Jun 17, 2022
Welcome back to our Weekly Digest. Read on for the latest updates.
Recession fears loom after Wall Street plunge
The S&P 500 sunk more than 20% below its record low on Monday, falling firmly into bear market territory. Experts warn a recession is likely on the horizon.
Bitcoin plunges further
Bitcoin plummeted to its lowest level in nearly two years on Monday after news that inflation hit 8.6%. As stock market volatility continues, many investors have ditched riskier assets, including cryptocurrency.
Top economist warns inflation could hit 9% and blames the Fed
Mohamed El-Erian, chief economic advisor at Allianz, criticized the Federal Reserve for not acting soon enough to curb inflation.
Major Amazon landlord to buy rival Duke Realty
Warehouse giant Prologis said Monday that it will acquire Duke Realty in an all-stock deal valued at about $26 billion. This comes after rejecting a $24 billion deal that was deemed insufficient in May.
Major car companies ask for rise in EV tax credit
The CEOs of General Motors, Ford, Chrysler, and Toyota are urging Congress to lift the cap on the number of vehicles that are eligible for a $7,500 tax credit. They say the credit is critical for consumer adoption of the cars and trucks.
Amazon drone project is finally ready to launch
After many setbacks, the fabled Amazon drone delivery project is finally launching a pilot later this year in Lockeford, California.
Electric Last Mile Solutions filing for bankruptcy
American electric vehicle maker Electric Last Mile Solutions Inc (ELMS) is planning to file for Chapter 7 bankruptcy. The announcement came Sunday after a review of its products and commercialization plans was completed.