The European Union executive will recommend on Wednesday that border restrictions be gradually lifted and travel stalled by the coronavirus pandemic allowed to restart in order to revive tourism, a major industry across the 27-country bloc.To get more news about WikiFX, you can visit wikifx news official website.

Nearly all travel has been halted in Europe, a devastating blow for the tourism sector, which normally contributes almost one-tenth of the EU's economic output.

Even within the Schengen area, comprising 26 EU and other European countries, and where frontiers are normally invisible, at least 17 countries have put emergency border controls in place to contain the virus.

The executive European Commission will make a slew of non-binding recommendations, including that targeted restrictions replace a general ban on travel, and that internal border checks slowly be lifted as the health situation improves.

The three Baltic states have already decided to reopen borders to each others' citizens from May 15, creating a “travel bubble” within the EU as pandemic curbs are eased.

But the overall picture is not rosy, with even countries that are cautiously relaxing their strictest lockdown measures moving towards imposing a two-week quarantine period for travellers arriving from abroad.

The Commission estimates some 6.4 million jobs could be lost in tourism, which employed 12 million people before the crisis.

The sector suffered an 80-90% loss in turnover in the first quarter of 2020, four hospitality industry lobby groups said, and is braced for a disastrous summer season as the EU faces its deepest-ever recession.

EFFAT, FoodDrinkEurope, FoodServiceEurope and HOTREC said a significant share of the trillion-euro COVID economic recovery fund the bloc is discussing should go toward supporting their sector. They said they needed liquidity support and fiscal relief, as well as other resources to protect jobs.

The Commission will also defy calls from airlines and a group of EU member states led by Germany for the EU to suspend laws guaranteeing travellers a full cash refund for cancelled flights and trips.

It will instead recommend that cash-strapped airlines and travel companies make vouchers they are offering instead of cash more attractive, to convince grounded clients to accept them.

US overnight core CPI in April experienced the sharpest month-on-month decline in history, falling 0.8% after seasonal adjustment to a record low since November, 2008, while core CPI shrank 0.4% annually.To get more news about WikiFX, you can visit wikifx news official website.
Facing the recession caused by the pandemic, US Federal Reserve lowered benchmark interest rate to nearly zero on March 15th, while multiple Fed policymakers noted that the Fed will take all necessary measures to alleviate economic impact of the massive lockdown measures.

Fund managers and economists observe theres little chance the Fed will reduce rate to the negative range, as under negative rate, financial institutions must pay the central bank interest rate on excess reserves - the capital reserves held by the bank or financial institution in excess of what is required by regulators.

In that way, the central bank can push cash-holding institutions into increasing corporate and consumer loans.

The European Central Bank (ECB) introduced negative interest rates earlier in June, 2014, reducing the deposit interest rate to -0.1% to revive economy. The Bank of Japan (BOJ) implemented negative interest rates in January, 2016, mainly to prevent the yen ‘s unpopular appreciation from damaging the country’s export-dependent economy.
Lastly, the market has done well because many of the most valuable companies in the index have been shielded or actually even benefitted from the crisis.

Charles Schwab strategist Liz Ann Sonders notes that more than half of the value of the S&P 500 comes from companies in the tech, healthcare, and communications services industries. These companies have done fine or even well in the past few months.The so-called “FANG+” companies, moreover — Facebook, Amazon, Netflix, Google, Microsoft, and other Internet giants — make up a bigger percentage of the market than ever before. And they have collectively risen.So, in short, for now, the reason the stock market is rising is that some investors believe we've seen the worst of the impact and that the situation will improve from here.Other investors, meanwhile, think there's more bad news to come and that those hoping for a quick recovery will be disappointed. The most famous investor on the planet, Warren Buffett, appears to be in this camp.

Which investors are right？We'll see. No one has a crystal ball, and the endless challenge of trying to predict the future better than other investors is one reason the stock market is so fascinating.In the meantime, our sympathies to the tens of millions of Americans who have lost their jobs in this crisis. We all hope that the optimists are right, that the worst is over, and that we can rebuild our economy quickly from here.A version of this post first appeared in “Insider Today,” a daily email written by Henry Blodget and David Plotz. To receive it in your inbox, please sign up here.

