Volkswagen, Iran, e-cigarettes: This Week's Top Financial Tweets - Week 34
#7. Johnson & Tusk
UK Prime Minister Boris Johnson told European Council President Donald Tusk that Britain is going to leave the EU on October 31 no matter what the circumstances, according to a British official, Reuters reports.
According to the same Reuters article, Johnson did also say that he prefers to find a deal with the EU and that he remains willing to sit down and talk with the EU and member states.
#6. First vape victim?
Potentially bad news for the booming vape industry: someone in the US has died from what the Centers for Disease Control and Prevention believe to be a vaping-related condition, TechCrunch reports.
According to the same TechCrunch article, other people vaping or using e-cigarettes are also affected, but since not much is known yet about this growing problem, experts don’t go beyond saying that there is good reason to believe that these cases are vaping-related.
#5. Central bankers debate regime shift
The world’s central bankers gathered in Jackson Hole, Wyoming in the US this week, admit that they have reached a turning point. They know that they can’t rely anymore on the tools they used before the financial crisis to shape the economic environment, the Financial Times reports.
Because of, among other things, the current uncertainty in terms of world trade, central bankers find themselves facing a problem that monetary policy neither caused nor is able to fix, the FT continues.
Central bankers rethink everything at Jackson Hole https://t.co/qcnXTBzpRD— Financial Times (@FT) August 25, 2019
#4. Germany in uproar about negative rates
Germans are known to be keen savers, something that may become a bit of a joke due to the ECB’s negative interest rates. The threat of banks charging savers on their deposits has prompted German politicians to look into ways of avoiding this, Bloomberg reports.
The German finance minister, for example, is exploring the possibility of issuing a ban on deposit charges and keep the burden on the country’s banks.
The ECB’s negative interest rates risk making a mockery of Germans' national obsession of saving money in banks https://t.co/ifqrgfyjZd— Bloomberg (@business) August 25, 2019
#3. US - China trade conflict: episode 88…
On Friday, Being announced its latest retaliatory tariffs on roughly $75 billion worth of US goods followed, hours later, by an announcement from President Donald Trump stating that Washington will impose an additional 5% duty on Chinese goods, Yahoo Finance reports.
The tit-for-tat moves increased fears of a global recession and caused quite a stir on the markets on Friday, with the Dow Jones closing 2.37% lower just below the 25 629 points.
#2. Iran takes a stance
In an effort to show its goodwill and create some room for negotiations, Iran said it wants to export 700 000 barrels per day of oil and be paid in cash, Reuters reports. The country’s ballistic missile program, however, is not up for discussion.
Iranian oil exports fell to 100 000 barrels per day in July as a result of the sanctions imposed by the US.
#1. Volkswagen to buy Tesla?
On Thursday, Tesla shares jumped after reports of a possible bid by Volkswagen, Forbes reports. While VW later denied these rumours, Reuters’ columnist Liam Proud said that the alleged plan of Volkswagen taking a stake in Elon Musk’s electric car company had logic, but would only materialize if Tesla’s finances worsened, according to the same Forbes article.
Tesla shares jumped after reports, later denied, that Volkswagen planned to take a stake in the electric car pioneer—and analysts didn’t see much chance of a near-term deal https://t.co/L5OBFlezyu pic.twitter.com/JABDm0U746— Forbes (@Forbes) August 25, 2019
Well, there you have it, the 34rd week of 2019 captured in 7 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.