YOUR WEEKLY NEWS UPDATE
- Oil and gas prices have skyrocketed as a result of Russia’s invasion of Ukraine. Shell has recorded record quarterly profits of £7.3bn in the first three months of the year, compared to $3.2bn over the same period last year. The profits might have been even higher, but the company stated that withdrawing from Russian oil and gas cost it £3.1bn. Rival company BP also recorded a sharp rise in profit. Russia is a major exporter of non-renewables, but Western countries have committed to cut their reliance on the country for energy resources.
- Six days after a six-story building in Changsha, central China, collapsed, rescue teams were able to rescue a woman from the rubble. She was conscious throughout her removal and even told rescuers how to safely bring her out, according to state media. Ten other people have survived, but five people died while many more remain missing. A number of buildings have collapsed in China, the result of poor safety and construction standards, as well as corruption among local officials. Some people were taken in custody, pending an investigation.
- In order to reduce expenses, Netflix is cancelling production of several projects, amongst them ‘Pearl’, an animated show created by Megan Markle and originally given the go-ahead last year. The cost-saving measure follows a sharp decline in Netflix subscribers, revealed last month, with millions more likely to follow. The firm’s market value dropped by more than $50bn, with experts unsure how it could regain its lost ground.
- Dubai has become a refuge for affluent Russians trying to escape the effects of Western sanctions. Dubai, which has neither placed any sanctions on Russia, nor criticised its invasion of Ukraine, has seen a 67% increase in property purchases by Russians in the first three months of 2022. Business leaders in the United Arab Emirates (UAE) stated that Russian billionaires and entrepreneurs have been arriving there in unheard-of numbers.
- By intercepting and catching one of its launch vehicles as it dropped back to Earth, the US-New Zealand Rocket Lab company has made great strides in its pursuit of re-using its own launch systems. After a mission to place 34 satellites in orbit, a helicopter was able to grab the booster in mid-air as it parachuted to the Pacific Ocean. The booster was released again to splash into the ocean after the helicopter pilots raised concerns about how the rocket hung beneath them, but company CEO Peter Beck praised his team’s efforts.
- Inflation in the UK is rising faster than at any time in the past 30 years, and interest rates are currently at a level not seen since 2009. Inflation is expected to breach 10% by the end of 2022. The Russian invasion of the UK is partly to blame for soaring fuel, energy and food costs. The bank of England raised interest rates from 0.75% to 1% in an attempt to stem the tide, while stating that Russia’s invasion convinced households to spend less. The Bank also predicted that the UK economy would contract next year.
NEWS BROUGHT TO YOU BY PAMELA MOORE
Date: 06/05/22
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