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Rio Tinto apologised for the destruction of a sacred Aboriginal cave in Western Australia that showed evidence of continual habitation dating back 46,000 years, and said it would urgently review its plans for other sites in the area.To get more news about WikiFX, you can visit wikifx news official website.
Rio Tinto blew up the cave last week in Juukan Gorge, about 1,075 km (667 miles) north of Perth, as part of an expansion programme in the Pilbara iron ore region, provoking a local outcry and calls for reform of heritage protection laws.
Explosives destroyed two ancient rock shelters, where artefacts discovered included 4,000-year-old plaited human hair with genetic links to the present day traditional owners, the Puutu Kunti Kurrama and Pinikura (PKKP) people.
“That site, for us, that's where our ancestors were occupying their traditional land,” PKKP director Burchell Hayes told Australian Broadcasting Corp, adding that the community felt sorrow and sadness over the loss of heritage.
The mining giant, which had been granted state government approval in 2013 to damage or destroy the site under a legal framework that is currently under review, apologised on Sunday.
“We pay our respects to the Puutu Kunti Kurrama and Pinikura people, and we are sorry for the distress we have caused,” Iron Ore chief executive Chris Salisbury said in a statement.
The miner said that it had performed archaeological work in 2014 to preserve significant cultural heritage artefacts, recovering approximately 7,000 objects.
Rio said that it would work with traditional owners to look at its approach to preserving heritage.
“As a matter of urgency, we are reviewing the plans of all other sites in the Juukan Gorge area,” Salisbury said.
Federal Indigenous Affairs Minister Ken Wyatt last week flagged a need to strengthen the protection of indigenous sites, while his state counterpart said Western Australia was moving to fix out-of-date legislation.

The escalating protests in US fueled markets risk-aversion, injecting strong momentum into the gold market that pushed gold to surge above the key 1740 right after opening.
After a black man George Floyd was killed to police brutality of a caucasian police officer in Minnesota, the resulting protests kept on escalating, which turned the market risk-off.To get more news about WikiFX, you can visit wikifx news official website.
According to Kitcos weekly gold survey released on Friday(May 29th),gold price is expected to go on rising this week. Phil Flynn, the Senior Market Analyst of Price Futures Group, observed that gold will keep climbing, saying that the growing tension between US and China and continuous economic stimulus across the globe will give gold more upward momentum.
Bart Melek, Head of Global Strategy at TD Securities, said that gold prices will continue to fluctuate within the low at US$ 1689-88 and the high end at US$ 1758-60.
The British government is following scientific advice in cautiously easing the coronavirus lockdown, Business Secretary Alok Sharma said on Monday, after criticism from some prominent epidemiologists.
“Of course scientific advice does differ but I think the key point is what is the overall view from SAGE？” Sharma told BBC TV.
“The overall view from SAGE - the scientific advisory group on emergencies which advises the government - their overall view is that we must do this cautiously and that is precisely what we are doing,” Sharma said, adding that if people obeyed the rules there was a good likelihood that R0 would not go above 1.

Japan's government will submit to parliament early next week a second extra budget to fund a new $1.1 trillion stimulus package to cushion the economic blow from the coronavirus pandemic, Prime Minister Shinzo Abe said on Monday.To get more news about WikiFX, you can visit wikifx news official website.
With ruling and opposition parties on board for big spending to combat the virus fallout, parliament is likely to approve the budget as early as next week.
The move would give Abe ammunition to inject another heavy dose of stimulus to an economy on the brink of deep recession as the pandemic hit global and domestic demand.
“We'd like to submit (the second extra budget) to parliament early next week,” Abe said in a meeting with ruling party lawmakers. “We need to protect businesses and jobs.”
Abe's cabinet approved last month the $1.1 trillion stimulus package that includes significant direct spending, having rolled out a package of a similar magnitude in April.
The extra budget needs to get approved by parliament for the stimulus package to take effect.
Notable in the new stimulus package is 10 trillion yen ($93 billion) in reserves set aside for “emergency” spending - more than 10-fold the usual amount - that the government can tap for additional needs that arise to battle the pandemic.
Just two months into the new fiscal year beginning in April, the government compiled two extra budgets worth a combined 58 trillion yen to combat the virus shock - about 10% of gross domestic product (GDP) and more than half the size of this year's annual state budget.
“It's clear the government focused on the size of stimulus this time,” said Hiroshi Ugai, chief Japan economist at JPMorgan Securities, who says the two stimulus packages will boost Japan's real GDP this year by 3.2 percentage points.
“It also leaves Japan with an expanded fiscal deficit” that could draw market attention once the pandemic subsides, he said.
Some analysts say Japan may be forced to compile a third extra budget later this year to take into account an expected slump in tax revenues due to slumping corporate profits.
After years of heavy spending to stimulate a low-growth economy, Japan is saddled with a huge public debt that is twice the size of its economy and the biggest among major industrialised countries.

