On Monday the annual Central Economic Work Conference held by the Chinese Government in Beijing concluded with an official statement that indicated that more aggressive monetary and fiscal policies may be on the way. The meeting, which was led by President Xi Jinping, resulted in a roadmap for 2016 that focuses on structural reforms to the supply side as the economy continues to transition towards greater reliance on internal demand. The official gross-domestic-product targets for the coming year were also set at the meeting but will not be publicly disclosed until March.
Deutsche Bank braces for fines. Multiple media outlets have reported that Frankfurt, Germany’s Deutsche Bank is preparing to reveal up to $10 billion in suspected fraudulent transactions executed by the bank’s Russian subsidiary. According to anonymous sources, the transactions allowed capital to leave Russia despite international sanctions following the annexation of Crimea. The U.S. Department of Justice has an ongoing investigation of the bank’s activities in Russia.
Toshiba cut to junk status. On Tuesday Moody’s Investors Service lowered its rating for Toshiba Corp.’s long-term debt to Ba2, its second-highest junk rating, followed by a downgrade to a non-investment grade by Standard & Poor’s. The troubled Japanese electronics giant recently guided full fiscal-year earnings expectations significantly lower than prior estimates.
SpaceX successfully lands rocket. Elon Musk’s aerospace upstart SpaceX successfully landed an orbital rocket on the ground for the first time in a test flight on Monday. The success marks a significant milestone in the Hawthorne, California company’s plans to create a reusable commercial space fleet.
Russia raids oligarch’s office. On Tuesday morning at dawn Russian, law enforcement agencies descended on the Moscow office of the Open Russia Foundation, a non-profit founded by oil tycoon Mikhail Khodorkovsky. Currently Khodorkovsky faces murder charges that he insists are part of a Kremlin strategy of retribution and intimidation.
