Business Update – October 5, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Wall Street starts the month a little stronger than before
In what many are hoping is a new trend for October, the Dow Jones, Nasdaq, and the S&P 500 were all up for the first trading day of the month. Experts are split on whether this trend is sustainable, but traders are finally feeling some optimism.
Google Translate no longer available in China
The tech giant announced over the weekend that it was pulling back on one of the few digital services it offers in China, citing low usage. Google has struggled for nearly two decades to meet the demands of China’s censorship policies.
Financial security watchdog pushes for tighter oversight of crypto
The Treasury Department’s Financial Stability Oversight Council released a new report on digital assets Monday, saying cryptocurrencies could threaten the safety of the U.S. economy.
Inflation rate in Turkey is above 83%
Inflation in Turkey hit a 24-year high this week, reaching 83.45% in September. The central bank has been cutting interest rates despite soaring prices, in order for President Tayyip Erdogan to make good on a promise to reach single-digit interest rates by the end of the year.
Tesla shares drop after missing the mark on vehicles delivered
While total production numbers did increase from last quarter, the electric vehicle maker fell short of its estimates – causing share prices to tumble on Monday.
“Golden handcuffs” are stalling the housing market
Those hoping for the housing market to crater in hopes of finding a way in may have to wait. With many homeowners locked in to rates they would no longer be able to get today, they’re putting off selling indefinitely.
Brazil markets surge
Brazilian markets did well on Monday, after President Jair Bolsonaro did better than expected in the first round of elections. The possibility of Bolsonaro getting re-elected boosted shares in state-controlled companies in expectation they could be privatized should he secure another four-year term.
Gas shortages may lead to electricity disruptions this winter in Europe
Energy regulator Ofgem said this week that Europe and the UK are at significant risk of gas shortages this winter due to Russia’s war with Ukraine. It’s not clear if this could result in electricity blackouts or energy rationing.
IRS initiates relief programs to several states
The IRS has made a number of changes aimed at providing tax relief to those in several states who have suffered due to drought, Coronavirus, and Hurricane Ian. Links to several specific programs can be found here.
Kim Kardashian to pay $1.6 million for touting crypto on Instagram
The reality star agreed to pay the fine to the Securities and Exchange Commission to settle civil charges for promoting EthereumMax. She failed to disclose that she was paid $250,000 to publish the Instagram post.
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