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Time Is Money

Jun 11, 2023 • 5 min read

Trending:

Russian Gas Exports
Ukraine Aid

Week Recap:

Apple has announced the launch of the Vision Pro, its augmented reality headset, set for release in the US in 2024. The $3,499 device is Apple's first significant hardware innovation since the Apple Watch in 2014 and AirPods in 2016.
SpaceX launched the Falcon 9 rocket carrying the Dragon spacecraft on its 28th Commercial Resupply Services mission (CRS-28) to the International Space Station (ISS).
The PGA Tour is merging with its Saudi-backed rival LIV Golf, ending existing litigation between them. This agreement also includes the DP World Tour, also known as the European PGA Tour.
In a regulatory action, the U.S. Securities and Exchange Commission (SEC), the leading financial market watchdog, has lodged lawsuits against two of the largest crypto exchanges, Binance and Coinbase.
The Kakhovka dam, a significant infrastructure along Ukraine's frontline, failed. Located in a region of eastern Ukraine presently under Russian control, the dam's collapse has triggered massive evacuations due to a torrent of water being unleashed.
Smoke from wildfires in Canada has drifted into the US, severely impacting air quality across the eastern region and affecting more than 100 million Americans, according to the Environmental Protection Agency.
Argentine football legend Lionel Messi is set to join Major League Soccer (MLS) club Inter Miami. This decision sees him rejecting a $400 million per year offer from Saudi Arabia. In a deal disclosed by Messi, he will enter a profit-sharing arrangement with prominent brands Adidas and Apple.
General Motors (GM) announced it will switch to Tesla's charging network and technologies, a move that mirrors Ford's recent decision. The partnership allows GM vehicles to use Tesla's 12,000 chargers with a special adapter and GM's EV charging app starting in 2024.
Russia's largest bank, Sberber bank, will start offering crypto trading services to its customers starting in June 2023. Initially planned for April, the launch was postponed.
The Eurozone has officially entered a recession, as indicated by two consecutive quarters of negative growth in GDP.
Donald Trump has been indicted on criminal charges relating to classified government documents he retained after his presidency. This information was first revealed by Trump himself via posts on his Truth Social platform on a Thursday night. NBC News later confirmed the indictment.
Meta's CEO, Mark Zuckerberg, announced plans to include AI technologies in key platforms like Facebook, Instagram, and WhatsApp. These technologies can modify text, images, and videos. Some of these developments are designed for company use, while others are for consumers.
Amid an investigation into potential misrepresentation regarding lockdown-era festivities, Boris Johnson, former UK Prime Minister, preemptively resigned from his Parliament seat.

Russian Gas Exports:

Russia's gasoline exports have risen by 37% this year, despite Western sanctions. The increase was measured from January to May, compared to the same timeframe in 2022.
However, following a sharp increase in wholesale gasoline prices and advice from the Energy Ministry to decrease exports, daily gasoline exports fell fourfold in early June. Russia has stopped sharing official oil production and export data, causing discontent among OPEC+ partners.
Meanwhile, Saudi Arabia is allegedly aiming to raise oil prices to at least $80 per barrel for their 2023 budget. In response to EU embargoes on Russian oil, Russia has redirected both crude oil and petroleum product exports. The EU had banned these imports in early December 2022 and February 5, 2023.
The first quarter of 2023 saw a surge in Russian gasoline exports, especially to African customers, after the EU's embargo. Exports were estimated at 1.9 million tons, up from 1.3 million tons in the same period of 2022. The shift in Russian oil trade benefits Middle Eastern allies in the OPEC+ pact, with Saudi Arabia and UAE buying Russia's fuels at discounted rates.

Ukraine Aid:

The Biden administration announced a new $2.1 billion security aid package for Ukraine, aimed at helping defend against Russian missile attacks.
This package includes more HAWK air defense systems, additional Patriot missile defense system munitions, Puma surveillance drones, artillery rounds, and support for training and maintenance.
The latest aid will be sourced via the Ukraine Security Assistance Initiative, purchasing weapons and equipment from the defense industry or allied partners.
While the U.S. is dedicated to providing Ukraine with necessary battlefield capabilities and long-term security assistance, funds designated for this purpose are projected to run out in the coming months.

Statistic: