Overview of top weekly news 23.2.2022

23 / 02 / 2022
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Hong Kong announced budget to support economy

During his budget speech, financial secretary Paul Chan announced, that they have ready 21 billion dollars budget to support economy, as city battled with new Covid wave. It is fifth wave so far, with daily cases soaring to record highs. Economic measures include a 100% reduction in profit tax for businesses and salaries; consumption vouchers worth 10.000 Hong Kong dollars (approximately 1280 US dollars); subsidy of same mount for unemployed and rental waivers for businesses that had to be closed because of Covid.

Airbus plans to test hydrogen engine

Airplane company Airbus announced that they will test hydrogen engine on A380 jumbo jet, which is its largest passenger plane and is set to fly in 2026. It will be in co-operation with CFM International – joint venture of GE and France’s Safran. Aircraft manufacturers and airlines are on a mission to reduce their carbon emissions, which account for more than 2 percent of world’s total. Biggest challenge so far is, that storing hydrogen fuel would require additional equipment and reducing the number of people or cargo that plane could carry.

AMD worth more than Intel

Competition between chip companies’ rivals AMD and Intel is no new thing. And finally, AMD succeeded and became worth more than its counterpart. Market capitalisation if AMD currently stands at 188 billion dollars, while Intel’s is 182 billion dollars. It is believed that one of the biggest reasons for this is AMD’s last week’s closure on 35 billion dollars acquisition for Xilinx, which is the largest transaction made in AMD’s 53-year history. AMD’s sales and profits rose 68% and 117% in 2021 and outlined 31 % growth for this year.

Performance of AMD’s stock in 5-year period. (Source: Google)

Tesla to expand production in Shanghai

Tesla decided to expand parts production in Shanghai to meet growing export demand. Car company will ad production workshops, increase the number of workers and lengthen the time equipment operates. Tesla’s current Shanghai factory has the capacity to produce a combined 450.000 Model 3 and Model Y annually. Last year for example, company sold 470.000 cars made in China, of which 160.000 China made cars were sold overseas. It is expected, company will invest around 190 million dollars in this expansion. [1]

Putin orders troops to Ukraine

Topic about tensions on border between Ukraine and Russia has been in focus for the past few weeks. And now it seems that things are escalading, as President Vladimir Putin ordered his troops to go to Ukraine. However, troops were deployed to two breakaway regions in eastern Ukraine, after Putin recognised them as independent. Videos of tanks and army going through border are circling the internet. The rest of the world is on stand-by and closely watching Putin’s next move, as well as markets are under pressure in uncertainty.



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[1]       Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment which is subject to change. Such statements are not guaranteeing future performance. They involve risks and other uncertainties which are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements.

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