2015 Economy & Business Events — Verified Historical Highlights

2015 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to

01 Jan Eurasian Economic Union established: On January 1, 2015, the Eurasian Economic Union (EEU) was established, comprising Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. The EEU aims to promote economic integration and cooperation among its member states. source: reuters.com
08 Jan Coca-Cola Job Cuts: Coca-Cola announced plans to eliminate 1,800 jobs worldwide, reflecting ongoing corporate restructuring and economic challenges in the global beverage industry.
14 Jan Caesars Entertainment Corporation Bankruptcy Filing: Caesars Entertainment Corporation prepared to file for bankruptcy in Chicago, signaling significant financial challenges in the casino and entertainment industry.
15 Jan Swiss National Bank abandons euro exchange rate cap: On January 15, 2015, the Swiss National Bank announced it would no longer maintain a cap on the Swiss franc's value against the euro. This decision led to significant fluctuations in the currency markets and was a major economic event for Switzerland and the Eurozone. source: bbc.com
20 Jan Baker Hughes Announces Major Layoffs Due to Oil Price Collapse: In response to falling crude oil prices, Baker Hughes, a major oil services company, announced plans to lay off 7,000 employees, reflecting the significant economic challenges in the energy sector.
21 Jan Gazprom Shifts European Gas Pipeline: Russian state-owned gas company Gazprom announces plans to reroute its European natural gas pipeline from Ukraine to Turkey, constructing a new underwater link through the Black Sea.
22 Jan European Central Bank announces massive monetary stimulus: On January 22, 2015, the European Central Bank (ECB) unveiled a substantial monetary stimulus package aimed at combating deflation and stimulating economic growth in the Eurozone. The package included large-scale asset purchases and other measures to increase liquidity. source: reuters.com
24 Jan Target Canada Announces Mass Layoffs: Following its earlier announcement of store closures, Target Canada confirmed the layoff of 17,000 employees, marking a significant economic restructuring in the Canadian retail sector.
25 Jan Massive Blackout in Pakistan: A significant power outage struck Pakistan, causing widespread disruption as officials worked urgently to restore electricity across the country.
26 Jan Russia's credit rating downgraded: On January 26, 2015, Russia's credit rating was downgraded by Standard & Poor's to junk status due to economic sanctions and falling oil prices. This downgrade reflected concerns over the country's economic stability and its ability to meet financial obligations. The move was seen as a significant blow to Russia's economy amid ongoing geopolitical tensions. source: reuters.com
28 Jan Chinese Yuan Gains Global Financial Significance: The Chinese Yuan has achieved a milestone by becoming the fifth most widely used currency in international financial markets, signaling China's growing economic influence and global financial integration.
29 Jan Philippine Economic Growth: In 2014, the Philippine economy experienced over 6% growth, making it Asia's second-fastest growing economy after China. This represents the longest sustained economic growth period since the 1950s.
30 Jan Shake Shack Goes Public: Shake Shack, the popular fast-food chain founded by Danny Meyer, made its debut on the New York Stock Exchange, marking a significant milestone in the company's growth and expansion.
01 Feb United Steelworkers Strike Against Royal Dutch Shell: The United Steelworkers union initiated a strike against Royal Dutch Shell Plc and nine U.S. chemical and oil plants. This action significantly impacted oil prices, which had been falling since June but began to rise due to the disruption in the supply chain.
03 Feb S&P Financial Crisis Settlement: Standard & Poor's settled a $1.5 billion lawsuit with the U.S. Justice Department and several states for inflating ratings of subprime mortgage bonds during the 2008 financial crisis.
04 Feb Chinese Banking Executive Resigns: Mao Xiaofeng resigned as President of Minsheng Banking Corporation amid a corruption investigation linked to disgraced official Ling Jihua, reflecting ongoing anti-corruption efforts in China.
05 Feb RadioShack Files for Chapter 11 Bankruptcy: RadioShack, a long-standing American electronics retailer, filed for Chapter 11 bankruptcy, marking the end of an era for the once-prominent consumer electronics chain.
07 Feb Fox Corporation Ownership Restructuring: Twentieth Century Fox considers allowing investors to convert voting shares to non-voting shares, which would consolidate control under Rupert Murdoch and his family.
09 Feb Tahoe Resources Acquires Rio Alto Mining: Tahoe Resources, a Canadian gold mining company, agreed to purchase Rio Alto Mining for over CAN$1 billion, signaling consolidation in the precious metals mining industry.
10 Feb Apple Reaches Historic Market Capitalization: On February 10, 2015, Apple Inc. achieved a historic market capitalization milestone, becoming the first company to reach a valuation of $700 billion. This significant achievement underscored Apple's dominance in the technology sector. source: cnbc.com
11 Feb Rite Aid Acquires EnvisionRx: Rite Aid, a major American pharmacy chain, announced a significant $2 billion acquisition of EnvisionRx, a pharmacy benefit manager owned by TPG Capital, signaling strategic expansion in the healthcare market.
12 Feb US West Coast Port Labor Negotiations Continue: Ongoing negotiations between the International Longshore and Warehouse Union and Pacific Maritime Association raise concerns from the National Retail Federation about potential disruptions to shipping and product distribution.
