2018 Economy & Business Events — Verified Historical Highlights

2018 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to

01 Jan California Cannabis Legalization: On January 1, 2018, California implemented the legalization of recreational cannabis use, allowing adults aged 21 and over to possess and cultivate marijuana for personal use. This change followed the passage of Proposition 64 in November 2016, which legalized recreational marijuana in the state. The new law permitted individuals to possess up to 28.5 grams of cannabis and cultivate up to six plants for personal use. Retail sales of recreational cannabis began on this date, with licensed dispensaries opening across the state. source: cannabis.ca.gov
02 Jan U.S. Blocks Ant Financial's MoneyGram Acquisition: The U.S. government blocked Ant Financial's proposed acquisition of MoneyGram, citing national security concerns and potential risks to financial infrastructure.
04 Jan Munich Re Reports Record Natural Disaster Insurance Claims: Munich Re reported that insurance companies faced unprecedented claims of US$135 billion from natural disasters in 2017, including Atlantic hurricanes, South Asian floods, and Mexico earthquakes. This represents the second-highest economic loss from natural disasters since 2011.
06 Jan Venezuela Economic Crisis Relief Attempt: Hundreds of Venezuelans gathered to take advantage of government-mandated price reductions, reflecting the ongoing economic challenges and potential relief efforts in the country.
08 Jan Tunisian Protests Against Economic Hardship: Protests erupted in Tunisia against rising taxes and prices, resulting in one fatality and five injuries during clashes with security forces in Tebourba. The demonstrations highlighted ongoing economic tensions in the country.
11 Jan Walmart, citing new tax law, will raise starting wages; also closes 63 Sam's Clubs: On January 11, 2018, Walmart announced plans to increase the starting wage rate for all hourly associates in the U.S. to $11, expand maternity and parental leave benefits, and provide a one-time cash bonus for eligible associates of up to $1,000. The company also announced the closure of 63 Sam's Club stores, following a thorough review of its existing portfolio. source: news.wfsu.org
14 Jan Sanchi Oil Tanker Collision: The National Iranian Tanker Company's MV Sanchi was destroyed after colliding with a Hong Kong-flagged cargo ship off Shanghai, China, resulting in a total loss with no survivors.
15 Jan Carillion Multinational Construction Company Liquidated: The British multinational construction management and services company Carillion is liquidated after failed negotiations with its lenders. This collapse threatens thousands of jobs and impacts critical infrastructure projects, including the High Speed 2 rail line in the United Kingdom.
16 Jan Dow Jones Industrial Average Reaches 26,000 Points: The Dow Jones Industrial Average surpassed the 26,000-point milestone, continuing its strong performance and reflecting positive market sentiment.
18 Jan Emirates orders 36 Airbus A380 aircraft worth $16 billion: Emirates announced a $16 billion deal for 36 additional Airbus A380 aircraft, comprising 20 firm orders and 16 options, with deliveries starting in 2020. This order brought Emirates' total commitment to the A380 program to 178 aircraft, underscoring the airline's confidence in the model. source: emirates.com
22 Jan Trump Imposes Tariffs on Imports: President Donald Trump implemented Section 201 tariffs on imported washing machines and solar panels, signaling a protectionist approach to international trade and potentially impacting global economic dynamics.
23 Jan Jerome Powell Confirmed as Federal Reserve Chairman: On January 23, 2018, Jerome Powell was confirmed by the U.S. Senate as the 16th Chairman of the Federal Reserve. He succeeded Janet Yellen and began his term on February 5, 2018. source: en.wikipedia.org
25 Jan US Dollar Policy Uncertainty: US Treasury Secretary Steven Mnuchin signaled a potential shift in the United States' long-standing strong dollar policy, creating uncertainty in international financial markets by departing from the traditional narrative.
26 Jan Trump addresses World Economic Forum in Davos: President Donald Trump delivered a speech at the World Economic Forum in Davos, emphasizing 'America First' policies and promoting the U.S. economy to global leaders. source: cnbc.com
05 Feb Wall Street Stock Market Crash: The Wall Street stock market experienced a significant downturn, losing 4.6% of its value. The Dow Jones Industrial Average dropped a record 1,175 points at close, marking one of the most substantial single-day declines in recent financial history.
07 Feb Procter & Gamble Restructuring Operations: Procter and Gamble announced a significant corporate restructuring, planning to close its Kansas City plant and reduce operations at the Iowa City facility. The company strategically plans to consolidate production at Tablers Station in West Virginia and Cincinnati, Ohio by 2020, reflecting ongoing industrial optimization efforts.
