Topic: Finance & Investment

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$100 Billion USD oops

Korea Finance & Investment

The 2018 Samsung fat-finger error was a fat-finger error on April 8th 2018 in which an employee of Samsung Securities mistakenly distributed shares worth US$100,000,000,000 to employees. The company is the stock trading arm of the Samsung conglomerate and is engaged in financial services including securities and investment banking sectors primarily in Korea, China, the United States, the United Kingdom, Japan, and Hong Kong.

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2020 Stock Market Crash

Finance & Investment COVID-19 Economics

The 2020 stock market crash is a global stock market crash that began on 20 February, 2020. On 12 February, the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 Index all finished at record highs (while the NASDAQ and S&P 500 reached subsequent record highs on 19 February). From 24 to 28 February, stock markets worldwide reported their largest one-week declines since the 2008 financial crisis, thus entering a correction. Global markets into early March became extremely volatile, with large swings occurring in global markets. On 9 March, most global markets reported severe contractions, mainly in response to the 2019–20 coronavirus pandemic and an oil price war between Russia and the OPEC countries led by Saudi Arabia. This became colloquially known as Black Monday I, and at the time was the worst drop since the Great Recession in 2008.

Three days after Black Monday I there was another drop, Black Thursday, where stocks across Europe and North America fell more than 9%. Wall Street experienced its largest single-day percentage drop since Black Monday in 1987, and the FTSE MIB of the Borsa Italiana fell nearly 17%, becoming the worst-hit market during Black Thursday. Despite a temporary rally on 13 March (with markets posting their best day since 2008), all three Wall Street indexes fell more than 12% when markets re-opened on 16 March. At least one benchmark stock market index in all G7 countries and 14 of the G20 countries have been declared to be in bear markets.

As of March 2020, global stocks have seen a downturn of at least 25% during the crash, and 30% in most G20 nations. Goldman Sachs has warned that the US GDP will shrink 29% by the end of the 2nd quarter of 2020, and that unemployment may skyrocket to at least 9%. Australian Prime Minister Scott Morrison has called the looming economic crisis 'akin to the Great Depression'.

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Basic income

Finance & Investment Economics Sociology Sociology/social movements Basic Income Social Work International development

Basic income, also called universal basic income (UBI), citizen's income, citizen's basic income in the United Kingdom, basic income guarantee in the United States and Canada, or basic living stipend or guaranteed annual income or universal demogrant, is a governmental public program for a periodic payment delivered to all on an individual basis without means test or work requirement. The incomes would be:

  • Unconditional: A basic income would vary with age, but with no other conditions. Everyone of the same age would receive the same basic income, whatever their gender, employment status, family structure, contribution to society, housing costs, or anything else.
  • Automatic: Someone's basic income would be automatically paid weekly or monthly into a bank account or similar.
  • Non-withdrawable: Basic incomes would not be means-tested. Whether someone's earnings increase, decrease, or stay the same, their basic income will not change.
  • Individual: Basic incomes would be paid on an individual basis and not on the basis of a couple or household.
  • As a right: Every legal resident would receive a basic income, subject to a minimum period of legal residency and continuing residency for most of the year.

Basic income can be implemented nationally, regionally or locally. An unconditional income that is sufficient to meet a person's basic needs (at or above the poverty line) is sometimes called a full basic income while if it is less than that amount, it is sometimes called partial. A welfare system with some characteristics similar to those of a basic income is a negative income tax in which the government stipend is gradually reduced with higher labour income. Some welfare systems are sometimes regarded as steps on the way to a basic income, but because they have conditionalities attached they are not basic incomes. If they raise household incomes to specified minima they are called guaranteed minimum income systems. For example, Bolsa Família in Brazil is restricted to poor families and the children are obligated to attend school.

Several political discussions are related to the basic income debate. Examples include the debates regarding robotization, artificial intelligence (AI), and the future of work. A key issue in these debates is whether robotisation and AI will significantly reduce the number of available jobs. Basic income often comes up as a proposal in these discussions.

