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Today's Top Stories

  • FedEx CEO expects "worldwide recession" after disappointing company earnings
  • White House summit sees tech companies announcing anti-extremism initiatives
  • Biden administration unveils suggested crypto regulation framework

Econ Bytes

Getty Images

 

FedEx CEO Expects the Economy to Enter a ‘Worldwide Recession’

 

On Thursday, FedEx CEO Raj Subramaniam said he expects the global economy to enter a recession. Weakening global shipment volumes led by an overall decrease in demand led the CEO to his conclusion. Of course, FedEx also missed its estimates on revenue and earnings, but Subramaniam is blaming the macro climate. FedEx, and many other businesses, thought global demand would recover after China's closed factories opened back up. This recovery never happened, but there's no telling what will occur later this year and beyond. After all, FedEx is ultimately "a reflection of everyone else's business" as Subramaniam notes. 

 

Tech Bytes

Getty Images

 

YouTube and Meta Taking Steps to Combat Extremism

 

On Thursday, at the White House's United We Stand summit, several major tech companies announced their plans to combat online extremism. YouTube, Meta, Microsoft, and Twitch laid out policies that remove content glorifying violent acts. By doing so, the platforms hope to deter others from causing harm. Also in the works, AI and machine learning tools are being rolled out to detect violent extremism and inspire empathy. Most of these initiatives will eventually be rolled out worldwide, but the U.S. will get the first look at the new measures.

 

Week's Notable Decliners

  • Adobe (ADBE) -25.3%
  • Applovin (APP) -17.5%
  • Western Digital (WDC) -15.5%
  • Avnet (AVT) -13.0%
  • Oracle (ORCL) -9.4%
 

Earnings Next Week

  • Monday: AutoZone
  • Tuesday: N/A
  • Wednesday: General Mills
  • Thursday: Accenture, Costco, FedEx
  • Friday: N/A

Crypto Bytes

Reuters

 

Biden White House Just Put Out a Framework on Regulating Crypto

 

The Biden White House just changed the course of history, putting out the first ever framework of what crypto regulation in the U.S. should look like. Utilizing existing agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission, the new guidelines are drawing considerable attention from the crypto community. If you recall, the framework is the culmination of six months worth of research by government agencies to address policy concerns. Most notable is the explicit mention of a U.S. central bank digital currency, or CBDC, and the potentially "significant benefits" that could come from it. There's no telling what the recommendations to "fight illicit finance" and "safeguard financial stability" will amount to, but everyone should be paying attention.

 

Notable Gainers

  • Terra Classic (LUNC) +24.87%
  • Terra (LUNA) +17.63%
  • TerraClassicUSD (USTC) +11.87%
  • Chiliz (CHZ) +9.25%
  • XRP (XRP) +9.01%

 

rareliquid

 
 

Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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