Business News Headlines of the Week: A Quick Recap
Welcome back to our weekly roundup of the top business news headlines that you need to know. As the busy week comes to an end, let’s take a look at the events that shaped the global business landscape in the past seven days.
E-commerce Giant Amazon Buys MGM
The week started with a significant acquisition as Amazon purchased MGM, one of the largest movie studios globally, for $8.45 billion. The deal brings around 4,000 films and 17,000 television shows under Amazon’s portfolio, adding to their already massive streaming library. The move is expected to strengthen Amazon’s position in the streaming market, competing with rivals such as Netflix, Disney, and HBO. It also could pave the way for Amazon to produce more original content for Prime Video.
Tesla Halts Bitcoin Purchases
The announcement made by Tesla CEO Elon Musk on Twitter that Tesla would stop accepting Bitcoin as payment for its electric vehicles sent shockwaves through the cryptocurrency market. Musk cited the environmental impact, stating that “Bitcoin mining operations use a lot of energy, mainly fossil fuels.” The news caused a significant decline in the price of Bitcoin and other cryptocurrencies. Tesla had only started accepting Bitcoin as payment for its cars earlier this year.
Facebook to Increase Remote Workforce
Facebook Inc. has announced that it would increase the percentage of its employees working remotely and looking to become a more widespread hybrid-model office. The company’s CEO Mark Zuckerberg said in a blog post that remote work would be the “future of work.” The move is expected to help Facebook in hiring talented employees from beyond its immediate locations and to improve work-life balance for its current employees.
Oil Prices At Highest Since 2018
Oil prices hit their highest levels since 2018, driven by a combination of factors, including a higher demand outlook for the summer travel season and a slower supply increase. Benchmark Brent crude settled at $72.22 a barrel, while the US benchmark rose to $66.21 a barrel. Some energy experts also predict that prices could continue to rise despite a recent agreement by OPEC+ to boost oil output gradually.
Global Chip Shortage Impacting Auto Industry
The global chip shortage continues to affect the auto industry, with some worldwide automakers halting or limiting production. The shortage is due to a range of factors, including the pandemic, manufacturing disruptions, and a surge in demand for consumer electronics. The shortage is expected to continue to impact the auto industry’s production and could lead to higher prices for consumers.
Conclusion
The business world moves at a rapid pace, with events happening around the clock. These five stories are only a snapshot of the numerous significant events that have occurred this week. Stay tuned to find out what next week will bring for the business world.
