In this week’s recap, Marcello talks about an attack suffered by Elon Musk because he allegedly ordered Starlink’s engineers to shut off its network over Crimea. Sugar shortages are on the horizon as India, one of the world’s biggest producers and consumers of sugar, has reportedly announced a shortage. India has officially set its first oil trade using rupees instead of US dollars.
On Thursday a Ukrainian official is slamming Tesla & SpaceX CEO Elon Musk for ordering engineers to shut off Starlink’s satellite network over Crimea last year in order to thwart a Ukrainian attack on Russian warships based in the peninsula. In the early days of Russia’s invasion of Ukraine, as Western governments worked to supply Ukraine with artillery & air defense systems, the 1st of Musk’s Starlink terminals arrived in the country.The billionaire eventually soured on the arrangement, fearing his company would be responsible in escalating a war between Russia & Ukraine.
Germany headed for a recession in 2nd half of 2023as it struggles with downturns in manufacturing & services. Battered by global headwinds & reeling from high energy prices, German manufacturing has fallen into a major downturn, that will likely push the entire economy back into at least a mild recession. The deterioration in business confidence, fall in new orders & broad-based drop in output pointed to contractions of -0.1% & -0.3% in coming quarters, with risks tilted to a steeper decline. Germany’s ifo Institute, confirms its forecast for an annual contraction of -0.4% in the German economy, followed by +1.4% growth in 2024.
A powerful earthquake in Morocco has killed over 800 people & injured 100’s more, destroying buildings & sending residents of major cities rushing from their homes in the country’s deadliest tremor in over 6 decades.The magnitude 7.2 quake struck Morocco’s High Atlas mountains late on Friday night. The Interior Ministry said 820 people had been killed & another 672 injured, in an updated casualty toll.
Initial claims for U.S. state unemployment benefits fell 13K unexpectedly to 216K.