Business Update – June 29 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Exxon CEO predicts every car sold will be electric by 2040
Darren Woods said during an interview last week that the bold prediction is not a threat to Exxon’s business. He stated that even with the change, oil demand would only drop down to 2013-2014 levels, which was still very profitable.
More than half of all Americans are living paycheck to paycheck
A new report shows that 58% of Americans are barely covering the cost of living as inflation reaches 40-year highs. Even 30% of those earning over $250,000 per year are living paycheck to paycheck.
Price of electric vehicles rises
The price to purchase an electric vehicle has risen 22% year over year as of May. Automakers are hiking prices to cover the cost of raw materials required to manufacture the vehicles.
Air travel woes explained
The Atlantic’s Derek Thompson interviews Scott Keyes, the founder of the Scott’s Cheap Flights newsletter, about why air travel has been such a mess this summer.
Russia and China take on the IMF
Russia and China teamed up with other BRICS nations to develop a new global reserve currency, in a potential challenge to the dominance of the US dollar.
Processing returned items becomes too expensive
As supply chain and shipping issues continue, some of the big box chain stores are considering allowing you to just keep the items you would regularly return along with your refunded money.
Trump media company shares plunge
After many board members received subpoenas regarding the tentative deal for Donald Trump’s social media company merger with Digital World Acquisition Corp, the deal is now in jeopardy.
Home sales make a surprising rebound
Pending home sales rose slightly in May, breaking a six-month streak of declining demand. Sales were still 13.6% lower than in May 2021.
Stock market wobbles but overall outlook is less grim
Stocks continued to waver on Monday. Despite this, many feel that recession fears have eased a bit as increasing interest rates seem to be having the desired effect in the fight against inflation.
Warren Buffet wants to leave his money to the world’s children
Buffet’s fortune, which is worth $96.8 billion, has been pledged almost entirely to charity. The famous investor and philanthropist, who turns 92 this year, wishes to have his entire fortune spent within 10 years of his death, and for every kid on the planet to receive some of it.
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