13 Feb Fitch Downgrades Ukraine's Credit Rating Amid Conflict: On February 13, 2015, Fitch Ratings downgraded Ukraine's credit rating due to ongoing conflict in the eastern regions and economic challenges. The downgrade reflected concerns over Ukraine's financial stability. source: reuters.com
16 Feb Hyundai and Kia Vehicle Recall: Hyundai and its affiliate Kia announced plans to recall over 60,000 vehicles in South Korea, potentially addressing safety or performance concerns in their automotive lineup.
17 Feb Samsung's Strategic Financial Position Analyzed: On February 17, 2015, financial analysts released a report analyzing Samsung's strategic financial position, highlighting its strong market presence and potential challenges in the global smartphone market. source: wsj.com
18 Feb Japan Post acquires Toll Holdings: On February 18, 2015, Japan Post announced its acquisition of Toll Holdings, an Australian logistics company. This move was part of Japan Post's strategy to expand its international operations and enhance its logistics capabilities. source: reuters.com
19 Feb Greece seeks Eurozone loan extension: On February 19, 2015, Greece formally requested an extension of its Eurozone loan agreement, aiming to negotiate better terms amid ongoing financial struggles. This request was part of a broader effort to stabilize the Greek economy. source: reuters.com
21 Feb United Steelworkers Union Initiates Strike at Major Refinery: The United Steelworkers union escalated labor tensions by calling a strike at Motiva, the owner of the United States' largest refinery. This action signals significant ongoing conflict between labor and management in the industrial sector.
24 Feb Greece Seeks Loan Extension: Greece submitted a list of eleven reforms in an attempt to obtain a loan extension, signaling ongoing negotiations in the European debt crisis and efforts to stabilize the country's economic situation.
25 Feb Morgan Stanley settles with DOJ: On February 25, 2015, Morgan Stanley announced a settlement with the U.S. Department of Justice regarding allegations of misconduct related to mortgage-backed securities. The settlement was part of ongoing efforts to address financial industry practices. source: reuters.com
26 Feb FCC establishes net neutrality rules: On February 26, 2015, the Federal Communications Commission (FCC) voted to establish net neutrality rules, ensuring that internet service providers treat all data on the internet equally, without discrimination or charging differently by user, content, website, or application.
28 Feb Lithuania-US Liquefied Gas Trade Agreement: On February 28, 2015, Lithuania and the United States signed an agreement to export liquefied natural gas (LNG) to Lithuania, enhancing energy security in the region. source: reuters.com
02 Mar HP Acquires Aruba Networks: Hewlett-Packard announced the strategic acquisition of Aruba Networks, a prominent American wireless networking equipment manufacturer. The transaction, valued at approximately $2.7 billion, represents a significant move in the technology and networking sector.
05 Mar Major Pharmaceutical Acquisition: AbbVie Inc acquired Pharmacyclics Inc, a leukemia drugmaker, in a massive $21 billion deal, signaling significant consolidation in the pharmaceutical industry.
06 Mar Apple joins Dow Jones Industrial Average: Apple Inc. was announced to replace AT&T Inc. in the Dow Jones Industrial Average, effective March 19, 2015, marking a significant milestone for the tech giant. source: prnewswire.com
12 Mar Royal Dutch Shell and Steelworkers Union resolve strike: On March 12, 2015, Royal Dutch Shell reached an agreement with the United Steelworkers Union, ending a strike that had affected several refineries. The resolution was seen as a significant development in labor relations in the energy sector. source: reuters.com
13 Mar Egypt Economic Development Conference held: On March 13, 2015, Egypt hosted an Economic Development Conference aimed at attracting foreign investment and boosting the economy. The event featured various international leaders and investors. source: reuters.com
14 Mar Guyana-Venezuela Maritime Dispute: Guyana firmly rejected Venezuela's protests regarding ExxonMobil Corporation's oil and gas concession in disputed Caribbean waters, escalating tensions between the two countries over territorial claims.
17 Mar Premera Blue Cross Cyberattack Revelation: Premera Blue Cross, an American health insurance company, announced that it was the victim of a cyberattack on May 5, 2014, which exposed 11 million customer bank account numbers and personal data.
18 Mar Kraft Foods Recalls Macaroni and Cheese Products: Kraft Foods Group Inc. initiated a massive recall of over 6.5 million 7.25-ounce boxes of macaroni and cheese due to customer reports of small metal pieces contaminating the product. The recall affected distribution across the United States and several countries in South America and the Caribbean.
19 Mar Eurozone pressures Greece on reforms: On March 19, 2015, the Eurozone finance ministers urged Greece to implement economic reforms to secure further financial assistance. Greece faced significant pressure to meet the conditions set by its creditors to avoid a potential default. source: reuters.com
23 Mar ChemChina Acquires Pirelli Stake: China's largest state-owned chemical company, ChemChina, strategically purchased a 26% stake in Pirelli, the renowned Italian tire manufacturer, with intentions to potentially acquire the remaining shares, signaling significant international business expansion.
