GM agrees to provide US$3.6 billion funding to South Korean unit: South Korea
General Motors has agreed to provide US$3.6 billion in fresh funding to its troubled South Korean unit, higher than its previously proposed US$2.3 billion as part of a preliminary deal, South Korea said on Thursday.
Do you want to go on an awkward date with someone whom you may run into at your favorite coffee shop every day? Then Tinder Places is for you.
The new feature pairs Tinder’s match-making capabilities with Foursquare’s proprietary Pilgrim location services to help people find love in the places they already frequent. The driving idea seems to be that two people can build a lasting relationship if they already like the same movie theater or after-work bar, or do leg curls at the same gym.
If this service gives you pause for privacy reasons, Tinder promises is won’t share your favorite coffeeshop with the world at large until you have left the building, unless it’s somewhere you’ve already included in your Places. The company also pinkyswears to leave your bank, your home, and your tip to the dermatologist’s office off Places.
After private beta testing in Sydney and Brisbane, Australia, and in Santiago, Chile, the new service has graduated to public beta testing in the same three cities. If you can’t wait to share your location with strangers, don’t worry: Tinder Places is probably coming to your city soon. The company plans to test the service, collect user feedback from the public trials, and then tweak the product before it launches to all users worldwide.
ITALY’S next government, a coalition between the populist Five Star Movement and the far-right Northern League, is giving investors plenty to worry about. Leaked plans, hastily abandoned, suggested it might want to leave the euro or ask the European Central Bank to forgive €250bn ($292bn) of Italian debt. But less attention has been paid to what it might mean for Italian banks, and in particular for their biggest burden: non-performing loans (NPLs). Over €185bn of NPLs were outstanding at the end of 2017, the most for any country in the European Union (see chart).By comparison with Greece, where NPLs are 45% of loans, Italy looks manageable, with just 11.1%. And it has made progress: in late 2015 NPLs were 16.8% of loans. But any wild policy lurches would put that progress in question. The clean-up of banks’ books has relied on openness to foreign investors. Huge volumes of NPLs (€37bn in 2016 and over €47bn in 2017, according to Deloitte, a consultancy) have been sold by banks, often to...Continue reading
When they are not fretting about the American dollar or Chinese debt, policymakers in emerging economies keep a close eye on the oil market. The price of Brent crude has risen by nearly 50% in the past year to around $80 a barrel. It ranks as the 11th-biggest spike in the past 70 years (adjusted for inflation), according to UBS, a bank. So should emerging markets now worry that oil prices will carry on rising above $100, or that they will tumble below $50? The answer is yes.Many emerging economies import oil; others export it. As a rule, higher prices hurt the first group and lower ones hurt the second. But it can be more complicated than that. Indonesia, for example, is a net importer of oil, but a net exporter of “energy”, more broadly defined, including coal and palm oil. Since coal, palm and oil prices tend to rise roughly in tandem, Indonesia would benefit overall from $100 oil, according to UBS. Mexico, like America, is also a net importer of crude. But in both countries a higher oil price...Continue reading