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Decor steals in stock11/23/2023 He believed that if money could move rapidly from country to country, it could no longer be mastered by nations. As he explained in 1979, the "current banking network, with its Euromarkets and its automated payments system" seemed dull and technical, but it had immense political consequences. Wriston's willingness to put his ideas into action changed the world. His efforts to build a private global payments system under Citibank's control in the early 1970s prompted other banks to build their own collective system, so as to avoid being drawn inside Citibank's gently smiling jaws. Wriston's financial innovations helped create the modern Eurodollar market - a vast offshore realm of financial transactions in US dollars happening outside of US borders. Look closely at the burgeoning of international finance, of information networks, of logistical innovations that transformed trade. Wriston was a globalist who was deeply influenced by economist Friedrich Hayek's vision of a world in which market freedoms were the basis of individual liberty. The chairman of the financial giant Citibank and its parent corporation, Citicorp, he was also a man with a vision. Walter Wriston was once one of the most powerful people on the planet. CNN Sans ™ & © 2016 Cable News Network.Account icon An icon in the shape of a person's head and shoulders. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Tech companies fell on the news, the Nasdaq Composite dropped by about 0.9% on Thursday and the semiconductor sector fell by more than 2%.ĬNN has reached out to Apple and to China’s Ministry of Foreign Affairs but has not received a response. National Security Adviser Jake Sullivan said during a White House press briefing that the United States needs “more information about precisely its character and composition” to determine if parties bypassed American restrictions on semiconductor exports to create the new chip. The US government said Tuesday it was investigating the new smartphone. The timing, said analysts, is “interesting.” On Thursday, Bloomberg reported that those bans had been extended to state-backed firms, including energy giant PetroChina, which employ millions of workers and control vast swaths of the Chinese economy.Īnalysts at Bank of America wrote in a note Thursday that the potential iPhone ban comes on the heels of a new high-end flagship smartphone released by Chinese manufacturer Huawei. On Wednesday, the Wall Street Journal reported that China had banned the use of iPhones for central government officials and that managers had been notifying staff of the ban via chat groups or meetings. Because of that, the company “has historically been viewed as relatively safe in China from government restrictions.” These reported bans present an important question, he wrote: “Is the government changing its stance?” REUTERS/Mike Segar Mike Segar/ReutersĪpple expected to unveil new iPhone at "Wonderlust" special eventĬupertino, California-based Apple also plays an important role in Beijing’s economy, wrote Brandon Nispel, an analyst at KeyBanc Capital, on Wednesday. A women uses an iPhone mobile device as she passes a lighted Apple logo at the Apple store at Grand Central Terminal in New York City, U.S., April 14, 2023.
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