25 Mar Kraft and Heinz merger announcement: Kraft Foods and Heinz announced a merger, creating one of the largest food and beverage companies in the world. This strategic move aimed to enhance competitiveness in the global market and streamline operations. source: reuters.com
30 Mar Puerto Rico Power Agency Financing: Creditors offered Puerto Rico's highly leveraged power agency a substantial financial package of $2 billion in new financing. This package includes $1.2 billion specifically allocated for a natural gas operation, contingent upon the agency's commitment to repay its existing debt.
31 Mar Massive power outage in Turkey: On March 31, 2015, Turkey experienced a massive power outage that affected the entire country, including major cities like Istanbul and Ankara. The outage was attributed to a failure in the national electricity grid, leading to widespread disruptions in daily life and economic activities.
01 Apr Fatal Pemex Oil Platform Fire Claims Four Workers' Lives: A devastating fire engulfed a Pemex oil platform owned by Mexico's state-owned petroleum company, resulting in the tragic deaths of four workers and underscoring the inherent risks in offshore industrial operations.
08 Apr Shell announces acquisition of BG Group: On April 8, 2015, Shell plc announced its agreement to acquire BG Group for £47 billion (US$70 billion), subject to shareholder and regulatory approval. The acquisition was completed in February 2016, resulting in Shell surpassing Chevron Corporation to become the world's second-largest non-state oil company. source: en.wikipedia.org
10 Apr EPA Reaches Biofuel Blending Agreement: The U.S. Environmental Protection Agency negotiated an agreement with petroleum industry groups regarding biofuel blending targets.
14 Apr EU antitrust charges against Google: On April 14, 2015, the European Commission formally charged Google with antitrust violations, alleging that the company abused its dominant position in search and online advertising markets to favor its own services over competitors. source: en.wikipedia.org
15 Apr Nokia to Acquire Alcatel-Lucent: Nokia announced plans to purchase Alcatel-Lucent, a major telecommunications equipment manufacturer, in a significant €15.6 billion (US$16.6 billion) corporate merger.
16 Apr US Congress Advances Trans-Pacific Partnership: The United States Congress agreed to accelerate negotiations for the Trans-Pacific Partnership, involving the US, Australia, Brunei, and Canada, signaling potential significant economic collaboration.
17 Apr Mylan Rejects Teva Pharmaceuticals Acquisition: Mylan, a major generic drug manufacturer, publicly stated that its board is not interested in a potential acquisition by Teva Pharmaceuticals, one of the world's largest pharmaceutical companies.
18 Apr Tanzania Gold Mine Collapse: A gold mine in the Msalala region of Tanzania collapsed, resulting in the tragic deaths of at least 19 people.
21 Apr Teva Pharmaceutical Offers $4 Billion for Mylan: Israeli generics company Teva Pharmaceutical made a significant business move by offering $4 billion to acquire its US competitor Mylan, indicating potential consolidation in the pharmaceutical industry.
22 Apr EU Antitrust Case Against Gazprom: The European Union initiated an antitrust investigation against Gazprom, the Russian gas giant responsible for supplying natural gas to Central and Eastern European countries, signaling potential economic tensions.
23 Apr NASDAQ Reaches New Record High: The NASDAQ Stock Market has set a new record for the first time since the dot-com bubble burst in 2000, indicating a robust recovery and renewed investor confidence in technology stocks.
24 Apr Tech Giants Drive Stock Market to Record Highs: Strong financial performances by Google and Amazon propelled the NASDAQ and S&P 500 to unprecedented levels, reflecting the growing economic influence of technology companies.
25 Apr Ferdinand Piech Resigns from Volkswagen: Ferdinand Piech, grandson of the Volkswagen Beetle's inventor and chairman of Volkswagen for over 20 years, resigned under pressure from trade unions, signaling a significant leadership transition in the automotive industry.
27 Apr Japan Credit Rating Downgrade: Fitch Ratings downgraded Japan's credit rating from A to A, citing concerns about the country's mounting national debt and potential economic challenges.
28 Apr Gazprom suffers massive financial loss: In April 2015, Russian energy giant Gazprom reported significant financial losses due to declining global oil prices and reduced demand. The company faced challenges in maintaining profitability amid a volatile energy market, leading to a substantial decrease in its earnings for the quarter. This financial downturn raised concerns about the broader impact on Russia's economy, which heavily relies on energy exports. source: reuters.com
30 Apr Russian Central Bank Reduces Interest Rate: Amid the ongoing Russian financial crisis, the Central Bank of Russia further reduced its interest rate to 12.5%, down from 14%, in an attempt to stabilize the country's economic conditions.
05 May South Korea and Vietnam Sign Free Trade Agreement: South Korea and Vietnam formalized a bilateral Free Trade Agreement, enhancing economic cooperation and trade relations between the two nations.
06 May Alexion Pharmaceuticals Acquires Synageva BioPharma: Alexion Pharmaceuticals completed a significant strategic acquisition of Synageva BioPharma, a specialized manufacturer of rare disease treatments, for a substantial sum of US$8.6 billion. This merger represents a major consolidation in the pharmaceutical industry, particularly in the niche market of rare disease therapies.
08 May US job market recovery: On May 8, 2015, the U.S. Labor Department reported a significant recovery in the job market, with unemployment rates dropping and job creation increasing. This positive trend indicated a strengthening economy and improved employment opportunities for Americans. source: reuters.com
10 May China's Central Bank Lowers Interest Rate: The People's Bank of China reduced its benchmark interest rate for the third consecutive half-year, signaling continued monetary policy easing.