It is remarkable that there have been deep divisions in other aspects of trade between the UK and EU, and it is believed that same agreement will not be reached easily next week due to the uncompromising attitudes of both sides.To get more news about WikiFX, you can visit wikifx news official website.
If the negotiation between two sides make a dramatic turn next week, it will contribute to the continuous recovery of the exchange rate of British pound. But, it is estimated that pound may not break through the level of 1.2647.
As for euro, we should focus on whether the€500 billion recovery fund proposed by France and Germany will be passed in the EU summit as Austria, Denmark, the Netherlands and Sweden has rejected it. And these four countries prefer establishing recovery fund by a form of loan. So passing the proposal is a difficult challenge, which results in a more unstable Euro market in the future.The European Central Bank previously made a high-profile statement that some measures should be taken to stimulate the economy in June, including possible easy monetary policy. EUR/USD is expected to rebound, and may not break above the resistance level of 1.1147, with great chance to fall to the level of 1.0767-1.0717 again.
Im concerned that Italy will probably default on its debt in a short term without support, which may result in a worse situation in euro market.Since 1987, Jasper Lo has been engaged in the financial industry (forex, futures and gold) for more than 32 years and holds forex R.O., securities and futures broker licenses. Mr Lo is an expert in trading forex, precious metals and commodity futures and an basic and technical analyst.
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The 16 investment banks are: Bank of America (24.86,-1.12,-4.31%), Barclays, BNP Paribas, Citigroup, Credit Suisse (9.31, 0.03, 0.32%), Deutsche Bank, Goldman Sachs (201.22,-8.44,-4.03%), HSBC Holdings, JPMorgan Chase (99.86,-1.51, -1.49%), Morgan Stanley (44.4,-2.46,-5.25%), Mitsubishi UFJ Bank (MUFG Bank), Royal Bank of Canada (66.25,-0.72,-1.08%), RBS (2.94,-0.10,-3.29%) > Royal Bank of Scotland, Societe Generale, Standard Chartered Bank and UBS (10.75,-0.09, -0.83%) Group (UBS). They are the world's largest financial institutions in Europe and the United States.To get more news about WikiFX, you can visit wikifx news official website.
Judge Scofield dismissed some of the charges against Barclays, JPMorgan Chase and Royal Bank of Canada on the grounds that they were not filed in time, and she disqualified SG Americas Securities LLC. Banks seeking to dismiss the lawsuit also include Bank of America, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, NatWest Markets Securities Inc., Royal Bank of Scotland, Societe Generale, Standard Chartered Bank and UBS.
Scofield said this ruling was made before both parties had ample opportunity to collect evidence and did not reflect the judge's decision on the merits of the case.
Event recap: a $5.1 trillion manipulation case!
In November 2018, the 16 investment banks were accused of manipulating the forex market between 2003 and 2013. It is reported that the 16 banks were accused of conspiring to manipulate the benchmark forex rate and the exchange rate offered to customers during the decade. The plaintiffs were 1,300 investment companies and local governments, including large institutional investors such as BlackRock (536.84, 0.44, 0.08%) and (PIMCO), a Pacific investment management company owned by Allianz of Germany. They accused the banks of manipulating the exchange rate in the forex market, which has a daily trading volume of about $5.1 trillion, and claimed that in forex trading, these institutions may force them to pay higher prices when they buy and accept artificially fixed low prices when they sell.
Previously, the investors had already filed a class action lawsuit, which resulted in a settlement of $2.31 billion with 15 of the banks. But the investors who were dissatisfied with the result decided to to sue on their own to recover the losses.
In recent years, there have been frequent interest rate manipulation scandals involved in big banks.
At present, these forex manipulation cases exposed mainly involves that the traders in some well-established international investment banks cooperate with other peers to manipulate forex price movements by the following ways:
Sharing individual customersorder information
This allows traders to make judgments before the fixing prices or market movements. As mentioned in the latest case above, they share information through a variety of channels, including phone calls, text messages, chat rooms and even interviews.
Trading in advance, which means to buy before the fixing price, with the help of customers order information
For example, if a customer wants to buy a currency pair of $100 million at the fixing price, the trader will buy the dollar an hour before the fixing price to hedge ahead of time, raising the exchange rate, so that the customer will suffer losses because of a higher fixing price.
Placing a large number of small orders before the fixing price to affect the price
As WM/Media fixing price is determined by the median of transactions in a short period of time before the order, a large number of orders may affect the final fixing price.
In the famous “forex manipulation case involved in six major international banks” in 2014, regulators in the UK, the United States and Switzerland announced fines totaled $4.25 billion on six large international banks including JPMorgan Chase, Citigroup, UBS, Royal Bank of Scotland, HSBC and Bank of America Merrill Lynch. Twelve major investment banks were fined more than 166.6 billion pounds ($216.8 billion) including settlement fees for manipulation or misconduct in 2009-2013, according to IMF.
Although supervision and punishment have been strengthened after various market manipulation cases have been frequently exposed, investment banks didn‘t stop rigging the trading market. And the market is also worried about the opacity of investment banks’ trading activity information.
Industry analysts believe that the fines are just the tip of the iceberg of the huge profits made by these traders from market manipulation, which may continue without further tightening regulation.