08 Feb Bipartisan budget agreement: On February 8, 2018, the U.S. Congress reached a bipartisan agreement to fund the government and raise the debt ceiling. This agreement aimed to prevent a government shutdown and address budgetary concerns. source: cbsnews.com
09 Feb U.S. government shutdown resolved: On February 9, 2018, the U.S. government shutdown was resolved after Congress passed a funding bill. This legislation aimed to keep the government operational and address budgetary issues. source: cbsnews.com
14 Feb Eurozone economic growth: On February 14, 2018, the Eurozone reported a 0.6% economic growth in the fourth quarter of 2017, indicating a strong economic performance. This growth was driven by increased exports and domestic demand, suggesting a positive economic outlook for the region. source: reuters.com
15 Feb Chinese Group Blocked from Purchasing Chicago Stock Exchange: The U.S. Securities and Exchange Commission prevented a Chinese-led consortium from acquiring the Chicago Stock Exchange, reflecting ongoing tensions in international business and investment relations.
20 Feb Venezuela Launches Petro Cryptocurrency: Venezuela introduced the Petro, a state-backed cryptocurrency that the government claimed was the world's first sovereign digital currency, in an attempt to circumvent international economic sanctions and stabilize its struggling economy.
21 Feb South Korea's Central American Trade Agreements: South Korea signed comprehensive free trade agreements with multiple Central American countries, including Costa Rica, El Salvador, Honduras, Nicaragua, and Panama. These agreements aim to eliminate tariffs on approximately 95% of traded goods and services, promoting economic integration.
28 Feb Retail chains respond to Stoneman Douglas High School shooting: In response to the February 14, 2018, mass shooting at Marjory Stoneman Douglas High School, several major U.S. retailers, including Dick's Sporting Goods, announced changes to their sales policies, such as halting the sale of assault-style rifles and raising the minimum age for gun purchases. source: pbs.org
01 Mar Trump Administration announces steel and aluminum tariffs: On March 1, 2018, President Donald Trump announced the imposition of tariffs on imported steel and aluminum, setting rates at 25% and 10% respectively. This decision aimed to protect domestic industries and address concerns over national security. The announcement led to immediate market reactions, with the Dow Jones Industrial Average dropping over 400 points. The tariffs were scheduled to take effect the following week. source: cnbc.com
03 Mar Trump Threatens EU with Car Import Tariffs: U.S. President Donald Trump escalated trade tensions by threatening to impose taxes on cars manufactured in the European Union if further tariff increases were not addressed.
05 Mar Republicans Concerned About Trump's Tariff Plans: Republican leadership, including House Speaker Paul Ryan, expressed serious concerns about President Trump's proposed metal import tariffs, warning of potential economic consequences and the risk of a trade war.
06 Mar Jeff Bezos named world's richest person: On March 6, 2018, Jeff Bezos, the founder of Amazon, was named the world's richest person by Forbes, with a net worth surpassing $100 billion. This milestone highlighted the significant growth of Amazon and its impact on the global economy. source: bbc.com
08 Mar Trump Imposes Steel Import Tariffs: President Donald Trump announced 25% and 10% tariffs on steel imports, citing national security concerns. Canada and Mexico were provisionally exempted pending NAFTA negotiations, with tariffs set to take effect on March 23.
10 Mar DR Congo Mining Tax Increase: President Joseph Kabila signed a landmark law increasing taxes and royalties for international mining companies operating in the Democratic Republic of the Congo, despite strong opposition from foreign corporate interests.
12 Mar Trump blocks Broadcom-Qualcomm acquisition: President Trump issued an order to block the proposed acquisition of Qualcomm by Broadcom, citing national security concerns. This decision was seen as a significant move in the ongoing competition in the tech industry. source: reuters.com
14 Mar Toys R Us US Store Closures and Ford Vehicle Recall: Toys R Us announced the closure of all 800 US stores, leading to approximately 33,000 job losses. Simultaneously, Ford recalled 1.4 million vehicles, including Ford Fusion and Lincoln MKZ models, due to a critical steering wheel safety issue.
19 Mar Claire Retail Company Bankruptcy: Claire filed for Chapter 11 bankruptcy in the United States after struggling with substantial debt from a leveraged buyout. The company assured that its stores would remain operational during the debt restructuring process.
22 Mar US Imposes Significant Tariffs on Chinese Imports: The Trump administration announced a 25% tariff on $50 billion worth of Chinese goods, citing unfair trade practices. This move escalated trade tensions between the two nations, with China expressing strong opposition and warning of potential retaliatory measures. source: aljazeera.com
23 Mar US-China Trade Tensions Escalate: Following the U.S. announcement of tariffs on Chinese imports, China retaliated by imposing tariffs on U.S. goods, including soybeans, pork, and electric vehicles. This escalation heightened fears of a trade war between the two largest economies. source: cnbc.com
25 Mar US-South Korea Trade and Steel Tariff Agreement: South Korea and the United States reached agreements regarding trade and steel tariffs, marking an important moment in their bilateral economic relations.
26 Mar China Launches Oil Futures Market: China introduced a new oil futures marketplace with contracts denominated in yuan, designed to compete with European and U.S. oil benchmarks, signaling a strategic economic move.