11 May Shell Receives Arctic Drilling Approval: Royal Dutch Shell obtained provisional approval from the Obama administration to conduct offshore drilling in the Arctic Ocean during the summer.
12 May Verizon Acquires AOL: Verizon Communications announced its acquisition of AOL Inc. for $4.4 billion, signaling a strategic move in digital media and telecommunications.
18 May Stock Market Reaches Record Levels: The Dow Jones Industrial Average (DJIA) and S&P 500 stock market indices reached unprecedented record levels, indicating strong economic performance.
19 May Los Angeles minimum wage increase: On May 19, 2015, Los Angeles officials approved a plan to raise the minimum wage to $15 per hour by 2020. This decision was part of a broader movement across the U.S. to increase wages for low-income workers and address economic inequality. source: reuters.com
20 May Major banks fined for forex manipulation: On May 20, 2015, several major banks were fined for manipulating foreign exchange rates. The fines were part of a broader investigation into unethical practices in the forex market, which affected global currency trading. source: reuters.com
22 May US Senate Approves Trade Negotiation Legislation: The United States Senate passed legislation granting President Barack Obama expedited authority to negotiate trade agreements, signaling potential shifts in international economic policy.
26 May Major Media Industry Merger: Charter Communications announced a significant $55.1 billion merger with Time Warner Cable, a major consolidation in the telecommunications and media industry that could reshape the landscape of cable and internet services.
04 Jun Greece debt crisis escalation continues: On June 4, 2015, the Greek debt crisis escalated as the country faced a looming deadline for repayment to the International Monetary Fund (IMF). The situation raised fears of a potential default and its implications for the Eurozone economy. source: reuters.com
09 Jun HSBC Announces Massive Job Cuts: HSBC reveals plans to eliminate approximately 8,000 jobs in the United Kingdom, representing one-sixth of its UK workforce. Globally, the bank anticipates cutting up to 25,000 positions as part of a major restructuring effort.
12 Jun Galapagos Residents Protest Cost of Living Cuts: Residents of the Galapagos Islands staged a strike against the Ecuador National Assembly's decision to reduce living subsidies, resulting in flight cancellations to and from the islands.
15 Jun Greek debt crisis escalates: On June 15, 2015, the Greek debt crisis intensified as negotiations between Greece and its creditors stalled. This led to increased fears of a potential default and its implications for the Eurozone. source: bbc.com
16 Jun Rupert Murdoch Steps Down as 21st Century Fox CEO: Media mogul Rupert Murdoch confirmed he will step down as CEO of 21st Century Fox, with his son James succeeding him on July 1, 2015. Rupert will remain executive chairman alongside his oldest son Lachlan.
17 Jun Australia-China Free Trade Deal: On June 17, 2015, Australia and China signed a free trade agreement after a decade of negotiations. The deal aimed to eliminate tariffs on 85.4% of goods traded between the two countries immediately, with plans to reach 97% over time, covering agricultural products like beef, dairy, and wine. source: abc.net.au
19 Jun Greek Financial Crisis Escalates: On June 19, 2015, Greece's financial crisis deepened as the government announced it would hold a referendum on bailout terms proposed by international creditors. The move heightened concerns about Greece's potential exit from the Eurozone. source: bbc.com
23 Jun Amazon removes Confederate flag merchandise: In response to a surge in sales of Confederate flag items following the Charleston church shooting, Amazon began removing such merchandise from its platform. This decision aligned with actions taken by other major retailers, including Walmart and eBay, to distance themselves from products featuring the Confederate flag. source: upi.com
24 Jun Trans-Pacific Partnership Trade Authorization: On June 24, 2015, the U.S. Congress authorized the Trans-Pacific Partnership (TPP) trade agreement, aimed at enhancing trade and economic ties among Pacific Rim countries. The TPP was designed to reduce tariffs and foster trade among member nations, although it faced significant political opposition. source: congress.gov
25 Jun Fast Track Authority for Trans-Pacific Partnership: On June 25, 2015, the U.S. Congress granted Fast Track authority to the President, allowing expedited consideration of trade agreements like the Trans-Pacific Partnership. This authority was crucial for the administration to negotiate trade deals without extensive amendments. source: congress.gov
26 Jun Greece Announces Bailout Referendum: Greek Prime Minister Alexis Tsipras announced a referendum on July 5th regarding the country's bailout agreement with international creditors, signaling a critical moment in the ongoing Greek debt crisis.
