World’s Biggest Pension Fund Predicts Asset Managers Will Be Replaced By AI In The Next 10 Years

Published on 15 December 2017

Hiromichi Mizuno, the chief investment officer of Japan’s government pension fund (the world’s largest retirement savings manager) thinks that artificial intelligence (AI) “will be able to either replace or enhance the asset managers’ work” in the next five to ten years, according to Bloomberg.

Mizuno added: “I won’t be surprised if Google and Amazon become asset managers, but I think a lot of people in this industry will be. I take it for almost granted that they will come into this market because they have cutting-edge AI technology and they now capture all the big data of what’s happening in the market.”

Read the original story here.

Japanese Retail Investors Are Driving Bitcoin’s Surge, Deutsche Bank Says

Published on 15 December 2017

Deutsche Bank says that Japanese investors are driving the more than 1,500% spike in bitcoin prices this year – as they account for nearly 50 % of global foreign-exchange trading, and around 40% of global cryptocurrency trading in October and November conducted using Japanese yen, according to Bloomberg.

“We think that retail investors are shifting from leveraged foreign-exchange trading to leveraged cryptocurrency trading,” Deutsche Bank analysts wrote.

Read the original story here.

Media Mogul Murdoch Gains US$4 Billion From Disney Deal For Fox

Published on 15 December 2017

Rupert Murdoch’s fortune jumped by around US$4 billion after his media company 21st Century Fox sealed a US$52.4 billion deal to sell some of its entertainment assets to Disney yesterday, according to Bloomberg.

After the deal, Murdoch’s net worth stands at US$13.8 billion, making him the 92nd richest person in the world. His remaining stake in Fox is worth US$10.3 billion.

“Rupert Murdoch will come out richer in the long run. He’ll have a percentage of a Disney that’s a much stronger company with these Fox assets and he’ll grow his net worth faster if he owns them through Disney than if owns them himself. That’s why he’s so smart,” entertainment industry analyst Hal Vogel commented.

Read the original story here.

Asian Stocks Edge Up After US Fed Hikes Interest Rates

Published on 14 December 2017

Asian shares climbed higher today – with the broad-based MSCI Asia Pacific index rising 0.15% – after yesterday’s decision by the US Federal Reserve to raise interest rates from 1.25% to 1.5% and boost its short-term growth outlook for the US economy, according to Reuters.

US Federal Reserve Chair Janet Yellen said at a press conference: “At the moment the US economy is performing well. The growth that we’re seeing, it’s not based on, for example, an unsustainable buildup of debt… The global economy is doing well, we’re in a synchronized expansion. There is less to lose sleep about now than has been true for quite some time, so I feel good about the economic outlook.”

Read the original story here.

Cryptocurrency Ripple Rockets 37.5% To Hit All-Time High

Published on 14 December 2017

Digital currency ripple surged 37.5% in trading to reach an all time high of 51.37 cents per coin – marking a more than 7,000% rise since the beginning of the year when it traded at 0.65 cent, according to CNBC.

After yesterday’s gains, ripple overtook litcoin to become the fourth biggest cryptocurrency in the world with a market value of US$18.23 billion.

Standpoint Research’s Ronnie Moas remarked: “Ripple is very promising … and many people are excited about this particular coin. It is in a powerful position and serves as a payment network… allowing you to transfer dozens of different currencies worldwide in lightning speed.”

Read the original story here.

Microsoft On Track To Become US$1 Trillion Company By 2020, Analyst Says

Published on 14 December 2017

Evercore ISI analyst Kirk Materne is predicting that Microsoft’s market capitalisation – which currently stands at around US$660 billion after a 37% rise in the company’s shares this year – will reach US$1 trillion by 2020, according to CNN.

Materne thinks that Microsoft’s Azure cloud computing business will propel the software giant’s growth in the coming years as enterprise customers will increasingly opt to use Azure over competitor Amazon Web Services (AWS) as the online retailer looks to expand further into media, groceries, and other markets.

