A weekly section discussing how general events can influence the future of the cryptocurrency sector
Citigroup Withdraws Retail Banking from 11 Countries
Citigroup Inc., the US lender that gets most of its revenue from foreign markets, announced plans to withdraw its retail banking services from 11 markets with the intention to streamline their operations and increase their returns. The bank’s CEO Michael Corbat said that they have made progress in the optimization of these 11 markets and believe they will achieve better returns by focusing on those countries where their network provides a competitive advantage.
Restaurant Rejects Barack Obama’s Credit Card
When his credit card showed rejected at a New York based restaurant, President Barack Obama was asked if he had been a victim of identity theft. “It turns out that, apparently, I do not use my credit card enough,” Obama said Friday at the Bureau of Consumer Financial Protection, “so they thought it was some kind of fraud.” An estimated 100 million people have been affected by security problems in the past year in retail stores like Target and Home Depot.
Dow Jones Raised amid QE Bluff
The Federal Reserve should consider delaying the end of its bond-buying program, the chairman of the Federal Reserve Bank of St. Louis, James Bullard said. Bullard was the first Fed official to publicly suggest that the central bank should extend its program of asset purchases when policy makers meet later this month. In response to comments from Bullard, US stocks erased some of the losses they had suffered and Treasuries rallied.
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