27 Jun Greek Debt Crisis Negotiations: On June 27, 2015, negotiations regarding Greece's debt crisis intensified as the country faced potential default. The discussions involved the European Union and the International Monetary Fund, focusing on financial aid and austerity measures. source: bbc.com
28 Jun Greek debt crisis escalates: In late June 2015, Greece's debt crisis intensified as the government imposed capital controls and closed banks to prevent a financial collapse. The European Central Bank halted emergency funding, leading to increased uncertainty about Greece's future in the eurozone. source: bbc.com
30 Jun Greece defaults on IMF loan repayment: On June 30, 2015, Greece became the first developed country to default on an International Monetary Fund (IMF) loan repayment, failing to pay €1.6 billion due to the IMF. This event marked a significant escalation in the Greek debt crisis, leading to the closure of banks and the imposition of capital controls. The default occurred as Greece's bailout program expired, leaving the country without financial assistance. source: aljazeera.com
01 Jul Greece defaults on IMF loan repayment: On July 1, 2015, Greece became the first developed country to default on an International Monetary Fund (IMF) loan repayment, failing to pay €1.6 billion due to the IMF. This event marked a significant escalation in the Greek debt crisis, leading to the closure of banks and the imposition of capital controls. The default occurred as Greece's bailout program expired, leaving the country without financial assistance. source: aljazeera.com
07 Jul Greek debt crisis intensifies: On July 7, 2015, the Greek debt crisis escalated as negotiations between the government and creditors continued. The situation raised fears of Greece's potential exit from the Eurozone and its economic implications. source: bbc.com
08 Jul Chinese stock market experiences significant collapse: On July 8, 2015, China's stock market saw a dramatic collapse, with the Shanghai Composite Index dropping over 30% from its peak in June. This event raised concerns about the stability of China's economy and its global implications. source: bbc.com
09 Jul Chinese government intervenes in stock market crisis: On July 9, 2015, the Chinese government announced measures to stabilize the stock market following a significant downturn. This included suspending trading and implementing policies to support share prices. source: bbc.com
10 Jul Greece submits bailout plan amid debt crisis: On July 10, 2015, the Greek government submitted a new bailout plan to European creditors, aiming to secure financial assistance amid a severe debt crisis. The proposal was critical for Greece's economic stability and future in the Eurozone. source: reuters.com
11 Jul Greece passes economic reforms: On July 11, 2015, the Greek parliament approved a series of economic reforms as part of a bailout agreement with international creditors. This decision was crucial for Greece to secure financial assistance and avoid defaulting on its debts. source: bbc.com
12 Jul Greek Debt Crisis Negotiations: European Union leaders continued intense discussions into the night after finance ministers failed to reach an agreement on the Greek debt crisis, highlighting the ongoing economic and political tensions in the Eurozone.
13 Jul Greek debt crisis: Eurozone bailout agreement: On July 13, 2015, Eurozone leaders reached a bailout agreement with Greece, aimed at stabilizing the country's economy amid the ongoing debt crisis. The deal included strict austerity measures and economic reforms. source: bbc.com
15 Jul Greek Parliament Approves Bailout Deal: Despite internal party divisions, with senior Syriza Party lawmakers refusing to support the measure, the Hellenic Parliament voted to approve a crucial Greek bailout deal, signaling a potential path forward in the ongoing Greek debt crisis.
16 Jul EU Antitrust Investigation Against Qualcomm: The European Union initiated an antitrust investigation targeting the American semiconductor company Qualcomm, examining potential market abuse and predatory pricing practices.
18 Jul PayPal Becomes Independent Public Company: PayPal was spun off from eBay and became a separate publicly traded company, listed on the NASDAQ stock exchange.
20 Jul Venezuela's Economic Crisis Deepens: Venezuela implemented emergency measures by ordering producers to divert goods to state stores, highlighting the country's ongoing severe economic challenges and persistent goods shortages.
21 Jul Greece submits bailout legislation: On July 21, 2015, Greece submitted a new set of bailout legislation to its parliament as part of the conditions for receiving financial assistance from international creditors. This was a crucial step in addressing the country's ongoing financial crisis. source: reuters.com
22 Jul European Central Bank Supports Greek Banks: The European Central Bank provided an additional 900 million euros to Greek banks, continuing financial support during the Greek economic crisis.
23 Jul Greek Parliament Approves Bailout Package: DUPE
24 Jul Greece seeks IMF bailout: On July 24, 2015, Greece formally requested a new loan from the International Monetary Fund (IMF) as part of a broader effort to secure a third international bailout. This move aimed to avert financial collapse and a potential exit from the eurozone. Finance Minister Euclid Tsakalotos sent a letter to IMF Managing Director Christine Lagarde, indicating Greece's intention to seek financial assistance. source: abc.net.au
26 Jul Verizon Workers Prepare for Potential Strike: Verizon employees in nine states and Washington, D.C. voted to potentially strike on August 1, threatening new contract negotiations and signaling labor tensions.
27 Jul Chinese Stock Market Experiences Massive Single-Day Decline: The Shanghai Composite Index plunged 8.5%, marking the sharpest daily decline since 2007, amid concerns over the sustainability of government-supported market rebounds. source: money.cnn.com
28 Jul GKN Acquires Fokker Technologies: British multinational GKN completed the acquisition of Dutch aerospace company Fokker Technologies, signaling continued consolidation and strategic expansion in the global aerospace industry.
31 Jul Russian Financial Crisis Continues: The Russian Central Bank reduced interest rates to 11% as the ruble continued to depreciate, dropping 1.5% daily to close at 60.60 against the US dollar.
01 Aug Puerto Rico Defaults on Bond Payment: Puerto Rico failed to make a $58 million bond payment, with the government hoping to negotiate debt restructuring. This event highlighted the territory's ongoing financial crisis and economic challenges.
