The price of diamonds is collapsing

Market prices for diamonds are in a long, slow, five-year decline and it's causing havoc for diamond producers.

Petra Diamonds reported a 10% sales drop in the first half of the year to $425 million today, while luxury brand De Beers saw a 23% collapse in profits to $360 million last week.

The diamond price is to blame, driven by falling demand in, you guessed it, China. Diamond prices have dropped about 12% over the last five years.

Read more... http://www.businessinsider.com/the-price-of-diamonds-is-collapsing-2015-7?r=UK&IR=T

LeBron James signs deal with Warner Bros. to develop movie, TV projects

Warner Bros. and LeBron James are officially playing on the same team.

The studio announced Wednesday that the NBA megastar and his production company, SpringHill Entertainment, reached a deal "in an unprecedented agreement spanning all areas of content creation." It encompasses plans to develop projects in television, film, and online content with James, fresh off his performance in Trainwreck.

Read more... http://www.ew.com/article/2015/07/22/lebron-james-warner-bros-deal

China crash is making the rich richer

President Xi Jinping has his eyes fixed squarely on one goal for the Chinese economy — moving it from an investment-based economy to one based on consumption.

To do that, of course, you must have consumers.

Unfortunately for those plans, consumers are getting absolutely crushed in the stock-market crash the country has been experiencing since June 12.

Read more... http://www.businessinsider.com/china-crash-is-making-the-rich-richer-2015-7

Greek banks are illiquid and insolvent

It's not like Fitch was ahead of the curve when it declared on Friday that the "four largest Greek banks have failed…" two days after downgrading them to "RD" (Restricted Default) because they'd defaulted on their depositors.

But Fitch shed a gloomy light on just how tough – or rather impossible – it will be to move forward so that these banks can re-open their doors, even if negotiations between Greece and its creditors can be brought back to life.

Read more... http://www.businessinsider.com/greek-banks-are-illiquid-and-insolvent-2015-7

China's Unsettling Stock Market Collapse in Chinese Stock Markets

This summer has not been calm for the global economy. In Europe, a Greek referendum this Sunday may determine whether the country will remain in the eurozone. In North America, meanwhile, the governor of Puerto Rico claimed last week that the island would be unable to pay off its debts, raising unsettling questions about the health of American municipal bonds.

Read more... https://trove.com/a/Chinas-Unsettling-Stock-Market-Collapse.j71Rv?nocrawl=1&utm_medium=twitter&utm_source=sns&utm_campaign=hosted

Saudi Arabia might be leaving the US behind for Russia

The news from the recent St. Petersburg Economic Forum, which took place from June 18 to 20, inspired a torrent of speculation on the future direction of energy prices.

But the real buzz at the conference was the unexpected but much publicized visit of the Saudi Deputy Crown Prince, as an emissary of the King. The Prince, who is also his country's Defense Minister, carried the royal message of a direct invitation to President Putin to visit the King, which was immediately accepted and reciprocated, with the Prince accepting on behalf of his father.

Read more... http://www.businessinsider.com/saudi-arabia-might-be-leaving-the-us-behind-for-russia-2015-7