In today’s Recap, Marcello talks about Tesla’s earning report, how inflation is truly above what the government is saying, and that there might be a food shortage coming due to various natural disasters.
For U.S. restaurants, reopening from COVID lockdown has been difficult. They’ve struggled to hire staff, often being forced to offer double-digit pay hikes. Have been hit by cost increases & shortages on all kinds of items. A jump in seafood prices, part of the broader inflationary surge is only further squeezing restaurateurs. Seafood prices have risen about 11% in the 12 months through early July & short supplies of many kinds of seafood abound.
U.S. Federal Reserve Chair Jerome Powell provided more information on the tapering timeline during his press conference on Wednesday, noting that the U.S. has not reached substantial further progress to start curbing the central bank’s $120B a month in asset purchases. He also added that raising interest rates is not even on the central bank’s radar yet.
Amazon has flatly denied a U.K.’s newspaper’s report that the e-commerce giant was planning to accept Bitcoin payments by the end of 2021. This caused Bitcoin to retreat from over $40K to $37,298.60 early Tuesday, a loss of 7% to 8%. The wild fluctuations in market price continues to bring into question the viability of Bitcoin as a currency.
North & South Korea are in talks again to reopen a joint liaison office that the North demolished last year & hold a summit as part of efforts to restore relations. It has been reported that South Korean President Moon Jae-in & North Korean leader Kim Jong Un have been exploring ways to improve strained ties by exchanging multiple letters since April. The discussions are an improvement in ties that have deteriorated in the past year.
When a team of scientists began analyzing events that influenced the world’s climate in 2020, they found it wasn’t Covid-19 as much as it was the devastating bushfires that burned thru Australia from late 2019 to 2020, pumping plumes of smoke that reached the stratosphere & circled much of the southern hemisphere. The smoke particles disproportionately cooled the southern half of the earth.
Most of the S&P 500 companies have already reported their Q2 results; Water level in Utah’s Great Salt Lake below record low; A 6-meter-high seawall will be built in Miami.