03 Aug Puerto Rico defaults on debt payments: On August 3, 2015, Puerto Rico announced it would default on $58 million in debt payments, marking a significant moment in its ongoing financial crisis. The island's government cited a lack of funds and the need to prioritize essential services as reasons for the default. This event highlighted the severe economic challenges facing Puerto Rico at the time. source: reuters.com
04 Aug UK Government Sells RBS Shares: The United Kingdom government sold a 5.4% stake in the Royal Bank of Scotland, raising £2.1 billion as part of its ongoing financial restructuring efforts.
10 Aug Google Creates Alphabet Inc.: On August 10, 2015, Google announced the creation of Alphabet Inc., a new holding company to oversee its various businesses. This restructuring aimed to allow Google to focus on its core internet services while giving other ventures more autonomy. The move was intended to streamline operations and improve transparency for investors. source: cnbc.com
11 Aug Greece Reaches Crucial Bailout Agreement: On August 11, 2015, Greece reached a crucial agreement with its international creditors for a new bailout package. The deal aimed to provide Greece with financial assistance to stabilize its economy and avoid default. The agreement included austerity measures and economic reforms, which were met with mixed reactions from the Greek public and political leaders. source: bbc.com
12 Aug Chinese Stock Market and Currency Devaluation: On August 12, 2015, China's stock market experienced significant volatility following the People's Bank of China (PBOC) devalued the yuan. The move aimed to boost exports but led to concerns about the health of the Chinese economy and its impact on global markets. The devaluation prompted reactions from international investors and policymakers. source: bbc.com
13 Aug Solid Energy Financial Crisis: Solid Energy, a New Zealand government-owned coal-mining company, was placed into temporary voluntary administration and requested creditors to freeze its largest debt, signaling significant financial challenges for the state-owned enterprise.
14 Aug Greek parliament approves third bailout package: On August 14, 2015, the Greek parliament approved a third bailout package, securing financial assistance from international creditors to address the country's ongoing debt crisis. source: reuters.com
19 Aug Greece receives third EU bailout: On August 19, 2015, Greece officially received its third bailout package from the European Union, aimed at stabilizing its economy and addressing its debt crisis. The bailout, amounting to €86 billion, was part of a broader effort to ensure Greece remained in the Eurozone amid ongoing financial challenges. source: bbc.com
20 Aug Kazakhstan Currency Devaluation: The Kazakhstani tenge lost 26% of its value against the US dollar within hours after the government announced abandoning its currency-band exchange rate system in favor of a free-floating rate.
24 Aug 2015 global stock market crash: On August 24, 2015, global stock markets experienced a significant downturn, with major indices such as the Dow Jones Industrial Average and the S&P 500 falling sharply. This was attributed to concerns over China's economic slowdown and its impact on global trade. source: cnbc.com
25 Aug China's Monetary Policy Adjustment: The People's Bank of China reduced interest rates and lowered minimum bank reserve requirements for the second consecutive month, signaling economic stimulus efforts.
26 Aug Oshkosh Corporation Wins Major Military Vehicle Contract: Oshkosh Corporation, based in Oshkosh, Wisconsin, was awarded a $6.7 billion contract by the U.S. Army to build the Joint Light Tactical Vehicle (JLTV), which will replace the traditional Humvee in military operations.
27 Aug Panasonic Restructures Manufacturing in China: Panasonic will cease lithium-ion battery production in Beijing for smartphones and cameras, resulting in 1,300 job losses. The company plans to refocus on higher-margin products like electric car batteries.
02 Sep Mass Labor Strike in India: Prime Minister Narendra Modi faced significant labor opposition as 150 million workers declared a nationwide strike to protest his proposed labor market reforms.
08 Sep Lufthansa Pilots Strike: German airline Lufthansa canceled 84 long-haul flights due to a pilots' strike protesting a proposed corporate restructuring plan.
09 Sep Lufthansa Pilot Strike Halted: A German court issued an injunction stopping a Lufthansa pilots' strike, which had initially threatened to cancel 1,000 flights.
16 Sep Hewlett-Packard announces massive job cuts: On September 16, 2015, Hewlett-Packard announced plans to cut approximately 30,000 jobs as part of a restructuring effort. This move was aimed at streamlining operations and adapting to changing market conditions. source: reuters.com
17 Sep US Federal Reserve maintains low interest rates: On September 17, 2015, the U.S. Federal Reserve decided to keep interest rates unchanged, citing concerns about global economic conditions. This decision was closely watched by markets and economists alike. source: reuters.com
20 Sep Volkswagen Emissions Scandal: Volkswagen halted sales of 4-cylinder diesel cars in the United States after the EPA cited violations of emission standards, marking a significant moment in automotive regulatory compliance.
22 Sep Volkswagen admits to emissions test manipulation: Volkswagen acknowledged that 11 million diesel vehicles worldwide were equipped with software designed to cheat emissions tests, leading to higher nitrogen oxide emissions during regular driving. The company set aside €6.5 billion to address potential costs from the scandal. source: dw.com
28 Sep Shell Halts Alaska Drilling Program: Royal Dutch Shell has suspended its offshore drilling operations in Alaska, citing prohibitively high costs and a challenging regulatory environment.
