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The Boring Company, diapers, Berkshire Hathaway: This Week's Top Financial Tweets - Week 31

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08/03/2019 | 09:51am EDT

Welcome back to our weekly recap of financial Tweets. We've got news about The Boring Company, diapers, Berkshire Hathaway and more, so here goes: this week's selection of 7 top financial Tweets.

#7. Venezuelan inflation hits 10 million percent

The hyperinflation in Venezuela has hit 10 million percent. So-called shock therapy may be the country’s only chance to get back on its feet, CNBC reports.

Shock therapy can include ending price controls and government subsidies, higher tax rates and lower government spending, devaluing the currency to boost foreign investments and selling state-owned industries to the private sector, according to the same CNBC article. These kind of measures have been successful in Poland, Russia, Chile and Bolivia.

#6. South Korea - Japan trade row

In another trade row, this time between South Korea and Japan, things escalated this week on Friday, Reuters reports. Japan removed South Korea from a favored trading nations list which prompted South Korea to announce that may consider scrapping an intelligence sharing pact as a countermeasure.

This pact between the two countries and the USA, however, is essential for South Korea and Japan in dealing with North Korea’s nuclear and missile threats. This is why South Korea wants a cooling off period with Japan to come up with a solution, according to the same Reuters article.  

#5. High-tech diapers

The plant-based trend has reached yet another industry: that of baby’s diapers. As the number of newborns in the US keeps dropping - another 2% last year, to 3.79 million babies - so does the demand for diapers.

This means that companies such as Kimberly-Clark - the maker of Huggies - and Proctor & Gamble - the maker of Pampers - need to find new ways to make up for lost revenue. And so, the former has launched a plant-based line of diapers while the latter developed diapers that digitally track babies' sleep, the Wall Street Journal reports.

Prices can be around five times higher than those of ‘regular’ diapers.

#4. The Boring Company to launch in China

Elon Musk’s Boring Company, a tunnelling and transportation startup, is going to launch in China later this month, TechCrunch reports. It was Musk himself who announced the launch, replying to a tweet about an AI conference in Shanghai at which he will speak.

#3. Warren Buffett’s new record

Warren Buffett’s investment company, Berkshire Hathaway, reached a new record this week with no less than $122 billion in cash, Bloomberg reports. While this is a good problem to have, Buffett has trouble finding enough well-priced opportunities to keep up the growth that enabled him to beat the broader markets for the past decades.

The company’s investment gains were $7.9 billion this quarter, up 55% from the year before, according to the same Bloomberg article.

#2. Pound potentially to 34- year low

According to a survey by Bloomberg, a poll of 13 banks shows that there currently is a 30% chance that Britain will exit the European Union in October with no deal, an outcome that would pull down the British pound by more than 9% to $1.10, Yahoo Finance reports.

This is a level that hasn't been seen in 34 years. Investors are pricing in a higher possibility of a disorderly Brexit after the recent election of Brexiteer Boris Johnson.

#1. Hong Kong protests

Hong Kong, while under Chinese rule, has been allowed to retain several freedoms, such as an independent judiciary. A proposed bill allowing people to be extradited to stand trial in mainland China, however, has sparked a wave of (increasingly violent) protests since June, Reuters reports.

Many Hong Kong residents fear that the bill is another step toward mainland control. The city was rocked by anti-government protests on Saturday, with more protests planned for Sunday, and activists calling for a mass strike on Monday, according to the same Reuters article.

As is to be expected, months of demonstrations are taking a growing toll on the city’s economy.

Well, there you have it, the 31st week of 2019 captured in 7 Tweets. As always, we’ll continue to track Twitter and bring you the top financial micro-messages from the web. See you back here next week.

Source: www.scoopnest.com.

Neelie Verlinden
© MarketScreener.com 2019
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