In this week’s recap, we talk about some disastrous economic numbers and how an international experimental nuclear fusion reactor is being built in France to “harness the power of the Sun”
Work has begun to assemble giant components to build an international experimental nuclear fusion reactor in France, that is expected to start up in 2035 & deliver energy in a process inspired by the sun. Will generate power by combining atoms at a temperature of 150 million degrees Celsius (270,000,032 Fahrenheit) in a process similar to nuclear fusion, that produces the sun’s energy.
U.S. national debt stands at $26.5T, exceeding country’s GDP for 1st time since WWII. The massive budget deficits for this year alone, will exceed $4T, largest by far in U.S. history. Although Republicans are willing to spend another $1Tin pandemic relief to help the economy recover, they balk at the $3T proposed by Democrats.
McDonald’s reported a broad drop in global same-store sales falling -23.9% in Q2, dragged down by big international markets including the U.K., France & Latin America, with missed profit expectations, as its restaurants were shut due to the COVID-19 pandemic, limiting operations to only drive-thru & delivery. In the U.S. where the company operates over a 3rd of its restaurants, same-store sales fell -8.7%, some 200 locations are set to close.
Trading higher on the weakness of the U.S. dollar, Bitcoin crossed the $11,000 level & traded near its highest level in nearly a year on Tuesday, amid a broad shift to alternative assets. The token leaped as high as $11,198.32 before paring gains & once again trading below $11,000.
CEO Elon Musk has posted that Tesla would be open to licensing software & supplying power-trains & batteries to other automakers. He added that this would even include Autopilot, the advanced driver assistance software that Tesla offers to provide intelligent cruise control, in a number of different driving scenarios.
Russian scientists study the stunningly well-preserved bones of an adult woolly mammoth that roamed the earth at least 10,000 years ago. Local inhabitants discovered it’s remains in the shallows of a north Siberian lake. Part of it’s skull, several ribs & foreleg bones, some with soft tissue still attached to them, were retrieved from Russia’s remote Yamal peninsula above the Arctic circle.
Eastman Kodak, wins a $765M government loan; Scientists reanimate 101M-year-old microbes; Trump suggests delaying November elections; The Federal Reserve pledges to support the economy; US Treasury Yields at their lowest level in months; The U.S. dollar is suffering a decline.