10th May 2021

U.S. Economists Fear Inflation Is On The Rise

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Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[Economy - U.S.] U.S. inflation alarms are going off as consumer prices increase across the board. Prices for commodities such as lumber, copper and steel have reached all-time highs while the prices of agricultural products and consumer goods have also increased. The incoming Consumer Price Index (CPI) report on Wednesday will confirm if the U.S. is experiencing inflation.

Over60: CNBC

[Crypto] As Elon Musk, the self-proclaimed "Dogefather," made his "Saturday Night Live" debut, the price of dogecoin fell off a cliff. The meme-inspired cryptocurrency fell as much as 29.5 percent, dropping to 49 cents at one point. Musk mentioned dogecoin in his opening monologue and on "Weekend Update," SNL's satirical news show.

Over60: NBC

[Oil] The U.S. government enacted emergency powers to keep fuel supply lines open as fears of shortages rose following the shutdown of an essential pipeline. The move lifted various limits on the transport of fuels by road to ease the fallout from the continuing closure of the Colonial pipeline, which carries almost half the fuel consumed on the U.S. east coast, following a ransomware cyberattack on Friday.

Over60: F.T., A.P. News

[Gaming] Sony doesn't expect the PlayStation 5 supply situation to improve any time soon, according to comments its CFO reportedly made to analysts following the company's recent earnings report. Hiroki Totoki expects the issue to creep into 2022.

Over60: The Verge

[Airlines] The board of directors of InterGlobe Aviation Limited, which operates India's largest domestic airline IndiGo has approved raising to ₹3,000 crores through a Qualified Institutions Placement (QIP) process. A way to issue shares to the public without going through standard regulatory compliance. The practice will help IndiGo shore up its balance sheet to weather declined passenger demand.

Over60: Mint

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