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Corporate America’s big earnings week puts a spotlight on recession risk. Some of the US’s largest banks and corporations report their quarterly results this week.
Russian strikes hit major Ukrainian cities. Missiles hit civilian targets in retaliation for a deadly explosion that disrupted Crimea’s only bridge to Russia. Later today, the UN is due to debate Russia’s annexation of four Ukrainian regions.
The US introduced new restrictions on semiconductor exports. The White House’s announcement on Friday caused shares of chip manufacturers across the world to tumble.
The 2022 Nobel Prize in Economics focused on banking regulation. Former Fed chairman Ben S. Bernanke was one of the three winners recognized for their work on banks and financial crises.
A UN body has new emissions goals for flying. The agreement to reach net-zero in the aviation industry by 2050 is nonbinding and has drawn criticism from environmentalists.
Venezuela was swept by flooding. At least 22 people died after a month’s worth of rain poured down in just eight hours.
What to watch for
For nearly three weeks, women and girls across Iran have led an uprising calling for the overthrow of its theocratic government. Demonstrations began on Sept. 16 after the death of 22-year-old Mahsa Amini, who was detained for what police deemed improper coverage of her hair. Since then, the chant “women, life, liberty” has become a de facto protest anthem.
The protests are also a response to the country’s economic stagnation. Iran’s middle class has shrunk dramatically since the US reinstated sanctions in 2018, with one third of the population having fallen into poverty. The country is also facing record inflation and its currency, the rial, has sunk to all-time lows.
The present demonstrations, which have also taken to social media, show no signs of slowing. Meanwhile, the US has imposed a new round of sanctions against Iran in retaliation for its violent anti-protest tactics. Negotiations for a new US nuclear deal—though hanging on the precipice—are still a possibility.
Europe’s power hunger leaves developing countries starving for energy
Bangladesh’s massive blackout on Oct. 4 was the most recent example of the consequences of Europe’s mad dash for gas.
Even before the war broke out, gas supplies heading to Asia were being diverted to Europe. Now with the Russia-Ukraine conflict squeezing supply, the richer European nations are getting dibs on whatever is up for grabs, driving up the price and reducing the amount available to buy for nations such as Bangladesh, India, Sri Lanka, and Pakistan.
130 million: People affected by the blackout in Bangladesh
7: Hours it took to bring power back
60%: Increase in the price of LNG in a year
$40 billion: Damages sought by Pakistan against Italian energy firm Eni and Swiss commodity trader Gunvor for not supplying the agreed deliveries of LNG
Swatch can’t keep up with demand for its space-themed watch
Swatch is getting a much-needed boost after a couple years of pandemic struggles thanks to its quirky MoonSwatch. The watch, which comes in 11 colors, each one representing one of the celestial bodies in our solar system, is attracting a lot of attention for something that doesn’t even have smart watch capabilities.
Scarcity is helping drive demand for the item: Swatch decided to only sell the watch at its brick-and-mortar stores rather than online. That’s leading some people to resell their MoonSwatches on eBay, some fetching as much as $4,000 (retail price is $260).
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A new species of beetle has been named after tennis champion Novak Djokovic. Serbian scientists found the duvalius djokovici in an underground pit in the western part of the country.
The flying Pterosaurs’ ancestors were running reptiles. The creatures were likely a mere 7 inches (17.8 centimeters) in length, most of that being tail.
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We’re understanding a deadly brain illness in children better thanks to sheep. Gene-edited flocks are helping scientists find treatments for Batten disease.
The beginnings of the office as we know it didn’t appear until the 18th century. One of the first examples was the Admiralty House in London. Learn about the others in the first episode of our newly launched podcast, Work Reconsidered.
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