The Week in Business: Uncertainty Over the New Virus Variant – World News

The Week in Business: Uncertainty Over the New Virus Variant

Policymakers, businesses and investors struggled last week with uncertainty over how Omicron’s version of the coronavirus would be Affects the still fragile global economy, more than 30 countries, including the United States, have now traced the version. But it is still unclear how contagious, dangerous and resistant to vaccines it can be. President Biden on Thursday Increased requirement for passengers to wear masks More introduced on planes, trains and buses by mid-March a new requirement That international travelers be tested for coronavirus the day before departure for the United States. after oil prices Collapsed When the Omicron report first surfaced, OPEC Plus, a group of oil-producing countries that includes Russia, decided to stick with its plans to increase production – but said it would meet “if adjustments were needed”. will be in session”. John C. Williams, President of the Federal Reserve Bank of New York, said this version could be prolonging supply chain problems Which has led to persistent high inflation. And an investment manager said About Omicron’s impact on the economy: “I guess it’s just guesswork for anyone. Because we just don’t know.”

jack dorsey stepped down as chief executive of twitter on monday, the social media site he co-founded. He was Replaced by Parag Agarwal, who has been the company’s Chief Technology Officer since 2017. Mr. Dorsey remains the chief executive of Square, which he co-founded in 2009, and has recently discussed his desire to focus on philanthropy and cryptocurrency projects, a person familiar with. Soch told The New York Times. For its cryptocurrency interest, Square announced on Wednesday that it would Changed its name to Block. do it, a reference to the blockchain technology that underlies cryptocurrencies.

Federal Trade Commission on Thursday Sued to block one of the largest semiconductor acquisitions in history, Nvidia, a major chip maker, had struck a deal to acquire Arm, which licenses the chip technology, for $40 billion. The FTC said the merger of the two companies would give Nvidia much greater control over the technology and chip design that its competitors rely on, as well as give Nvidia access to sensitive information about its competitors. The lawsuit was the first major merger decision of the FTC under the leadership of Lena Khan, who was chosen by President Biden. partly to help rein in the technology giants,

The Labor Department will report on Wednesday how much prices have risen in November. The Consumer Price Index, an important measure of inflation, jumped more than expected in september and in October, when it grew at its fastest pace in more than three decades. While many policymakers had expected a temporary, if rapid, price increase, partly due to supply chain disruptions in the pandemic, some have begun to say that high inflation could last longer than expected. . On Tuesday, Federal Reserve Chairman Jerome H. Powell indicated that The central bank may speed up its plan to roll back some of its pandemic support measures In an effort to address high inflation—a move that Intensified the already ongoing stock sell-off, Treasury Secretary Janet Yellen, former Fed chair, said on Thursday that it was time Stop describing inflation as “temporary.”

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