Richest 1% now owns half the world’s wealth

The wealthiest 1% of the world’s population now owns more than half of the world’s wealth, according to a new report. The total wealth in the world grew by 6% over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. More than half […]

Venezuela teeters on brink of default

Caracas – Longstanding fears of a Venezuela debt default crystallized Wednesday, as the political crisis engulfing the sinking OPEC state deepened with a meeting set at the UN Security Council and the EU eyeing an arms embargo. Investors were bracing for what looked to be an inevitable “credit event” that analysts said could arrive within […]

Factbox: Saudi Prince Alwaleed’s international and domestic investments

Saudi Arabia embarked on an anti-corruption purge on Sunday involving the arrest of royals, ministers and investors including billionaire Alwaleed bin Talal, one of the kingdom’s most prominent businessmen. Eleven princes, four ministers and tens of former ministers were detained, two senior officials told Reuters. Prince Alwaleed is a nephew of the king and owner […]

Iranian Government Preparing for using Bitcoin Inside the Country, report

The Iranian government has been conducting research into the economic and infrastructural aspects of preparing for bitcoin use in its country. According to the ministry of information technology, “arrangements are being made” to put together the infrastructure for the digital currency “as early as possible.” Iran’s Deputy Minister of Information and Communication Technology, Amir Hossein […]

The US and Iranian battle over the pistachio nut trade

There are lots of casualties in international conflicts but this one is nuts, you might say – although strictly speaking the pistachio is a seed. The international pistachio trade has faced unexpected headwinds due to the tensions between Iran and the US. The global pistachio industry is a multi-billion dollar a year sector that is […]

Tesla Fires Hundreds of Workers After Their Annual Performance Review

Electric automaker Tesla Motors fired hundreds of employees this week, including workers at its Fremont, Calif. factory and corporate managers, as it tries to solve production problems for its recently released Model 3. An estimated 400 to 700 people were dismissed this week, according to a San Jose Mercury News report published Friday afternoon. That’s […]