Wall Street News
From China’s press break in parliamentary meetings to abortion becoming a constitutional right in France, these are the top stories from across the world on Wall Street’s March 5 episode.
In today’s edition of World Street, we have top news from across the world, including China’s press break in legislative meetings and abortion becoming a constitutional right in France.
Press Break.
China’s Premier Li Qiang will break with a three-decade tradition by missing the annual legislative press conference, potentially raising investor fears about opaque government. Lou Qinjian, the spokesman for this year’s National People’s Congress, made the statement during a conference in Beijing on March 4.
Abortion Allusions
France set a global example by putting the right to abortion into its Constitution, which was praised by women’s rights organizations but strongly opposed by anti-abortion parties. During a special joint session of parliament convened under the sumptuous ceilings of Versailles Palace, just outside Paris, MPs and senators overwhelmingly endorsed the motion, voting 780 in favor and 72 against.
Poll Promises
Vladimir Putin’s pledges for Russia’s approaching presidential elections will cost tens of billions of dollars over the next six years. His aims include boosting governmental support for birth rates and life expectancy, investing in infrastructure and technology, and expanding non-oil exports. Furthermore, there are suggestions to alleviate Russia’s labor shortage, which has been exacerbated by the conflict in Ukraine
Zara’s comeback
Zara is preparing to reopen its stores in Ukraine. They had shuttered them when the conflict began. This is significant because it demonstrates that life is gradually returning to normal in several places, despite the ongoing confrontation with Russia. In 2022, several stores, restaurants, and taverns began reopening. H&M, another major apparel retailer, will reopen its stores in Ukraine in November 2023.
MacBook Makeover
On March 4, Apple launched upgraded versions of its 13-inch and 15-inch MacBook Air notebooks. These new laptops include Apple’s newest M3 processor. Apple stated that the new MacBook Air notebooks include improved 1080p cameras, quicker Wi-Fi, and up to 18 hours of battery life. The design has not altered from prior models. The new M3 chip allows users to connect up to two external screens, which is an advance above previous chips that only supported one screen.
Gold glitters.
Gold prices rose to an all-time high on March 4 as speculators predicted that the Federal Reserve will lower interest rates in the second half of the year. This is the second consecutive trading day in which gold has set a record, after Friday’s all-time high of $2,095.70 per ounce.
Bitcoin Boom.
Bitcoin had a good start to the week, approaching an all-time high after a brief break over the weekend. According to Coin Metrics, the leading cryptocurrency climbed nearly 9% to $68,491.47. It peaked at $68,638.55, the highest amount since November 2021, when it set a record. Ether also witnessed gains, gaining more than 5% to $3,650.41.
Rate Cuts Hopes Fading
Atlanta Fed President Raphael Bostic stated that the US Federal Reserve does not see any imminent need to decrease interest rates, citing a flourishing economy and employment market. However, he warned about the possibility of inflation continuing beyond the central bank’s 2 percent objective or climbing even further owing to “pent-up exuberance.” Bostic indicated that the Fed may contemplate authorizing two quarter-point rate decreases by the end of the year.
‘X’ Tussle.
Former Twitter executives, including CEO Parag Agrawal, CFO Ned Segal, legal head Vijaya Gadde, and General Counsel Sean Edgett, have sued Elon Musk and X Corp. They argue that they are due $128 million in unpaid severance.
Japan’s Growth
In the fourth quarter of 2023, Japanese firms increased their investments, indicating that they were more optimistic than the general growth estimates reported last month. The finance ministry recorded a significant 8 percent rise in capital expenditures on goods (excluding software) in the three months ended December compared to the previous quarter.
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