January 14, 2020 Weekly Report

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Highlight of the Week

US Removes China’s Currency Manipulator Label

  • The US has ended its designation of China as a currency manipulator ahead of trade deal negotiations
  • The deal includes commitment from China to not depress its exchange rate and make additional disclosures about foreign-exchange practices

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Visa nears deal to buy FinTech

  • Plaid, valued at roughly $2.65b in 2018, would give Visa access to customers’ bank-account data and allow it to aggregate information for financial-service proviers
  • An acquisition would create a platform that allows money to move between bank accounts and compete against the likes of Zelle and Venmo
  • Visa acquired Earthport in 2019, a FinTech that provides cross-border payment services to banks and businesses

Alphabet inches towards $1 trillion

  • Share in Alphabet, the tech giant that owns google, rose to an all-time closing high of $1,440.03, pulling within 1% of $1 trillion of market capitalization
  • Three other tech companies have crossed the $1 trillion mark, including Microsoft, Apple, and Amazon

Georgia considers offering gambling expansion

Gov. Brian Kemp has said he will not try to block a gambling expansion, and lawmakers are considering some combo of sports betting, horse racing, and casino gambling

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