A concise depiction of the daybreak.
Evening's Lineup:
The US Federal Reserve is set to disclose the minutes from its late July gathering at 8:00 PM. Investors are eager to decipher the Fed's upcoming monetary policy plans, following two unexpected 0.75 percentage point rate hikes in quick succession to tackle rampant inflation.
On the other hand, Uniper, Germany's prime gas importer, will unveil its half-year results. Experts predict hefty financial setbacks due to gas scarcity from Russia and the company's pursuit of alternative resources.
BUSINESS BEAT:
GENERAL MOTORS -
The US automaker, General Motors, announced a massive recall of nearly half a million SUVs. The US National Highway Traffic Safety Administration (NHTSA) reports a potential issue with safety belts on 2021 and 2022 models, including Cadillac Escalade, Escalade ESV, Chevrolet Suburban, Tahoe, GMC Yukon, and Yukon XL. The company claims no injuries or accidents related to the problem.
MANCHESTER UNITED -
Elon Musk caused a stir on Twitter with his bewildering statements. Initially, he suggested buying Manchester United, cryptically tweeting "I'm buying Manchester United, thanks." Upon questioning if he meant it, Musk confessed it was mere banter, stating he isn't stepping into the football business.
AMAZON -
Amazon faces the emergence of more unions as workers at a New York warehouse petition to unionize and represent around 400 employees' interests.
ECONOMIC FORESIGHTS AND CENTRAL BANKS:
USA/DIGITAL CURRENCY -
The US Federal Reserve has outlined guidelines for banks to handle digital currencies. Banks engaging in digital currency business must alert the central bank beforehand and ensure compliance with the law. The importance of robust risk management systems is emphasized to control volatile assets and protect consumers.
RUSSIA -
Russia's economy is demonstrating resilience beyond expectations, according to the nation's ministry. The latest forecasts, leaked to Reuters, show the economy contracting by 4.2% in 2022. Next year, the economy is projected to shrink by 2.7%. Despite Western sanctions, the economy has proved more robust than initially anticipated due to strong oil prices and domestic stimulus measures.
- General Motors is recalling nearly half a million SUVs due to a potential safety belt issue on 2021 and 2022 models.
- Despite gas scarcity from Russia and pursuing alternative resources, Uniper, Germany's prime gas importer, will reveal its half-year financial results.
- Elon Musk, the CEO of Tesla, caused a stir on Twitter by suggesting buying Manchester United, although he later claimed it was mere banter.
- Amazon is facing the emergence of more unions as workers at a New York warehouse petition to unionize and represent around 400 employees' interests.
- The US Federal Reserve has outlined guidelines for banks to handle digital currencies, emphasizing the importance of robust risk management systems and ensuring compliance with the law.