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The Federal Reserve left interest rates untouched and near zero Wednesday amid coronavirus pandemic.“It may well be the case that the economy will need more support from all of us if the recovery is to be a robust one,” Fed Chair Jerome Powell said.The Fed said it intends to keep the benchmark between 0% to 0.25% “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.”Visit Business Insider's homepage for more stories.
WASHINGTON (Reuters) - The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to use its “full range of tools” to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only slam growth in the near term but pose “considerable risks” in the medium term as well.“We are doing all we can” to help American households and businesses weather the public health emergency, Fed Chair Jerome Powell told journalists at the end of a two-day policy meeting that was held via videoconference. He added that the novel coronavirus could threaten economic growth for another year.“We will continue to use our tools to ensure that the recovery, when it comes, will be as robust as possible.”For now, he said, monetary policy is calibrated appropriately, but added that could change. “It may well be the case that the economy will need more support from all of us if the recovery is to be a robust one,” Powell said.To get more news about Zerodha, you can visit wikifx news official website.
In a matter of weeks the U.S. economy has gone from historically low unemployment to seeing more than 26 million people file for unemployment benefits and the sharpest plunge in activity since the Great Recession, as authorities across the country shut down large swaths of industry and commerce to slow the spread of the virus.Gross domestic product declined at a 4.8% annualized rate in the first quarter, ending the longest expansion in U.S. history, the Commerce Department reported earlier on Wednesday.Powell said he expects second-quarter GDP to shrink by double digits and for there to be significant increases in unemployment. It also will “take some time” for consumers to start spending again once the economy begins to reopen, he said.In its statement the rate-setting Federal Open Market Committee sketched the extent of the pandemic's effect so far, noting that “weaker demand and significantly lower oil prices are holding down consumer price inflation” and that “disruptions to economic activity here and abroad have significantly affected financial conditions and have impaired the flow of credit to U.S. households and businesses.”
The health crisis “will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term,” the Fed said, adding that it “is committed to using its full range of tools to support the U.S. economy in this challenging time.”“The more significant comment is that the FOMC is concerned about the downside risk to the economic outlook over the medium term, suggesting they will remain extraordinarily accommodative in policy for several years to come,” said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia.“When they stick their necks out and say they will use all their ammo, that's a significant statement of support,” LeBas said.U.S. stock markets pared some of the day's strong gains after the release of the Fed's statement before moving higher later in the session. The benchmark S&P 500 remained on track for its largest daily gain in nearly two weeks.
Yields on U.S. Treasury securities were little moved by the statement, while the dollar edged lower against a basket of key trading partner currencies.Securities purchasesThe meeting was the first held by the Fed since it took emergency steps in March and April to stabilize financial markets, slashing interest rates to near zero and throwing a credit lifeline to businesses and local governments.The Fed said it expects to maintain the target range for its benchmark overnight lending rate at the current 0% to 0.25% “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals,” the same phrasing it used in its last policy statement on March 15.It also said it will continue to buy U.S. Treasuries and agency residential and commercial mortgage-backed securities in the amounts needed to support smooth markets, and to offer large-scale overnight and term repurchase agreement operations.