02 Apr US-China trade tensions escalate amid tariff threats: On April 2, 2018, trade tensions between the United States and China intensified as both nations threatened to impose tariffs on each other's goods. The escalating trade dispute raised concerns about potential impacts on global markets and international relations. source: axios.com
05 Apr US-China Trade Tensions Escalate: On April 5, 2018, the United States and China escalated trade tensions as the U.S. announced tariffs on Chinese imports, prompting China to retaliate with its own tariffs on U.S. goods. This marked a significant escalation in the trade dispute between the two economic powers. source: reuters.com
06 Apr Trump Tariffs Impact US Stock Market: On April 6, 2018, the U.S. stock market experienced a significant decline following the announcement of new tariffs by President Donald Trump. The tariffs targeted Chinese imports, leading to concerns about a potential trade war and its impact on the global economy. source: cnbc.com
18 Apr Iran Switches to Euro in International Transactions: Iran's central bank officially transitioned from using the U.S. Dollar to the Euro for international financial transactions, potentially a strategic economic move amid international sanctions.
20 Apr Wells Fargo Fined, Bon-Ton Stores Closing: The US government fined Wells Fargo $1 billion for improper handling of automobile loans and mortgages. Simultaneously, Bon-Ton department stores announced they would close all 256 stores by August.
29 Apr T-Mobile and Sprint Merger Announcement: T-Mobile US and Sprint have agreed to merge in a significant telecommunications industry deal valued at US$146 billion, pending regulatory approval.
02 May Cambridge Analytica scandal closure: On May 2, 2018, Cambridge Analytica, the political consulting firm at the center of a scandal involving the misuse of Facebook user data, announced it was ceasing operations. The company cited a 'siege of media coverage' that led to the loss of virtually all its customers and suppliers, making it no longer viable to continue operating the business. Cambridge Analytica faced mounting legal fees and investigations following revelations that it had improperly accessed personal data of millions of Facebook users. source: dw.com
04 May California surpasses Great Britain's economy: On May 4, 2018, California's economy surpassed that of Great Britain, becoming the fifth-largest economy in the world. This milestone highlighted California's significant economic growth and its role as a major global economic powerhouse, driven by its diverse industries and innovation sectors.
06 May Air France Financial Crisis Warning: French Economy Minister Bruno Le Maire warned that Air France could potentially collapse due to ongoing strikes, signaling that the state would not provide a financial bailout despite owning 14.3% of Air France-KLM.
07 May US sanctions against Venezuela: On May 7, 2018, the United States imposed new sanctions on Venezuela, targeting individuals and entities associated with the government. The sanctions aimed to pressure the Venezuelan government amid ongoing political and economic crises. source: reuters.com
08 May Argentina's economic crisis: On May 8, 2018, Argentina was grappling with a severe economic crisis characterized by high inflation and currency devaluation. The government sought assistance from the International Monetary Fund to stabilize the economy. source: bbc.com
09 May Walmart Acquires Flipkart: Walmart, the US retail giant, acquired a 77% stake in Flipkart, India's largest online marketplace, for a substantial US$16 billion. This significant transaction represents a major strategic move in the global e-commerce landscape.
10 May Chinese Business Executive Sentenced: Wu Xiaohui, head of Chinese insurance company Anbang, was sentenced to eighteen years in prison for fraud and corruption, with an additional financial penalty of 10.5 billion Yuan.
13 May Trump's ZTE intervention: On May 13, 2018, President Trump announced he would intervene in the case of ZTE, a Chinese telecommunications company, to help save jobs. This decision came after ZTE faced severe penalties from the U.S. government for violating sanctions. source: reuters.com
14 May US Supreme Court strikes down federal sports betting ban: On May 14, 2018, the U.S. Supreme Court ruled in Murphy v. National Collegiate Athletic Association that the Professional and Amateur Sports Protection Act (PASPA) was unconstitutional, effectively allowing states to legalize sports betting. This landmark decision opened the door for states to regulate and tax sports gambling within their jurisdictions. source: en.wikipedia.org
16 May UK Renationalizes East Coast Main Line: The British government took back control of the East Coast Main Line rail service, which was previously operated by Virgin Trains East Coast. The Department for Transport will manage the service until 2020, signaling a shift in transportation infrastructure management.
19 May China-United States trade negotiations: On May 19, 2018, trade negotiations between China and the United States were ongoing, with both sides seeking to address trade imbalances and tariffs. The discussions were part of a broader trade conflict between the two nations. source: reuters.com
21 May Brazil Truckers Launch Nationwide Strike: Truckers in Brazil initiated a 10-day strike to protest diesel prices, causing country-wide shortages and significant economic disruption.
22 May China Reduces Car Import Duties Amid Trade Tensions: China's Finance Ministry announced a reduction of passenger car import duties from 25% to 15%, effective July 1, in a potential gesture of goodwill during ongoing trade negotiations with the United States.
23 May France's Economic Progress: The European Commission recommended removing France from the excessive deficit procedure that began in 2009, signaling significant economic improvement and fiscal responsibility.
