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February 27, 2021

Bitcoin Speculators had a nervous week pushing the cryptocurrency down from a record high. Janet Yellen, America’s Treasury Secretary, added to the feverish atmosphere when she described Bitcoin as “an extremely inefficient way of doing transactions.” Meanwhile, the New York State Attorney General has been branded rope “Fraudulent” and banned stablecoin – commonly used to buy bitcoin on crypto exchanges – from trading in New York. Tether long claimed that its coin was backed one-to-one by the dollar, but New York concluded that it overvalued its reserves and was “a stable coin with no stability.” See article.

The blow to Bitcoin was a factor in a sharp decline Teslas Share price. The electric car maker recently made a controversial $ 1.5 billion investment in Bitcoin. Just before the cryptocurrency collapsed, Elon Musk considered that its price was “too high”. The drop in Tesla’s stock at one point wiped out $ 15 billion of his fortune. See article.

Oil prices extended its gains, with Brent crude closing above $ 67 a barrel for the first time in 13 months. The introduction of Covid-19 vaccines in rich countries has raised hopes among traders that energy demands will increase when restrictions expire.

The Australian government passed its new law requiring social media companies to pay for news content after reaching an agreement Facebook in their dispute over legislation. Facebook had blocked all Australian news publications from its platform, claiming the law penalized them for user-shared content. The government changed its bill to add arbitration procedures that would set the fees social media companies would have to pay for news if they cannot do commercial deals with publishers. Facebook is set to pay $ 1 billion to Australian media companies over the next three years, a similar amount to what Google has promised. See article.

Great Britain Unemployment rate reached its highest level in five years at 5.1%. The rate is expected to rise in the coming months once the government begins withdrawing support for workers on vacation.

Boeing 777 Wide-body jets powered by Pratt & Whitney engines were grounded after an engine failed on a United Airlines plane shortly after taking off from Denver Airport. Boeing’s 737 MAX fleet was only allowed to fly again after a 20-month landing. See article.

Update contract

The British Supreme Court has dealt one final blow About in a lengthy legal battle with his drivers over their employment status in the country when it was decided that drivers are “employees” rather than “independent third party contractors” and are therefore entitled to benefits and protection. The UK is a big market for Uber but has a lot of regulatory issues, especially in London. The impact of the court’s decision could also put a brake on the UK’s lighthearted gig economy.

Kevin Sneader has been ousted as boss McKinsey Reportedly after a rebellion against his efforts to scrutinize his work amid a series of missteps. It is the first time in decades that a global consultancy leader has not received a second term from the company’s partners who can choose their leader. See article.

Wells Fargo has closed a deal to sell its asset management business to two private equity firms for $ 2.1 billion. It is part of an ongoing overhaul of the bank under Charles Scharf, who took over management in 2019.

The pain the pandemic caused Hotel industry The annual results of Accor, Europe’s largest chain and owner of the brands Ibis and Novotel, and of InterContinental, which counts the names Crowne Plaza and Holiday Inn among its assets, were disclosed. Both emphasized that they expect bookings to pick up in the second half of the year. The CEO of InterContinental described the fortune tellers’ predictions of the end of the business trip as “grossly exaggerated,” although he recognized that it would take them a while to get them back on their feet.

I’m looking for fun in the sun

The great British holidaymaker can give that Travel industry Reason to cheer. The British flocked to hotel and airline websites after the government released its roadmap on lockdowns, lifting all restrictions by midsummer. Tui reported that summer bookings were up 500% overnight. Flight bookings increased 337% from a week earlier, according to EasyJet.

The first images, which were further away, were reflected back from NASA’s Perseverance rover Marsafter a successful touchdown. The cold planet has become a hot target for spaceships lately. The United Arab Emirates’ Hope orbiter has been orbiting since early February, as has China’s Tianwen-1; His rover will try to touch down for the next few months. See article.

This article appeared in the “The World This Week” section of the print version under the heading “null”.