July 21, 2021
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Business week: inflation, billionaires in space and more on the rise

By on July 18, 2021 0

Authorities have signaled {a} key measure of inflation in June rose at its fastest rate in 13 years, casting doubt on the White House’s statement that the post-pandemic value will rise is “transient.” The spike in inflation is clearly linked to the rapid reopening of the financial system, which created lags between supply and demand. But there is a debate about how long it will stay high: will it be momentary, as most policymakers imagine, or will it stay? Federal Reserve Chairman Jerome H. Powell on Wednesday admitted that inflation had risen “noticeably” and said it was more likely to stay excessive for about six months. However, we should not expect the Fed to raise interest rates quickly.

Facebook, Netflix and Apple are entering new territories. Facebook has joined the list of platforms, along with Snapchat and YouTube, which attempt to woo online creators with cash. It plans to pay $ 1 billion by 2022. Netflix is ​​planning a move beyond TV and film and into video games, Bloomberg reported. And Apple is said to be committed to a feature that can allow customers to pay for their Apple Pay purchases in installments. Twitter, again, is going the wrong way: it will end Fleets, the fleeting tweet it started last year.

China announced Thursday that its financial system grew 7.9% in the second quarter. This is a solid increase, albeit down from around 18.3% in the first three months of the year. Part of the explanation for the decline in progress is a statistical quirk. (The blockbuster rate earlier in the year partly reflected the sharp decline in financial output in early 2020.) But the rest of the world is watching closely for indicators that China’s financial system is slowing significantly. As well as being the second largest financial system in the world, China emerged from lockdowns earlier than various giant international sites, so the pace of its financial recovery could give clues as to how quickly the economies of the various international sites will rebound again.

On Tuesday, Jeff Bezos, who simply stepped down as Amazon’s head of government, is expected to become the rocket company’s second founding billionaire to set up shop this month. (Richard Branson, the British billionaire who runs many Virgin companies, beat him by 9 days.) Mr. Bezos will travel in a reusable suborbital capsule built by his company, Blue Origin. An anonymous bidder paid $ 28 million to go with it, but canceled “due to scheduling conflicts” in response to Blue Origin, so an 18-year-old whose family also bid at the public sale will take headquarters. Mr. Branson’s home trip was the first of its kind his company Virgin Galactic plans to provide to customers, and Mr. Bezos’ flight will likely be Blue Origin’s first manned space flight. While there are skeptics about the need for industrial spaceflight, billionaire flights are at least a small step towards a whole new business for tourism (and legal liability insurance coverage).

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