24 May Trump Signs Financial Regulation Relief Act: President Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act, which reduced financial regulations and bank oversight.
25 May Colombia Joins OECD: Colombia is admitted as the 37th member of the Organisation for Economic Co-operation and Development (OECD), signaling its growing economic integration and potential for international collaboration.
28 May Coca-Cola Launches First Alcoholic Beverage in Japan: Coca-Cola made a notable market expansion by introducing its first alcoholic drink, Lemon-Do, specifically targeting the Kyushu region in Japan. This strategic move represents a significant departure from the company's traditional non-alcoholic product line.
29 May US-China trade dispute escalation: On May 29, 2018, the trade dispute between the U.S. and China escalated as both countries announced new tariffs on each other's goods. This development heightened tensions in global trade relations. source: nytimes.com
30 May Brazil truck drivers' strike causes nationwide disruptions: On May 30, 2018, Brazilian truck drivers continued their strike, leading to significant disruptions across the country. Over 550 road blockages were reported, resulting in shortages of food and fuel, temporary closures of eight airports, and severe public transportation disruptions. Non-critical hospital procedures were suspended, and classes in 13 states were canceled. The strike, initiated on May 20, was a response to rising fuel prices and had been ongoing for ten days by May 30. source: solaceglobal.com
31 May US Imposes Steel Tariffs: On May 31, 2018, the U.S. administration announced tariffs of 25% on steel and 10% on aluminum imports from the European Union, Canada, and Mexico, effective immediately. This move escalated trade tensions and prompted retaliatory measures from the affected countries. source: dw.com
01 Jun Petrobras CEO Pedro Parente resigns amid fuel price protests: On June 1, 2018, Pedro Parente resigned as CEO of Petrobras, Brazil's state-run oil company, amid widespread protests over rising fuel prices. Parente's resignation was seen as a response to the truck drivers' strike and public outcry over fuel costs, which had led to significant economic disruptions across the country. source: wsws.org
04 Jun Microsoft acquires GitHub: On June 4, 2018, Microsoft announced its acquisition of GitHub for $7.5 billion in stock. This acquisition aimed to enhance Microsoft's developer tools and cloud services, marking a significant move in the tech industry. source: microsoft.com
05 Jun Heathrow Airport Third Runway Approval: The United Kingdom's Cabinet officially approved the controversial expansion of London Heathrow Airport by adding a third runway, a significant infrastructure development with potential long-term economic and environmental implications.
06 Jun Mexico imposes tariffs on $3 billion worth of US exports: In response to the US imposing tariffs on steel and aluminum imports, Mexico announced tariffs ranging from 15% to 25% on US goods, including pork, apples, potatoes, bourbon, and various cheeses, effective June 5, 2018. source: money.cnn.com
07 Jun House of Fraser Announces Major Store Closures: House of Fraser, a prominent British retail chain, announces plans to close 31 of its 59 stores, including its flagship location on London's iconic Oxford Street, signaling significant challenges in the UK retail sector.
08 Jun BT Group CEO Retirement Announcement: Gavin Patterson, chief executive of BT Group, officially announced his intention to retire later in the year, marking a significant leadership transition for the telecommunications company.
11 Jun Poundworld Retail Chain Enters Administration: Poundworld, a significant British retail chain employing thousands, was forced into administration, signaling challenges in the UK's retail sector.
12 Jun AT&T-Time Warner Merger Approved: An American federal judge approved AT&T's $85 billion merger agreement with Time Warner, a landmark decision in media and telecommunications industry consolidation.
13 Jun Volkswagen fined €1 billion in Germany for Dieselgate: On June 13, 2018, German prosecutors imposed a €1 billion fine on Volkswagen for failing to properly oversee its engine development department, resulting in the sale of approximately 10.7 million diesel vehicles equipped with illegal emissions-controlling software between 2007 and 2015. source: dw.com
14 Jun European Central Bank Adjusts Monetary Policy: The European Central Bank announced it would halve monthly net bond purchases to €15 billion from October to December and end its quantitative easing program by year-end, causing the euro's value to drop by one percent.
15 Jun American Airlines cancels hundreds of flights: American Airlines faced significant disruptions, canceling hundreds of flights due to staffing shortages and weather conditions. The cancellations affected travelers across the United States, leading to widespread frustration and delays. source: reuters.com
18 Jun Google Invests in JD.com: Google announced a substantial investment of US$550 Million in JD.com, a prominent Chinese e-commerce platform, signaling strategic expansion in the Asian digital marketplace.
19 Jun 10,000,000th United States patent issued: On June 19, 2018, the United States Patent and Trademark Office issued its 10,000,000th patent. This milestone reflected the nation's ongoing innovation and technological advancement across various industries. source: uspto.gov
21 Jun Supreme Court Ruling on Online Sales Tax: The United States Supreme Court ruled that states can now collect sales tax from online retailers without a physical presence in the state, significantly impacting e-commerce taxation.
