Business Update – 25 May 2022
US Weekly Digest – May 25, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
President’s comments signal change from strategic ambiguity policy with China
During a visit to Tokyo, President Biden said that the US would intervene militarily if China were to invade Taiwan.
Starbucks follows McDonald’s out of Russia for good
The coffee chain announced this week that it would pull all of its stores and brand presence out of Russia, after pausing operations in March.
Three mini doses of COVID-19 vaccine produce great response in children, trials show
Pfizer and BioNTech are set to submit for FDA approval this week after trials show a strong and safe immune response in children ages 6 months to 5 years.
Oil steadies, staving off recession fears for some
The price of oil steadied on Monday, alleviating some concerns of recession as we head into the summer driving season and China’s economy opens back up after lockdown.
Economic Well-Being report of U.S. Households available
On Monday, the Federal Reserve Board issued its Economic Well-Being of U.S. Households for 2021. A summary of the report, which examines the financial lives of U.S. adults and their families, can be found here.
Hyundai enters the U.S. to further develop mobility technologies
Hyundai announced on Sunday that it plans to spend $5 billion in the U.S. on developing mobility solutions such as autonomous driving and robotics
Low inventory and chip shortage means cars are getting older
The average age of cars on our roads has crept up to 12.2 years, according to a report from S&P Global Mobility.
Apple looks to move more production out of China
After the pandemic led to supply-chain jams and amid growing tension between the U.S. and Chinese governments, Apple is rumored to be seeking alternatives. Currently 90% of Apple’s production is in China.
Baby formula arrives from Europe
The first of two shipments of baby formula arrived in Indianapolis on Sunday, enough for 500,000 bottles. The Cold War-era Defense Production Act was invoked to help increase supplies.
Subtle signs of slowdown in the housing market
After years of being white-hot, it seems the American housing market has finally peaked. Rising interest rates and more inventory have led to the slight slowdown.
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