Visa, Kodak, Walmart: This Week's Top Trending Financial Tweets
#7 Visa’s very early Christmas present
Following the recent US tax reforms (lowering the corporate tax rate from 35% to 21%) Visa increased its contribution to the retirement savings of its US-based employees. As such, Visa is one of several companies to actually let its staff benefit from the cut in corporation tax.
The American multinational in financial services increased its so-called 401(k) matching program. This means that the company will now offer its employees $2 for every $1 they contribute up to 5% of their salary instead of the previous 3%.
JUST IN: Visa is raising its 401(k) matching for employees in response to tax reform; company also will examine other long-term investments. pic.twitter.com/aoo5jT8ns1— CNBC Now (@CNBCnow) January 8, 2018
#6 Kodak goes crypto
Big news from the Eastman Kodak Company – better known as Kodak – this week. The one-time camera maker announced the launch of its own blockchain-driven platform and cryptocurrency (KodakCoin) for photographers.
According to CEO Jeff Clarke, the platform and digital currency are meant to “empower photographers and agencies to take greater control of image rights management.”
Whether this goal will be achieved or not remains to be seen but in the meantime, Kodak stock rose as much as 90% on Wednesday after the crypto announcement a day earlier: a true Kodak moment.
#5 Warren Buffett on cryptocurrency
A less optimistic sound came from Warren Buffett. When asked about cryptocurrencies in an interview with CNBC on Wednesday, he said that with most cryptocurrencies, he could say almost with certainty that they will come to a bad ending.
#4 London’s finance jobs
According to a survey by recruitment company Morgan McKinley, job vacancies in London’s finance industry dropped a mere 52% in December, the biggest fall in three years.
This, in combination with a report commissioned by London Mayor Sadiq Khan to forecast 5 different Brexit scenarios and their impact on the (London) economy, wasn’t the best news for Theresa May just before her Thursday meeting with representatives from big city firms.
#3 Walmart plays Santa
More good news following the recent US tax law changes – and perhaps Visa’s good example, who knows – on Thursday. Walmart, the world’s biggest private employer announced it will raise starting wages to $11 (coming from $9).
Besides that, the company will expand both maternity and parental leave and create new benefits. On top of this, eligible Walmart employees will also receive a bonus.
#2 US indexes break records again
Last week, we finished our list with a Tweet about the Dow Jones setting a new record as it broke through the 25 000 points. This week, and again on a Thursday, the Dow did it again; the index climbed to an all-time high. So did the Nasdaq composite and the S&P 500 by the way.
With the earnings season being in full swing and with many listed companies yet to report their results for Q4 of last year, it will be interesting to see what course US indexes will take next.
#1 Brent hits $70
Speaking of highs, the price of Brent crude rose to more than $70 this week, a level it hadn’t reached since 2014. In the past two years, the price has more than doubled.
Brent crude has surpassed $70 a barrel for the first time since 2014, with the price more than doubling in the past two years. pic.twitter.com/lHcy2KvaSn— Lisa Abramowicz (@lisaabramowicz1) January 11, 2018
And that's the second week of 2018 all wrapped up in 7 Tweets. We'll keep tracking Twitter of course and will continue to bring you the top financial micro-messages from the web. See you here next Friday!