22 Jun Eurozone agrees on debt relief for Greece: On June 22, 2018, Eurozone finance ministers agreed on a debt relief package for Greece. The plan aimed to ease Greece's debt burden and support its economic recovery following years of austerity measures. source: reuters.com
25 Jun Harley-Davidson Shifts Production to EU: Due to escalating trade tensions between the United States and European Union, Harley-Davidson announced plans to relocate its export production overseas to the EU, signaling potential economic disruption.
27 Jun Fastjet Financial Crisis: Fastjet experienced a significant stock market downturn, with shares plummeting 72% during equity talks between shareholders. The airline warned of potential complete trading suspension and possible liquidation if no solution is found.
29 Jun Canada retaliatory tariffs against US: Canada announced retaliatory tariffs on U.S. goods in response to U.S. tariffs on steel and aluminum. This move marked a significant escalation in trade tensions between the two countries. source: reuters.com
09 Jul David Tepper Buys Carolina Panthers: Hedge fund billionaire David Tepper purchased the Carolina Panthers for an NFL record $2.275 billion, marking a significant moment in sports business.
10 Jul US-China trade war escalates with new tariffs: On July 10, 2018, the United States imposed additional tariffs on Chinese goods, escalating the ongoing trade war. This move was met with retaliatory tariffs from China, further straining economic relations between the two countries. source: bbc.com
14 Jul Trump calls EU a 'trade foe': On July 14, 2018, President Donald Trump referred to the European Union as a 'trade foe' during a press conference in Brussels. This statement came amid ongoing trade tensions between the U.S. and its European allies. source: bbc.com
17 Jul Japan-European Union Trade Agreement: Japanese Prime Minister Shinzo Abe and European Commission President Jean-Claude Juncker met in Tokyo to sign a landmark trade deal establishing an open trade zone between Japan and the European Union.
18 Jul European Commission fines Google for antitrust violations: The European Commission imposed a significant fine on Google for breaching antitrust regulations, marking a significant development in the ongoing scrutiny of major tech companies' market practices. source: cnbc.com
21 Jul Leadership change at Fiat Chrysler: On July 21, 2018, Fiat Chrysler Automobiles announced a leadership change, appointing Mike Manley as the new CEO. Manley succeeded Sergio Marchionne, who had been critically ill and passed away shortly after the announcement. Manley, previously head of the Jeep and Ram brands, was tasked with leading the company through a period of transition. source: reuters.com
24 Jul Trump administration announces agricultural bailout: The U.S. Department of Agriculture unveiled a $12 billion aid package to support farmers affected by trade disputes and tariffs. The bailout aimed to mitigate the economic impact on the agricultural sector and provide relief to producers facing financial hardships. source: npr.org
25 Jul US-EU trade war de-escalation: The United States and the European Union agreed to suspend new tariffs and work toward reducing existing trade barriers. This agreement aimed to ease tensions and promote economic cooperation between the two economic powers. source: reuters.com
26 Jul Facebook stock experiences largest single-day loss in history: On July 26, 2018, Facebook's stock price plummeted by nearly 20%, resulting in a market value loss of approximately $120 billion. This decline was triggered by the company's announcement of slower revenue growth due to increased investments in user privacy and security measures. source: money.cnn.com
29 Jul Iranian rial plummets as US sanctions near: Iran's currency, the rial, fell to a record low of 112,000 to the US dollar on the black market, amid concerns over the imminent return of US sanctions. The rial had lost about half its value since April, driven by economic uncertainty and fears of renewed sanctions. source: dw.com
02 Aug Apple becomes first $1 trillion public company: Apple Inc. reached a market capitalization of $1 trillion, becoming the first publicly traded company to achieve this milestone. source: cnbc.com
06 Aug Tajikistan-Uzbekistan Flight Resumption: Commercial flights between Dushanbe, Tajikistan, and Bukhara, Uzbekistan, were resumed, signaling improving diplomatic and economic relations between the two countries.
07 Aug Australia Reaches 25 Million Population Milestone: The Australian Bureau of Statistics confirmed that Australia's total population has reached 25 million, marking a significant demographic milestone for the country.
10 Aug US-Turkey trade tensions escalate: On August 10, 2018, trade tensions between the US and Turkey escalated, leading to increased tariffs on Turkish goods. This was part of a broader diplomatic dispute between the two nations. source: reuters.com
13 Aug Turkey's financial crisis impacts global markets: In August 2018, Turkey faced a severe financial crisis characterized by a sharp decline in the value of the Turkish lira. This economic turmoil had ripple effects on global markets, leading to increased volatility and concerns about the stability of emerging economies. source: bbc.com
15 Aug South Korea Bans BMW Cars Due to Engine Fires: South Korea's government announced a ban on 20,000 BMW vehicles in response to recurring engine fire incidents, highlighting significant safety concerns in the automotive industry.
