Business Update – January 18, 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
How will this recession be different from 2008?
Economists predict a recession will arrive by the end of this year, but the downturn will likely play out much differently than it did in 2008.
Leaders descend on Davos to talk about economics
The World Economic Forum (WEF) returned to Davos this week, with record numbers of government officials and business leaders expected at the elite annual affair.
China’s reopening is seen as “overwhelmingly positive” for the global economy
OECD Secretary-General Mathias Cormann said this week that China’s reopening will go a long way in the global fight to tackle surging inflation.
Eggs have become a luxury item
Due to a combination of factors, including an avian bird flu epidemic, the price of eggs has more than doubled from last year.
Prices slashed for several Tesla models
Elon Musk has cut prices on some of Tesla’s top models by up to 20% across the US and Europe, indicating that the EV firm is in defence mode after months of gradual price increases.
Wyoming moves to consider a ban on electric vehicles
Wyoming’s legislature is considering a resolution to phase out new electric vehicle sales by 2035. The questionable move is understood to be more about sending a message to EV advocates than banning the vehicles altogether.
Bitcoin rally is suspected to be more than a blip
Bitcoin is trading back above the $20k level this week, up more than 30% from its cycle low, and is positioned to emerge stronger following a year defined by extreme volatility.
Gold is expected to climb as the year progresses
With interest rate hikes expected to slow down and hopefully stop soon, economists are watching gold. It’s expected to rise towards record highs above $2000 an ounce this year, though the road there may be rocky.
It’s official: Jan 23 is the start of tax filing season, and the IRS expects it to be better than ever
The IRS has hired more than 5,000 new telephone assistors and added more in-person staff to help support taxpayers. As a result, they expect people to experience improvements in many areas of the agency this tax season.
Gen Z embraces the ability to disconnect using this technology
Gen Z’s latest obsession is with flip phones. Yes, the small, lightweight devices from the mid-1990s. They’re unboxing them on TikTok, bedazzling their cases, and filming tutorials on how to achieve a carefree, blurry aesthetic with the primitive camera.
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