NEW YORK (AP) — Verizon, the once-unstoppable cellphone leader in the U.S., lost key wireless customers for the first time, even as it brought back unlimited data plans to counter smaller rivals.
first three months of the year, Verizon lost 307,000 wireless subscribers who are billed each month
, the more lucrative kind of wireless customer. MoffettNathanson Research says it’s the first-ever lost in that category, which covers phones, tablets, smartwatches and other connections. For cellphones alone, Verizon lost 289,000 customers. Verizon said it would have lost even more customers if it hadn’t launched the unlimited plan.
Total wireless revenue fell 5 percent to $20.9 billion, because of fewer customers and less money coming from the fees Verizon charges when customers go over their data limits. Unlimited plans don’t have those fees…. read more
The stock market plunge has triggered a gold buying spree with a popular fund that tracks the metal accepting the most cash on a single day since the financial crisis on Tuesday.
Index fund provider ETF Securities told Telegraph Money that February 9 saw the most money flow into Gold Bullion Securities, its gold tracking fund, since January 2009. Investors poured in £239m.
James Butterfill, head of research, said investors had become more cautious and were buying gold to shelter from stock market volatility……..
Thu, 11 Feb 2016 14:11:18 GMT
We are about three weeks into 2016, and we are witnessing things that we have never seen before. There were two emergency market shutdowns in China within the first four trading days of this year, the Dow Jones Industrial Average has never lost this many points within the first three weeks, and just yesterday we learned that global stocks had officially entered bear market territory. Overall, more than 15 trillion dollars of global stock market wealth has been wiped out since last June. And of course the markets are simply playing catch up with global economic reality. The Baltic Dry Index just hit another new all-time record low today, Wal-Mart has announced that they are shutting down 269 stores, and initial jobless claims in the U.S. just surged to their highest level in six months. So if things are this bad already, what will the rest of 2016 bring? [READ MORE]
Did you know that 15 trillion dollars of global stock market wealth has been wiped out since last June? The worldwide financial crisis that began in the middle of last year is starting to spin wildly out of control. On Friday, the Dow plunged another 390 points, and it is now down a total of 1,437 points since the beginning of this calendar year. Never before in U.S. history have stocks ever started a year this badly. The same thing can be said in Europe, where stocks have now officially entered bear market territory. As I discussed yesterday, the economic slowdown and financial unraveling that we are witnessing are truly global in scope. Banks are failing all over the continent, and I expect major European banks to start making some huge headlines not too long from now. And of course let us not forget about China. On Friday the Shanghai Composite declined another 3.6 percent, and overall it is now down more than 20 percent from its December high. Much of this chaos has been driven by the continuing crash of the price of oil. As I write this article, it has dipped below 30 dollars a barrel, and many of the big banks are projecting that it still has much farther to fall.
The other night, Barack Obama got up in front of the American people and proclaimed that anyone that was saying that the economy was not recovering was peddling fiction. Well, if the U.S. economy is doing so great, then why in the world has Wal-Mart decided to shut down 269 stores?… [READ MORE]
On Tuesday, we weren’t surprised to learn that some banks in Shanghai and Beijing were apparently running short of physical dollar bills.
According to Ming Pao, Shanghai residents were lined up at local banks in a frantic effort to sell RMB for USD amid China’s ongoing yuan deval.
“Some banks in China’s Beijing, Shanghai and Shenzhen ran short of dollar bills for cash withdrawal amid increasing demand for the currency,” 21st Century Business Herald added, citing a reporter’s investigation which showed that “BOC, CCB, and China Merchants Bank in the listed cities are requiring an appointment at least 2 days in advance for >$5,000 purchases.” The appointment “could take as long as 1 week at some branches,” the paper said. [READ MORE]
U.S. stocks traded sharply lower Monday, the first day of trade for the year, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East. The overnight drop in Chinese stocks that triggered a circuit breaker also pressured sentiment.
The Dow Jones industrial average traded about 350 points lower, down about 2 percent, on pace for its largest percent decline on the first trading day of the year since 1932. Earlier, the index fell more than 450 points, down more than 2.5 percent.
The Dow attempted to hold above the psychologically key 17,000 level after falling below in intraday trade for the first time since October….continue