Badmus is a forex beginner without experience of forex trading, and he lost all money when trading at ExpertOption for the first time. So he decided not to trade any more. On February 5th, 2020, he came across the same person, who worked for ExpertOption but now works for ALIFOREX. Badmus was attracted by this guys investment advertisement on YouTube and was invited to join a Telegram group, which provided customer service support to investors.To get more news about Forman Forex, you can visit wikifx news official website.
He invested 31USD BTC on ALIFOREX at the beginning and got 34.5USD after 24 hours. He felt good and decided to invest some BTCs worth of 276USD. According to investment levels, he would get 7% profits after 24 hours.
Badmus did not receive the money for a long time after submitting the withdrawal application, so he reported this issue in the Telegram group, and was told that the system error led to his failure of withdrawal, and they could do nothing about it. They added that the only solution was that Badmus needed to deposit again, then he can withdraw all the money in his account. Badmus felt confused and shocked. When the investor complained directly in the Telegram group, he was kicked out of the group.
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After WikiFXs investigation, traders are more interested in the latest forex news and forex analysis articles. This article will present the eight functions of WikiFX APP in details so that users can better understand the APP and acquire the forex knowledge they need.To get more news about wikifx, you can visit wikifx news official website.
Go to the APP home page and click “ALL”to select News Express, which displays two items, New Flashand Calendar. Click News Flash, and you will see the screen scrolls with the latest real-time forex information in 24 hours. The information is showed in two colors, red and black, indicating the degree of importance of the information.
Calendar shows the Economic News of each country on the same day, and you will see detailed information and explanations for every piece of financial information.
2. Daily Gurus' Analysis
WikiFX has invited 15+ gurus with highly reputation in the forex industry, and they have long-term cooperation with WikiFX and continuously bring the latest forex information on WikiFX official website. Their articles focus on the current investment environment analysis. For example, the influence of epidemic on forex; why is oil cheaper than water, etc.
3. WikiFX Forum
This is a very good place, where you can post your opinions, articles and questions about forex whether you are a trader or broker. To attract more people to follow your posts. Even you can get comments and suggestions from strangers. Each post will be reviewed by WikiFX staff in order to prevent advertisements, false investment advertisements and any information from illegal brokers and make sure that the forum is a safe and reliable place for you to speak freely.
4. Spread Comparison
Go to the APP home page and click “ALL”and choose “Spread”, you will see 85 brokers, with the spread of EUR/ USD, gold and crude oil. The list is a good reference for you when you are going to choose brokers. You can know the real-time price and choose the best broker to trade.
5. $1/M EA Cloud Host Trading Tool
Generally, forex is traded in two forms, manual and EA. WikiFX is going to launch a global EA cloud host on July.2020. WikiFX EA cloud host is the first cloud server tailored for forex trading. With preinstalled MT4 and MT5 trading software, the cloud host uses a remote Windows desktop to operate multiple EAs of forex traders in 24 hours. At the same time, WikiFX shield system released with the EA cloud host together will also be installed to perform real-time detection and analysis of EA data.
At that time, you can enjoy more convenient and fast forex transactions by EA cloud server with a cost of only $1 a month.
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WikiFX has exclusive experts, who provides professional and real time technical analysis on gold, crude oil and forex for users.You can freely learn how to trade gold, crude oil and forex on the APP.
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WikiFX APP releases global brokers rankings, such the top 50 brokers and the top 50 illegal brokers in the world. This function can help investors better distinguish reliable brokers and scam brokers.

