In this week’s recap, Marcello talks about a global digital currency that will be linked to a global digital ID meaning your transactions can always be tracked; a “mostly peaceful” tornado destroyed 50,000 pallets of medicine when it hit a Pfizer plant in North Carolina, this will lead to shortages of anesthesia and other sterile injectibles; and the USA joins Singapore as the only countries approving “cell-cultured” meat for human consumption.
India, the world’s biggest rice exporter accounting for some 40% of the global rice trade, banned shipments of non-basmati white rice to maintain domestic prices at comfortable levels, ahead of the general election due in early 2024. Domestic rice prices have increased over +8% this year alone. The government has halted overseas sales of the grain with immediate effect, but shipments will still be allowed on the basis of permission granted by India to other countries, to meet their food-security needs & based on requests from their governments.
Oil prices are higher this shows a growing evidence of supply shortages that might be comming in the next months, also rising tensions between Russia & Ukraine could further hit supplies.
Following the failures of several regional banks earlier this year, we’ve been closely monitoring the commercial real estate (CRE) sector, noticing increasing risks in the office space market. CRE lending standards have tightened considerably in response to the Federal Reserve’s aggressive interest rate hikes over the past sixteen months to combat inflation. The latest alarm bell of sliding CRE prices in downtown areas across major US cities is the sale of an office tower at One South Street in downtown Baltimore. The 30-story building was sold in June for $24 million, a 63.6% discount versus the tower’s 2015 sale of $66 million.
Youth unemployment in China has hit a new record high as the country’s post-pandemic recovery falters.The jobless rate of 16 to 24 year olds in urban areas rose to 21.3% last month, official figures show.It comes as the world’s second largest economy grew just 0.8% in the three months to the end of June.
Apple got an intraday record high thanks to their developing of propiretary AI tools; Biden admininistration is pushing a proposal to ban the sale of portable gas generators; Chinese GDP was lower than expected for Q2.