use New York City as one of its new headquarter locations, Bloomberg reports.
In a statement, the e-commerce giant said that ‘the commitment to build a new HQ requires positive, collaborative relationships with state and local elected officials’ and that a number of state and local politicians have made it clear that they oppose Amazon’s presence.
Amazon shares didn’t move much after the company’s announcement.
#5. Alibaba’s Ant Financial’s latest acquisition
Ant Financial, the financial services company affiliated with Chinese e-commerce giant Alibaba, has made its first big move into Europe, TechCrunch reports. The company has acquired UK payments company WorldFirst.
The deal - sources told TechCrunch - is valued at around $700 million and potentially has big consequences. It emphasizes the strong market connections between China and Europe and also the pressure many smaller remittance companies are under in the wake of larger companies like Amazon building their own money-moving services, according to the same TechCrunch article.
Alibaba just quietly made a very significant acquisition: UK-based currency exchange WorldFirst — price is undisclosed but we’ve heard it is around $700M https://t.co/lKGCnrjEsy— Jon Russell (@jonrussell) February 14, 2019
#4. Demand for renewable power to soar sharply
The global demand for renewable energy will soar at an unprecedented pace over the coming decades, BP said in a benchmark report this week, Reuters reports. According to BP, renewables are going to be the fastest-growing energy source with an annual increase of 7.1%, accounting for half of the global energy growth.
Compared to last year’s report, BP raised its 2040 forecast of demand for renewable power (such as solar and wind) by 9%, according to the same Reuters article.
#3. Airbus pulls plug
Airbus announced this week that it will stop the production of the world’s biggest passenger jet. By 2021, the company will stop making the A380 superjumbo, the Financial Times reports. The news came after Dubai-based airline company Emirates reduced its order of the model and also given the lack of orders from other airline companies, Airbus said.
Why world’s biggest passenger jet was grounded https://t.co/moQd2U8wUf— Financial Times (@FT) February 14, 2019
#2. Spain headed for another election
Spain is probably on the brink of another round of elections, the third one in four years, Bloomberg reports. Prime Minister Pedro Sanchez is running out of options after his budget was blocked by the Parliament.
Spanish politics have been challenging for quite some time now, with the regional Catalan conflict influencing the national political scene in ways that are hard to predict.
Spain is heading for its third election in less than four years, with embattled Prime Minister Pedro Sanchez poised for an announcement Friday morning https://t.co/LCCi5Bn5WH— Bloomberg (@business) February 14, 2019
#1. European shares give up 3-month highs
After a set of disappointing retail sales figures coming from the US on Thursday, European shares gave up their three-month highs, Reuters reports. The data unexpectedly showed the biggest decrease in US retail sales (1.2%) since September 2009.
There you have it, the seventh 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 Friday.