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Recap July 25: Report: Money Does Bring Happiness, Extreme Weather, Volatile Stocks (Recap Ep133)

In this week’s Recap, Marcello talks about a study that shows that money does bring happiness, extreme weather hitting all over the globe, and some very volatile stocks.

Jeff Bezos former CEO of Amazon, who remains the world’s richest person, worth an estimated $205B, went past the edge of space (an altitude of 107 kilometers or 66 miles) above the Earth on Tuesday, aboard the New Shepard rocket owned by his space company, Blue Origin, as part of its 1st human space flight, thus fulfilling his life-long dream. The flight lasted 10 minutes & 10 seconds.
China is offering about 3M tons or 22M barrels of oil from its strategic state reserves this month for major refineries, in a previous unprecedented move to try & quell inflation, brought on by rising costs of everything from food to fuel. The decision is the latest in a list of governmental measures by the world’s 2nd-largest economy, to attempt a reining in of skyrocketing costs, caused by the post-pandemic economic recovery.
A total of 1,069 cryptocurrency mining rigs worth $1.26M were destroyed in Sarawak, Malaysia, by a street compactor machine. The mining rigs were seized earlier this year, in 6 raids due to operators being accused of stealing electricity. Authorities allege these miners illegally stole some $2M worth of electricity off the grid.
OPEC & its allies, (OPEC+), reached a deal to phase out 5.8M barrels per day (bpd) of oil production cuts by September 2022. Coordinated increases in oil supply from the group will start in August, with an increase of some 400K bpd. Differences between Saudi Arabia & the UAE had prevented an earlier deal.
A group of scientists from the University of Chicago, Peking University & Guizhou University announced that their manipulation of RNA can allow plants to yield dramatically more crops, as well as increasing drought tolerance. In initial tests, adding a gene encoding for a protein called FTO to both rice & potato plants increased their yield by +50% in field tests.

Chile’s primary elections give the communist candidate as loser; Carnival cruise lines shares fell -5.69% on Monday; Johnson & Johnson shares rises after Q2 results release; Researchers present robotic cutting simulator.

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