If Britain and the EU fail to make some progress in the two rounds of week-long trade negotiations,scheduled on May 11th and June 1st respectively, it will have some noticeable impact on the pounds fluctuation before mid-2020.To get more news about ALIFOREX, you can visit wikifx news official website.
After a month of jittering in March, April has been rather peaceful for the pound. GBP/USD once plunged to a 35-year low of 1.1413 in March, while GBP/EUR also fell to 1.0527, a record low in 11 years. But both pairs have experienced some rally afterwards.
The EU-Britain negotiation regarding new trade measures introduced since January 1st has recently come to a deadlock. June 30th will be the deadline for extending the negotiation, yet the British Prime Minister Boris Johnson has repeatedly emphasized that an extension is unlikely to take place.
Latest statistics from CFTC show that as of the week ending April 21st, speculators at Chicagos International Monetary Market(IMM) are holding net shorts in pound for the first time in the past 12 months. During the last 6 weeks, speculators have been reducing holdings of GBP long positions.
Amazon sales surged in the first three months of the year, as the coronavirus lockdown boosted demand for the firm's groceries, online market and cloud computing services.
Sales in the quarter jumped 26% year-on-year and the firm said they could rise another 28% in the next.
“If you're a shareowner in Amazon, you may want to take a seat because we're not thinking small,” said Amazon's chief executive Jeff Bezos.
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Amazon reported its first-quarter earnings on Thursday after the bell.Amazon's sales grew faster than expected as more people shopped online amid COVID-19.But it missed on earnings as COVID-19-related costs across the supply chain increased.Amazon shares dropped about 5% in after-hours trading.Visit Business Insider's homepage for more stories.To get more news about WikiFX, you can visit wikifx news official website.
Amazon reported huge growth in first-quarter revenue but a miss on earnings on Thursday.The mixed results show how the coronavirus outbreak is leading to more shoppers on Amazon, albeit at an increased cost as the company is dealing with a number of costly changes, including supply chain lockdowns and warehouse safety upgrades.Amazon stock is down about 5% in after-hours trading.Here are the most important numbers:
Q1 EPS (GAAP): $5.01 versus expectations of $6.27 per shareQ1 Revenue: $75.5 billion versus expectations of 73.74 billionAmazon Web Services: $10.22 billions versus expectations of $10.29 billionAmazon CEO Jeff Bezos said in an unusually long statement that the epidemic is causing a lot of uncertainties, adding that the company expects to spend all of the $4 billion it's projected to make in second-quarter profits on COVID-19-related expenses.
“If you're a shareowner in Amazon, you may want to take a seat, because we're not thinking small,” Bezos said in a statement. “Under normal circumstances, in this coming Q2, we'd expect to make some $4 billion or more in operating profit. But these aren't normal circumstances. Instead, we expect to spend the entirety of that $4 billion, and perhaps a bit more, on COVID-related expenses getting products to customers and keeping employees safe.”Amazon clearly saw a massive demand surge as more people bought things online to avoid physical stores during the pandemic. The 26% revenue growth exceeds street estimates of 22%. Paid unit growth jumped 32%, up from last year's 10% growth rate. Even its “Physical Stores” sales, which includes Whole Foods revenue, grew 8% from last year, an unusual spike for a segment that hovered around 1% growth in the past year.Meanwhile, costs increased as Amazon had to put additional safety measures and pay raises across its warehouses. Amazon is hiring 75,000 more warehouse and delivery drivers, after having added 100,000 new employees since March. Shipping costs also jumped 49% to $10.9 billion. Operating income dropped $400 million from last year to $4 billion for the quarter.Amazon's cloud service continues to be a the company's main profit-driver. It reported $3 billion in operating profit, accounting for 77% of Amazon's total operating profit. Meanwhile, AWS crossed the $10 billion quarterly revenue mark for the first time, growing 33% from last year.
Despite concerns of the pandemic causing less spending on Amazon's advertising service, the segment saw a 44% sales increase to $3.9 billion in the quarter, showing little impact on one of its fastest growing business segments.Amazon's stock hit record highs earlier this month, and was up almost 30% year-to-date, far outpacing the broader market.

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China’s upstart Luckin Coffee grew at a blinding pace. It opened stores faster than Starbucks, doubled its valuation to $12bn eight months after going public and pleased its big-name investors in the US.To get more news about luckin coffee delisted, you can visit shine news official website.

Then, on 2 April, Luckin said many of its sales had been faked.

The shock brought a screeching stop to the three-year-old juggernaut, sending its stock plunging 75% overnight. Since then, investigators have delved into the books, executives have lost jobs and a stock exchange has moved to delist Luckin, but no one has explained just what went on inside the onetime corporate rocket ship.

It turns out that Luckin sold vouchers redeemable for tens of millions of cups of coffee to companies that had ties to Luckin’s chairman and controlling shareholder, Charles Lu, according to internal documents and public records reviewed by The Wall Street Journal. Their purchases helped the company book sharply higher revenue than its coffee shops produced.

Meanwhile, other internal documents showed a procurement employee called Lynn Liang processing more than $140m of payments for raw materials such as juice, delivery and human resources services. Liang was fictitious, according to people familiar with Luckin’s business.