02 Oct Google restructures into Alphabet Inc.: On October 2, 2015, Google announced its restructuring into a new parent company called Alphabet Inc. This move was aimed at better organizing its various businesses and ventures under a more diversified corporate structure. The change allowed Google to focus on its core internet services while Alphabet could manage other investments. source: reuters.com
04 Oct World Bank updates global poverty line: The World Bank announced an updated international poverty line of $1.90 per day, projecting that global poverty would fall to 9.6% of the population in 2015, down from 12.8% in 2012. This reflects a significant reduction in extreme poverty worldwide. source: worldbank.org
05 Oct American Apparel Files for Bankruptcy: American Apparel, a prominent clothing retailer and manufacturer, filed for bankruptcy. Despite the financial restructuring, the company assured that its 200+ retail outlets would continue to operate without interruption.
08 Oct Fiat Chrysler and UAW Reach Tentative Labor Deal: Fiat Chrysler Automobiles and the United Auto Workers union negotiated a tentative four-year labor agreement, potentially avoiding a strike and serving as a template for future negotiations with other automotive companies.
12 Oct Dell acquires EMC Corporation: On October 12, 2015, Dell announced its acquisition of EMC Corporation for approximately $67 billion, marking one of the largest technology deals in history. This acquisition aimed to enhance Dell's position in the enterprise storage market and expand its offerings in cloud computing and data management. source: reuters.com
13 Oct Largest Beer Industry Merger in History: Anheuser-Busch InBev announced a monumental acquisition of SABMiller for $104 billion, creating the largest beer industry consolidation in global corporate history.
15 Oct Volkswagen emissions scandal: On October 15, 2015, the Volkswagen emissions scandal came to light, revealing that the company had installed software in diesel vehicles to cheat emissions tests. This scandal led to significant legal and financial repercussions for Volkswagen and raised concerns about environmental regulations in the automotive industry. source: bbc.com
23 Oct Lockheed Martin Cost Reduction Initiative: Lockheed Martin initiated corporate overhead cost reduction reviews in response to United States budget constraints, aligning with other major U.S. defense contractors' strategies of business sales and personnel reductions.
26 Oct USAA Switches Credit Card Partnership: USAA, a prominent financial services company and the tenth largest credit card issuer in America, announced the termination of its long-standing relationship with MasterCard. The company plans to replace existing credit cards with Visa cards in the next fiscal year, signaling a strategic shift in its financial partnerships.
27 Oct Goldman Sachs Banker Plea Agreement: Rohit Bansal, a former Goldman Sachs banker, entered into a plea agreement with U.S. federal authorities after being accused of using leaked information from the Federal Reserve Bank of New York. The incident raised questions about insider information and undue advantages in financial advisory services.
29 Oct Deutsche Bank Job Cuts: Europe's largest lender, Deutsche Bank AG, announced plans to reduce 35,000 jobs to offset declining profits, signaling significant restructuring in the banking sector.
30 Oct Pharmacy Benefit Managers Drop Philidor: Express Scripts and CVS Health Corp. removed Philidor from their networks after an audit revealed unethical practices, including manipulating prescription codes to favor brand-name drugs over cheaper generics.
03 Nov Standard Chartered Announces Major Job Cuts: British banking giant Standard Chartered announced a significant restructuring plan involving the elimination of 15,000 jobs worldwide. This move reflects the challenging global economic environment and the bank's efforts to streamline operations and reduce costs.
04 Nov Keystone XL Pipeline Review Denied: TransCanada Corporation's request to pause the review of its proposed Keystone XL pipeline was denied by the United States State Department, signaling likely rejection by the Obama administration.
10 Nov Dell-EMC Acquisition Potential Tax Complications: Technology news website Re/code reported potential tax complications in Dell's proposed $67 billion acquisition of EMC Corporation, with a possible $9 billion tax bill contingent on specific transaction tax treatments.
11 Nov Tourism Collapse in Sharm el-Sheikh after Metrojet Crash: Following the Metrojet Flight 9268 crash, tourism in Egypt's Red Sea resort Sharm el-Sheikh experienced a dramatic downturn, with approximately 80% of reservations cancelled and 40% of tourists departing.
12 Nov ECB Signals Economic Concerns: Mario Draghi, head of the European Central Bank, warns the European Parliament about weakening inflation prospects, suggesting potential monetary policy adjustments to stimulate economic growth.
16 Nov Marriott acquires Starwood Hotels: Marriott International announced its acquisition of Starwood Hotels, creating the world's largest hotel company. The deal was valued at approximately $13 billion and aimed to expand Marriott's global footprint. source: reuters.com
18 Nov Obama Administration Targets Corporate Tax Inversions: The U.S. Treasury Department announced stricter regulations on corporate tax inversion deals, specifically targeting the proposed merger between Pfizer Inc. and Allergan Plc, which aimed to reduce corporate tax liabilities.
19 Nov Global gender pay gap projection: On November 19, 2015, a report projected that the global gender pay gap would take over 100 years to close at the current rate of progress. The findings highlighted ongoing disparities in wages between men and women across various sectors and countries. source: bbc.com
22 Nov Brexit Potential Credit Rating Analysis: According to Moody's, the United Kingdom might not experience a credit rating downgrade if it votes to leave the European Union in a referendum by 2017.
