Weekly news summary for May 13 to May 19

Friday, May 13: Musk Pauses $44B Twitter Acquisition Deal

Tesla CEO Elon Musk has paused his $44-billion deal to acquire Twitter Inc., creating uncertainty that weakened the social media giant’s shares on Friday.

Twitter stock was down 25% following the news, and having company shed more than $2 billion from its market cap since the deal’s announcement on April 14, although it later regained some losses after Musk stated that he is still committed to completing the acquisition.

Monday, May 16: Wheat Prices Post 2-Month High on India Export Ban

Wheat prices posted a two-month high on Monday as India’s plans to restrict wheat exports, which became a crucial alternative source of supply to global markets following Russia’s invasion of Ukraine, intensified concerns about a food crisis worldwide.

The front-month contract for US Wheat gained 4.7% to $1,231.90 after trading below $1,250 earlier in the session, while Agthia Group PJSC said it would collaborate with government officials from the United Arab Emirates (UAE) to secure wheat supplies during India’s export ban.

Tuesday, May 17: Gas Prices Average Above $4 in Every US State

Gasoline prices in every US state have reached above $4 per gallon for the first time, adding to the country’s 40-year high inflation and weakening purchases of other consumer goods and services.

Data from the American Automobile Association (AAA) showed that the national average per-gallon price hit $4.52, with California’s gas prices averaging more than $6 per gallon to make it the most expensive in the US.

Wednesday, May 18: UK Inflation Surges to 40-Year High in April

UK inflation rose to a 40-year high in April, as the 54% surge in the energy price cap drove annual gas and electricity bills higher, sending the consumer price index (CPI) up from the 7% figure posted in March.

The UK CPI jumped to 9% in the previous month, its highest since current records started in 1989, placing it at the highest among G7 countries and any advanced economy in the world, with an inflation reading of over 10% expected to be seen in autumn.

Thursday, May 19: Meta May Be Launching a Crypto Payments Platform

Meta Platforms Inc. may be looking to provide a payments platform that accepts cryptocurrency, with five new applications at the United States Patent and Trademark Office (USPTO) indicating that the company may name it Meta Pay.

The filings suggested that the payments platform of Facebook’s parent will allow investors to trade traditional currencies, as well as digital and blockchain assets, and crypto and utility tokens, among other types of cryptocurrencies.