20 Aug PepsiCo to Acquire SodaStream: PepsiCo announced plans to purchase SodaStream, a home soft drink production manufacturer, for $3.2 billion, pending regulatory approval. This strategic acquisition signals PepsiCo's expansion into the home beverage market.
22 Aug Saudi Aramco IPO Cancellation: According to senior industry sources, the previously announced initial public offering (IPO) of Saudi Aramco was canceled, signaling potential challenges in the company's public listing strategy.
23 Aug US-China trade dispute escalates: The trade dispute between the US and China intensified as both countries announced new tariffs on each other's goods. This escalation raised concerns about the potential impact on global trade and economic stability. source: reuters.com
24 Aug Tesla Remains Publicly Traded: After previously announcing intentions to privatize, Elon Musk and Tesla's board of directors decide the company will continue to be publicly traded, ending speculation about a potential private buyout.
25 Aug Record-breaking Ferrari auction sale: A rare 1962 Ferrari 250 GTO was sold at auction for a record-breaking $48.4 million on August 25, 2018. This sale set a new benchmark for classic car auctions, highlighting the increasing value of vintage automobiles. source: bbc.com
27 Aug US-Mexico NAFTA negotiations progress: On August 27, 2018, the United States and Mexico announced progress in negotiations to update the North American Free Trade Agreement (NAFTA). The talks aimed to address trade imbalances and modernize trade relations. source: reuters.com
28 Aug Venezuelan Government Seizes Production Facility: Smurfit Kappa, an Irish paper and packaging company, reports that Venezuelan authorities seized one of its production plants on August 21, arresting managers and accusing them of setting prices too low and smuggling.
30 Aug US-EU trade tensions escalate: On August 30, 2018, trade tensions between the United States and the European Union intensified, with both sides imposing tariffs on various goods, raising concerns over a potential trade war. source: reuters.com
31 Aug Coca-Cola Acquires Costa Coffee: The Coca-Cola Company purchased the British multinational coffeehouse chain Costa Coffee for £3.9 billion, representing a significant strategic expansion in the global beverage and coffee market.
01 Sep Venezuela-Colombia Migration Crisis: Colombia was preparing to declare an economic and social emergency in La Guajira, a region bordering Venezuela, due to the escalating Bolivarian diaspora crisis and massive migration flows.
04 Sep Amazon Becomes Second-Largest US Company: On September 4, 2018, Amazon surpassed Microsoft to become the second-largest company in the U.S. by market capitalization. This milestone highlighted the company's rapid growth and influence in the tech industry. source: bbc.com
07 Sep Starbucks Expands to Italy with Massive Milan Roastery: Starbucks inaugurated its first Italian store in Milan, a 25,000 square foot Reserve Roastery that created 300 jobs, marking a significant expansion into the birthplace of espresso culture.
08 Sep WTC-Cortlandt Subway Station Reopens: The WTC Cortlandt subway station in New York City reopened on September 8, 2018, nearly 17 years after being destroyed in the September 11 attacks. The reconstruction cost $181 million and included features like elevator access and a white marble mosaic by artist Ann Hamilton. source: wglt.org
12 Sep US Representation at G20 Summit: Dennis Shea, Deputy US Trade Representative, was designated to represent the United States at the Group of 20 trade ministerial meetings in Argentina.
13 Sep European Central Bank Monetary Policy Update: The European Central Bank announced plans to continue halving monetary stimulus after September 2018 and completely end it by December 2018, expressing significant concern about rising global protectionism.
16 Sep US prepares new tariffs on Chinese goods: The United States announced plans to impose new tariffs on Chinese imports, escalating the ongoing trade war between the two nations. This move was part of a broader strategy to address trade imbalances and intellectual property theft. source: reuters.com
17 Sep US escalates trade war with China: The United States escalated its trade war with China by imposing additional tariffs on $200 billion worth of Chinese goods. This decision was met with retaliatory measures from China, further straining economic relations. source: nytimes.com
18 Sep US-China trade war escalates: On September 18, 2018, the United States imposed additional tariffs on Chinese goods, escalating the ongoing trade dispute between the two nations. This move marked a significant intensification of the trade war, with both countries implementing tariffs on each other's imports, leading to concerns about global economic repercussions. source: cpr.org
21 Sep Trans Mountain Pipeline Review: Canadian Natural Resources Minister Amarjeet Sohi ordered the National Energy Board to conduct a new review of the Trans Mountain Pipeline expansion project, reflecting ongoing environmental and economic debates.
24 Sep Keystone XL pipeline construction plans: On September 24, 2018, the U.S. government announced plans to proceed with the construction of the Keystone XL pipeline, a controversial project aimed at transporting oil from Canada to the United States. The decision faced opposition from environmental groups and indigenous communities. source: nytimes.com
25 Sep Sonic Drive-In Acquisition: Inspire Brands completed the acquisition of Sonic Drive-In for US$2.3 billion, further consolidating the fast-food restaurant market and expanding Inspire Brands' portfolio.
