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Today's Top Stories

  • New York City faces dangerous economic situation with possible $10 billion deficit
  • Amazon is facing a new rival: Chinese Online Dollar Store Pinduodu
  • US House members stress need for digital currency to compete with China

Econ Bytes

UPI

 

NYC Faces Possible Fiscal Cliff With Nearly $10 Billion Deficit by 2026

 

On Tuesday, the New York State Comptroller revealed the city's perilous financial situation. With total revenue expected to decline by $10.5 billion in 2023, New York City could end up with a budget gap nearing $10 billion by 2026. In response to the gap, New York City Mayor Eric Adams stressed "the city is getting ready to enter a financial typhoon." Adams is asking city agencies to reduce spending by 3%, but any reductions are being done with critical programs in mind. Similar to the rest of the United States, New York City's economic struggles were set in motion by the pandemic but intensified during the current economic downturn. 

 

Tech Bytes

Getty Images

 

Amazon’s Latest Challenger Is China’s Online Dollar Store Pinduoduo

 

Chinese e-commerce giant, Pinduoduo, is gaining momentum for its first venture in the U.S. The company is known for its shopping app, Temu, which relies on extensive connections with factories in China to provide products at much lower prices than rivals. Just this week, Pinduoduo announced an initiative to help 10,000 domestic manufacturers sell globally. Temu will certainly have some head start from its supply chain connections, but controversy over intellectual property law could inspire difficulty with a global audience.

 

Notable Decliners

  • PayPal (PYPL) -3.6%
  • Western Digital (WDC) -2.9%
  • ON Semiconductor (ON) -2.4%
  • Meta Platforms (META) -1.3%
 

Earnings

  • Monday: Oracle
  • Tuesday: N/A
  • Wednesday: N/A
  • Thursday: Adobe
  • Friday: N/A

Crypto Bytes

Unsplash

 

US Digital Currency ‘Unanimous Need’ to Compete With China

 

China's progress on its digital currency has inspired the U.S. House to look towards the development of a national stablecoin or CBDC. A hearing by a U.S. House Subcommittee titled "Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth" saw speakers agreeing on the "unanimous need" for a digital currency. Due to a combination of economic and national security concerns, members of Congress believe the dollar must be digitized to remain competitive in the 21st century. Of course, China is moving ahead with CBDC trials as we speak, but more than 104 countries are exploring CBDCs. 

 

Notable Gainers

  • XRP (XRP) +7.42%
  • Compound (COMP) +4.72%
  • Stellar (XLM) +4.39%
  • Helium (HNT) +4.19%
  • EOS (EOS) +2.37%

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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