In today’s Recap, Marcello warns us about the hike in prices that food has suffered. While governments claim that inflation is low, food prices for the Thanksgiving holiday have risen by 20%; Elon Musk has stated that he may build his own phone in response to suggestions that Twitter be removed from the Android and Apple app stores; and Europe will undoubtedly suffer from blackouts during the coming winter due to the ongoing energy crisis.
Chinese officials imposed more restrictions Wednesday to attempt to rein in a rapid rise in COVID-19 infections, adding to investors’ worries about the economy, just as new unrest at the world’s largest iPhone factory highlighted the financial & social cost of these curbs. Across China, cities including the capital Beijing & the financial capital Shanghai have closed malls & parks as well as imposing limits on the movement of people arriving from elsewhere, as infections near record highs last seen in April.
Diesel fuel powers trucks, buses, ships & trains. It drives machinery for construction, manufacturing & farming. It is also used for heating homes. And with the high price of natural gas, in some places it’s also being used to generate power. No fuel more essential to the global economy than diesel. Within the next few months, almost every region worldwide will face danger of a diesel shortage, at a time when supply crunches in nearly all the world’s energy markets have worsened inflation & stymied growth.
he European Union watered down its latest sanctions’ proposal for a price cap on Russia’s oil exports by delaying its full implementation, as well as softening some key shipping provisions. It proposed adding a 45-day transition to the introduction of the cap. The proposed grace period will apply to oil loaded before Dec. 5, the date oil sanctions are due to kick in & unloaded by Jan. 19, aligning the EU to a clause previously announced by the US & the UK.
It has been confirmed that thieves broke into the German Roman-Celtic Museum & stole 450 gold coins thought to be worth several million Euros. It has been suggested that the criminals were professionals who disrupted local phone & internet services. The coins are 2,000 years old & were uncovered in 1999, during an excavation of a large Celtic settlement in the modern-day region of Bavaria, Germany. It was the largest discovery of Celtic gold in the last century & a landmark find at 1 of the most important archaeological sites in central Europe.
In the Black Desert of Jordan, archaeologists have spent several years investigating a site called Shubayqa 1, since experts believed that the people who lived there 14,400 years ago, could well reveal more about one of humanity’s greatest innovations. So, searching the ruins of a fireplace, the researchers found the ashes of an ancient meal. And the meal’s contents may turn traditional ideas about the development of agriculture into radically rewriting human history.
New U.S. single home sales defied expectations & rose 7.5% to a seasonally adjusted annual rate of 632,000 in October; The Bank of Korea raised its benchmark interest rates by 25 basis points to 3.25% on Thursday, slowing the pace of rate hikes; Bitcoin reversed & moved higher on Tuesday, after briefly hitting a new 2-year low.
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