US economy may face recession
White House economic adviser Brian Deese warns of high recession risks for the American economy. Deese stressed that the US is better positioned than any other country. His statements contradict the words of Fed Chairman Jerome Powell and US Treasury Secretary Janet Yellen. Earlier, they said there was no threat of a recession in the country. A recession is a prolonged decline in GDP for two consecutive quarters. According to the expert, the US economy is moving from a solid recovery to a gradual decline. However, this period may become a “more stable and resilient growth” stage. “There’s no doubt we face serious global challenges right now, inflation first and foremost among them,” Deese said. However, the country has enough resources to address these challenges. Notably, US GDP shrank by 1.4% yearly in Q1 2022. Experts note that it was the first downturn in the US economy in two years.
World’s billionaires lose $1.4 trillion in 6 months
The world’s 500 richest people lost about $1.4 trillion in the first half of 2022, Bloomberg reported. According to the Bloomberg Billionaires Index, the total net worth of the top 500 billionaires decreased by $206 billion on June 13 alone. The world’s richest people suffered losses due to higher interest rates and inflation anxiety weighing down on global financial markets.
15:01 2022-07-01 UTC+00
G7 seeks to cap Russian oil price
G7 leaders are seriously considering setting a price cap on Russian oil imports. The idea behind the cap is to tie oil transportation and insurance to a price ceiling. In other words, a shipper or an importer willing to receive these services must agree to the sale of Russian crude and refined products at a price below the set limit.
14:23 2022-07-01 UTC+00
German authorities expect economy to tip into recession
Germany’s government is taking measures to prepare people and businesses for tough times, which are inevitable if Russia shuts off gas supplies. The eurozone largest economy may show a long-lasting slump without Russian energy resources. In the last three months, factory orders have tumbled, whereas expenses are only surging.
12:28 2022-07-01 UTC+00
TikTok sets to overtake IT giants
TikTok has become a threat to Google and Meta’s advertising revenues. TikTok, the Chinese social network owned by ByteDance, may earn $12 billion from ads in 2022. Notably, the company generated returns of $4 billion in 2021. At the same time, this threatens Facebook and YouTube's dominance in the social networking and video hosting markets.
11:59 2022-07-01 UTC+00
Adidas sues Nike for alleged patent infringement
Two longtime competitors in the footwear market Adidas and Nike are facing off in court once again. The German company has accused its American counterpart of violating 9 of its tech patents.According to the lawsuit, which was filed in the US District Court for the Eastern District of Texas, Nike’s SNKRS app allegedly violated patents used by the Adidas Confirmed service.
15:18 2022-06-30 UTC+00
Elon Musk doubts Twitter takeover on second thoughts
Bizarre billionaire Elon Musk has again come under the spotlight with his Twitter purchase. In the next episode of this sitcom, he might reconsider buying both the company itself and its stock. Elon Musk’s lawyer sent a notice to Twitter executives warning that the takeover deal is on the verge of failure.
13:29 2022-06-30 UTC+00