In this week’s Recap, Marcello tells us about how the snowball of bankruptcies following the collapse of FTX is growing nonstop; A group of scientists has found and replicated some frozen viruses found in the Siberian permafrost; The dollar is still driving down a complicated road: Ghana wants to pay for oil products with gold rather than dollars.
U.S. cryptocurrency brokerage Genesis says it is seeking to avoid bankruptcy after a report on Tuesday that creditors to the firm are organizing with restructuring lawyers to prevent insolvency. The news comes as U.S. state securities regulators are investigating Genesis Global Capital as part of a wide-ranging inquiry into the interconnections of crypto firms, citing a comment from the Alabama Securities Commission director. The crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions earlier this month.
Turmoil at Apple key manufacturing hub of Zhengzhou is likely to result in an output shortfall of close to 6M iPhone Pro units this year. Although the situation remains in flux at the plant & the estimate of lost production could change. Much will depend on how quickly Foxconn Technology Group, the Taiwanese company that operates the facility, can get people back full time to assembly lines after violent protests against Covid lockdown restrictions.
China’s coal production is set to rise for the 6th consecutive year to a record 4.4B tons, driven by faster capacity expansions at major mines, China Energy News reported this week, which will likely cause a further decline in coal prices.
At a 2-day summit in Bucharest, the Romanian capital, the North Atlantic Treaty Organization (NATO) vows to make Ukraine a member of the military alliance. It was 14 years ago (in the same city) that foreign ministers first pledged that Ukraine would eventually join & they remain firmly behind the commitment. Meanwhile, Russian missile & drone attacks keep hitting civilian infrastructure across the country, with strikes that have heavily damaged Ukraine’s power, water & energy infrastructure.
India posted a year-on-year GDP growth of +6.3% for Q3, fractionally beating forecast estimates of 6.2%. According to S&P Global & Morgan Stanley, India is projected to overtake Japan & Germany to become the world’s 3rd-largest economy by 2030. The prediction is premised upon the projection that India’s annual nominal GDP growth will average +6.3% through 2030. Morgan Stanley estimates that India’s GDP is likely to more than double from current levels by 2031.
China’s former leader Jiang Zemin, who came to power after the Tiananmen Square protests as a compromise between political hardliners & reformers, has died at 96. Zemin paved the way for the country’s emergence as a global superpower. His death comes as China sees some of its most serious protests since Tiananmen, with many demonstrating against Covid restrictions. During his tenure from 1989 to 2002, China joined the World Trade Organization (2001) which was probably the key catalyst to the great growth spurts of double-digit growth for the decade that followed.
German exports fell more than expected in October; Baidu plans to establish the world’s largest fully driver-less ride-hailing service area in 2023; An experimental Alzheimer’s drug from Eisai & Biogen slowed cognitive decline in a closely watched trial, but may carry a risk of serious side effects for certain patients; World’s largest active volcano by volume burst into life for 1st time in 40 years.