28 Sep Gordie Howe International Bridge project announced: On September 28, 2018, officials announced the Gordie Howe International Bridge project, which aims to connect Detroit, Michigan, and Windsor, Ontario. The project is expected to enhance trade and transportation between the U.S. and Canada. source: reuters.com
29 Sep Tesla and Elon Musk settle with SEC: On September 29, 2018, Tesla Inc. and its CEO Elon Musk reached a settlement with the U.S. Securities and Exchange Commission (SEC) over charges related to Musk's tweets about taking Tesla private. The settlement required Musk to step down as Tesla's chairman for at least three years and pay a fine, while Tesla agreed to implement new corporate governance measures. source: dw.com
30 Sep Canada joins new North American trade agreement: On September 30, 2018, Canada agreed to join a new North American trade agreement, known as the United States-Mexico-Canada Agreement (USMCA), replacing the North American Free Trade Agreement (NAFTA). The new agreement aimed to modernize trade relations between the three countries, addressing issues such as intellectual property, labor rights, and environmental standards. source: dw.com
01 Oct Primera Air Declares Bankruptcy: Primera Air, a Danish low-cost airline, officially declared bankruptcy, ceasing all operations and leaving passengers and employees in a challenging situation.
03 Oct Toys "R" Us Bankruptcy Auction Cancelled: Lenders of Toys "R" Us have decided to cancel the bankruptcy auction of the brand name and intellectual properties. Instead
05 Oct US unemployment reaches historic low: On October 5, 2018, the U.S. unemployment rate fell to 3.7%, the lowest level since 1969. This significant drop was attributed to strong job growth and a robust economy, reflecting a tight labor market. source: bls.gov
08 Oct Nobel Prize in Economics: On October 8, 2018, the Nobel Prize in Economic Sciences was awarded to Paul Romer and William Nordhaus for their contributions to understanding the interplay between economic growth and climate change. source: bbc.com
13 Oct Southeast Nigeria Pipeline Explosion: A catastrophic pipeline explosion in southeast Nigeria resulted in at least 50 fatalities and 30 injuries. The incident reveals ongoing infrastructure challenges and safety concerns in the region's petroleum industry.
17 Oct Canada legalizes recreational cannabis use: On October 17, 2018, Canada became the second country worldwide, after Uruguay, to legalize recreational cannabis use. The Cannabis Act allows adults aged 18 and over to possess up to 30 grams of dried cannabis or its equivalent in public. The legislation aims to regulate and restrict access to cannabis, with the goal of reducing the illegal market and protecting youth. source: canada.ca
18 Oct Cobalt Air Abrupt Dissolution: Cobalt Air unexpectedly announced its complete dissolution, immediately cancelling all future operations. This sudden shutdown left numerous passengers stranded in Cyprus, causing significant disruption to travel plans and highlighting the fragility of smaller airlines in the competitive aviation market.
25 Oct U.S. stock market plummets: On October 25, 2018, the U.S. stock market experienced a significant drop, with the Dow Jones Industrial Average falling over 600 points. This decline was attributed to rising interest rates and concerns over corporate earnings, leading to increased volatility in the markets. source: cnbc.com
28 Oct IBM to acquire Red Hat: On October 28, 2018, IBM announced its intention to acquire Red Hat, a leading provider of open-source software solutions, for approximately $34 billion. This acquisition aimed to strengthen IBM's cloud computing capabilities. source: reuters.com
29 Oct Brexit preparations in financial markets: On October 29, 2018, financial markets were actively preparing for the implications of Brexit as the UK approached its exit from the European Union. Investors were closely monitoring developments and potential impacts on the economy. source: reuters.com
05 Nov Deliberate Train Derailment in Australia: Authorities in Port Hedland, Australia, deliberately derailed a massive 92-kilometer-long train operated by BHP Billiton after the driver left to inspect it. The train, consisting of four locomotives and 268 wagons, was traveling from Newman to Port Hedland when the controlled derailment was executed.
06 Nov Michigan voters approve full marijuana legalization: On November 6, 2018, Michigan voters approved Proposal 1, legalizing the possession, use, and cultivation of marijuana for adults aged 21 and over. This made Michigan the first state in the Midwest to legalize recreational marijuana. The law allows adults to possess up to 2.5 ounces of marijuana and cultivate up to 12 plants for personal use. Retail sales are subject to a 10% excise tax, with revenue allocated to implementation costs, clinical trials, schools, roads, and municipalities hosting marijuana businesses. source: cnbc.com
08 Nov Keystone XL pipeline construction suspended: On November 8, 2018, a federal judge ruled to suspend construction of the Keystone XL pipeline, citing environmental concerns. This decision was a significant setback for the controversial project aimed at transporting oil from Canada to the U.S. source: reuters.com
11 Nov Australian Strawberry Contamination Crisis: A 50-year-old former strawberry farm supervisor was arrested in Queensland in connection with 230 reports of sewing needles hidden in strawberries. The incident caused widespread panic across Australia and New Zealand, severely impacting the country's multimillion-dollar strawberry industry.
