LVMH, Starbucks, Brexit: This Week's Top Trending Financial Tweets - Week 50
#7. ECB ends spending spree
Over the past 4 years, the ECB has spent 2.6 trillion euros (3 trillion dollars) on buying bonds. On Thursday, the central bank said its spending spree has now ended since its mission is accomplished, Reuters TV reports.
So, has the ECB’s quantitative easing program worked?
Some would say yes, it helped to fight off deflation (the falling of prices), the economy is recovering, wages are going up…. At the same time, inflation is subdued, the Eurozone economy is starting to show signs of slowing, there's the Brexit situation, Italy's deficit...
#6. Starbucks joins forces with Uber
After its delivery partnership with Alibaba in China, Starbucks is now joining forces with Uber to offer coffee delivery from 2000 of its US outlets, the Financial Times reports. Starbucks’ move into the delivery of coffee is one of the company’s most recent initiatives to boost growth in the US.
Starbucks shares have gone up by more than a third since July and the company’s market capitalization currently is $83 billion.
Starbucks addicts rejoice! Uber is getting ready to deliver Starbucks coffee to offices and doorsteps in many parts of the US. https://t.co/fHHGhvdmOP— Financial Times (@FinancialTimes) December 13, 2018
#5. Virgin Galactic
On Thursday morning, the fourth test flight of Virgin Galactic’s SpaceShip Two took its test pilots right to the edge of space, TechCrunch reports. This is another big step for the company’s space tourism aspirations.
The SpaceShip went to just over 52 miles of altitude and reached a maximum speed of Mach 2.9.
Virgin Galactic touches the edge of space with Mach 2.9 test flight of SpaceShipTwo https://t.co/8vbSlaz0fm— TechCrunch (@TechCrunch) December 14, 2018
#4. Nigeria’s first gold refinery
Nigeria is going to have its first gold refinery. The refinery, located in the country’s southwestern state of Ogun, is scheduled to be completed by the end of June, Bloomberg reports.
It will be able to produce 3 metric tons of gold and 1 ton of silver a month and the refinery will supply Nigeria’s central bank and the jewellery and electronic industries, according to the same Bloomberg article.
The facility will be able to produce 3 metric tons of gold each month, and 1 ton of silver https://t.co/V3otdfj4ew— Bloomberg (@business) December 14, 2018
#3. EU refuses Brexit renegotiation
Of course, the Brexit saga continues. British Prime Minister Theresa May went back to London empty-handed on Friday, after she tried to get a few more concessions from the European Union, CNBC reports.
May especially hoped to get ‘legal and political’ reassurances from the other 27 member countries regarding the Irish backstop which is the main issue preventing the Brexit process from moving forward.
For now, however, the EU said it isn’t open for renegotiation.
EU refuses to help British PM over Brexit, says 'it is not open for renegotiation' https://t.co/dlumC3c3Fp— CNBC (@CNBC) December 14, 2018
#2. LVMH’s hotel purchase
The French luxury group Luis Vuitton Moet Hennessy, mostly known as the owner of brands like Moët & Chandon and Christian Dior is acquiring the Belmond hotel group for $3.2 billion, the Financial Times reports. LVMH pays $25 per Belmond share which is a 40% premium over Thursday’s closing price.
The deal is expected to close in the first half of 2019 and values Belmond’s equity at $2.6 billion ($3.2 billion including debt).
#1. Yellow Vests derail French economy
For the first time in more than two years, after the recent protests and violence that disrupted businesses across France, the country’s private-sector growth contracted, Bloomberg reports.
A Purchasing Managers’ Index for manufacturing and services dropped to 49.3 in December from 54.2 in November. This marks the biggest monthly drop since 2011. The Bank of France has cut down its growth forecasts on Thursday and warned that the protests will have an impact on the output at the end of the year, according to the same Bloomberg article.
There you have it, another week 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.