1. Sharp Decline in US Jobless Data Pushes Market up
Latest weekly jobless data showed a sharp fall in the US compared to last week. It has fallen to 406,000 for the week ended May 22, compared to 444,000 in the previous week. This is a fresh post-pandemic low for US jobless applicants. There are also news reports that U.S President Joe Biden will unveil a budget that would see federal spending increase to $6 trillion(~Rs 430 lakh crore) in the coming year.
Stoxx Europe is up 0.38%
Dow Jones is up 0.28%
NASDAQ is up 0.074%
2. Top White House Official says Era of Engagement With China Is Over
Kurt Campbell, White House’s top official for Asia said at a Stanford University meeting that the US is entering a period of intense competition with China. He pointed out military clashes on the Indo-China border, the “economic campaign” against Australia and more instances for the rise in tensions between the countries.
3. Joe Biden Asks for Report on Covid Origins
US President Joe Biden ordered US intelligence agencies to submit the report on Covid-19’s origin within three months. This will put an end to many controversial theories like ‘Through animal contact in Wuhan, China’ or ‘Laboratory accident’ etc and the answer will have a huge impact on China and its international relations.
4. Google Joins With Jio To Build Affordable Smartphones
On Thursday Google CEO Sundar Pichai said the company is closely partnering with Jio to build an affordable smartphone. But he didn’t reveal any other details like the launch date or pricing. This plan was actually revealed way back in November of 2020 when Google invested Rs 33,000 crores in Jio Platforms.
5. Airbus Hopes for Brighter Future
The world’s largest airliner manufacturer Airbus confirmed the increase in production of jetliners as the aviation industry slowly recovers from the pandemic situation. A320 neo production will be increased by more than 10% to 45 airplanes a month by the end of 2021 and monthly production of the larger A350 to six by the autumn of 2022
6. HSBC Announces Their Exit From US
Banking giant HSBC on Thursday announced their withdrawal from U.S retail banking by selling some parts of the money-losing business and winding down others. They said to keep a small physical presence in US, but will focus more on its growth in Asia
7. Hong Kong Passes Xi Plan to End Only Open Elections in China
Hong Kong’s administration approved a China-favouring overhaul of the city’s elections, dramatically cutting down the opposition’s ability to participate in government formation.
The Legislative Council voted 40-2 to approve measures Thursday creating a review committee to screen candidates thoroughly for elected office and ensure they’re “patriots.” Citizens of Hong Kong have been in a clash with China for ‘freedom’ from the mainland country’s policies.
8. Canada urge provinces not to waste AstraZeneca COVID-19 vaccines before expiry
The federal government of Canada is urging provinces not to waste thousands of doses of AstraZeneca vaccine that are due to expire in a few days.
In a letter to her provincial and territorial counterparts, federal Health Minister Patty Hajdu encourages provinces that aren’t able to get their AstraZeneca doses into people’s arms by the end of the month to give them to provinces that can.
9. 90% chance world will set record for hottest year by end of 2025: report
According to studies, there’s a 40% chance that the world will get so hot in the next five years that it will temporarily cross the temperature limit that the Paris climate agreement is trying to stop. A new World Meteorological Organization forecast for the next several years also predicts a 90% chance 2025 will be the hottest year on record.
10. Global Grain Crisis Could Get Worse Next Year
The International Grain Council(IGC) said that the global supply shortage in grains will get worse by next year. While cutting its inventory estimate for the next year, the IGC also said that rising animal-feed demand and a drought-hit Brazilian corn crop are a cause of concern even with bumper harvests elsewhere. This is the fifth straight season of shrinking for the world’s grain supply cushion.
11. Canada’s digital currency would be greener than Bitcoin, Bank of Canada says
A senior official at the Bank of Canada says any digital currency the central bank may offer in the future would be more environmentally friendly than Bitcoin and other rivals. Deputy governor Timothy Lane said Wednesday that the central bank has looked at the environmental impacts as part of its research into creating its own digital offering.