Sony Pictures Entertainment was hacked on November 24th in what is being considered one of the worst cyber attacks in corporate history.
The damage was extensive.
Gold price hit above $1200 per ounce, the highest it has been in a period of three weeks. This is attributable to the short covering and the unexpected interest rate, which catalyzed hopes that demand will increase in the world’s biggest consumer of the precious metal.
The Russian Ruble has hit a five-year low because of falling oil prices. This is not good news for Russia, as their economy relies very heavily on oil. What is worse for them is that the USA and EU still refuse to remove sanctions that were put in place because of Russia’s support of Ukrainian rebels. Knowing how bad the Russians have it is one thing, but their current problems are only costing them 7% of their economy, so how bad is it?
As the global economy continues to spiral downwards, the US has not given it much of a thought. Nevertheless, it cannot continue this forever. Last week, the treasury secretary Jack Lew, pointed out that the world is looking upon the US to save the global economy from ailing further. This happened a week ahead of the G-20 leaders meeting. All the same, the current global economy status cannot be averted by the efforts of the United States alone. Moreover, it cannot rely solely on the US to grow its economy fast, to cover up for the poor growth in other major world economies.
The UK government is a coalition between the Liberal Democrats and the Conservative party. They were hoping to announce that they had the deficit under control, as a new election is soon to be a reality. However, the UK government is going to have to borrow up to around £75bn more than they had planned over the next five years if they remain in power.