27 Nov Greek Economic Crisis Impact on Sex Work: A study by sociology professor Gregory Laxos revealed the profound economic impact of Greece's austerity program on sex work. The average price for sexual services plummeted from 50 euros to as low as 2 euros or even a meal, highlighting the desperate economic conditions faced by workers during the prolonged financial crisis.
28 Nov Russia imposes sanctions on Turkey: On November 28, 2015, Russia announced sanctions against Turkey in response to the downing of its Su-24 bomber. These sanctions included economic measures and travel restrictions, further straining relations between the two countries. source: reuters.com
30 Nov IMF modifies currency basket to include Chinese yuan: The International Monetary Fund included the Chinese yuan in its Special Drawing Rights basket, recognizing it as a global reserve currency. source: imf.org
04 Dec U.S. Supreme Court Takes Puerto Rico Debt Case: The United States Supreme Court agreed to hear a significant case concerning Puerto Rico's debt restructuring, which could have major implications for the territory's financial future and municipal bankruptcy laws.
06 Dec Finland's Universal Basic Income Experiment: The Finnish government announced a groundbreaking social policy experiment to provide a monthly payment of €800 to all citizens, aiming to test the feasibility of a universal basic income and potentially replace the existing welfare system.
08 Dec Anglo American Announces Major Restructuring: Anglo American plc revealed a significant corporate restructuring plan, including cutting 85,000 jobs, reducing assets by 60%, and suspending dividend payments due to low commodity prices.
10 Dec American middle class decline study: In December 2015, a study was published indicating a significant decline in the American middle class over the past several decades. The research highlighted factors such as wage stagnation, job insecurity, and rising income inequality as contributing to the shrinking middle class, sparking widespread discussion about economic policies and social mobility in the United States. source: pewresearch.org
11 Dec DuPont and Dow Chemical merger announcement: On December 11, 2015, chemical giants DuPont and Dow Chemical announced a merger agreement to create a combined company. The deal was structured as a merger of equals, with plans to later split the combined entity into three separate companies focusing on agriculture, materials science, and specialty products. The announcement was met with scrutiny over potential impacts on competition and innovation. source: wsj.com
12 Dec Japan-India Bilateral Agreement: Japan and India signed a comprehensive agreement covering high-speed rail development, defense technology collaboration, and a memorandum on civil nuclear cooperation, signaling strengthening strategic ties between the two nations.
14 Dec Global Oil Prices Plummet: Oil prices dropped to their lowest level since December 2008, causing significant investor uncertainty. The decline was exacerbated by broader market indicators and anticipation of the upcoming U.S. central bank interest rate decision.
16 Dec U.S. Congress passes budget to prevent government shutdown: On December 16, 2015, the U.S. Congress passed a $1.1 trillion spending bill, funding the government through September 2016 and preventing a shutdown. The bill included provisions for defense, domestic programs, and disaster relief. source: nytimes.com
18 Dec Closure of Kellingley Colliery: Kellingley Colliery, the last deep coal mine in Great Britain, officially closed, marking the end of an era in British industrial history. source: Wikipedia (day-month pages)
20 Dec End of UK Deep Coal Mining: Thousands of people, including families and children, marched from Knottingley to North Yorkshire to commemorate the end of deep coal mining in the United Kingdom. The closure of Kellingley Colliery in Beal, North Yorkshire, on December 18, 2015, marked the conclusion of this historic industry, organized by two miners' wives.
22 Dec Turing Pharmaceuticals Seeks New Leadership: Following Martin Shkreli's indictment on securities fraud charges, Turing Pharmaceuticals announced its search for a new CEO. The company had previously gained notoriety for dramatically increasing the price of an AIDS drug by 5000% in September 2015.
24 Dec Dell's Perot Systems Auction: Three business service companies are participating in an auction to acquire Perot Systems from Dell, indicating potential strategic business restructuring.
25 Dec SeaWorld Faces Financial and Operational Challenges: SeaWorld Entertainment reported a significant decline in net income for the second quarter of 2015, with an 84% drop from $37.4 million in 2014 to $5.8 million. Revenue also fell by 3%, from $405.1 million to $391.6 million. Attendance decreased by 1.6%, attributed to factors such as the timing of Easter, adverse weather in Texas, and 'brand challenges' in California. The company faced ongoing public criticism following the release of the documentary 'Blackfish' in 2013. source: time.com
28 Dec Whole Foods Settles Price Overcharging Probe: Whole Foods agreed to pay a $500,000 settlement to the New York City Department of Consumer Affairs after an investigation found the supermarket chain had overcharged for prepackaged foods in its New York City locations.
29 Dec DuPont Announces Significant Job Cuts: DuPont, the prominent American chemical corporation, revealed plans to reduce its workforce by 1,700 jobs in Delaware in 2016, representing approximately 28 percent of the state's workforce. The company also indicated potential global job reductions.
30 Dec Philippines Joins Asian Infrastructure Investment Bank: The Philippines announced its decision to join the Asian Infrastructure Investment Bank, despite existing tensions with China, signaling a potential shift in regional economic diplomacy.

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