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Weekly news summary for April 30 to May 6

Friday, April 30, 2021: Eurozone Economy Falls to a Double-dip Recession

The Eurozone economy slipped to a double-dip recession in the first quarter, as the renewed increase in COVID-19 infections and pandemic-driven restrictions weighed down its activity.

The Eurozone’s gross domestic product (GDP) declined 0.6% in the January-March period to mark its second consecutive contraction and leaving GDP down 1.8% so far this year.

Monday, May 3, 2021: Tesla’s German Gigafactory Faces a Six-month Delay

Shares in US electric-vehicle (EV) maker Tesla Inc. dropped in pre-market trading after German auto trade publication Automobilwoche reported that the company’s Gigafactory outside Berlin might face delays.

The report stated that mass production at the plant could be postponed another six months, moving the start of operations to the end of January 2022, with Tesla still waiting for final permits for building parts of the Gigafactory.

Tuesday, May 4, 2021: EU Carbon Price Rises Above €50

The European Union (EU) carbon price was up above €50 per ton on Tuesday, marking a new record high that analysts saw as a possible long-term surge towards price levels needed to encourage investments in innovative clean technologies.

The key EU Allowance (EUA) for December 2021 contract rose €50.05 per ton, the highest since the carbon market was launched in 2005, and has added about 50% since the start of the year.

Wednesday, May 5, 2021: Dogecoin Hits a New High

Dogecoin rose again on Wednesday, climbing 38% to a new high of more than $0.66 as the cryptocurrency frenzy intensified ahead of Tesla chief executive and Dogecoin supporter Elon Musk’s upcoming appearance on NBC’s Saturday Night Live.

Dogecoin’s market cap has now reached $85 billion after gaining 118% in the past seven days, while cryptocurrency blogs reinforced the possibility that Musk could mention the digital asset on national television to strengthen its demand further.

Thursday, May 6, 2021: Biden’s Labor Dept. Blocks Gig Worker Rule

US President Joe Biden’s labor department has reversed a Trump-era rule that would have allowed companies such as Uber Technologies Inc. and Lyft Inc. to easily classify gig workers as independent contractors instead of employees.

The decision signaled a possible policy change towards better worker protections and weakened shares in groups hiring gig labor, including Uber, Lyft, and DoorDash Inc. by 3.2%, 5.8%, and 5%, respectively.

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