- China's economy grew by 7.4% last year, the slowest pace in 24 years, as property investment fell to a five-year low. Property investment, a main driver of the economy, rose 10.5% in 2014 from a year earlier, the National Bureau of Statistics(NBS) said on Tuesday, the slowest pace since the January-July period of 2009.
- The International Monetary Fund (IMF) cut its growth forecasts for the world economy. Global growth is projected at 3.5% for 2015 and 3.7% for 2016, a forecast that is 0.3 percentage points lower than the previous one. The Fund called for accommodative fiscal and monetary policies.
- President Barack Obama's State of the Union speech will ask Republicans to back his ideas to raise tax. Obama will push a plan to increase taxes by $320 billion over 10 years on the wealthy by closing tax loopholes and imposing a fee on big financial firms. The money would be used to pay for an increase in benefits for the middle class.
- Schlumberger (SLB), the world's largest oilfield services company, will buy a 45.65% stake in Russia's drilling firm Eurasia Drilling, the Russian firm said. Eurasia will de-list from the London Stock Exchange as part of the deal and Schlumberger has an option to buy the rest of the shares within three years. Schlumberger said last week it fired 9,000 people because of the oil price slump.
- Unilever (UN) underlying sales came in below analyst expectations last year, when they increased by 2.9% vs. estimates of a 3.1% rise. The underlying sales figure excludes the effect of acquisitions and that of exchange rate fluctuations.
More from China
There are challenges the world and the markets face; be mindful of them, but do not fear… ever.
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