15 Nov Stop Walmart Act Proposed: US Senator Bernie Sanders introduced the Stop Walmart Act, which aims to pressure large employers into adopting a $15 minimum wage by restricting share buybacks. This proposal highlights ongoing debates about worker compensation and corporate responsibility.
16 Nov Johnston Press Media Group Enters Administration: Johnston Press, a major UK media company owning prominent newspapers like i, The Scotsman, and the Yorkshire Post, went into administration after failing to secure a buyer. The company was set to be delisted from the London Stock Exchange on 19th November 2018, marking a significant moment in the UK media landscape.
19 Nov TurkStream Gas Pipeline Completed: The TurkStream gas pipeline between Russia and Turkey was completed, with its offshore section spanning 930 kilometers (580 miles), representing a significant infrastructure project in energy geopolitics.
21 Nov Iranian Labor Protests: Workers at the Haft Tappeh Sugar Mill Company in Shush, southwest Iran, continued their 15-day strike protesting unpaid salaries, reflecting growing labor unrest in the country.
23 Nov Amazon Worker Strikes in Europe: Distribution center workers in Germany and Spain initiated strikes protesting working conditions, strategically timing the action during Black Friday to maximize impact and visibility.
29 Nov Bayer Job Restructuring: Bayer, the German pharmaceutical and chemical company, announced a significant workforce reduction of 12,000 jobs by 2021, following its acquisition of Monsanto in 2018 as part of a comprehensive corporate restructuring strategy.
30 Nov USMCA trade agreement signed: On November 30, 2018, the United States, Canada, and Mexico signed the United States-Mexico-Canada Agreement (USMCA), which aimed to replace NAFTA. The agreement focused on trade regulations, labor rights, and environmental standards among the three countries. source: reuters.com
01 Dec US-China trade war temporary truce: On December 1, 2018, during the G20 summit in Argentina, the United States and China agreed to a temporary truce in their ongoing trade war. This agreement aimed to halt new tariffs while both countries negotiated further trade terms. source: reuters.com
02 Dec US-China trade war truce: On December 2, 2018, the United States and China confirmed a truce in their trade war, following discussions at the G20 summit. This agreement included a pause on new tariffs and a commitment to negotiate trade issues over the next 90 days. source: bbc.com
03 Dec Qatar withdraws from OPEC: Qatar announced its decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC), effective January 1, 2019. The move reflects Qatar's desire to focus on increasing its natural gas production from 77 million tons per year to 110 million tons in the coming years. source: aljazeera.com
05 Dec Sweden Predicted to Become Cashless Society: The deputy governor of Sweden's central bank, Riksbank, predicted that Sweden is likely to become a cashless society within the next three to five years, highlighting a global trend towards digital financial systems.
10 Dec Reserve Bank of India Leadership Change: Urjit Patel unexpectedly resigned from his position as Governor of the Reserve Bank of India, creating sudden uncertainty in the country's financial leadership.
12 Dec China Dominates Global Skyscraper Construction: In a remarkable demonstration of architectural and economic prowess, China constructed 88 out of the world's 143 skyscrapers in 2018, representing an unprecedented level of urban development and infrastructure expansion.
17 Dec Severn Crossing Bridges Become Toll-Free: The historic Severn crossing bridges linking England and South Wales became free of tolls, allowing commuters to travel across the River Severn without charge for the first time in 800 years, marking a significant transportation milestone.
21 Dec Carlos Ghosn Arrested for Financial Misconduct: Carlos Ghosn, former CEO of Nissan, is arrested for allegedly shifting personal financial losses to the company, marking a significant corporate governance scandal in the automotive industry.
23 Dec Italy's 2019 Budget Approval: On December 23, 2018, Italy's parliament approved the 2019 national budget, addressing various economic and social issues. source: cnbc.com
24 Dec Dow Jones Experiences Worst Christmas Eve Performance: The Dow Jones Industrial Average fell 2.9% on Christmas Eve, marking its worst performance in recent history. This significant market downturn reflected broader economic uncertainties and investor concerns.
25 Dec Tokyo Stock Exchange Experiences Significant Drop: The Nikkei index plummeted 5% to below 21,000, reaching its lowest point since September 2017, signaling potential economic challenges.
27 Dec Stock market rebounds dramatically: On December 27, 2018, the U.S. stock market experienced significant volatility, with the Dow Jones Industrial Average rebounding over 800 points from its earlier low to close 260 points higher. The Nasdaq and S&P 500 also saw gains of less than 1%. This erratic movement highlighted the return of volatility, which had been evident throughout the past few months and during the holiday trading week. source: axios.com
29 Dec Federal worker pay freeze: On December 29, 2018, U.S. President Donald Trump signed an executive order freezing federal workers' pay for 2019, citing budget constraints. The freeze applied to civilian federal employees and was the first such freeze in nine years. source: cnbc.com

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