According to the World Wealth Report, an annual study of global wealth, the number of the wealthiest people in the world, together with the amount of assets that they control, have reached a new record in 2014. French consulting company Capgemini, together with the management company RBC Capital Management, a division of Royal Bank of Canada, have published a new report on global welfare. The...

The Federal Communications Commission of US has brought AT&T to book with a heavy fine of $100 million for misleading its customers with unlimited data plan.   The commission noted that the company has been slowing down the speed of its Internet service for customers with unlimited data plans, which went against the promises made by the company. It is alleged that the company slowed...

Pretentious prices, choosy buyers - the 46th in a row International Fair Art Basel, the most important marketplace in the art market, kicks off in Basel. Sophisticated brainchildren of Pablo Picasso, provocative works of Damien Hirst, conceited Jeff Koons sculpture – you name it, we see it in the halls of the 46th international art fair Art Basel, the door is open to the public in Basel,...

US stocks declined in the end of this week, taking cues from the setback in the talks between Greece and its creditors.   The Wall Street took a direct hit since the Greek bailout plan remained unresolved. According to a Reuters report, the Dow Jones Industrial Average dropped 140.53 points, or 0.78%, to 17898.84, the S&P 500 index fell 14.75 points, or 0.70%, to 2094.11, and the...

Taiwanese hardware production company Foxconn Technology is in talks to manufacture Apple's iPhone in India in a move that could potentially decrease the prices for the iconic phone in the country.   According to a Reuters report published by Hindustan Times, Foxconn’s move to build a plant in India is based on geographical proximity to the key markets for iPhone. The company could also...

Australian carrier Qantas Airways Ltd and American Airlines Group are advancing their four-year old joint venture into a revenue sharing agreement.   The agreement allows the American Airlines Group to operate a direct flight from LA to Sydney while Qantas will resume its flights from Sydney to San Francisco. The new flights across the two continents will begin in December.   Qantas...

A sort of Fusarium wither showed up this year in Australia's fundamental banana-developing state in the wake of spreading to Asia and Africa. While the fungus has been around since the 1990s and has yet to influence top exporter Ecuador, Fresh Del Monte Produce Inc. called it a potential “big nightmare.” The United Nations says the sickness debilitates supply, and Latin American cultivators are...

The Russian economy has been gradually growing surprising many industry pundits. Russian GDP is set to recover in spite of strict sanctions. Most of Russia’s growth predictions are based on future of oil prices as Russia is trading in oil again. The bear-like Russian economy is now a raging bull. From the perspective of any portfolio manager, this has been the case for ages. The reputed CFA...

The publication notes that this is the first official announcement of the discovery of commercial reserves on the continental shelf of Cyprus, after a consortium of Eni / Kogas and Total of France, previously working on blocks 10 and 11, declared their coagulation due to lack of results. US-Israeli consortium must now submit to the Government of Cyprus for approval development plan and...