- Rivalry with China, fallout from Russia’s war in Ukraine and wrangling once again in Washington over the US debt ceiling have put the dollar’s status as the world’s dominant currency under fresh scrutiny. We take a look at some arguments for why de-dollarization will happen – or possibly why it won’t.
- The German economy contracted in the first quarter of 2023 compared with the previous three months, thereby entering recession. GDP fell by 0.3% for the quarter when adjusted for price and calendar effects, following a decline of 0.5% in the fourth quarter of 2022.
- Millions of British households will see cheaper energy bills from July after regulator Ofgem slashed its cap on prices following a slump in wholesale energy costs. The new price cap of 2,074 pounds ($2,618) a year for average dual-fuel use marks a near 40% fall compared with the previous cap level.
- For Nvidia, the boom in generative artificial intelligence is everything, everywhere, all at once. The chip designer’s shares extended their rally this year, soaring 25% after a stellar forecast showed that Wall Street has yet to price in the AI potential of the company that has already doubled in value in 2023.
- Meta, the owner of Facebook, carried out its last batch of a three-part round of layoffs. Dozens of employees working in teams such as marketing, site security, enterprise engineering, program management, content strategy and corporate communications took to LinkedIn to announce that they were laid off.
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