Business Update – September 27, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
British pound may sink below $1 US
After the new UK government’s mini-budget announcement on Friday that revealed new economic policies, the GBP sunk to its lowest level since 1985 – ending last week at US$1.09.
Interest rate hike causes world economy to wobble
The US Federal Reserve raised interest rates again last week, taking the rate charged to borrow from near zero at the beginning of 2022 to a current minimum of 3 percent. Economists argue that the move has shaken the world economy.
Google CEO says we can have fun without spending too much
With the current economic landscape in mind, Google CEO Sundar Pichai urged his employees not to “equate fun with money” during a company-wide town hall event last week.
Why crypto keeps falling
There’s a lot happening with crypto these days, but none of the news is very positive. After last week’s interest rate hike, and the overhaul to the blockchain before that, investors are wondering if there’s a bottom in sight for crypto prices.
Fear of recession looms large again
Recession fears were renewed last week after Wall Street took a tumble, ending Friday with some concerning lows.
Amazon and Berkshire Hathaway to pay up
The Inflation Reduction Act’s new 15% corporate minimum tax will place the bulk of the burden on about 78 companies. Berkshire Hathaway and Amazon will pay the most.
Is gold a safe bet?
It seems that we are officially creeping toward a bear market. Experts weigh in on whether gold is a sound investment in times like these.
Netflix seeking new chief accounting officer
Chief accounting officer of Netflix Ken Barker has resigned from his position after just 4 months on the job, citing personal reasons. The role pays $2.4 million.
Costco is raising its membership prices
Membership prices at the wholesale giant have remained the same for 5 years, but that’s about to change. When the increase will take place is still a mystery, but the company has warned that it is imminent.
Price of heat to skyrocket this winter
Families are expected to pay an average of 17.2% more for home heat this coming season compared to last winter, with many people taking on second or even third jobs to cover the cost of living.
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