The scale and audacity of deception, which the Journal found traced back to before Luckin’s initial public offering on the Nasdaq Stock Market just a year ago, have stunned international investors and confounded regulators. This was a company that went from founding to public listing in less than two years. Its sudden fall saddled pension, mutual and hedge funds, not to mention individual investors, with heavy losses both in Asia and the West.

Luckin on 11 May ousted its chief executive, Jenny Qian, and chief operating officer, Jian Liu, but provided little detail. It suspended or put on leave six others.

Qian couldn’t be reached for comment. Liu hung up when reached by phone. The only one of the other six who provided a comment said he was just following orders.

Lu didn’t respond to questions from the Journal. On 20 May, he said in a public statement: “My style may have been too aggressive and the company may have grown too fast, which has led to many problems. But I by no means set out to deceive investors.” He also apologised and restated his faith in the company in the statement, issued after Nasdaq moved to delist Luckin’s shares, a decision Luckin said it would appeal.

Luckin said in response to questions from the Journal that a committee of its board is continuing an internal investigation and responding to inquiries from regulatory agencies in the US and China. It said it couldn’t comment on specific details relating to the probe at this time.

“The company continues to take appropriate measures to improve its internal controls and remains focused on growing the business under the leadership of its board and current senior management team,” Luckin said.

Nasdaq, although seeking to delist Luckin, last month permitted its American depositary shares to resume trading after a six-week suspension. They promptly resumed their drop. The shares closed on Wednesday, 27 May at $2.59, versus a brief high above $50 in January.

Chairman Lu Zhengyao (who also goes by the name Charles Lu) will reportedly face criminal charges in China after authorities found emails that he allegedly sent to Luckin employees instructing them to commit fraud, according to Chinese news service Caixin.To get more news about luckin coffee, you can visit shine news official website.

Luckin admitted on April 2 that it had fabricated sales transactions totaling as much as $310 million from the second quarter of 2019 to the fourth quarter. The struggling Chinese coffeehouse chain is already without its CEO and chief operating officer after both executives were removed from their positions for their alleged roles in the accounting scandal.

If Zhengyao does in fact face criminal charges, he likely won't be able to help oversee Luckin's turnaround efforts. At that point, Luckin would be without three of its most senior leaders -- a void that comes at a terrible time for the struggling company.

That said, removing those who were responsible for Luckin's accounting schemes could be a step in the right direction if new leaders can help to restore the integrity of the company's operations and its accountability to its stakeholders.
Shares of Luckin Coffee (NASDAQ:LK) surged on Friday, continuing the stock's incredible ascent off its lows. By the close of trading, Luckin's stock was up 36% after rising as much as 67.7% earlier in the day.

The Chinese coffeehouse chain is besieged by scandal. The company disclosed on April 2 that it had fabricated as much as $310 million in sales from the second quarter of 2019 to the fourth quarter. On May 12, it terminated its CEO and chief operating officer for their alleged roles in the accounting scandal.

The news would only get worse. On May 19, Luckin disclosed that it received a delisting notice from Nasdaq, placing its stock's ability to continue trading on the stock market in question. Luckin's stock would go on to hit an all-time low of $1.33 on May 22, representing a brutal decline of more than 97% from its all-time high back in January. However, Luckin's share price has rebounded nearly 300% from its lows in recent days. Other than rumors of asset sales and a possible takeover by a larger company, the gains have come on relatively little news.

It's possible that short sellers are closing out their positions, which requires them to buy shares. This can accelerate upward moves in the share price of heavily shorted stocks, such as Luckin, particularly when highly leveraged traders are forced to close out their short positions due to unexpectedly large upward price swings.

It's also possible that speculators are buying Luckin's stock in the hopes that it can eventually recover from the accounting scandal. This is a risky bet as the coffeehouse chain was unprofitable before cooking the books -- and its profitability metrics are likely to look a lot worse once we know the full extent of its accounting shenanigans.

Regardless of what you believe is driving Luckin Coffee's recent gains, one thing is nearly certain: Its stock price is likely to remain highly volatile in the days and weeks ahead.