“The Amazon ‘death star’ phenomenon is a growing point of discussion in the enterprise market. Amazon’s ambitions in certain industries are now having a real impact on how certain enterprises think about AWS as a potential vendor,” Materne noted.

Read the original story here.

World Bank Raises Malaysia’s 2017 Growth Rate To 5.8%

Published on 14 December 2017

The World Bank has lifted Malaysia’s 2017 growth forecast from 5.2% to 5.8% – its highest level since 2014 – and predicts that the Malaysian economy will expand at 5.2% in 2018, according to Reuters.

“Accelerated growth has been fueled by strengthening domestic demand, improved labor market conditions, and wage growth, as well as improved external demand for Malaysia’s manufactured products and commodity exports,” the report, released today, stated.

Read the original story here.

Disney Set To Announce US$75-Billion Deal To Buy Fox

Published on 14 December 2017

Entertainment giant Disney will is poised to announce a deal to purchase the film, television, and international businesses Rupert Murdoch’s Twenty-First Century Fox today for US$75 billion, according to Reuters.

Fox’s remaining assets after the sale ­– primarily its news and sports businesses – will reportedly be spun off into a new company.

The deal would solidify Disney’s position as a major global entertainment and media heavyweight, giving the company a majority stake in streaming service Hulu and access to 46 million new subscribers across the US, Europe, and India.

Read the original story here.

US Fed Chief Yellen Calls Bitcoin “A Highly Speculative Asset”

Published on 14 December 2017

US Federal Reserve Chair Janet Yellen expressed her views on bitcoin, calling the cryptocurrency “a highly speculative asset” and saying that it is “not a stable source of value,” according to CNBC.

Yellen said: “Bitcoin at this time plays a very small role in the payment system. It is not a stable source of value and it does not constitute legal tender. It is a highly speculative asset.”

She went on to talk about the US Fed’s role in regulating bitcoin: “The Fed doesn’t really play any regulatory role with respect to bitcoin, other than assuring that banking organizations that we do supervise are attentive, that they are appropriately managing any interactions they have with participants in that market, and appropriately monitoring anti-money laundering, bank secrecy act responsibilities that they have.”

Read the original story here.

Tencent Music Looks To Launch “One Of The Most Anticipated IPOs Next Year”

Published on 14 December 2017

Chinese internet giant Tencent’s music streaming and downloading service, Tencent Music, is reportedly mulling an initial public offering (IPO) in 2018 that would raise at least US$1 billion and value the company at US$10 billion, according to Bloomberg.

Tencent Music is the leading player in China’s digital-music market, with 120 million paying users – twice as many as its closest competitor, Spotify. Digital-music sales are expected to soar 88% over the next four years.

“Tencent Music has a dominant status in China. It would make sense to spin off the unit, allowing it to create strategic alliances and unlock value for investors. It could be one of the most-anticipated IPOs next year,” commented Li Yujie, an analyst with RHB Research Institute.

Read the original story here.

Cryptocurrency Market Cap Surges Past US$500 Billion, Surpassing Buffett’s Berkshire Hathaway

Published on 14 December 2017

The combined market capitalisation of the world’s cryptocurrencies hit a record high of US$506 billion yesterday, surpassing the market value of Warren Buffett’s multinational conglomerate Berkshire Hathaway – which stands at US$491 billion, according to CNBC.

Digital currencies are seeing surging demand in the wake of the launch of bitcoin futures on the Cboe exchange earlier this week, and ethereum and litecoin both rose to all-time highs yesterday.

Charles Hayter, CEO of digital asset comparison site Crypto Compare, commented: “We are straining at the seams spinning up servers to cope with traffic at over 1 million users per day. There is a lot of fear and greed, but that aside there is a redefining the concept of value in the virtual world with new mechanisms for value exchange.”

“We are entering unchartered territory with huge risks, regulatory and technologically,” he added.

Read the original story here.

SIGN UP