Weekly news summary for November 19 to 25

Friday, Nov. 19: Nasdaq Rises Above 16,000, Dow Extends Losses

The Nasdaq Composite index ended Friday’s session above 16,000 points to mark its second record close, while the Dow continued to drop due to pandemic concerns in Europe, posting its fourth consecutive loss.

The Nasdaq and S&P 500 index performed well in the week, climbing 1.2% and 0.3%, respectively, while the Dow Jones Industrials (DJI) Average declined 1.4% to eliminate this month’s remaining gains and extend its fall from the 2.3% record high reached on November 8.

Monday, Nov. 22: Ericsson to Acquire Vonage in $6.2B All-Cash Deal

Ericsson is set to acquire US cloud communications group Vonage Holdings Corp. in an all-cash deal worth $6.2 billion, as the Swedish telecom company plans to expand its 5G networking technology.

The acquisition allows Ericsson to start securing more enterprise business and have a more advanced approach to communications that includes a cloud contact center, communications APIs, and voice over internet protocol (VoIP) solution.

Tuesday, Nov. 23: Lira at Historic Low after Erdogan Backs Rate Cuts

The Turkish lira hit a historic low against the US dollar on Tuesday after President Tayyip Erdogan backed the latest interest rate cuts amid a near 20% inflation surge.

The lira slipped 15% to 13.45 per dollar for the first time ever on Tuesday, marking an 11-day losing streak, although some of the losses were cut later in the session, with the currency closing 10.2% lower at 12.70.

Wednesday, Nov. 24: US Jobless Claims Fall to 52-Year Low Last Week

US jobless claims were down to a 52-year low in the previous week, as filings slowed ahead of the Thanksgiving holiday and with businesses facing difficulty in hiring employees amid labor shortages.

Data from the Labor Department showed that initial unemployment claims dropped by 71,000 to a seasonally adjusted 199,000 last week, leading US jobless claims to their lowest since November 1969, compared with the decline of 205,000 in February 2020.

Thursday, Nov. 18: India May Choose Tough Crypto Rules Instead of Ban

Indian lawmakers may ultimately implement stricter regulations on the cryptocurrency market instead of completely banning private cryptocurrencies in the country, co-chief executive of cryptocurrency exchange Zebpay Avinash Shekhar stated on Thursday.

Shekhar’s comments came as the Indian government is set to introduce a new bill that would ban most cryptocurrencies in the country, with certain exceptions, and develop a new digital Indian rupee issued by the Reserve Bank of India (RBI).

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