Overview of TOP weekly news 6.10. 2021

06 / 10 / 2021
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Defence of the Facebook

Mark Zuckerberg defended his company in a notice to Facebook employees, stating that the former employee’s statements about the negative effects of social networking on the company “make no sense.” The owner of Facebook has so far kept quiet about the allegations, but most recently said that the arguments are illogical. Frances Haugen, a former Facebook product manager, provided The Wall Street Journal with internal documents exposing worrying allegations about the company. Their shares then fell sharply.

Facebook’s performance over 5 years. (Source: Investing.com)*

Russia is a priority for Gazprom

Gazprom, the largest gas producer, has announced that its priority in supply will be the domestic market. The country is probably worried about the winter season and gas shortages, so it will prefer its homeland over exports. Wholesale gas prices are breaking records and demand for commodities is still rising. Gazprom fulfills its contractual obligations under long-term contracts, but does not add another, which has contributed to higher gas prices.

The same standards for Stablecoins

Regulators are proposing that Stablecoins follow the same rules as their competitors. This sector has seen a sharp increase in recent years and it is important to set clear regulations. Stablecoins are under cryptocurencies that has a stable value compared to traditional currencies or a commodity such as gold to prevent volatility. Most cryptocurrencies such as bitcoins and other digital tokens are still impractical in many countries due to infection.

The US may enter to a recession

Janet Yellen, the US Treasury Secretary, is convinced that the US economy is facing worse times. She said they were in danger of a recession if Congress failed to address the federal government’s borrowing limit. According to her, they are in danger of disaster in the event of non-payment of government bills and an unfavorable situation may arise when they will lack the resources to pay government bills. The US president has already called on Congress to increase the debt limit.

Watch this week:

On Thursday, ECB Publishes Account of Monetary Policy Meeting.

On Friday, Fabio Panetta, member of the Executive Board of the European Central Bank, is set to speak. His speeches often contain indications on the future possible direction of monetary policy.

* Past performance is no guarantee of future results

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