After U.S. WTI crude oil futures plunged, not only did retail investors who bet on the rebound in oil prices feel “upset”, even ETF issuers were “surprised”. With regard to Samsung S&P GSCI Crude Oil ER Futures ETF (HKEX Stock code: 3175), an announcement was issued on Wednesday evening that the entirely of its holding of June 2020 contracts had been replaced by September 2020 contracts in the night market.To get more news about WikiFX, you can visit wikifx news official website.

3175 claimed that its objective to track the “S&P GSCI Crude Oil Index Excess Return”, and the index also clearly stated that the next roll-over operation would be conducted on May 7-13, when the June 2020 contract tracked will be replaced by July 2020 contracts. 3175 suddenly changed its investment strategy with a high sounding reason that June 2020 contract may fall to zero or a negative value, “In the worst case scenario, the Net Asset Value of the Sub-Fund may drop to zero and investors may suffer a total lose of their investment in the Sub-Fund.”

In fact, as mentioned in previous articles of 3175, if the Net Asset Value of all Fund units is below 150 million Hong Kong dollars (page 36) or 40 million Hong Kong dollars (page 71), the Sub-Fund will be terminated, which means it will stop trading and go into liquidation. So even if June 2020 oil futures falls to a negative value, investors theoretically would not lose all. As long as it is clear that the market risk is borne by investors, ETF issuers dont need to take such a big risk of roll-overing in advance.

But why would Samsung roll-over？ There are two reasons; First, the company doesnt want to suffer huge losses. Second, 3175 is the most important “cash cow” for issuer, who certainly do not want to stop trading. 　　Once the oil price falls to a negative value, the transaction of 3175 will be terminated. So how should the issuer deal with its crude oil futures？ A few days earlier, when oil prices fell to a negative value, the decline could quickly make the oil price expand to -40 US dollars per barrel. Before the roll-over, 3175 held about 35,000 oil futures contracts, and each contract was equivalent to 1,000 barrels of crude oil. It the issuer forcibly closes the position at a price of -40 US dollars per barrel, the total loss of these futures contracts will reach about 1.4 billion US dollars (about 11 billion Hong Kong dollars). therefore, how many Galaxy mobile phones will Samsung have to sell to pay it off？ 　　On the other hand, from the perspective of the issuer, 3175 has become the most famous speculative oil trading tool in Hong Kong stock market, with a turnover from about 300 million dollars per day in early March to 1.94 billion dollars recently. So the issuer who can make huge profits in the transaction hates the termination of 3175 transaction most.

Clients ask to buy Tencent (700), but the broker buys HSBC (005) and then makes a notice; investors want to bet on the rebound of June oil price, but 3175 roll-overs the June old futures replaced by September oil futures without timely notification. So far, the SFC and SEHK has said nothing about it. And ETF transaction continues, which seemed to be allowed. If the investment strategy written in black and white clearly can be changed without any regulatory consequences, how can the interests of investors be protected？

The coronavirus pandemic has dominated headlines over the past couple of months, as countries scramble to contain their outbreaks and reopen economies. But news is still happening outside of this crisis.From Joe Biden's sexual assault allegations to a $900 billion fine against an Israeli bank for committing US tax evasion, here are 10 major news events you may have missed this past week.Visit Business Insider's homepage for more stories.To get more news about UniversalFX, you can visit wikifx news official website.

The coronavirus pandemic has swept the globe, infecting more than 3.3 million people and killing at least 237,000 as of May 1, according to Johns Hopkins University.At a time when countries are scrambling to prop up their economies, ramp up testing efforts, and lower their infection counts, the news cycle is continuously dominated with pandemic headlines.But there is still news happening outside of the crisis.Here are 10 major world events you may have missed in just the past week, as COVID-19 news continues to take center stage. WikiFX App is a third-party inquiry platform for company profiles.WikiFX has collected 17001 forex brokers and 30 regulators and recovered over 300,000,000.00 USD of the victims.

It, possessed by Wiki Co., LIMITED that was established in Hong Kong Special Administrative Region of China, mainly provides basic information inquiry, regulatory license inquiry, credit evaluation for the listed brokers, platform identification and other services. At the same time, Wiki has set up affiliated branches or offices in Hong Kong, Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted WikiFX to global users in more than 14 different languages, offering them an opportunity to fully appreciate and enjoy the convenience Chinese Internet technology brings. WikiFXs social media account as below: In order to help more investors, WikiFX has launched the “WikiFX Forum” forum, which aims to provide urgently needed and professional services to Nigerian forex investors.

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