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Bitcoin Cryptocurrency

Internet Computing Computing/Computer hardware Finance & Investment Economics Law Computing/Software Computing/Free and open-source software Computing/Computer science Cryptography Cryptography/Computer science Numismatics Guild of Copy Editors Numismatics/Cryptocurrency Cryptocurrency Open Computing/Computer Security

Bitcoin () is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.

Celebrity Bond

Finance & Investment Economics Business Rock music Business/Accounting

A celebrity bond is commercial debt security issued by a holder of fame-based intellectual property rights to receive money upfront from investors on behalf of the bond issuer and their celebrity clients in exchange for assigning investors the right to collect future royalty monies to the works covered by the intellectual property rights listed in the bond. Typically backed by music properties, the investment vehicle was pioneered in 1997 by rock and roll investment banker David Pullman through his $55 million David Bowie bond deal.

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Chicken tax

United States International relations Finance & Investment Economics Politics Trade Automobiles Taxation

The Chicken Tax is a 25 percent tariff on light trucks (and originally on potato starch, dextrin, and brandy) imposed in 1964 by the United States under President Lyndon B. Johnson in response to tariffs placed by France and West Germany on importation of U.S. chicken. The period from 1961–1964 of tensions and negotiations surrounding the issue was known as the "Chicken War," taking place at the height of Cold War politics.

Eventually, the tariffs on potato starch, dextrin, and brandy were lifted, but since 1964 this form of protectionism has remained in place to give U.S. domestic automakers an advantage over competition (e.g., from Japan, Turkey, China, and Thailand). Though concern remains about its repeal, a 2003 Cato Institute study called the tariff "a policy in search of a rationale."

As an unintended consequence, several importers of light trucks have circumvented the tariff via loopholes, known as tariff engineering. Ford (ostensibly a company that the tax was designed to protect), imported its first-generation Transit Connect light trucks as "passenger vehicles" to the U.S. from Turkey, and immediately stripped and shredded portions of their interiors (e.g., installed rear seats, seatbelts) in a warehouse outside Baltimore. To import vans built in Germany, Mercedes "disassembled them and shipped the pieces to South Carolina, where American workers put them back together in a small kit assembly building." The resulting vehicles emerge as locally manufactured, free from the tariff.

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Dogecoin

Internet Computing Finance & Investment Economics Computing/Software Computing/Free and open-source software Cryptography Cryptography/Computer science Numismatics Numismatics/Cryptocurrency Cryptocurrency

Dogecoin ( DOHJ-koyn, code: DOGE, symbol: Ð) is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014.

Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content. Dogecoin is referred to as an altcoin.

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Hawala

Finance & Investment Economics India Arab world

Hawala or hewala (Arabic: حِوالةḥawāla, meaning transfer or sometimes trust), also known as havaleh in Persian, and xawala or xawilaad in Somali, is a popular and informal value transfer system based not on the movement of cash, or on telegraph or computer network wire transfers between banks, but instead on the performance and honour of a huge network of money brokers (known as hawaladars). While hawaladars are spread throughout the world, they are primarily located in the Middle East, North Africa, the Horn of Africa, and the Indian subcontinent, operating outside of, or parallel to, traditional banking, financial channels, and remittance systems. Hawala follows Islamic traditions but its use is not limited to Muslims.

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Hindenburg Omen (Occurred Twice this Month)

Finance & Investment Economics Business

The Hindenburg Omen was a proposed technical analysis pattern, named after the Hindenburg disaster of May 6, 1937. It was created by Jim Miekka, who believed that it portended a stock market crash.

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Largest Corporate Earnings and Losses of All Time

Companies Finance & Investment Lists Business Business/Accounting

This page lists the largest annual and quarterly earnings and losses in corporate history. In general terms the oil and gas industry is the one generating both largest annual and quarterly earnings. In contrast, both the annual and quarterly losses are more distributed across industries.

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