Weekly News Summary for June 02 to June 08
Friday: June 02: Amazon Discussed to Have Lower Prices
On Friday, wireless shares dropped due to a report saying Amazon was attempting to get the lowest wholesale prices possible and planned to provide wireless plans for just a $10.00 monthly fee while thinking about lowering to Prime members through partnerships, like linking with Dish Network.
Based on analysts’ statements, the online retail company could head into significant disruptions within the telecom space as it offers more affordable plans in the country with some of the world’s top wireless charges. Moreover, Amazon’s revenue declined to its lowest level in at least 20 years in 2022 amid businesses and consumers refraining from spending as they face a tough economy.
Monday: June 05: Binance Lawsuit Affects Crypto Shares
Shares in crypto and cryptocurrencies experienced issues on Monday after the US securities regulator sued Binance, adding another blow to the industry. The US Securities and Exchange Commission filed a lawsuit against Binance and its CEO, Changpeng Zhao, for evading US laws by secretly controlling Binance.US as a form of web deception.
According to some experts, the crypto exchange controlled the country’s affiliate bank accounts despite saying it was independent. Also, the SEC mentioned that Binance tampered with trading volumes on the platform, redirected customer funds, and misled investors about market surveillance controls.
Tuesday: June 06: Apple’s Vision Pro Gained Criticism
Analysts were impressed by Apple’s Vision Pro on Tuesday for having impressive technology. However, they are concerned that it would take a few years to adopt the $3,499.00 augmented reality (AR) headsets.
They added that it would take a while before it is materialized since its high price tag might dissuade most consumers, and the headset does not have a precise use beyond entertainment in the still-growing AR market. Moreover, they claimed that the Vision Pro is not prepared for mass consumption because of a bulky external battery pack and insufficient practical applications, just a couple from a list of issues.
Wednesday: June 07: US Economy Strengthens While Other Areas Decline
The economic situation in the US is going strong due to solid consumer spending, while other areas are going slow. There is expected ongoing progress to lower inflation in the next two years. While banks are struggling with commercial real estate, there is enough liquidity in the system as banks would be able to handle any strain.
According to officials, they do not want American banking diversity to be threatened. However, some banks struggle with earnings in the current environment and are motivated to see consolidation.
Thursday: June 08: Saudi Arabia’s Lower Production Raises Oil Prices
Saudi Arabia planned for a significant output cut in crude inventories in the world’s top oil producer, the US, causing the oil market to climb by 1.00%. During the market session, the price of Brent increased by 0.90% to $76.95 per barrel, while the US West Texas Intermediate (WTI) rose by 1.10% to $72.53 a barrel.
Furthermore, oil gained support from the US Energy Information Administration (EIA) ‘s report, which announced a 500,000-barrel decrease for the week of June 09. It added that inventories are around 2.00% below the five-year average for this year.