Volkswagen said industrywide demand in China will plunge if a tax cut due to expire at the end of the year is allowed to lapse. The German automaker is in talks with both the government and the China Association of Automobile Manufacturers. Source: Bloomberg
China is planning to bring back gold standards for international payment after several decades. Being the world’s largest importer of yellow metal, China is now preparing to launch an oil futures contract denominated in yuan and redeemable in gold. While the yuan is not yet a global trade settlement currency, China will make the plan possible by backing the yuan with gold for settling crude oil imports. China is also the largest importer of crude oil. Source Business Standard
Global accountancy firm Deloitte [DLTE.UL] has been hit by a sophisticated hack that resulted in a breach of confidential information and plans from some of its biggest clients, Britain’s Guardian newspaper said on Monday. Source Reuters
Investors in Venezuelan securities are breathing a sigh of relief after the government once again made good on its promise to pay foreign bondholders. The nation, one of the world’s riskiest debtors, said yesterday it was having difficulty wiring a $185 million interest payment that was due Sept. 15. Officials confirmed Thursday that the money was on its way to bondholders. Source Bloomberg
